The interchange is welcome. Thank you for signing up and voting for confidence after you received this. If you read this as a post on our site, you should sign up here so you can receive it in the future. I take a look at the hottest news from the last week. This will include everything from funding rounds to trends to an analysis of a particular space. My job is to stay on top of the news and make sense of it so you can stay informed. Mary Ann said let's go.
I was mostly off this past week, so this edition may be a bit less dense than usual. There are some observations. There were less layoffs and less news related to fintech. It was quiet and not filled with a lot of controversy. We want this quarter to end so we can see how the funding landscape has changed over the course of the year. We looked at the numbers until then.
Alex andNatasha, my dearest friends and co- hosts of the Equity Podcast, talked about the fintech funding market here and here last week. There was a boost in funding announcements related to fintech. I reached out to my old friends at Crunchbase to find out how much money has been raised in the last week. It is preliminary and there is a lag, so there will be more deals and dollars reported in the future. I was expecting a decrease in the number of people. I did. Funding was up slightly in terms of dollars raised but deal volume was down last week compared to the previous week. In the week of June 16 to June 23 a total of $1.5 billion was raised across 39 deals, compared to the previous week when a total of $1 billion was raised across 53 deals. This shows that there were more earlier-stage deals closing earlier this month than there were last week.
In the U.S., there were 10 deals that raised $400 million in 10 days. In the previous week, $300 million was raised across 14 deals, and in the previous fortnight, $300 million was raised across 17 deals.
The difference between these numbers and June 2021. A total of $8.2 billion was raised by fintech companies from June 1 to June 3. The total amount of deals this year is $4.2 billion. In the month of June, U.S.-based startups raised nearly $2 billion. A total of $1 billion was spent on 41 deals during the same time period. That's right, whoa. This is just a small snapshot in time, but it is indicative of what is happening in the global funding market.
The definition of a company that integrates technology in the financial services sector is defined by Crunchbase.
As the month wore on, investors seemed to be taking more bets on later-stage companies, so dollars raised actually inched upward as the month wore on. It is likely that it will get harder for earlier-stage companies to win over VCs, who are conducting more due diligence and asking for more traction than in the previous year.
The photo was taken by PM Images/ Digital Vision.
Over the last few years, the buy now, pay later market has grown considerably. Most of the rise to virtual checkout prominence was focused on everyday consumer goods. The credit method is moving away from its e- commerce roots. Large companies have joined the market in order to quickly approve consumers for loans. Rebecca Szkutak is in this place.
The new loyalty card feature in Klarna's app allows users to store and access all of their physical loyalty cards as digital versions, eliminating the need to carry physical cards while out shopping. The company is trying to increase its number of users despite the fact that its valuation has been slashed from $45 billion to fifteen billion.
I reported last week that three more senior executives of Better.com have quit. Megan Bellingham was senior vice president of sales and operations and John Moffatt was the vice president of sales.
Brex apologized this week after announcing last week that it would stop working with SMBs. Pedro was the founder and co- CEO of the company. The poor job explaining the decision eroded some of the valuable trust Brex had built over the years. To remain a Brex customer, a business has to meet certain criteria.
Tillful, a free business credit app built by Flowcast, announced last week that it is launching a new feature for its users through a direct partnership with Experian in an effort to better inform business credit scoring in small and medium-sized businesses. In an effort to make credit risk assessment more open, the startup claims it is a first-of-its-kind partnership. Flowcast has developed credit models that are based on artificial intelligence. Over 50,000 small businesses have signed up to use Tillful since it was launched.
In light of Brex's recent news, Flowcast's latest move reflects its doubling down on the small and medium-sized business (SMB) market. Flowcast hadn't heard from Brex in quite some time as they stopped engaging with the company.
Mercury claims that it has seen hundreds of new accounts come to its platform in the wake of Brex's announcement and that it is "seeing more everyday."
QuintoAndar, a Brazilian digital real estate broker, is the first startup to expand out of its home country. The brand will be called "Benvi" and will be the proptech's international name. The company raised $120 million at a $5 billion valuation. The company laid off 160 people, or 4% of its staff, in April, making it one of the few highly valued Brazilian startup cutting jobs.
While we are talking about LatAm, Brazilian digital bank Neon has announced that it has hired a Silicon Valley tech veteran to be its new Chief Technology Officer. The co- founder and CEO of Meemo was acquired by Coinbase.
The meeting recording was leaked and is on the website Better.com.
It was seen on a website.
The company raised $30 million to roll out new products and expand across Africa.
The bank raised $270 million and had a valuation of $700 million.
Financially strained customers need to say goodbye to the bank.
4 million small and medium-sized businesses use business tech from SumUp at a $8.5 billion valuation.
Elsewhere.
Openly closed a funding round.
Hokodo raised $40 million in a funding round.
Tapcheck scored $20 million in the first series.
Deel is going to make a public offer to acquire Pay Group.
This is the last week for this one. Enjoy the rest of the weekend, thank you for reading. Mary Ann, see you soon.
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