Fintech
Evolve Hack Fallout Continues, Fintech M&A Intensifies, and Plaid Talks Corporate Push
Welcome to TechCrunchFintechThis week, we look at the Evolve Bank hack, three major acquisitions, Plaid’s corporate customer growth, and more.
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The big story
On June 26, Evolve Bank & TrustA financial institution popular among fintech startupsannounced that she had been the victim of a cyber attack and a data breach which could have had repercussions on its partner companies as well. The incident, according to the companyinvolved “the personal data and information of certain customers of the retail bank Evolve and customers of financial technology partners” such as Affirm, Mercury, Bilt, Alloy and Stripe. On June 29, the fintech company Wise announced that some of its customers’ personal data it may have been stolen in the data breach.
Last week too, Wire Bank — a popular partner for BaaS startups like Unit – had hit with coercive measures from the Federal Deposit Insurance Corporation (FDIC).
Analysis of the week
The past week has been a very active one for fintech mergers and acquisitions. Just seven months after the announcement a $6 million seed funding rounddata intelligence startup Hyperplane announced that it had been acquired by Brazilian Nubank. The company’s main goal is to enable banks to train their models to power tools in their risk, collections and marketing departments. In the meantime, Doorbell He also announced plans to acquire Salt Labs “for a cool $173 million,” TechCrunch wrote Salt laboratories $10M Fundraise in March 2023 Here. AND Robin Hood is adding more AI features for investors with its acquisition of the AI-based research platform Pluto Capital.
Dollars and cents
Payablewhich builds the infrastructure that enables companies, especially software companies, to embed and facilitate payments via APIs, raised $20 million in a Series A financing.
Another company in the space is Rain forestwhich also raised $20 million in its own Series A funding round, less than a year after its Initial fundingRainforest integrates payment processing into other software platforms.
Belgium Chiftenabling SaaS companies to integrate with dozens of financial tools with a unified API, raised a seed funding round of $2.5 million.
Armed with $8 million in seed fundingEgyptian banking startup Connect money intends to leverage its popularity to explore new business opportunities in African markets.
As a foreigner, navigating health insurance systems can often be difficult. German Startup Feather thinks he has a solution and raised 6 million euros to help some of the more than 40 million expats working and living in Europe.
What else are we writing?
Plaid expanding into a multi-product business has led to it starting to see real traction beyond traditional fintech customers. President Jen Taylor told me exclusively How many corporate clients does the company currently have?detailing how growth in that segment is starting to outpace that of the rest of its business.
Indian e-commerce giant Flipkart it started quietly launching its own payments appnicknamed Super.money, as it expands its fintech ambitions more than a year and a half later separation from PhonePeThe new app from the Walmart-owned company, now in beta version on the Play StoreIt allows users to make mobile payments via UPI, an interoperable network that is the most popular online transaction method among Indians.
Titles of great interest
Citi believes AI will replace more banking jobs than any other industry
Goldman Sachs Deploys Its First Generative AI Tool Across the Firm
Billionaire Steve Cohen’s Point72 Ventures Fires Fintech Team to Move Into AI
Pay for new items by exchanging your old items directly at checkout
Caution, Profits and Growth (global fintech report jointly produced by BCG and QED Investors)
Only From Here On: The State of Fintech in 2024 and the Hero’s Journey (from Matt Harris, partner at Bain Capital Ventures)
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