Welcome to TechCrunch Fintech! This week, we’re focusing on some key developments in the fintech industry. Sequoia Capital is offering liquidity to its investors in Stripe, Latin American fintechs are attracting attention from investors, an African startup secures a significant Series A funding round, and more.
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The Big Story
Payments giant Stripe has delayed its IPO, prompting major investor Sequoia Capital to offer their limited partners an opportunity to purchase up to $861 million in Stripe shares. This move indicates investor demand for liquidity amid a slow IPO market and highlights Sequoia’s confidence in Stripe’s future. Stripe’s most recent valuation stands at $70 billion.
Analysis of the Week
Latin American fintechs remain attractive to investors. CloudWalk is reportedly raising significant funds, while Caliza and OneCarNow have secured substantial investments for their respective ventures. These developments underscore the growing interest in fintech opportunities in the region.
Dollars and Cents
Nala, an African remittance startup, raised $40 million in one of the region’s largest Series A transactions. Additionally, U.K.-based startup Adfin secured $4.9 million in seed funding for its invoicing solutions.
Adaptive closed a $19 million Series A round for its financial management automation platform.
What Else We’re Writing
Ongoing issues with Synapse have raised questions about the viability of banking-as-a-service and digital banking. The incident has impacted consumers and their access to funds, highlighting the challenges in the fintech industry.
The EU reached an agreement with Apple over Apple Pay operations to promote fair competition in the mobile payments space.
High-Interest Headlines
Better CEO Vishal Garg ruled to pay $5.5M in a lawsuit
Bain Capital to acquire Envestnet in $45B deal
CNBC’s list of the world’s top 250 fintech companies for 2024
Fintech funding reached a five-quarter high in Q2, according to CB Insights.
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