Welcome to TechCrunch Fintech! This week, we’ll be diving into the latest news in the fintech world, including Revolut’s impressive valuation hike, the emergence of fintech unicorns, highlights from the Disrupt Fintech Stage, and much more.
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The Big Story
Reports suggest that Revolut is planning to sell up to $500 million in existing shares at a valuation of $45 billion, making it Europe’s most valuable startup. This significant increase from its previous $33 billion valuation in 2021 comes after Revolut obtained a banking license from the Prudential Regulation Authority (PRA) in the U.K. in late July. This achievement marks a major milestone for the London-based fintech company, showcasing its resilience in a challenging investment climate.
Analysis of the Week
In the U.S., 38 unicorns have been created so far this year, surpassing the total number created in 2024. Among these unicorns, three notable fintech companies include:
Altruist — $1.5 billion: Offering investment management for independent registered investment advisers, Altruist raised a $169 million Series E and is now valued at $1.5 billion.
Aven — $1 billion: A consumer credit card company, Aven reached a $1 billion valuation after a $142 million Series D investment.
Octane — $1.1 billion: Providing instant financing for mowers and recreational vehicles, Octane secured a $50 million investment, valuing the company at $1.1 billion.
Dollars and Cents
Chicago-based startup FranShares aims to provide investors with an alternative form of passive income by offering franchise investment opportunities starting at $500. The company recently secured $4.2 million in seed funding to expand its operations.
Online insurance company Faye continues to attract investors, raising $31 million in Series B funding. Faye’s unique approach combines travel insurance, financial solutions, and assistance services in a comprehensive smartphone app, appealing to a wide demographic.
What Else We’re Writing
Alex Cook, a key partner at Tiger Global overseeing fintech investments, is leaving the firm after nearly seven years. His departure signals a significant change in the fintech investment landscape, prompting discussions about future investment strategies.
The bankruptcy of BaaS fintech Synapse has raised concerns about the stability of consumer-facing services in the fintech industry. Other startups in the sector are intensifying efforts to demonstrate their compliance and security measures to protect customers and maintain industry stability.
High-Interest Headlines
– Evolve hires former Synapse compliance chief to aid reconstruction efforts
– The Zebra acquires Marble, expanding its insurance comparison services
– Bilt Rewards valuation reaches $3.25 billion with a $150 million investment
– MUFG acquires stake in Philippine fintech GCash for $393 million
– Brazilian receivables marketplace Monkey Exchange secures $11 million in funding
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