Welcome to TechCrunch Fintech! This week, we will explore the recent Evolve Bank hack, three significant acquisitions, Plaid’s enterprise customer growth, and more.
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The big story
Evolve Bank & Trust, a popular financial institution among fintech startups, disclosed a cyberattack and data breach on June 26. The breach potentially impacted partner companies such as Affirm, Mercury, Bilt, Alloy, and Stripe. Additionally, Wise confirmed that some of its customers’ personal data might have been compromised in the breach.
In another incident, Thread Bank, a key partner to BaaS startups like Unit, faced enforcement action from FDIC.
Analysis of the week
Last week saw noteworthy M&A activity in fintech. Hyperplane, a data intelligence startup, was acquired by Brazil’s Nubank after a $6 million seed funding round. Chime revealed plans to acquire Salt Labs for up to $173 million, and Robinhood expanded its AI capabilities with the acquisition of Pluto Capital.
Dollars and cents
Payabli secured $20 million in Series A funding to enhance payment facilitation for software companies. Rainforest also raised $20 million in its Series A round, while Chift raised $2.5 million in seed funding to help SaaS companies integrate with financial tools. Connect Money and Feather also secured significant funding for their respective financial solutions.
What else we’re writing
Plaid’s expansion into a multi-product company is gaining traction beyond traditional fintech customers, with a growing base of enterprise clients. Flipkart has introduced its payments app Super.money, aimed at enabling mobile payments via UPI in India.
High-interest headlines
Citi sees AI displacing more bank jobs than any other sector
Goldman Sachs deploys its first generative AI tool across the firm
Billionaire Steve Cohen’s Point72 Ventures lays off fintech team in pivot towards AI
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