Welcome to TechCrunch Fintech! This week, we are highlighting the closure of Tally and Score, as well as discussing Klarna’s expansion into banking. Additionally, we have compiled a list of fintech companies that are actively seeking to expand their teams.
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The Big Story
Last week, Tally, a longstanding player in the fintech space, announced its closure after facing challenges in securing further capital. On the other hand, Score, the credit-based dating app, also shut down recently, adding to the increasing trend of startup closures this year.
Analysis of the Week
Klarna, a prominent Swedish fintech company, made headlines with its expansion into banking services. The company, known for its buy now, pay later offerings, introduced new features like a balance account and cashback rewards. This move positions Klarna to compete with both traditional banks and other fintech players in the industry.
Dollars and Cents
Revolut achieved a staggering $45 billion valuation through a recent secondary market share sale, solidifying its position as one of Europe’s most valuable private tech companies. Meanwhile, PayZen secured a $32 million Series B funding round to further its mission of making healthcare payments more accessible.
TipRanks, a platform utilizing AI to provide stock market insights, was acquired for $200 million by Prytek, a developer of business process products for various industries including finance.
What Else We’re Writing
Recent developments include Apple’s decision to open up NFC transactions to third-party developers, signaling a shift in the company’s approach to payment technology. Additionally, a call for fintech companies that are actively hiring has generated significant interest, showcasing the growth and demand in the sector.
High-Interest Headlines
Citi and Wells Fargo participate in a $31 million funding round for loan startup Setpoint
Tencent-backed Airwallex achieves $500 million annualized sales, eyes IPO readiness by 2026
Sling Money secures $15 million funding for its money transfer app
Banking tech startup Amount raises $30 million in funding
Podcast Listens
Listen to the Equity podcast as they delve into the closures of Tally and Score, offering valuable insights on the challenges faced by fintech startups.
Parker Conrad, founder and CEO of Rippling, challenges traditional advice for B2B software startups on a recent episode of TechCrunch’s Found podcast, sharing his unconventional approach to building a successful software business.
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