Fintech
A look at LoanSnap’s problems and the neobanks that are going through tough times
Welcome to TechCrunch Fintech! This week we’ll look at LoanSnap’s problems, Nubank and Monzo’s positive milestones, a host of fintech fundraisers, and more!
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The big story
Starting AI mortgages LoanSnap he’s in trouble. The company is face at least seven lawsuits from creditors and was evicted from its Southern California headquarters, leaving employees worried about the company’s future, TechCrunch has learned. LoanSnap has raised about $100 million in funding since its 2017 seed round, of which $90 million was raised between 2021 and 2023. While LoanSnap hasn’t closed its doors yet, according to two employees, the atmosphere Inside the company it is heartbreaking as workers wait for clarity on the company’s future.
Analysis of the week
Neobanks are going through a difficult time. Or at least some are. Neobank based in the UK Monzo revealed its first full-year pre-tax profit. The company initially achieved profitability last Marcha milestone led by his loan product and that of the United Kingdom high interest rates. Meanwhile, the Brazilian digital bank Nubank has become the most valuable financial institution in Latin America, surpassing Itaú, as reported by Bloomberg. THE Traded on the NYSE the company also took its own first timid steps into the realm of the mobile networklaunching an eSIM (Built-in SIM) service for travellers.
Dollars and cents
Relaya business banking and money management service for SMEs, closed a $32.2 million Series B round led by Bain Capital Ventures.
Fintech creator Sling announced a $2.2 million pre-seed roundwith the participation of Dorm Room Fund, 1916 Enterprises, Key Partners Group and Vincent Francoeur, former head of Blizzard’s web and mobile sector.
European Mental Health Insurance Platform I feel raised a Series B investment of $20 million co-led by FinTLV Ventures and Korelya Capital.
Forward announced $16 million in seed funding take on Stripe and drive the future of integrated payments; Commerce Ventures, Elefund and Fiserv led the round.
Romanian startup FintechOS has raised 60 million dollars to help older banks and insurance companies fight neobanks.
Fria startup that aims to serve as a social financial community for the Gen Z population, raised $2.8 million in a seed funding round led by Restive Ventures.
Solutions for texta company that offers people the ability to pay bills and apply for loans via SMS, insured 110 million dollars.
Based in Saudi Arabia Simplified financial solutions company (YesFi), a spend management platform in the MENA region raised 10 million dollars in a seed funding round.
What else are we writing
Bandthe world’s most valuable fintech startup, said on May 31 that it will temporarily transition to a Invite-only model for new account registration in India, calling the move “a difficult decision” as it navigates the country’s evolving regulatory landscape. The YC-backed startup, which competes with Cashfree and Razorpay in the country, will now focus on supporting a select number of businesses, particularly those focused on international expansion.
Indian conglomerate Trusted group is taking its boldest consumer-facing step yet into financial services with the launch of JioFinance, an app that aims to be a one-stop shop for digital payments, loans and UPI insurance.
Also:
German financial regulator ends anti-money laundering limit on N26 signups after $10 million fine
Ambani’s Reliance launches opening salvo in fintech battle and launches JioFinance app
Titles of great interest
Robinhood gains up to $1 billion on stock repurchase plan
Robinhood Launches Crypto API for US Traders
Deel turns to Alviere to help global companies pay US workers
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