you welcome in Techcrunch FintechThis week, we take a look at Evolve’s bank hack, three notable acquisitions, Plaid’s enterprise client growth, and more.
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The big story
On June 26, Evolve Bank & TrustA financial institution popular with fintech startups has announced that it has been hit by a cyberattack and data breach that could have affected its partner companies as well. According to the companyincluded “personal information and data of certain Evolve retail bank customers and customers of fintech partners” such as Affirm, Mercury, Bilt, Alloy and Stripe. On June 29, the fintech company announced wise Microsoft has announced that some of its customers’ personal data may have been stolen in a data breach.
Also last week, Thread Bank – Popular partner for BaaS startups like: lonliness – Owns Action has been taken against him. From the Federal Deposit Insurance Corporation (FDIC).
Analysis of the week
Last week was a busy one for fintech mergers and acquisitions. Just seven months after announcing a $6 million seed funding round, a data intelligence startup announced the launch of Hyperplane Brazilian company Nubank has announced its acquisition. The company’s main focus is to allow banks to train their own models to run tools across risk, collections and marketing departments. At the same time, the bell As advertised Plans to acquire Salt Labs “For up to $173 million.” TechCrunch covered it. Salt Labs Raise $10M in March 2023 here. Robin Hood Adds more AI features for investors with acquisition of AI-powered research platform Pluto Capital.
Dollars and years
BybleAmazon Web Services, which builds the infrastructure that allows businesses — especially software companies — to embed and facilitate payments through APIs, has raised $20 million in a Series A funding round.
Another company in space is tropical forestwhich also raised $20 million in a Series A funding round, less than a year after its initial funding. Rainforest is embedding payment processing into other software platforms.
Belgium ShiftThe SaaS company, which allows SaaS businesses to integrate with dozens of financial instruments using a unified API, has raised $2.5 million in a seed funding round.
Armed with $8M in seed funding, Egyptian startup offers banking as a service Linking money It seeks to leverage its popularity to explore emerging business opportunities in African markets.
Navigating health insurance systems can often be difficult for foreigners. German startup feather She believes she has a solution and has raised €6 million to help the more than 40 million expats working and living in Europe.
What else do we write?
Engraved Expanding into a multi-product company has seen it start to see real traction beyond traditional fintech clients. CEO Jane Taylor told me exclusively about the number of enterprise clients the company now has, and detailed how growth in this sector has begun to outpace the rest of its business.
Indian e-commerce giant Flipkart PhonePe has quietly started rolling out its own payments app, called Super.money, as it expands its fintech ambitions more than a year and a half after splitting from PhonePe. The Walmart-owned company’s new app is now available on the Google Play Store. Now available in beta on the Play StoreThe UPI app allows users to make mobile payments via UPI, an interoperable network and the most popular way Indians transact online.
Titles of great importance
Citi expects AI to replace more banking jobs than any other sector
Goldman Sachs Deploys Its First Generative AI Tool Firmwide
Billionaire Steve Cohen’s Point72 Ventures Lays Off Fintech Team in AI Shift
Pay for new items by exchanging your old items directly at checkout.
Wisdom, Profit and Growth (Global FinTech Report co-authored by BCG and QED Investors)
From Here Only: The State of Fintech in 2024 and the Hero’s Journey (From Bain Capital Ventures Partner Matt Harris)
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