fintech
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Original Tech helps banks offer better loan applications
Americans apply for more than 250 million new financial products each year, but the majority of those applications are completed on paper or over the phone. A startup called Original Tech wants to change that by providing white-label software to improve loan applications completed online. Read More
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PayPal to acquire Swift Financial to bolster small business lending
Global payments processing company PayPal announced this morning that it has agreed to acquire Swift Financial, which provides small business owners with working capital. Terms of the deal were not disclosed, but the acquisition will give PayPal better tools to expand its own Working Capital product. Read More
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Lambda School aims to cash in by upskilling untapped talent
As the saying goes, the future is already here — it’s just not very evenly distributed. Also not evenly distributed: Access to the expensive education typically needed to stand a chance of obtaining one of the jobs of the future. Y Combinator backed Lambda School is hoping to change this, with a new approach to funding higher education. Read More
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Savings app Qapital now offers a checking account and debit card
Savings app Qapital wants people to make more conscious decisions around their money. While to date that meant helping its users build up savings, now Qapital will help manage their day-to-day spending through a new checking account and debit card. Read More
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PAYFAZZ wants to build a network of distributed bank agents in Indonesia
Hendra Kwik is hoping to tap into the excitement of on-demand companies like Uber and distributed workforces — except instead of ridesharing, he’s hoping it will work for banking. That’s the theory behind PAYFAZZ, which coordinates with banks to create a distributed network of bank agents that can operate from wherever — even their own homes. Once that person is… Read More
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N26 partners with Auxmoney to offer credit to more customers
Fintech startup N26 is trying to build the bank of the future, slowly but surely adding features to provide everything you’d expect from such a bank. N26 already offers consumer credit loans in Germany if you’re a creditworthy employee. And starting today, N26 users who are self-employed, freelancers, students and more can also request a loan thanks to Auxmoney. If you’re… Read More
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Revolut’s $5.3 million crowdfunding campaign is oversubscribed
Fintech startup Revolut just raised a ton of money. But grabbing $66 million from respected VC firms wasn’t enough (£50 million). For the second time, Revolut asked its user base to invest in the startup. Revolut was looking for $5.3 million on Seedrs (£4 million), but 40,000 customers said that they were interested in the investment opportunity. If Revolut took all the money, it… Read More
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Stripe acquires Payable to help on-demand businesses manage 1099 tax reporting
With its Stripe Connect product, Stripe wants to make it easier for on-demand and marketplace businesses to not only process payments from their customers, but also make payments to contractors and vendors. In an effort to bolster the tax reporting tools available to them, the company has acquired long-term partner Payable. Read More
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CPG investing platform CircleUp will now issue loans to help consumer brands grow
It’s hard raising money as a consumer packaged goods (CPG) company, but one startup wants to make it easier. CircleUp, which already helps consumer brands raise millions in equity financing, is now going to issue loans to help smaller CPG companies raise working capital and avoid cash crunches. Read More
Latest Crunch Report
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After raising $70M, Betterment expands financial advice to all users
On the heels of announcing a fresh $70 million in funding led by Swedish investment firm Kinnevik AB, Betterment is launching a new messaging feature that will allow users to ask questions and get answers from its team of financial advisors. Read More
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Visa makes strategic investment in card processing startup Marqeta
Since 2010, Marqeta has quietly established itself as the underlying tech provider for businesses that are looking to issue virtual and physical debit and credit cards to employees, partners and customers alike. As it looks to expand internationally and sign up customers around the globe, the company has taken $25 million in strategic investment from payments heavyweight Visa. Read More
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Mobile banking startup Varo Money has applied for a bank charter
Varo Money, which provides a mobile-first banking product to consumers, wants to take on the big banks. In an effort to offer similar — but better — checking, savings and lending products to consumers, the company has applied for a national bank charter with the Office of the Comptroller of the Currency. Read More
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SoFi loses another senior executive, as chief revenue officer Michael Tannenbaum departs
Online finance startup SoFi has lost yet another senior executive, TechCrunch has learned. Chief revenue officer Michael Tannenbaum is the latest exec to leave, following a string of departures in the company’s senior ranks. Read More
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Fintech startup Klarna taps Permira for around $250M at $2.5B valuation
Klarna, the Swedish startup that works with e-commerce businesses and retailers to provide financing and other payment services, today announced that it has picked up yet another large investment, its third inside of two months. Permira, the private equity firm and prolific late-stage tech investor, has taken a minimum 10 percent stake in the fintech business. Klarna and Permira are not… Read More
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Mobile savings and investment service Acorns is on track to do 1 billion trades in 2017
Acorns is quickly turning into an oak tree in the financial services space. The company now boasts more than 2 million investment accounts (with 600,000 opened in 2017 alone) and is on track to do 1 billion trades in 2017 through the proprietary broker-dealer that it created. Read More
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Affirm now has 1,000 retail partners
Today Affirm has announced that it has more than 1,000 merchants signed up to offer its financing options at checkout, helping to reduce the friction around making large purchases and, by extension, increasing sales for its partners. Read More
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Beginning this week, automated savings app Digit will start charging users $3 a month
In April, Digit announced that in 100 days it would begin charging $2.99 a month to people using its service to automatically save for a rainy day or help pay their bills. Well, 100 days have almost passed, and it’s almost time for those changes to go into effect. Read More
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Revolut launches personal Euro accounts with your own IBAN
Fintech startup Revolut just raised $66 million and is already launching new features. Starting today, you can generate your own IBAN for Euro transactions. This way, you can receive your salary directly on your Revolut account for instance. While you could already top up your Revolut account with a regular bank transfer, Revolut only had one bank account to receive all your Euro transfers. Read More
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Blend releases a mobile app for mortgage lenders on the go
Since launching five years ago, Blend has helped major financial institutions make lending decisions to consumers, in many cases narrowing the time it takes to close a mortgage by seven to 10 days. Today the company is releasing a mobile app that it believes will speed up the process even faster by allowing consumers to more easily communicate with their loan officer. Read More
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Revolut raises $66 million for its global banking alternative
Revolut has raised a $66 million Series B round with Index Ventures leading the round, and existing investors Balderton Capital and Ribbit Capital also participating. The startup will also run another $5 million crowdfunding campaign in a few weeks. The company has raised $83 million in total. Revolut started as a mobile app that lets you send and receive money in multiple currencies. Over… Read More
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