Layoffs spell opportunity for some fintech startups

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Welcome to The Interchange! If you received this successful your inbox, convey you for signing up and your ballot of confidence. If you’re reference this arsenic a station connected our site, motion up here so you tin person it straight successful nan future. Every week, I’ll return a look astatine nan hottest fintech news of nan erstwhile week. This will see everything from backing rounds to trends to an study of a peculiar abstraction to basking takes connected a peculiar institution aliases phenomenon. There’s a batch of fintech news retired location and it’s my occupation to enactment connected apical of it — and make consciousness of it — truthful you tin enactment successful nan know. — Mary Ann

Now hiring

Hello, hello! I’m emotion bully this week because I yet kicked disconnected thing that has been successful nan useful for a small while: search fintech companies that are hiring. It’s not nosy covering layoffs, and unluckily we’ve had excessively galore of those. So I thought by besides sparkling a spotlight connected fintechs that are hiring alternatively than firing, our sum would beryllium a spot much balanced and springiness laid-off workers (and anyone other mostly looking!) a measurement to spot what positions are disposable retired there.

After nan article published connected February 16, I had respective more companies scope retired astir news of unfastened roles astatine their companies.

  • Kikoff is hiring for 10 roles (a operation of hybrid and remote), including elder merchandise manager, subordinate merchandise manager, elder merchandise designers, engineers and a maturation trading manager. The user fintech institution is focused connected helping group build in installments and raised $30 cardinal successful June 2021.
  • Addepar, which makes package to way finance performance, is besides actively hiring pinch astir 50 open roles crossed nan U.S., UK and India (also, galore roles person nan action for distant work).  In June of 2021, nan institution raised $150 million astatine a $2.17 cardinal valuation. Today, it has astir 850 clients and complete $4 trillion successful customer assets connected its platform.
  • Nium is hiring and has a twelve unfastened roles. The B2B payments institution raised $200 million astatine a unicorn valuation successful 2021.
  • 401(k) supplier Human Interest, which precocious accrued full backing to $500 million, including an investment from BlackRock, has 23 unfastened roles, including successful engineering, merchandise and revenue.
  • With offices successful six countries, walk optimization institution Emburse has conscionable appointed caller CXO Johann Wrede and is hiring for 9 open roles, including successful sales, engineering and customer success.
  • Collective, an all-in-one back-office finance level for nan self-employed, which has raised complete $28 cardinal successful funding, is hiring for 5 roles crossed engineering, trading and personnel services (tax, accounting). Collective raised its latest round, a Series A, successful May 2021.

And I’m affirmative location will beryllium much to travel successful adjacent week’s version of The Interchange. Stay tuned, and please consciousness free to stock pinch anyone looking for a caller opportunity!

Weekly News

TechCrunch’s Tage Kene-Okafor did a stellar occupation of reporting retired this story:Prince Boakye Boampong, nan laminitis and CEO of Dash, which provides an replacement costs web pinch connected wallets allowing relationship betwixt mobile money and slope accounts successful Africa, has allegedly been temporarily suspended pending an investigation into financial impropriety, according to group pinch nonstop knowledge of nan situation.”

After Affirm’s challenging week, I did a spot of a heavy dive connected nan abstraction and discovered that while consumer-focused BNPL (buy now, salary later) companies are struggling, a number of B2B-focused companies are continuing to raise funds. Speaking of BNPL, tech elephantine Apple is apparently moving guardant pinch its plans to connection its ain bargain now, salary later work and according to Bloomberg, “laying retired rules for really it will o.k. transactions.”

In this TechCrunch+ piece, Amsterdam-based Grant Easterbrook (fintech advisor and co-founder of Dream Forward) focuses “on fintech ideas that received immoderate grade of first hype and momentum, but yet did not unrecorded up to their promise.” He looks astatine ideas that “failed to spell mainstream and alteration financial services successful nan measurement nan founders primitively intended.” Super absorbing read.

On February 15, Lightspeed Venture Partners’ Ansaf Kareem published a very elaborate blog station titled “The Alchemy of Fintech Valuations,” successful which he summarizes fintech sectors, nan closest nationalist comps, nan cardinal metrics to salary attraction to and wherever multiples are today. He writes that his dream is that it “gives entrepreneurs a amended benchmark to activity disconnected of erstwhile scaling their businesses.” Check it retired here.

On February 7, Austin-based SMB-focused Sana Benefits announced that it was cutting astir 19% of its staff. It’s not clear really galore group were impacted but arsenic of past summertime erstwhile it raised a $60 cardinal Series B, nan startup had astir 170 employees, according to Austin Inno. TechCrunch had covered its $20.8 cardinal Series A raise back successful 2020. In a blog post/letter to employees, CEO and co-founder Will Young wrote that nan company’s “focus connected accelerating maturation and merchandise improvement came astatine nan costs of higher consequence tolerance and greater expenses.” As portion of its severance package, nan institution is kindly letting its labor support their laptops, acknowledging that “having 1 is important for occupation searching.”

It’s awesome to spot much women successful activity roles successful nan fintech community. Two examples here:

Former NEA wide partner Liza Landsman joined fintech startup Stash, which calls itself nan “anti-Robinhood,” arsenic its caller CEO. Her assignment became effective February 6. Landsman had been an independent Stash committee member since mid-2022 and has antecedently served successful operations and activity roles astatine, Citigroup, BlackRock and E-Trade. At NEA, a task patient pinch complete $25 cardinal successful AUM, she focused connected fintech and user products. The institution besides has formed a caller B2B business led by Brandon Krieg, erstwhile CEO and now caput of business development. My bully friend and very talented journalist Suman Bhattacharyya covered nan moves here. Last October, TechCrunch covered nan company’s milestone of passing $125 cardinal successful yearly gross and adding a crypto offering.


Fintech-focused QED Investors precocious announced nan hiring of Melissa Ho arsenic a main focused connected fintech investments crossed aggregate stages successful Southeast Asia, pinch an accent connected early-stage companies. Ho is QED’s first worker successful Singapore. Previously, she led nan finance squad astatine Wavemaker Partners, a Southeast Asian seed VC money investing successful enterprise, heavy tech and sustainability companies. There, she was responsible for nan Singapore, Indonesia, Malaysia and Bangladesh markets, positive nan superior verticals of SaaS, B2B marketplaces, proptech, edtech, commerce and user internet. Last August, nan patient made its first finance successful Africa. It besides is rather bullish connected LatAm fintech.

ICYMI: From Natasha Mascarenhas: “Pipe, an replacement financing level that was past privately weighted by investors astatine $2 billion, announced its caller main executive, an assignment that comes months aft nan company’s 3 co-founders stepped down from their posts successful a stunning, different shake-up. The caller main executive, Luke Voiles, is joining Pipe aft moving arsenic nan wide head of Square Banking astatine Block, formerly Square. He was besides nan CEO and president of QuickBooks Capital. Voiles’ domiciled will statesman connected February 20.” More here.

On nan existent property front, Opendoor and Zillow person teamed up to connection homeowners successful Atlanta and Raleigh a caller measurement to research aggregate home-selling options erstwhile visiting Zillow. Customers who “start their trading journey” pinch Zillow tin now simultaneously petition some a rate connection from Opendoor and an estimate of what their location could waste for connected nan marketplace pinch a section Zillow Premier Agent partner. A seller who decides to judge nan Opendoor connection will beryllium capable to waste their location connected their ain timeline utilizing nan Opendoor platform. Sellers who opt to waste their location connected nan marketplace will beryllium paired pinch a section Zillow Premier Agent partner.

Fintech for good

I precocious caught up pinch Adam Nash, who has a fewer positions nether his belt. He’s an investor in, and a committee personnel of, companies specified arsenic Acorns, Figma, and Kabbage. He has besides held executive and method roles astatine Dropbox, LinkedIn, eBay and Apple. On nan fintech front, he’s besides nan erstwhile CEO of Wealthfront and much precocious he co-founded Daffy. As TC’s Connie Loizos wrote last year: “Daffy provides entree to what it claims is nan lowest-cost, and lowest-friction, measurement to group up and usage a donor-advised money (DAF), a benignant of 401(k) for charitable giving. With DAFs, 1 donates immoderate money (or stock, aliases moreover cryptocurrencies), receiving a taxation break astatine nan clip of nan contribution, and that aid moves into a managed finance account, wherever it hopefully grows complete time. At immoderate later date, nan philanthropist directs nan costs to nan kindness aliases charities of his aliases her choice.”

He told maine that since its 2020 inception and precocious 2021 launch, nan not-for-profit has amassed astir 10,000 members and raised adjacent to $30 cardinal for charities. Account sizes scope from arsenic small arsenic $10 to much than $2 million.

Nash added: “Many of our members usage Daffy to group speech $10 a week aliases $100 a period for charity. Other Daffy members lend successful nan tens of thousands and moreover millions erstwhile they person a financial windfall for illustration a bonus, institution exit aliases a banal windfall, for example…Most donor-advised costs retired location are collaborated pinch finance guidance firms, and make their money by charging a percent of assets. And truthful they don’t really want mini accounts. They want group who tin put hundreds of thousands of dollars speech for charity, but that’s not moreover a 1% thing. That’s for illustration a .1% ability. So, we’re very excited astir Daffy.”

Daffy is free for those members who are conscionable getting started and person an relationship equilibrium nether $100. Despite nan downturn and higher inflation, Nash says that Daffy saw an all-time high of donations successful nan 4th fourth of 2022 — 3x times that of nan 4th fourth of 2021. Members lend successful a assortment of ways: 20% rate (ACH, debit/credit card), 20% stock/ETFs, 20% crypto, and 40% DAF (donor-advised fund) transfers. Despite each nan crypto and banal marketplace turns successful 2022, Nash said that Daffy saw nan number of crypto contributions summation by 100% and banal and ETF contributions summation by complete 128% successful Q4 2022 compared to Q4 2021.

Fundings and M&A

Seen connected TechCrunch

Puzzle is building a modern accounting package for today’s API-enabled startups

Tiger Global and Ribbit put different $100 cardinal successful PhonePe

Ledge intends to build automation devices for finance teams

IFC leads $17M finance successful South African insurtech Naked

Kenya’s fintech Power group to standard aft $3M seed round

Singapore-based neobank Aspire raises $100M from Lightspeed and Sequoia SEA

Andreessen Horowitz backs ModernFi’s deposit marketplace for banks

Neobank Vexi raises millions to connection young Mexicans little liking complaint in installments cards 

a16z, GV backmost Thatch successful its effort to simplify wellness benefits for startups and their employees

How 1 Brazilian startup’s pivot to firm cards has paid off

And elsewhere

Goose, an security “super app,” closes $4M Series A backing round

Vaas kicks disconnected pinch US$5 cardinal for its indebtedness guidance platform

Latino-first neobank Comun raises $4.5M successful seed funding

Hala acquires UAE-based startup to grow its operations successful nan SME sector

Fintech AdalFi raises costs successful motion of life for Pakistan VC market

That’s it for now. For those of you successful nan U.S., I dream you bask nan agelong weekend, and Happy President’s Day! To everyone else, dream you’re having a awesome play and wishing you each a awesome week ahead. Thanks again for your support, and oh, if you want thing nosy to perceive to, cheque retired the Equity podcast, featuring myself, Natasha Mascarenhas and Rebecca Szkutak!

Editor: Naga

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