Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we will be covering the world's hottest salary sector, neobank Dave's financial results, and price increases in related stocks.
Get TechCrunch's roundup of the biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT. Subscribe here.
big story
This week alone, we highlighted three interesting deals in the global payroll space. First, Deal announced its largest acquisition to date, acquiring PaySpace, an African-based payroll and HR software and services company. The company also announced that its annual recurring revenue (ARR) exceeded $500 million. Then I wrote about Remofirst, a startup looking to compete with the likes of Deel and Ripling, and secured $25 million in Series A funding. Tage also wrote about how UAE-based RemotePass announced he had raised $5.5 million in Series A funding led by Istanbul-based 212 VC. There is no doubt that this space is hot, hot, hot.
Listen to Alex Wilhelm. Equity will discuss this in detail.
This week's analysis
We're looking at another fintech with strong financial results. Neobank Dave said in an email that his fourth quarter adjusted EBITDA was his $10 million and his GAAP net income was his $200,000, making him the first publicly traded company to turn a profit. The company also reported a 26% increase in non-GAAP operating revenue, beating its guidance for fiscal 2023, with strong growth from its ExtraCash offering. The company's stock price skyrocketed on the news, starting the week at $22.46 on March 4, hitting a 52-week high of $43.99 on March 7, and hitting a 52-week high of $43.99 on March 8. It closed at $36.
dollars and cents
Two-year-old Colombian payments startup Yuno has reached a valuation of $150 million with $25 million in Series A funding from investors including DST Global Partners, Tiger, and a16z.
London-based challenger bank Monzo has raised $430 million in a late-stage funding round, giving it a post-money valuation of $5 billion.
Paris-based business banking startup Qonto is using an undisclosed portion of its cash reserves to acquire accounting and financial automation platform Regate.
Harness Wealth has expanded into the tax advisory space, raising $17 million in an extended Series A round.
Artemis Fund, which invests in underrepresented founders in fintech, commerce and care, has closed its second fund with $36 million in capital commitments.
what else are you writing?
Apple's iOS 17.4 update is primarily aimed at bringing iOS into compliance with EU digital market regulations. But the company also released a new API called FinanceKit that allows developers to retrieve transaction information and get balance information from his Apple Card, Apple Cash, and Savings with Apple.
Georgina Merhom uses SOLO, a first-party data collection and reporting engine that integrates user-authorized data sources such as financial transactions, online records, and digital footprints to tell a more complete story about someone's financial behavior. We would like to break out of the current situation.
PayPal announced it will launch “Tap to Pay” in the U.S. for merchants using iPhones via the Venmo and Zettle apps.
Interesting headlines
Capstack Technologies has received strategic investment from Citi Ventures (TC covered Capstack here).
Argyle raises $30M to expand automatic income, employment verification
Synctera raises $18.6 million in Series A-1 funding (TC covers Synctera's Series A here).
Latest fintech exit: $2 billion challenger to Western Union suspends US services
Finance Prime laid off half its staff (TechCrunch covered $40 million raise in February 2023).
Brazilian fintech CloudWalk announces $320.5 million in revenue, plans to expand in the US
TomoCredit pivots to TomScore and B2B after numerous issues reported
Want to provide a tip? Email maryann@techcrunch.com or text Signal 408.204.3036. You can also send a note to all TechCrunch staff to tips@techcrunch.com. For more secure communications, click here to contact us. This includes links to SecureDrop (instructions here) and encrypted messaging apps.