Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we look at a new financial-based dating app, Robinhood's financial results, and the startup in which PayPal Ventures made its first investment. Let's dive in!
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big story
A new dating app has been released just in time for Valentine's Day, but there's a catch. You need a credit score of at least 675 to use it. Launched by financial platform Neon Money Club, Score is a dating app for people with good to excellent credit that aims to raise awareness about the importance of money in relationships. TC's Dominic-Madri Davis explained what the startup aims to do and how it came to be. I also really enjoyed reading all the comments about X and LI.
This week's analysis
Reuters reported that Robinhood's stock price rose sharply last week after the company posted a surprise profit in the fourth quarter “due to higher interest income from customer loan repayments and a rebound in trading.” He also revealed that the company could break even or become profitable by next year. The stock rose to a nearly two-year high last week, and closed Friday at $14, up 17% from its Feb. 13 closing price of $11.94. If public fintechs are doing well, that usually means good things for private fintechs. CEO and co-founder Vlad Tenev spoke at TechCrunch Disrupt last year. Please see here for its contents.
dollars and cents
Finom, a European challenger bank targeting small businesses and freelancers, has raised €50 million ($54 million) in a Series B equity round.
FlowFi, a startup creating a marketplace of financial experts for entrepreneurs, has closed on $9 million in seed funding. Blumberg Capital led the investment.
Bold, a financial technology company building electronic payments infrastructure in Colombia, has raised $50 million in Series C funding in a round led by existing investor General Atlantic.
Rasa, a conversation generation AI platform for financial services companies, has raised $30 million in a Series C round co-led by StepStone Capital and PayPal Ventures. Notably, this is PayPal's first AI investment.
what else are you writing?
India is facing a tough time implementing long-delayed rules to curb PhonePe and Google Pay's dominance over the country's ubiquitous UPI payments network, which processes more than 10 billion transactions every month.
After recently launching in the UK and Ireland, workforce management platform Rippling continues its ambitious international expansion with the opening of its Asia Pacific headquarters in Sydney, Australia. The company also hired Acer Lipkowitz from JPMorgan to become its new chief product officer.
Apple recently raised interest rates on Apple Card savings accounts to 4.5%, prompting competitors to do the same. Cash App has announced that it will offer Cash App Savings customers “up to” 4.5% APY (Annual Percentage Yield), but there are some caveats.
Other headlines of interest
Bolt, once worth $11 billion, lowers stock price by 97% with share buybacks
Venture capitalists optimistic that fintech deals will recover in 2024
Parlay raises $1.3 million to provide small businesses with comprehensive access to financial resources
Mia Share raises $6.5 million to facilitate digital tuition payments
Sequoia pressures former leader Moritz to leave Klarna board seat
Air Force base appoints Forester veteran Matthew Schultz to lead procurement
Fintechs attracted more than a third of Europe's 745 million euros in technology investment last week
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