Robinhood's New Gold Card, BaaS Challenges and a Small Startup That Gets Gita's Attention | Tech Crunch

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Welcome to TechCrunch Fintech (formerly Interchange)! This week, we look at Robinhood's new Gold Card, the challenges in the BaaS space, and how one small startup drew the line.

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Big story

Robin Hood It pulled out its new gold card last week with much fanfare. It has a long list of impressive features including 3% cash back and the ability to invest that cash back through the company's brokerage account. A user can deposit that cash back into Robinhood's savings account which offers 5% APY. We're curious to see how this new card will affect the company's bottom line. But we're also impressed with how Robinhood has incorporated the technology it acquired when it acquired startup X1 last summer for $95 million and turned it into a highly profitable new offering.

Analysis of the week

The banking-as-a-service (BaaS) space is facing challenges. A BaaS startup Sinctra Recently conducted a restructuring affecting 15% of employees. The startup isn't the only VC-backed BaaS company that has resorted to layoffs to conserve cash in the past year. Also includes Treasury Prime, Synapse and Figure. Meanwhile, the FDIC announced compliance orders against Sutton Bank and Piermont Bank, telling them to “closely monitor their fintechs' compliance with the Bank Secrecy Act and money laundering regulations,” according to American Banker.

dollars and cents

PayPal Ventures' There is a fresh investment Cola, an Indonesian startup that offers personal insurance products that cover a variety of risks, including accidents and phone screen damage. MassMutual Ventures also participated in Qoala's new $47 million round of funding.

New RetirementBuilding Software, a Mill Valley-based company that helps people create financial retirement plans, has raised $20 million in a funding round.

We checked in last JaverA Swedish B2C buy-now-pay-later (BNPL) provider in Europe, when it raises a $5 million funding round in 2021. The company has now closed a $10 million extension to its Series A funding round, bringing its total Series A total. for $20 million.

What else are we writing?

Read what a small four person startup looks like, Supaglu, Geetha caught attention. SupaGlu, formerly known as SuperGrain, is an open source developer platform for user-facing integrations. The team will assist Stripe with real-time analytics for its revenue and finance automation suite and reporting across its platform and third-party apps.

Maju Kuruvilla is no longer the CEO of One-Click Checkout Company Bolt. He was replaced by Justin Grooms, Bolt's global head of sales, who is now interim CEO. Kuruvilla, a former Amazon executive, took over as CEO in January 2022 after founder Ryan Breslow stepped down. Information Here is more information about bolt difficulties.

Highlights of high interest

Mercury's mistake from fintech hero to target of the feds

RealPage and Plaid team up to crack down on rental fraud

In the HR software war, the rippling happens against the deal – at a cost

Is Chime ready for an IPO? It has more primary customers than Chase

Inside are the CEO's bold claims about her hot fintech startup, which TC previously covered here.

Cloverleaf Raises $7.3M in Series A Extension

Abrigo acquired TPG Software

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