Robinhood’s new Gold Card, BaaS challenges and the tiny startup that caught Stripe’s eye

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Welcome to TechCrunch Fintech (previously The Interchange)! This week, we’re Robinhood’s new Gold Card, challenges within the BaaS house and the way a tiny startup caught Stripe’s eye.

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The large story

Robinhood took the wraps off its new Gold Card final week to a lot fanfare. It has a protracted record of spectacular options, together with 3% money again and the flexibility to take a position that money again by way of the corporate’s brokerage account. A person also can put that money again into Robinhood’s financial savings account, which gives 5% APY.  We’re curious to see how this new card will influence the corporate’s backside line. But additionally, we’re fascinated by how Robinhood integrated the expertise it acquired when shopping for startup X1 final summer time for $95 million and turned it right into a doubtlessly very profitable new providing.

Evaluation of the week

The banking-as-a-service (BaaS) house is dealing with challenges. BaaS startup Synctera just lately carried out a restructuring that impacts about 15% of staff. The startup just isn’t the one VC-backed BaaS firm to have resorted to layoffs to protect money over the previous yr. Treasury Prime, Synapse and Determine have as nicely. In the meantime, in line with American Banker, the FDIC introduced consent orders in opposition to Sutton Financial institution and Piermont Financial institution, telling them “to maintain a better eye on their fintechs’ compliance with the Financial institution Secrecy Act and cash laundering guidelines.”

{Dollars} and cents

PayPal Ventures’ newest funding is in Qoala, an Indonesian startup that gives private insurance coverage merchandise overlaying quite a lot of dangers, together with accidents and cellphone display harm. MassMutual Ventures additionally participated in Qoala’s new $47 million spherical of funding.

New Retirement, a Mill Valley–based mostly firm constructing software program to assist individuals create monetary retirement plans, has raised $20 million in a tranche of funding.

We final checked in on Zaver, a Swedish B2C buy-now-pay-later (BNPL) supplier in Europe, when it raised a $5 million funding spherical in 2021. The corporate has now closed a $10 million extension to its Sequence A funding spherical, bringing its whole Sequence A to $20 million.

What else we’re writing

Learn all about how a tiny four-person startup, Supaglue, caught Stripe’s eye. Supaglue, previously generally known as Supergrain, is an open supply developer platform for user-facing integrations. The group goes to assist Stripe on real-time analytics and reporting throughout its platform and third-party apps for its Income and Finance Automation suite.

Maju Kuruvilla is now not CEO of one-click checkout firm Bolt. He’s changed by Justin Grooms, Bolt’s world head of gross sales, who’s now interim CEO. Kuruvilla, the previous Amazon government, took over as CEO in January 2022 after founder Ryan Breslow stepped down. The Data has extra about Bolt’s woes right here.

Excessive-interest headlines

Inside Mercury’s stumble from fintech hero to focus on of the feds

RealPage and Plaid group to curb rental fraud

In HR software program battle, Rippling makes up floor in opposition to Deel — at a value 

Is Chime prepared for an IPO? It has extra main clients than Chase

Inside a CEO’s daring claims about her scorching fintech startup, which TC beforehand lined right here.

Cloverleaf raises $7.3M in Sequence A extension

Abrigo acquires TPG Software program

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