This week in fintech, we explore a new finance-themed dating app, Robinhood’s earnings report, and PayPal Ventures’ debut AI investment. Let’s delve into the highlights!
The Main Event
A dating app called Score debuted just in time for Valentine’s Day, with a unique twist: users must have a minimum credit score of 675 to join. Developed by financial platform Neon Money Club, Score caters to individuals with good to excellent credit scores, emphasizing the significance of financial compatibility in relationships. TC’s Dominic-Madori Davis provides insights into the app’s objectives and origins, sparking lively discussions across various platforms.
Weekly Analysis
Robinhood experienced a significant surge in its stock price following its fourth-quarter earnings report, which showcased an unexpected profit “driven by higher interest income from customer loans and a resurgence in trading,” as reported by Reuters. The company also hinted at the possibility of reaching breakeven or profitability by the next fiscal year. Shares soared to their highest level in almost two years, closing at $14 on Friday, marking a 17% increase from the previous week. Positive outcomes for publicly traded fintech firms often bode well for their private counterparts. Vlad Tenev, CEO and co-founder, previously shared insights at TechCrunch Disrupt — catch up on the details here.
Funding Highlights
- Finom: The European challenger bank targeting SMEs and freelancers secured €50 million ($54 million) in a Series B equity round.
- FlowFi: This startup, facilitating access to finance experts for entrepreneurs, concluded a $9 million seed funding round, with Blumberg Capital leading the investment.
- Bold: Colombian fintech company Bold raised $50 million in Series C funding to bolster its electronic payments infrastructure, with General Atlantic leading the round.
- Rasa: An enterprise-focused conversational AI platform serving financial services clients, Rasa secured $30 million in Series C funding co-led by StepStone Capital and PayPal Ventures, marking PayPal’s inaugural AI investment.
Other Noteworthy Updates
- India grapples with enforcing regulations aimed at curbing the dominance of PhonePe and Google Pay in the country’s UPI payments network.
- Rippling, a workforce management platform, expands its global footprint with the establishment of its Asia-Pacific headquarters in Sydney, Australia, and welcomes Eisar Lipkovitz as its new chief product officer.
- Cash App responds to Apple’s increased interest rate for Apple Card savings accounts by offering “up to” a 4.5% APY for Cash App Savings customers, with certain conditions.
Stay tuned for more insights and developments in the dynamic world of fintech!
