PayPal Ventures Invests in Credit-Based Dating App, Boosts Fintech Ecosystem
Welcome to TechCrunch Fintech (formerly The Interchange)
This week, we’re excited to share with you the latest news and updates from the world of fintech. From a new finance-based dating app to Robinhood’s earnings results and PayPal Ventures’ first AI investment, there’s plenty to cover.
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The Big Story
A new dating app was released just in time for Valentine’s Day, but there’s a catch: You must have at least a 675 credit score to use it. Launched by financial platform Neon Money Club, Score is a dating app for people with good to excellent credit, and it seeks to help raise awareness about the importance of finances in relationships.
TC’s Dominic-Madori Davis gave us a look at what the startup aims to do and how it came about. Reading all the comments on X and LI was also quite entertaining!
Analysis of the Week
Robinhood’s stock got a big boost last week when the company posted a surprise profit in the fourth quarter ‘driven by higher interest income from customers paying back loans and a rebound in trading,’ according to Reuters. It also revealed that it could be breakeven or profitable by next year.
Shares climbed to their highest price last week in nearly two years and closed at $14 on Friday, up 17% from a close of $11.94 on February 13. When public fintechs do well, it usually means good things for privately held fintechs.
CEO and co-founder Vlad Tenev spoke at TechCrunch Disrupt last year — read all about that here.
Dollars and Cents
Finom, a European challenger bank aimed at SMEs and freelancers, has raised €50 million ($54 million) in a Series B equity round of funding.
FlowFi, a startup creating a marketplace of finance experts for entrepreneurs, closed on $9 million in seed funding. Blumberg Capital led the investment.
Bold, a financial technology company building an electronic payments infrastructure in Colombia, raised $50 million in Series C funding in a round led by existing investor General Atlantic.
Rasa, an enterprise-focused conversational generative AI platform with financial services companies as clients, raised $30 million in a Series C round co-led by StepStone Capital and PayPal Ventures. Notably, this marked PayPal’s first AI investment.
What Else We’re Writing
India is facing a challenge to its fintech sector due to the need for increased regulation and oversight. The country’s government has been working to create a more favorable environment for startups, but it’s clear that there are still many hurdles to overcome.
Meanwhile, in the US, the Securities and Exchange Commission (SEC) has been cracking down on unregistered brokers and dealers. This is having a significant impact on fintech companies that rely on these platforms to operate.
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Related Stories
Check out these related stories from TechCrunch:
- LemFi moves remittances further into Asia and Europe with $53M in new funding: Tage Kene-Okafor, 5 hours ago
- How Barcelona became an unlikely hub for spyware startups: Lorenzo Franceschi-Bicchierai, 6 hours ago
- Robinhood agrees to pay $45M in SEC settlement: Mary Ann Azevedo, 14 hours ago
Latest in Fintech
Stay ahead of the curve with the latest news from TechCrunch:
- LemFi moves remittances further into Asia and Europe with $53M in new funding: Tage Kene-Okafor
- In Brief: Robinhood agrees to pay $45M in SEC settlement: Mary Ann Azevedo
- Fundraising: Clearwater agrees to buy investment management platform Enfusion for $1.5B: Kyle Wiggers
We hope you enjoyed this week’s edition of TechCrunch Fintech! Don’t forget to subscribe to our newsletters and follow us on social media to stay up-to-date with the latest news from the world of fintech.
Join the conversation: Share your thoughts on the latest stories and trends in fintech. What do you think about the new finance-based dating app? How will Robinhood’s earnings results impact the sector? Let us know in the comments!
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Happy reading, and we’ll see you next week!
