you are welcome TechCrunch FintechThis week, we’re looking at the continued fallout from Synapse’s bankruptcy, how Layer looks to disrupt SMB accounting, and much more!
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big story
Prospects for Troubled Banking-as-a-Service (BaaS) Startups synapse went from bad to worse Last week a US trustee filed an emergency motion asking to convert the company’s debt restructuring Chapter 11 bankruptcy to a Chapter 7 liquidation due to “gross mismanagement” of its assets. Apparently, 20 million fintech depositors are at risk as a result bankruptcy, As Jason Mikula of Fintech Business Weekly reports“Many fintech end users who had the ability to access their funds shared with the court the devastating impact it had on their lives and the hundreds of people present at the hearing. [on Friday].” Sadly, the effects of synapse decline continue.
analysis of the week
There appears to be a real appetite for an alternative to QuickBooks, the legacy accounting option for SMBs, as can be seen from a closer look. This story is on Lear’s $2.3 million raise received. layer This is being described as a better user experience through embedded accounting. Its customers are those that work with small and medium-sized businesses and offer accounting and bookkeeping features inside their products. Better Tomorrow Ventures led the pre-seed investment in the startup and was joined by a group of executives from companies like Square, plaid, unit, and check.
dollars and cents
pehoaThe already bootstrapped Kentucky-based startup that provides software for self-managed homeowner associations (HOAs) is an example of how real-world problems can be transformed into opportunity. it just Raised $27.5 million in Series A round In an environment where near-$30 million Series A rounds are no longer common.
Buy now, pay later services have become so ubiquitous that BNPL can do the same Just be another way of saying “debt.” But in Mexico, where the BNPL platform is Applazzo operates, a big underbanked population Makes BNPL more like an alternative to cash. Recently $45 million Series B round QED’s leadership should help investors further expand its reach, both virtual and physical.
Talking about QED, it also led $10 million round In AppreciationWhich uses artificial intelligence to detect consumer spending habits so it can provide more personalized financial advice.
aeropayThe provider of pay-by-bank solutions for businesses, which started out helping cannabis retailers and gaming companies with their payments, is now entering Visa and MasterCard territory by innovating the payments network. And that’s it Raised $20 million in Series B round,
What else are we writing about
Consumer Financial Protection Bureau (CFPB) trial solo fundA fintech company that enables peer-to-peer lending alleged that the company used “digital dark patterns” to defraud borrowers and illegally charge consumers by advertising that there were no fees was not.
high-interest headlines
CFPB takes action against Chime Financial for illegally delaying consumer refunds
Deal partners with Carta to offer equity tax withholding features
Insurtech Cover Genius raises $80 million in Series E funding (TC covered its last rise Here,
Yendo raises $165 million for ‘vehicle-secured’ credit card
FinLocker raises $17 million in Series B funding round
Banc enters insurance market through new partnership
Square adds new integrated solutions for restaurants
Embedded accounting startup Teal raises $8 million
ICYMI: BaseLayer raises $6.5 million in seed funding
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