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Robinhood’s new gold card, BaaS challenge, and small startups catching Stripe’s attention

Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re looking at Robinhood’s new Gold Card, challenges in the BaaS space, and how a small startup caught Stripe’s attention.

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big story

Robin Hood Last week, its new gold card was unveiled with much fanfare. It has a long list of impressive features, including 3% cash back and the ability to invest cash back through the company’s brokerage account. Users can also deposit cash back into a Robinhood savings account, which offers a 5% annual interest rate. We’re curious to see how this new card will impact the company’s bottom line. But we’re also fascinated by how Robinhood took the technology it acquired when it acquired startup X1 for $95 million last summer and turned it into a potentially very profitable new product.

Analysis of the week

The Banking as a Service (BaaS) space is facing challenges. BaaS launch sintra The recent restructuring affects approximately 15% of the workforce. The startup isn’t the only venture-backed BaaS company to preserve cash through layoffs over the past year. Treasury Prime, Synapse and Figure are also available. Meanwhile, the FDIC announced consent orders against Sutton Bank and Pyrmont Bank, telling them to “closely monitor their fintech companies’ compliance with the Bank Secrecy Act and money laundering rules,” American Banker reported.

dollars and cents

PayPal Ventures The latest investment is in Kulais an Indonesian startup that offers personal insurance products covering various risks, including accidents and damage to mobile phone screens. MassMutual Ventures also participated in Qoala’s new $47 million funding round.

newly retiredA Mill Valley company that develops software to help people plan for financial retirement has raised $20 million in funding.

The last time we checked in was Zavieris a European Swedish B2C buy now, pay later (BNPL) provider that raised $5 million in financing in 2021. The company has now completed a $10 million extension to its Series A financing, bringing its total Series A funding to $20 million.

What else should we write?

Read about how a small four-person startup Supa gum, caught Sleap’s attention. Supaglue, formerly known as Supergrain, is an open source developer platform for user integration. The team will help Stripe deliver real-time analytics and reporting for its revenue and financial automation suite across platforms and third-party applications.

Maju Kuruvilla no longer serves as One-Click Checkout CEO bolt. He will be 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. Here’s more on Bolt’s predicament.

High-profile headlines

The inside story of Mercury’s stumble from fintech hero to federal target

RealPage and Plaid teams curb rental fraud

Rippling takes on Deel in HR software wars, but at a cost

Is Chime ready to go public?It has more prime customers than Chase

A CEO’s bold claims for his hot fintech startup, TC has previously reported here .

Cloverleaf raises $7.3M in Series A extension

Abrigo acquires TPG Software

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