Welcome to TechCrunch Fintech!
This week we’re taking a look at how fintech heavyweights reminiscent of Klarna and Stripe are incorporating crypto into their methods, which firms are planning for IPOs, one fintech’s Tremendous Bowl advert, Stripe’s new lead of startups and enterprise capital, and extra!
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The large story
Klarna CEO Sebastian Siemiatkowski posted in a February 8 post on X that he and Klarna would “embrace crypto.” The Swedish purchase now, pay later large can be mentioned to be planning a U.S. preliminary public providing in April with a goal of a $15 billion valuation, in line with the Financial Times. Regardless that this is able to be about one-third decrease than its peak valuation of $45.6 billion in 2021, it will nonetheless be “one of many largest listings of the yr,” reviews FT. Klarna was valued at $6.7 billion when it raised $800 million in 2022.
{Dollars} and cents
Khazna, an Egyptian fintech startup that provides monetary companies tailor-made towards low- and middle-income employees, not too long ago secured $16 million in pre-Sequence B funding, bringing its complete funding to over $63 million.
Rapyd Monetary Community is looking to raise $300 million in a brand new funding spherical that might worth the worldwide funds platform at $3.5 billion, a substantial lower from its approximately $9 billion valuation set in 2021.
Fintech-turned-HR outfit Deel is attempting to put the groundwork for an IPO. On February 4, it mentioned its annual income run fee climbed to $800 million in 2024 after rising by 70%. It additionally offered $300 million in secondary shares to Normal Catalyst and an unnamed “sovereign investor.”
Superlogic, a startup that helps give customers a strategy to apply rewards factors towards experiences reminiscent of courtside tickets to NBA video games, has raised $13.7 million at a $200 million valuation.
A clearer image of Bench’s downfall is rising due to newly launched bankruptcy filings. The data present that the Canada-based startup, which satirically sufficient supplied cloud accounting software program for small companies, persistently struggled to achieve profitability. It burned by way of $135 million from its founding in 2012 to September 2024. By the point of its collapse, Bench was pressured to close down resulting from a “liquidity disaster,” the data say. The corporate has since been acquired by Employer.com. Nevertheless, Bench’s chapter gives a window into the risks of an excessive amount of debt for startups. Charles Rollet takes a look.
Stripe has closed on its $1.1 billion purchase of stablecoin platform Bridge — marking the fee large’s largest acquisition to date and tangible push into crypto.
In different Stripe information, TechCrunch realized that the funds large has tapped Asya Bradley to serve as its Startups and VC Partnerships lead. Bradley beforehand held income roles at Synapse and Sila. She’s additionally an LP in enterprise funds Ganas Ventures and Cowboy Ventures.
Philadelphia Eagles’ star working again Saquon Barkley has not solely become an investor in fintech startup Ramp, however he was additionally the star of the corporate’s first Tremendous Bowl industrial.
Excessive-interest headlines
US consumer finance watchdog (CPFB) chief tells all staff to cease work, days after the Trump administration closes the bureau’s headquarters for every week.
Plaid working with Goldman Sachs on raising $300M to $400M in tender offer
Thanks for studying! Till subsequent week … Observe me on X @bayareawriter for breaking fintech information, posts about espresso, and extra.
