Below are news related to fintech industry this week.
- Square (NYSE: SQ) announced Q4 results earlier this week.Net Income of $294 Million, a 25% YoY decline.On $3.16Billion revenue with 140% YoY increase . Below is Jack Dorsey's comment on current plan for Square
For Cash App, we're going to focus on increasing the transaction limits across the ecosystem, expand our deposit capabilities and increase the quality of our customer service, all in order to strengthen our foundation and reach new customers. We're also going to double down on our commitment to Bitcoin and continue to look for new ways to connect our product lines within the Cash App. For the Seller business, we will continue to focus on growing our omnichannel capabilities, expand globally and increase our financial service offerings to sellers of all sizes - Jack Dorsey Q4 Earnings call
- Fed Financial services had a four hour outage earlier this week halting majority of money movement in the U.S. Fed attributed the payment system outage to "human error" .
Venture and IPO
- Stori, Mexico based credit card startup, raised $32.5m in Series B funding.
- TreeCard, UK based credit card startup, raised $5m in Seed funding.
- PureStream Trading, a New York-based alternative trading system, raised $14m in Series A funding.
- Borrowell, Toronto based fintech and credit education startup, raised $25m in Series C funding.
- Anchorage, San Francisco-based digital asset custodian and banking company raised $80m in Series C.
- First Boulevard, a Kansas-based digitally native neobank focused on Black America, raised $5m in Seed funding.
- Koffie Labs, Brooklyn based insurtech startup focused on the trucking market, raised $4.5m in Seed funding.
- RecargaPay, Miami based payments platform focused on Brazil, raised $70m in Series C funding.
- EquityBee, Palo Alto-based stock option financing marketplace, raised $20m in Series A
- Parkside, a global stock trading and clearing platform for brokerages and digital banks, announced completion of its $24 million Series A financing
“We’ve built an immutable, low-cost digital platform to unlock access for Millennial and Gen Z investors everywhere," . “Our core principle is all investors deserve best execution. Imagine the simplicity and affordability of investing as little as $1USD in any US stock, ETF or ADR and receiving the same best execution as large investors. We level the playing field for small investors.” - Parkside Founder & CEO Barry Schneider
- FundGuard,New York and Tel Aviv based AI-powered investment management SaaS startup raised $12m in Series A
We are seeing growing demand for our innovative cloud-native and API-first platform from banks and asset managers globally,”. “Our team is excited to be able to accelerate our mission to drive efficiencies through AI, enhance investor transparency and digital engagement, and provide a single source of truth for funds.” - FundGuard cofounder and CEO Lior Yogev
- EarnUp,San Francisco based platform for financially challenged homeowners raised $25m in Series B
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