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Welcome to The Interchange! If you received this in your inbox, thank you for signing up and for your vote of confidence. Sign up if you are reading this as a post on our site over here So you can accept it directly in the future. Every week, I watch the hottest Fintech news of the past week. This includes everything from fundraising rounds to trends, analysis of a specific location to a specific company or event, and fresh action. There is a lot of Fintech news and staying on top of it – and understanding it – so it’s my job to keep you informed. – Mary Ann
He will be fired in H1 2022
A.D. By 2021, Fintech was the largest recipient of Venture Capital worldwide, accounting for 21% of the $ 131.5 billion in 4,969 deals. So far By 2022, Fintech’s startups are making another negative difference – with the third largest discount in the world.
As of July 1, some 3,709 employees – Excluding crypto companies – in the second quarter of 2022, 41 “job reduction events” were terminated, according to Roger Lee’s Layoffs.fyi analysis. For the time being, 3,709 out of 36,861 start-ups were fired during Q2, which means Fintech is 10.1 percent of the total. Based on that category, Fintech is ranked third in terms of food and transportation. However, the site is categorized by companies such as Better.com in the “real estate” category. Thus, in the first quarter of 2022, Fintech’s numbers will be about an inch higher than the company’s reduction of about 3,000, and in the first half of 2022 it will be 15.4% – the largest reduction.
Especially in all of them A.D. By 2020, 8,715 workers in Fintech were laid off. And of course, there are more Fintech around today than there were then. A.D. In 2020, Fintech spoke to Tech Crunch by email about the percentage of post-transportation and travel dismissals.
Surprisingly, zero employees at Fintech were fired Throughout 2021According to Lee’s analysis.
In total, in the first half of 2022, 4,189 Fintech employees were assigned to 45 events. This is the total of 46,740 novice employees out of work, which is 11.2% of the total. This compares with 8,375 in the first half of 2020 at the beginning of the Covide-19 epidemic.
The dismissal of Clalar and 700 employees, or 10% of the workforce, and Robinwood’s 300 dismissals were among the biggest strikes in the second quarter.
Please note that there were other dismissal incidents not listed here, so the actual numbers may be higher.
For the injured workers, the latter and the companies themselves are surprisingly difficult to dismiss. But as we have seen over time, some companies are doing better than others. I think this article by Bright Requars, the founder of Latitud, sums it up nicely: If you lose your job, stay there. If you are going to leave people, the most important thing is to treat those people well. Not just because it is the right thing to do, but because you are sending a message to the people around you.
Weekly News
Re-creation
Both Bolt and Better (how to write) have been the subject of (many) negative headlines in recent months. It is disrespectful to say that he was beaten. Coincidentally, this week the two companies shared some news with a clear attempt to improve their reputation. In a series of seemingly head-on events, a one-click checkout bolt sat down with a large retail ABG group and made him a shareholder. After the latter has made many disgusting comments about the former, one may ask why he wants to have a stake in the company. Although Insider estimates that this year’s ABG goal is to start the debate, it doesn’t make sense. Once again, I had a good conversation with Bolt CEO and former Amazon CEO Maju Kuruvila, and the big talk was (1) that the company is on a mission to grow more responsibly, investing some work in Q2 and “double what it actually does. (2) Bolt says he now has a three-year-old park road, which, if true, is impressive; Yes, although a little confusing.
At Better.com, the discarded digital mortgage lend has shown that many new top executives are clearly breaking their minds. They include former executives and others from companies like Zillow, Casper and LendingTree. I have not spoken to Better CEO Vishal Garg but he has provided a sealed statement of joy for all newcomers – who have come to the ship after many high-profile executive trips and in a crowded environment. Amazingly, after all that has happened since December 1, many people are willing to bet. Is the company really turning itself around? we will see.
A few years ago, I dived deep into the Atlanta debut scene and was shocked to see how strong it was. Last week, Protocol Veronica Irwin examined the southern city with Fintech’s lens: “San Francisco has squares, stripes and plots. But Atlanta has corks, cabs and checks for free. It also claims pioneering payment cards, electronic payments and ATMs. Most of the day-to-day innovations at Fentech that we trust should compliment the city of Atlanta.
Other news
The first numbers confirm what we all know. Steve Maclawlin, managing director of Financial Technology Partners (also known as FT Partners), posted on LinkedIn: As the quarter progressed, activity seemed to slow down. For example, in the second quarter, the total dollar value of private Fintech companies reached $ 27.5 billion, down 27% compared to Q1 and 31% compared to the previous year. Still, Q2 was more than a quarter before 2021.
It is now almost a week away from being fired in the sector. Last week, Brazil’s Protech Start Loft announced that it would lay off 380 workers or 12 percent of its workforce. Earlier this year, he fired 159 people. In an email, Loft described the move as “reorganizing the process.” It is clear that Latma is not free from the downturn in the housing market due to rising interest rates.
Two big names in Fintech last week shared. London-based Revolut said it was working with Stripe (launched in Ireland) to support payments in the UK and Europe and “accelerate the expansion into new markets”. In particular, Revolut facilitates payments through Stripe’s existing infrastructure.
Image thanks patpitchaya / Getty Images
Financial support and M&A
Agreement of the week
El Salvador-based Fintech n1co (Read Relative Ni-Coh) raised $ 64.8 million in post-$ 12 million, which he described as the region’s historic prehistoric round. Fintech was started by the same co-founders as Hugo – Super Up recently sold to Delivery Hero for $ 150 million – Alejandro Argumedo, Ricardo Quolar and Juan Maseda.
Alejandro McCormack said he was invited to join the trio as co-founder of TechCrunch and is currently serving as COO / interim CEO due to his previous experience with N26 and Raisin. “Once again, technology was playing a role in a landslide,” says the original founder Trio. Focused on payment space, n1co said it now registers more than 1,000 merchants using credit and debit card payments using n1co technology, especially QR codes, payment gateways and online store front process. With a monthly turnover of about $ 1 million in five countries (El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic), McCormack shared the email with n1co using fresh capital to accelerate growth (currently 30% MOM), developing POS equipment and soon And push the Visa debit card.
With the release of the n1co card, the company believes it will be the first Neobank to focus on Central America and the Dominican Republic – a region of approximately 55 million people. “This represents a more accessible market than Colombia, with banking services being low and on average about 1.5 smartphones per adult,” added McCormack.
Surprisingly, the startup decided to abandon the traditional VC line during its growth, instead focusing on regional groups that it believed would add value to the business model, including some of the region’s largest gas station operators, one of the largest supermarket chains, and other large regional retail groups. “Overall, they have around $ 1.4 billion a year in card transaction volume – the amount they earn to run n1co,” McCormack said.
Image thanks n1 co
Appeared on TechCrunch.
Pekflo auction attracts capital to build business payments for Southeast Asia
UK-based Uleaf takes $ 120 million for $ 800 million expansion of life insurance coverage
a16z leads the $ 6.5m race for Adaptive, Building Software and Fintech games. In particular, the founders and executives of Airbus, Brakes and Ramp have put money around.
DEUNA is worth $ 37 million in one-click congestion in Latin America
And elsewhere
Finalis, ‘Negotiators Forum’ has raised $ 10.7M for global expansion
Fello receives $ 25 million in debt, equity to expand agent-led iBuying solution
Real Estate acquires $ 6m land from Cleveland Avenue, KAL Investment Group, Rice Park Capital
I’m done for this week. At the same time, the same place next week. Again, thanks for reading and take good care of it! xoxo Mary Ann
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