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Welcome to TechCrunch Fintech<\/a>! This week, we\u2019re looking at LoanSnap\u2019s woes, Nubank\u2019s and Monzo\u2019s positive milestones, a plethora of fintech fundraises and more!<\/p>\n To get a roundup of TechCrunch\u2019s biggest and most important fintech stories delivered to your inbox every Tuesday at 7:00 a.m. PT, <\/em>subscribe here<\/a>.\u00a0<\/em><\/p>\n AI mortgage startup LoanSnap<\/strong> is in trouble. The company is facing at least seven lawsuits from creditors<\/a> and has been evicted from its headquarters in Southern California, leaving employees worried about the company\u2019s future, TechCrunch has learned. LoanSnap has raised around $100 million in funding since its 2017 seed round, $90 million of which was raised between 2021 and 2023. While LoanSnap has not yet shut down, according to two employees, the vibe inside the company is harrowing as workers wait for clarity on the company\u2019s future.<\/p>\n Neobanks are having a moment. Or at least some are. U.K.-based neobank Monzo<\/strong> revealed its first full-year pre-tax profit<\/a>. The company first hit profitability last March<\/a>, a milestone driven by its lending product<\/a> and the U.K.\u2019s high interest rates<\/a>. Meanwhile, Brazilian digital bank Nubank<\/strong> became the most valuable financial institution in Latin America, surpassing Ita\u00fa, as reported by Bloomberg<\/a>. The NYSE-traded<\/a> company also took its first tentative steps into the mobile network realm<\/a>, rolling out an eSIM (embedded SIM<\/a>) service for travelers.<\/p>\n Relay<\/strong>, a business banking and money management service for SMBs, closed a $32.2 million Series B round<\/a> led by Bain Capital Ventures.<\/p>\n Creator fintech Slingshot<\/strong> announced a $2.2 million pre-seed round<\/a>, with participation from Dorm Room Fund, 1916 Enterprises, Key Partners Group, and Vincent Francoeur, former head of web and mobile at Blizzard.<\/p>\n European mental health insurance platform ifeel <\/strong>raised a $20 million Series B investment<\/a> co-led by FinTLV Ventures and Korelya Capital.\u00a0<\/p>\n Forward<\/strong> announced $16 million in seed financing<\/a> to take on Stripe and lead the future of integrated payments; Commerce Ventures, Elefund and Fiserv led the round.\u00a0<\/p>\n Romanian startup FintechOS <\/strong>has raised $60 million<\/a> to help older banks and insurance companies fight back against neobanks.<\/p>\n Frich<\/strong>, a startup that aims to serve as a social financial community for the Gen Z population, raised $2.8 million in a seed funding round<\/a> led by Restive Ventures.<\/p>\n Solutions by Text<\/strong>, a company that gives people a way to pay their bills and apply for loans via text messaging, secured $110 million<\/a>.<\/p>\n Saudi Arabia-based Simplified Financial Solutions Company<\/strong> (SiFi<\/a>), a spend management platform in the MENA region, has raised $10 million<\/a> in a seed funding round.<\/p>\n Stripe<\/strong>, the world\u2019s most valuable fintech startup, said on May 31 that it will temporarily move to an invite-only model for new account sign-ups in India<\/a>, calling the move \u201ca tough decision\u201d as it navigates the country\u2019s evolving regulatory landscape. The startup, which competes with Cashfree and YC-backed Razorpay in the country, will now focus on supporting a select number of businesses, particularly those focusing on international expansion.<\/p>\n Indian conglomerate Reliance Group <\/strong>is making its boldest consumer-facing move yet into financial services with the launch of JioFinance, an app that aims to be a one-stop shop for UPI digital payments, loans and insurance.<\/p>\n Also: <\/p>\n Germany\u2019s financial regulator ends anti-money laundering cap on N26 signups after $10M fine<\/a><\/p>\n Ambani\u2019s Reliance fires opening salvo in fintech battle, launches JioFinance app<\/a><\/p>\n Savings app CEO says 85,000 accounts locked in fintech meltdown: \u2018We never imagined a scenario like this\u2019<\/a><\/p>\n Robinhood gains on plan to repurchase up to $1B shares<\/a><\/p>\n Robinhood rolls out crypto API for US traders<\/a><\/p>\n Klarna CEO faces backlash for saying AI let marketing team \u2018half the size it was last year\u2019 do more work, saving millions<\/a><\/p>\n Deel taps Alviere to help global companies pay US workers<\/a><\/p>\n Want to reach out with a tip? Email me at maryann@techcrunch.com or send me a message on Signal at 408.204.3036. You can also send a note to the whole TechCrunch crew at tips@techcrunch.com. For more secure communications, <\/em>click here to contact us<\/em><\/a>, which includes SecureDrop (<\/em>instructions here<\/em><\/a>) and links to encrypted messaging apps.<\/em><\/p>\n<\/div>\nThe big story<\/strong><\/h2>\n
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