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Welcome to <\/em>TechCrunch Fintech<\/em><\/a>! This week, we\u2019re looking at Rippling\u2019s controversial decision to ban some former employees from selling their stock, Carta\u2019s massive valuation drop, a GenZ-focused fintech raise, and more!<\/em><\/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>.<\/em><\/p>\n Investor demand has been so strong for shares of hot HR\/fintech startup Rippling<\/strong> \u2014 over $2 billion worth of term sheets, it says \u2014 that it is allowing former employees to also participate in its giant tender offer sale, the company told TechCrunch venture desk editor Julie Bort. But there is one big exception: It has banned former employees<\/a> who work for a handful of competitors from selling their stock. The news had people in a bit of an uproar on X<\/a>, with some vehemently supporting \u2014 and some strongly denouncing \u2014 the move.\u00a0<\/p>\n Carta<\/strong>, a once-high-flying Silicon Valley startup that loudly backed away from one of its businesses earlier this year, is working on a secondary sale<\/a> that would value the company at $2 billion, TechCrunch EIC Connie Loizos learned. That\u2019s a massive, if not entirely unexpected, drop in valuation for Carta, which originally focused on cap table management software but began over time to evolve into a \u201cprivate stock market for companies.\u201d While Carta\u2019s cap table business is still growing \u2014 a source familiar said Carta generated $380 million in revenue last year \u2014 it also lost $65 million in 2023, and there \u201caren\u2019t a whole lot of other places for it to grow.\u201d Conclusion: It\u2019s becoming more and more rare to see companies hold on to their valuations, much less increase them. <\/p>\n Insurance provider Understory<\/strong> has seen 500% year-over-year growth. Armed with a fresh $15 million in funding<\/a>, it is now launching a product focused on the renewable energy sector.\u00a0<\/p>\n Torpago, a commercial credit card and spend management provider for community banks, has secured $10 million in new Series B funding<\/a> on a valuation of $55 million.<\/p>\n Stock-trading app Robinhood<\/strong> is diving deeper into the cryptocurrency realm with the acquisition<\/a> of crypto exchange Bitstamp<\/strong> for $200 million in cash.<\/p>\n Stake<\/strong> has raised $14 million<\/a> to bring its fractional property investment platform to Saudi Arabia and Abu Dhabi.<\/p>\n Kleiner Perkins led a $14.4 million seed round<\/a> into YC alum Fizz<\/strong>, which offers a credit-building debit card aimed at Gen Z college students. You can listen to the Equity crew discuss this deal and much more below.\u00a0<\/p>\n In early 2022, the fintech startup Bloom<\/strong> was accepted into Y Combinator<\/a> as the first-ever startup from Sudan to participate in the famed accelerator. Now, after an initial limited launch, a major political upheaval in its home country, a pivot, a small fundraise and <\/em>a rebrand to Elevate<\/a>, the startup is now open for general availability<\/a>.<\/p>\n The tension between incumbents and fintechs has existed for decades. But every once in a while, the two groups decide to put their competition aside and work together. In an unusual move, Capital One<\/strong> is teaming up with payment giants (and rivals) Stripe<\/strong> and Amsterdam-based Adyen<\/strong><\/a> to offer a free product aimed at fraud reduction, the financial services giant told TechCrunch in an exclusive interview.<\/p>\n US Bank teams with Greenlight on teen bank account<\/a>s<\/a><\/p>\n Bunq, the $1.8 billion European neobank, hopes to secure license for UK expansion this year<\/a><\/p>\n The Brex boys\u2019 uncomfortable reckoning<\/a><\/p>\n Priceline, Ramp sign deal to disrupt \u2018archaic,\u2019 high fee business travel booking model<\/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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