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Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we\u2019re looking at Robinhood\u2019s new Gold Card, challenges in the BaaS space and how a tiny startup caught Stripe\u2019s eye.<\/p>\n
To get a roundup of TechCrunch\u2019s biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT, <\/em>subscribe here<\/a>.\u00a0<\/em><\/p>\n Robinhood<\/strong> took the wraps off its new Gold Card<\/a> last week to much fanfare. It has a long list of impressive features, including 3% cash back and the ability to invest that cash back via the company\u2019s brokerage account. A user can also put that cash back into Robinhood\u2019s savings account, which offers 5% APY.\u00a0 We\u2019re curious to see how this new card will impact the company\u2019s bottom line. But also, we are fascinated by how Robinhood incorporated the technology it acquired when buying startup X1 last summer for $95 million<\/a> and turned it into a potentially very lucrative new offering.<\/p>\n The banking-as-a-service (BaaS) space is facing challenges. BaaS startup Synctera<\/strong> recently conducted a restructuring<\/a> that affects about 15% of employees. The startup is not the only VC-backed BaaS company to have resorted to layoffs to preserve cash over the past year. Treasury Prime, Synapse<\/a> and Figure have as well. Meanwhile, according to American Banker<\/a>, the FDIC announced consent orders against Sutton Bank and Piermont Bank, telling them \u201cto keep a closer eye on their fintechs\u2019 compliance with the Bank Secrecy Act and money laundering rules.\u201d<\/p>\n PayPal Ventures\u2019<\/strong> latest investment is in Qoala<\/strong>, an Indonesian startup that provides personal insurance products covering a variety of risks<\/a>, including accidents and phone screen damage. MassMutual Ventures also participated in Qoala\u2019s new $47 million round of funding<\/a>.<\/p>\n New Retirement<\/strong>, a Mill Valley\u2013based company building software to help people create financial retirement plans, has raised $20 million<\/a> in a tranche of funding.<\/p>\n We last checked in on Zaver<\/strong>, a Swedish B2C buy-now-pay-later (BNPL) provider in Europe, when it raised<\/a> a $5 million funding round in 2021. The company has now closed a $10 million extension<\/a> to its Series A funding round, bringing its total Series A to $20 million.<\/p>\n Read all about how a tiny four-person startup, Supaglue<\/strong>, caught Stripe\u2019s eye<\/a>. Supaglue, formerly known as Supergrain, is an open source developer platform for user-facing integrations. The team is going to help Stripe on real-time analytics and reporting across its platform and third-party apps for its Revenue and Finance Automation suite.<\/p>\n Maju Kuruvilla is no longer CEO<\/a> of one-click checkout company Bolt<\/strong>. He is replaced by Justin Grooms, Bolt\u2019s global head of sales, who is now interim CEO. Kuruvilla, the former Amazon executive, took over as CEO in January 2022 after founder Ryan Breslow stepped down. The Information has more about Bolt\u2019s woes here<\/a>.<\/p>\n Inside Mercury\u2019s stumble from fintech hero to target of the feds<\/a><\/p>\n RealPage and Plaid team to curb rental fraud<\/a><\/p>\n In HR software battle, Rippling makes up ground against Deel \u2014 at a cost\u00a0<\/a><\/p>\n Is Chime ready for an IPO? It has more primary customers than Chase<\/a><\/p>\n Inside a CEO\u2019s bold claims about her hot fintech startup<\/a>, which TC previously covered here<\/a>.<\/p>\n Cloverleaf raises $7.3M in Series A extension<\/a><\/p>\n Abrigo acquires TPG Software<\/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<\/p><\/div>\nThe big story<\/h2>\n
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