TechCrunch Fintech News: Payoneer's $61M Acquisition, Robinhood's Strong Q2, and X's Payment Progress
Welcome to TechCrunch Fintech! This week, we're diving into Payoneer's $61 million acquisition of Skuad, Robinhood and Dave's impressive second-quarter results, X's advancements in payments, and more. Stay updated with the latest fintech stories every Tuesday at 8:00 a.m. PT by subscribing here.
The Big Story:
Payoneer recently acquired Skuad, a Singaporean startup, for $61 million in cash, with the potential to pay up to $81 million. Skuad, founded in 2019 by Sundeep Sahi, aimed to simplify international hiring and had raised $19 million in venture funding. This acquisition will integrate Skuad's payroll and contract management products into Payoneer's offerings, targeting SMBs operating internationally, especially in emerging markets.
Analysis of the Week:
Robinhood exceeded second-quarter earnings expectations, with a 40% increase in revenue to $682 million. Dave also reported impressive results, with 2.3 million paying members and a 31% revenue increase to $80.1 million. These strong numbers from public fintech companies can signal positive outcomes for private counterparts.
Dollars and Cents:
CloudPay, a company providing payroll and payments services to enterprise clients, secured a $120 million round to enhance its AI-driven workflow automation suite. Conduit, a B2B cross-border payments platform, pivoted from crypto to traditional banking and received a $6 million seed extension to expand its operations in Africa.
What Else We're Writing:
PayPal is rolling out its guest-checkout solution, Fastlane, to all U.S. merchants, while X (formerly Twitter) is developing a payments system with new features like transactions, balance, and transfers.
High-Interest Headlines:
- US fintech Octane raises $50 million in Series E funding led by Valar Ventures.
- Mexico fintech Stori secures $212 million in equity and debt financing.
- Greenlight and Google collaborate on Fitbit-focused financial education.
- Robinhood appoints ex-Cruise and Lyft exec Jeff Pinner as chief technology officer.
In conclusion, the fintech industry is booming, with companies like Payoneer, Robinhood, and X making significant moves in acquisitions, revenue growth, and product development. Whether you're a business owner, investor, or consumer, staying informed about these trends can help you make better financial decisions and seize opportunities in the evolving fintech landscape. Subscribe to TechCrunch Fintech for the latest updates and insights on the world of finance and technology.