Welcome to TechCrunch Fintech! The latest in fintech news and updates to keep you informed about the financial world. From big raises to M&A activity, we've got you covered.
The Big Story: Miami-based Finally picks up $200 million in debt and equity
Miami-based Finally, a SMB-focused bookkeeping, accounting, and finance startup, recently raised $50 million in a Series B funding round and secured a $150 million credit line. This news comes on the heels of a $10 million growth raise, positioning Finally as a key player in the embedded fintech software space. With a multi-product platform that includes expense management, corporate cards, and payroll processing, Finally is giving competitors like Brex and Ramp a run for their money. According to PitchBook, enterprise fintech saw a bounce back in the second quarter, with deal value up 27.1% quarter-over-quarter.
Analysis of the Week: Paylocity to acquire Airbase
Last week, Paylocity made headlines by acquiring corporate spend startup Airbase for $325 million. This marked the second successful exit for Airbase founder Thejo Kote, showcasing the potential for impressive returns in the fintech space. Other notable M&A activity includes Mercury's acquisition of Teal and C&R Software's agreement to acquire SpringFour. These moves demonstrate the ongoing consolidation and expansion within the fintech industry.
Dollars and Cents: A new $378.5 million fund
PruVen Capital, a fintech and insurance tech venture fund, closed a new $378.5 million Fund II to invest in financial services and enterprise-focused startups. Additionally, Palm, founded by former Uber and PayPal alums, announced a $6.1 million seed round to support its platform for efficient money movement between bank accounts and subsidiaries.
What Else We're Seeing: A bunch of SMB-focused startups raise money
In addition to Finally, several other SMB-focused startups secured funding last week. Validus, Drip Capital, and Ziina all raised significant amounts to support their growth and expansion efforts. These developments highlight the continued interest and investment in fintech solutions tailored for small and medium-sized businesses.
High-Interest Headlines: Stay informed with the latest news
From FDIC plans to protect customers from fintech failures to Nubank's bad loans piling up, there's no shortage of intriguing headlines in the fintech world. Keep up with the latest developments and trends to stay ahead of the curve.
In conclusion, the fintech industry is experiencing rapid growth and evolution, with companies raising significant funds, engaging in M&A activity, and making strategic moves to expand their offerings. Whether you're a business owner, investor, or simply interested in financial technology, staying informed about these developments can help you make informed decisions and capitalize on opportunities in the ever-changing financial landscape.