Welcome to TechCrunch Fintech! This week, we’re wanting on the craziness that’s Bolt’s proposed fundraise, how a lot cash Synapse’s founder has raised for his new enterprise, simply how a lot money Stripe has and extra.
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The large story
Last week, the fintech world was abuzz with the loopy deal that Bolt had proposed to its shareholders. It was sufficient to make anybody’s head spin. So I talked to a VC lawyer and two of the potential buyers and supplied a bunch of context on this piece. The TLDR is that Bolt is attempting to push buyers to vote in assist of a $200 million Series F increase and a $250 “advertising credit” deal. As a part of that, founder Ryan Breslow would come again as CEO — and get a $2 million bonus, plus a further $1 million of again pay, for doing so! We’re all on the sting of our seats to see what occurs subsequent.
Analysis of the week
The founding father of bankrupt banking-as-a-service startup Synapse made headlines final week when he took to social media to share particulars on what he’s constructing at his newest enterprise — a robotics startup referred to as Foundation. Many individuals had been shocked that Sankaet Pathak was so fast to maneuver on contemplating that tens of tens of millions of {dollars} in buyer deposits (that’s Synapse’s prospects, btw) stay unaccounted for. Unabashedly unapologetic, Pathak continues accountable accomplice financial institution Evolve for the lacking money, whereas Evolve finger factors proper again at Synapse. Meanwhile, he confirmed to TechCrunch that he has raised $11 million in pre-seed cash for his new startup.
Dollars and cents
Brazil fintech Magie raised $4 million in a seed spherical led by Lux Capital, marking the agency’s first funding in Brazil. The firm, which has raised $5.1 million in complete, is creating an AI-powered monetary assistant. The present product permits individuals to ship cash and pay payments by means of WhatsApp.
Kenyan HR and payroll startup Workpay raised $5 million in Series A funding led by Pan-African enterprise capital agency Norrsken22 with new participation from Visa.
Skyfire, which has created a cost community particularly for AI brokers to make autonomous transactions, formally launched its cost community and introduced $8.5 million in seed funding.
Waza, a Y Combinator-backed cost and liquidity platform, has emerged from stealth with $8 million in seed cash. The startup claims to make it simpler for African companies and merchants to handle and pay their suppliers globally.
What else we’re writing
PayPal is poised to benefit from the iPhone’s newly opened-up NFC (near-field communications) capabilities by creating a cell pockets of its personal for EU customers. Earlier this month, Apple introduced it will enable third-party builders to entry new NFC and Secure Element APIs, which at present energy contactless transactions and funds — like these enabled by Apple Wallet. Though PayPal has not but explicitly confirmed it’ll now develop a competing pockets thanks to those new APIs, the corporate has broadly hinted in latest weeks that such a plan is within the works.
I just lately put out a name asking for fintech firms which might be hiring. In simply over an hour, I had obtained greater than a dozen responses. After a number of days, I heard from dozens extra. The sheer quantity — and high quality — of responses was stunning even to me, somebody who writes about this house regularly. We plan to replace the hiring publish frequently over time, so hold checking again! Also, when you submitted jobs and don’t but see them within the publish, don’t fret. They might be added sooner or later sooner or later.
High-interest headlines
Prize-linked neobank PrizePool shutters app forward of acquisition
Stripe, now gushing cash, plans new worker tender
Note: A supply aware of this deal confirmed to TechCrunch that Stripe is certainly self-funding the whole thing of a young supply that can enable present workers to promote as much as $50,000 of eligible shares. That similar supply confirmed that Stripe had $615 million in free money movement within the quarter that led to June.
TechCrunch had reported in February that Stripe had inked offers with buyers to supply liquidity to present and former workers by means of a young supply at a $65 billion valuation. The distinction this time is that Stripe is self-funding the whole thing of the newest supply.
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