Klarna is reportedly close to inking a new round of funding that would slash its valuation to $6.5 billion

Sign up for my Daily Fintech or Daily Digital Banking Newsletters here. Check out my latest podcast episode below:

Welcome to another episode of our Daily Fintech Podcast.

THE NEWS HIGHLIGHT OF THE DAY IS

Klarna is reportedly close to inking a new round of funding that would slash its valuation to $6.5 billion — about 1/7 of what the company was valued in June of 2021. When it raised $639 million in a round led by SoftBank’s Vision Fund 2 last year it was valued at a $45.6 billion.

JUST IN:

Deel has partnered with the United Arab Emirates government to speed up the visa process for foreign workers as the country aims to attract international talent.

ALSO:

The U.S. federal government is working on stablecoin legislation with Congress that could become law by the end of the year, an administration official told CoinDesk.

WHAT ABOUT FUNDING ROUNDS AND INVESTMENTS?

Antler closed three pre-seed investments of €100,000 each as part of its Dutch portfolio expansion.

WEVESTR raised €2.2M in a fresh round of funding.

Mottu raised $30 million in equity in a Series B round of funding.

OppZo announced over $260M in debt and equity funding

Mapan - PT Ruma closed a successful Series A round of US$15 million.

Vibrant.io raised €4 million in a seed round.

Stake closed a $12m Series A financing round.

WHAT’S THE LATEST ON VENTURE FUNDS?

MassMutual Ventures announced that its U.S.- based team has launched a new fund to continue investing in early and growth-stage companies

OP Crypto is raising $100 million for its new investment, dubbed “Fund of Funds”, to deploy capital into emerging fund managers focused on early-stage crypto investments.

WHAT ABOUT CRYPTO?

Prominent crypto hedge fund Three Arrows Capital Pte Ltd has defaulted on a loan worth more than $670 million.