Your Daily FinTech Podcast - June 19th, 2022

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Welcome to another episode of our Daily Fintech Podcast.

THE NEWS HIGHLIGHT OF THE DAY IS

Three months after announcing it would make a big push into software and enterprise, FinTech giant Brex is apparently abandoning the very segment it started out to serve – SMBs. Startup customers report that they got notice they would be booted off the platform on August 15.

JUST IN:

Robinhood shares slumped to a fresh low, giving the beleaguered brokerage a market value that’s less than the cash on its balance sheet.

ALSO:

Fintech company Addi recently carried out “a mass layoff”, but when approached by Bloomberg Línea the company declined to confirm the exact number of redundancies.

FURTHERMORE,

Provenir, a global leader in AI-powered risk management software for fintech, announced its first customer in Brazil: Provu, a fintech specializing in payment and personal credit, based in São Paulo.

WHAT ABOUT FUNDING ROUNDS AND INVESTMENTS?

Klarna is considering raising fresh funds at a significantly lower valuation than it achieved a year ago. The Swedish firm is in talks with investors about a deal that could value the company at around $15 billion.

Cleo raised $80m in new capital from investors including Sofina, a listed tech investor which has backed companies such as Typeform and Graphcore.

Qatar-based CWALLET has successfully closed its Pre-Series A investment Round at $875,000

CapIntel raised $11.0m in a Series A financing round led by New York-based FinTech Collective.

Destaxa raised a $3.1 million seed round.