Robinhood’s new Gold Card, BaaS challenges and the tiny startup that caught Stripe’s eye

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Welcome to TechCrunch Fintech (formerly The Interchange)! This week, we’re looking astatine Robinhood’s caller Gold Card, challenges successful nan BaaS abstraction and really a mini startup caught Stripe’s eye.

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The large story

Robinhood took nan wraps disconnected its new Gold Card past week to overmuch fanfare. It has a agelong database of awesome features, including 3% rate backmost and nan expertise to put that rate backmost via nan company’s brokerage account. A personification tin besides put that rate backmost into Robinhood’s savings account, which offers 5% APY.  We’re funny to spot really this caller paper will effect nan company’s bottommost line. But also, we are fascinated by really Robinhood incorporated nan exertion it acquired erstwhile buying startup X1 past summertime for $95 million and turned it into a perchance very lucrative caller offering.

Analysis of nan week

The banking-as-a-service (BaaS) abstraction is facing challenges. BaaS startup Synctera precocious conducted a restructuring that affects astir 15% of employees. The startup is not nan only VC-backed BaaS institution to person resorted to layoffs to sphere rate complete nan past year. Treasury Prime, Synapse and Figure person arsenic well. Meanwhile, according to American Banker, nan FDIC announced consent orders against Sutton Bank and Piermont Bank, telling them “to support a person oculus connected their fintechs’ compliance pinch nan Bank Secrecy Act and money laundering rules.”

Dollars and cents

PayPal Ventures’ latest finance is successful Qoala, an Indonesian startup that provides individual security products covering a assortment of risks, including accidents and telephone surface damage. MassMutual Ventures besides participated successful Qoala’s new $47 cardinal information of funding.

New Retirement, a Mill Valley–based institution building package to thief group create financial status plans, has raised $20 million successful a tranche of funding.

We past checked successful connected Zaver, a Swedish B2C buy-now-pay-later (BNPL) supplier successful Europe, erstwhile it raised a $5 cardinal backing information successful 2021. The institution has now closed a $10 cardinal extension to its Series A backing round, bringing its full Series A to $20 million.

What other we’re writing

Read each astir really a mini four-person startup, Supaglue, caught Stripe’s eye. Supaglue, formerly known arsenic Supergrain, is an unfastened root developer level for user-facing integrations. The squad is going to thief Stripe connected real-time analytics and reporting crossed its level and third-party apps for its Revenue and Finance Automation suite.

Maju Kuruvilla is no longer CEO of one-click checkout institution Bolt. He is replaced by Justin Grooms, Bolt’s world caput of sales, who is now interim CEO. Kuruvilla, nan erstwhile Amazon executive, took complete arsenic CEO successful January 2022 aft laminitis Ryan Breslow stepped down. The Information has much astir Bolt’s woes here.

High-interest headlines

Inside Mercury’s stumble from fintech leader to target of nan feds

RealPage and Plaid squad to curb rental fraud

In HR package battle, Rippling makes up crushed against Deel — astatine a cost 

Is Chime fresh for an IPO? It has much superior customers than Chase

Inside a CEO’s bold claims astir her basking fintech startup, which TC antecedently covered here.

Cloverleaf raises $7.3M successful Series A extension

Abrigo acquires TPG Software

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