Welcome to TechCrunch Fintech (formerly The Interchange)! Apologies for being out last week — a cold got the best of me, but I’m back and here to talk about the fact that shutting down startups is big business, Stripe’s new valuation, Klarna’s latest AI update and more. To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT, subscribe here . The big story Last week, I wrote about two startups — Sunset and SimpleClosure — that help other startups shut down, raising capital. Beyond the raises, the article was a deep dive into how and why this business has become one that is so sought after by investors. I also covered Stripe’s tender offer that resulted in a 30% higher bump in valuation — to $65 billion — for the payments giant. This means that the company likely won’t go public this year after all. You can hear Alex Wilhelm and I discuss both topics on Friday’s Equity Podcast episode . You can also hear me talk to Nubank CEO David Vélez about a variety of interesting topics below.

Analysis of the week Klarna has been in the news a lot lately. Last week, a failed coup on the part of one investor, Sequoia Capital’s Matthew Miller, made headlines and resulted in his ousting. This week, the Swedish BNPL giant posted a narrower year loss ahead of its potential IPO. Then the company stirred up a bit of controversy when it said its new AI assistant is doing “ the equivalent work of 700 full-time agents .” A spokesperson for the company told me via email that since launching globally just a month ago, the AI assistant had 2.3 million conversations, managing two-thirds of Klarna’s customer service chats. She emphasized, though, that the company had not made any cuts as a consequence of launching this AI assistant. She added: “Klarna’s customer service is supported by 4-5 large global partners who collectively have over 650,000 employees and work with thousands of different companies around the world. When one of the companies, like Klarna, requires less support, these agents are assigned to new tasks at another company … With the AI assistant, our customer service can operate with fewer people and require significantly less resources. However, there still is a need for more experienced and senior staff, for example, with specialized training in complex or sensitive cases.” Dollars and cents Nearly two years after securing $20 million in Series A capital, Colombian B2B financial solutions startup Simetrik is back with additional investment to the tune of $55 million in a Goldman Sachs-led Series B funding . Embat , a Spanish fintech which does what they call “real-time treasury management,” closed a financing round of $16 million Series A led by Creandum.
Deel  — the  $12 billion HR business — said it is scooping up Zavvy , a Munich-based AI-based “people development” startup building tools for personalized career progression, training, and performance management. FairMoney , a digital bank based in Lagos and headquartered in Paris, is in discussions to acquire  Umba , a credit-led digital bank providing payroll and financial services to customers in Nigeria and Kenya, in a $20 million all-stock deal, sources tell TechCrunch. What else we’re writing Google is sunsetting the Google Pay app in the US later this year Paytm wallet and FASTag products will cease to exist, Bernstein says

Grifin’s new model can automatically invest your money as you shop Cash App takes on Apple with a 4.5% APY for savings accounts (with direct deposit) High-interest headlines Finix launches integrated payments offering in Canada Robinhood launches a retirement plan for gig workers Flourish Ventures promotes Narváez and Gupta to Principal Embedded payments fintech Monite just raised $6M in a round co-led by Peter Thiel’s Valar Ventures Marqeta ‘still on track’ despite post-earnings stock dip: CEO Cheese, a neobank for Asian-Americans that pivoted to credit-building, calls it quits (TC first reported on Cheese here )

Morgan Stanley-backed TomoCredit isn’t paying its bills, faces mounting legal challenges Knock opens funding to individuals through Wefunder KPMG’s Pulse of Fintech H2’23 CB Insights’ State of Fintech 2023 Recap & Emerging Trends in 2024 PitchBook’s Fintech’s M&A landscape unveiled Follow me on X   @bayareawriter  for breaking fintech news, posts about coffee and more.

Welcome to TechCrunch Fintech (formerly The Interchange)! Apologies for being out last week — a cold got the best of me, but I’m back and here to talk about the fact that shutting down startups is big business, Stripe’s new valuation, Klarna’s latest AI update and more. To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT, subscribe here . The big story Last week, I wrote about two startups — Sunset and SimpleClosure — that help other startups shut down, raising capital. Beyond the raises, the article was a deep dive into how and why this business has become one that is so sought after by investors. I also covered Stripe’s tender offer that resulted in a 30% higher bump in valuation — to $65 billion — for the payments giant. This means that the company likely won’t go public this year after all. You can hear Alex Wilhelm and I discuss both topics on Friday’s Equity Podcast episode . You can also hear me talk to Nubank CEO David Vélez about a variety of interesting topics below.

Analysis of the week Klarna has been in the news a lot lately. Last week, a failed coup on the part of one investor, Sequoia Capital’s Matthew Miller, made headlines and resulted in his ousting. This week, the Swedish BNPL giant posted a narrower year loss ahead of its potential IPO. Then the company stirred up a bit of controversy when it said its new AI assistant is doing “ the equivalent work of 700 full-time agents .” A spokesperson for the company told me via email that since launching globally just a month ago, the AI assistant had 2.3 million conversations, managing two-thirds of Klarna’s customer service chats. She emphasized, though, that the company had not made any cuts as a consequence of launching this AI assistant. She added: “Klarna’s customer service is supported by 4-5 large global partners who collectively have over 650,000 employees and work with thousands of different companies around the world. When one of the companies, like Klarna, requires less support, these agents are assigned to new tasks at another company … With the AI assistant, our customer service can operate with fewer people and require significantly less resources. However, there still is a need for more experienced and senior staff, for example, with specialized training in complex or sensitive cases.” Dollars and cents Nearly two years after securing $20 million in Series A capital, Colombian B2B financial solutions startup Simetrik is back with additional investment to the tune of $55 million in a Goldman Sachs-led Series B funding . Embat , a Spanish fintech which does what they call “real-time treasury management,” closed a financing round of $16 million Series A led by Creandum.
Deel  — the  $12 billion HR business — said it is scooping up Zavvy , a Munich-based AI-based “people development” startup building tools for personalized career progression, training, and performance management. FairMoney , a digital bank based in Lagos and headquartered in Paris, is in discussions to acquire  Umba , a credit-led digital bank providing payroll and financial services to customers in Nigeria and Kenya, in a $20 million all-stock deal, sources tell TechCrunch. What else we’re writing Google is sunsetting the Google Pay app in the US later this year Paytm wallet and FASTag products will cease to exist, Bernstein says

Grifin’s new model can automatically invest your money as you shop Cash App takes on Apple with a 4.5% APY for savings accounts (with direct deposit) High-interest headlines Finix launches integrated payments offering in Canada Robinhood launches a retirement plan for gig workers Flourish Ventures promotes Narváez and Gupta to Principal Embedded payments fintech Monite just raised $6M in a round co-led by Peter Thiel’s Valar Ventures Marqeta ‘still on track’ despite post-earnings stock dip: CEO Cheese, a neobank for Asian-Americans that pivoted to credit-building, calls it quits (TC first reported on Cheese here )

Morgan Stanley-backed TomoCredit isn’t paying its bills, faces mounting legal challenges Knock opens funding to individuals through Wefunder KPMG’s Pulse of Fintech H2’23 CB Insights’ State of Fintech 2023 Recap & Emerging Trends in 2024 PitchBook’s Fintech’s M&A landscape unveiled Follow me on X   @bayareawriter  for breaking fintech news, posts about coffee and more.