Part of Brex efforts to spend less money
To welcome has TechCrunch Financial technology (Previously THE Exchange)! In This editing, I am while going has look has Brex last round of layoffs, THE State of financial technology invest In 2023 And more! I can be socket a few time disabled In future weeks but Never fear, TechCrunch Financial technology is not it while going far. GOOD be back soon!
HAS get A summary of TechCrunch the biggest And most important financial technology stories book has your mailbox each Sunday has 7:30 a.m. am. PT, subscribe here.
THE big historyWhat go up must come down. For spend management to start up Brex, This was THE case For It is employee effective. While interest rates were weak, THE business saw A bump In business And Capital risk money was Easier has come by. It is effective had swollen has about 1,300 Before he laid disabled staff In October of 2022. As things to have come down has Earth, Brex East to attempt A reset, announcing This week he cut 282 employees, Or almost 20% of It is staff, In A restructuring. THE move came After reports THE business burned $17 million In species each month during THE fourth quarter And that he East trying has preserve track.
Analysis of THE weekFintech, Oh, financial technology. Last year was not easy on You. Financial technology investors injected $34.6 billion In startups through 2,055 offers In 2023, A –43.8% And –32.4% Year drop, respectively, according to has Presentation book data. Ratings Also Above all abandoned, with THE median of $19.4 million, down –13% Since 2022 median. Exits Also took A dive, with just $5.9 billion In exit value generated through 185 offers In 2023, A decrease of –76.1% And –22.3% YoY, respectively. But T4 was A GOOD A. According to has CB Knowledge, financial technology saw eight new unicorns during THE period And equity funding increase by two digits percentages.
Dollars And centsBilt Rewards, of which platform goals has allow consumers has earn rewards on to rent out And every day neighborhood spend, announcement last week that he raised $200 million has A $3.1 billion assessment. General Catalyst directed THE funding, which more that double THE New Based in York the company assessment compared with has It is $150 million October 2022 increase. THE increase And assessment leap are impressive In A environment were mega-tours (offers value on $100 million) are little And far between. CB Knowledge' State of Adventure Report 2023 find that while mega-tours "were A punch of 2021, with 350+ happening each quarter. . . In T4'23, that figure fell has just 78 — THE the lowest level Since 2017. »
What other were in writingSwedish financial technology business Klarna announcement It is First of all subscription plan, “Klarna More," For $7.99 by month, with benefits as No added service costs When using The one from Klarna A Time Map, double rewards points And to access has exclusive discounts with popular brands.
A new list compiled by GGV WE strong points 50 financial technology startups adventure capitalists think are hot thing. We Also spoke has GGV manager partner Hans Tung about What he is seeing In THE sector today.
PayPal will to start piloting A little new Future updates has It is service, a few of which will leverage Driven by AI personalization. THE business East presentation A new “CashPass” cash back offer called "Clever Received," with personalized recommendations, among other things.
Other high interest securitiesRainbow raised $12 million
Sequence raised $5.5 million In financing
Sun Secure 310 million US dollars Debt Warehouse Ease directed by City
To welcome has TechCrunch Financial technology (Previously THE Exchange)! In This editing, I am while going has look has Brex last round of layoffs, THE State of financial technology invest In 2023 And more! I can be socket a few time disabled In future weeks but Never fear, TechCrunch Financial technology is not it while going far. GOOD be back soon!
HAS get A summary of TechCrunch the biggest And most important financial technology stories book has your mailbox each Sunday has 7:30 a.m. am. PT, subscribe here.
THE big historyWhat go up must come down. For spend management to start up Brex, This was THE case For It is employee effective. While interest rates were weak, THE business saw A bump In business And Capital risk money was Easier has come by. It is effective had swollen has about 1,300 Before he laid disabled staff In October of 2022. As things to have come down has Earth, Brex East to attempt A reset, announcing This week he cut 282 employees, Or almost 20% of It is staff, In A restructuring. THE move came After reports THE business burned $17 million In species each month during THE fourth quarter And that he East trying has preserve track.
Analysis of THE weekFintech, Oh, financial technology. Last year was not easy on You. Financial technology investors injected $34.6 billion In startups through 2,055 offers In 2023, A –43.8% And –32.4% Year drop, respectively, according to has Presentation book data. Ratings Also Above all abandoned, with THE median of $19.4 million, down –13% Since 2022 median. Exits Also took A dive, with just $5.9 billion In exit value generated through 185 offers In 2023, A decrease of –76.1% And –22.3% YoY, respectively. But T4 was A GOOD A. According to has CB Knowledge, financial technology saw eight new unicorns during THE period And equity funding increase by two digits percentages.
Dollars And centsBilt Rewards, of which platform goals has allow consumers has earn rewards on to rent out And every day neighborhood spend, announcement last week that he raised $200 million has A $3.1 billion assessment. General Catalyst directed THE funding, which more that double THE New Based in York the company assessment compared with has It is $150 million October 2022 increase. THE increase And assessment leap are impressive In A environment were mega-tours (offers value on $100 million) are little And far between. CB Knowledge' State of Adventure Report 2023 find that while mega-tours "were A punch of 2021, with 350+ happening each quarter. . . In T4'23, that figure fell has just 78 — THE the lowest level Since 2017. »
What other were in writingSwedish financial technology business Klarna announcement It is First of all subscription plan, “Klarna More," For $7.99 by month, with benefits as No added service costs When using The one from Klarna A Time Map, double rewards points And to access has exclusive discounts with popular brands.
A new list compiled by GGV WE strong points 50 financial technology startups adventure capitalists think are hot thing. We Also spoke has GGV manager partner Hans Tung about What he is seeing In THE sector today.
PayPal will to start piloting A little new Future updates has It is service, a few of which will leverage Driven by AI personalization. THE business East presentation A new “CashPass” cash back offer called "Clever Received," with personalized recommendations, among other things.
Other high interest securitiesRainbow raised $12 million
Sequence raised $5.5 million In financing
Sun Secure 310 million US dollars Debt Warehouse Ease directed by City
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