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

Welcome to TechCrunch Fintech (previously The Interchange)! This week, we’re Robinhood’s new Gold Card, challenges within the BaaS house and the way a tiny startup caught Stripe’s eye.

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The huge story

Robinhood took the wraps off its new Gold Card final week to a lot fanfare. It has a protracted record of spectacular options, together with 3% money again and the flexibility to take a position that money again through the corporate’s brokerage account. A person can even put that money again into Robinhood’s financial savings account, which presents 5% APY.  We’re curious to see how this new card will affect the corporate’s backside line. But additionally, we’re fascinated by how Robinhood included the expertise it acquired when shopping for startup X1 final summer time for $95 million and turned it right into a probably very profitable new providing.

Analysis of the week

The banking-as-a-service (BaaS) house is dealing with challenges. BaaS startup Synctera not too long ago carried out a restructuring that impacts about 15% of staff. The startup will not be the one VC-backed BaaS firm to have resorted to layoffs to protect money over the previous 12 months. Treasury Prime, Synapse and Figure have as properly. Meanwhile, based on American Banker, the FDIC introduced consent orders in opposition to Sutton Bank and Piermont Bank, telling them “to maintain a better eye on their fintechs’ compliance with the Bank Secrecy Act and cash laundering guidelines.”

Dollars and cents

PayPal Ventures’ newest funding is in Qoala, an Indonesian startup that gives private insurance coverage merchandise protecting quite a lot of dangers, together with accidents and cellphone display injury. MassMutual Ventures additionally participated in Qoala’s new $47 million spherical of funding.

New Retirement, a Mill Valley–primarily based firm constructing software program to assist individuals create monetary retirement plans, has raised $20 million in a tranche of funding.

We final checked in on Zaver, a Swedish B2C buy-now-pay-later (BNPL) supplier in Europe, when it raised a $5 million funding spherical in 2021. The firm has now closed a $10 million extension to its Series A funding spherical, bringing its whole Series A to $20 million.

What else we’re writing

Read all about how a tiny four-person startup, Supaglue, caught Stripe’s eye. Supaglue, previously often called Supergrain, is an open supply developer platform for user-facing integrations. The crew goes to assist Stripe on real-time analytics and reporting throughout its platform and third-party apps for its Revenue and Finance Automation suite.

Maju Kuruvilla is not CEO of one-click checkout firm Bolt. He is changed by Justin Grooms, Bolt’s international head of gross sales, who’s now interim CEO. Kuruvilla, the previous Amazon government, took over as CEO in January 2022 after founder Ryan Breslow stepped down. The Information has extra about Bolt’s woes right here.

High-interest headlines

Inside Mercury’s stumble from fintech hero to focus on of the feds

RealPage and Plaid crew to curb rental fraud

In HR software program battle, Rippling makes up floor in opposition to Deel — at a price 

Is Chime prepared for an IPO? It has extra main prospects than Chase

Inside a CEO’s daring claims about her scorching fintech startup, which TC beforehand coated right here.

Cloverleaf raises $7.3M in Series A extension

Abrigo acquires TPG Software

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