Fintech

Javice found guilty of defrauding JPMorgan in $175M startup purchase

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Charlie Javice, the founder of student loan application startup Frank that was purchased by JPMorgan for $175 million, was found guilty on Friday of defrauding the bank by greatly inflating the customer count. After a five-week trial, the jury found Javice guilty, agreeing with prosecutors’ claims that she fabricated the vast majority of Frank’s customer […]

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YC alum Mendel, a ‘Ramp for LatAm enterprises,’ raises $35M Series B

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Mexico City-based Mendel has raised $35 million in a Series B round of funding, it tells TechCrunch exclusively. Corporate spend management platform Mendel last raised in December 2021 — a $15 million Series A round and $20 million in debt — after participating in Y Combinator’s Winter 2021 cohort. With this latest capital infusion, the

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Times Internet spin-out Abound raises $14M to let more Indian Americans send money home

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Abound, a remittance app that was spun off by Times Internet in 2023, has raised $14 million in its first external funding round as it aims to reach more Indian expats in the U.S. Remittance flows to India are rising as the Indian diaspora spreads worldwide. In 2024, the South Asian country recorded $129.1 billion

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Read the email Jack Dorsey sent when he cut 931 of Block’s staff

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Fintech Block laid off 931 people Tuesday, according to a leaked message from the company seen by TechCrunch. The news was announced to staff in an email from Block’s co-founder and CEO, Jack Dorsey. Dorsey told staff that on Tuesday, Block will be “we’ll be making some org changes, including eliminating roles and beginning the

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Ex-Network International execs raise $6M for Enza, an African fintech serving banks

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Over the past decade, Dubai-based Network International has become one of the dominant payment processors across the Middle East and Africa, thanks in part to a pair of acquisitions. However, many large incumbents can fall prey to slower innovation, opening the door for smaller, faster-moving startups. The latest development is Enza, a fintech founded in

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Charlie Javice trial becomes a master class in hubris for both sides

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Charlie Javice’s high-profile fraud trial has become a showcase of embarrassing missteps on both sides, with eyebrow-raising details about how JPMorgan Chase was allegedly deceived into buying her startup, Frank, for $175 million when it had just 300,000 customers instead of four million. Per a new WSJ article, one pivotal moment came when former Frank

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ClearGrid, armed with a fresh $10M, is developing AI to improve debt collection in MENA

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Debt collection in emerging markets often feels outdated and can be costly — damaging borrower trust. As consumer lending surges and regulators push for fairer practices, legacy collection outfits are struggling to maintain pace. ClearGrid aims to help modernize debt collection — and recovery — with AI. The Dubai-based startup, which is emerging from stealth

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In another good sign for fintech, Ribbit Capital is raising a new $500M fund

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Ribbit Capital, a venture firm known for its fintech investments, is raising $500 million for a new fund, a filing with the U.S. Securities and Exchange Commission (SEC) revealed on Wednesday. The new capital appears to be a part of the Palo Alto-based venture firm’s latest flagship fund, titled Ribbit Capital Y, the SEC filing

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Mortgage as an employee benefit? Kleiner Perkins leads $23.5M Series A for Multiply Mortgage

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After hitting record lows at the start of the pandemic, mortgage rates began to climb in 2022 and haven’t come down significantly since.  With 30-year mortgage rates hovering at over 6.5% today (they were as low as 2.49% in 2020!), buying a home is simply not that attainable for many people. One Denver-based startup is

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Klarna nabs Walmart away from Affirm and boosts its IPO prospects

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On the heels of its IPO filing, Swedish fintech giant Klarna announced on Monday that it will exclusively provide buy now, pay later loans for Walmart. The partnership with Walmart is one that rival Affirm had previously owned. Klarna will provide the loans to Walmart customers through OnePay, a fintech startup in which it owns

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