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Djamo is one of several digital banking startups targeting Africa’s underbanked. But unlike many that focus on large markets like Nigeria, Egypt, or South Africa, Djamo has carved out a niche in Francophone West Africa, specifically the Ivory Coast and, more recently, Senegal. It now serves over one million customers across both countries. The Y…
Circle, the issuer of USDC, a stablecoin pegged to the U.S. dollar, filed to go public on Tuesday. The company, which makes money from interest earned on its reserve assets, reported that its 2024 revenue and reserve income was $1.68 billion, up from $1.45 billion the year prior. Circle’s 2024 net income was $156 million,…
Zelle is shutting down its stand-alone app on Tuesday, according to a company blog post. This news might be alarming if you’re one of the over 150 million customers in the U.S. who use Zelle for person-to-person payments. But only about 2% of transactions take place via Zelle’s app, which is why the company is…
Prolific fintech investor and QED Investors co-founder Frank Rotman said Friday that he will transition to a partner emeritus role by year’s end to focus on founding his own startups. But those startups won’t necessarily be financial technology companies. In a post on X, Rotman — who helped start QED in 2007 — declared that…
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…
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…
Digital banking startup Mercury has raised $300 million at a $3.5 billion post-money valuation, the company confirmed to TechCrunch on Wednesday. The valuation is more than double the startup’s valuation when it last raised capital – a $120 million Series B round in 2021 that valued the company at $1.62 billion post-money. Sequoia led the…
Fintech Block laid off 931 people, roughly 8% of the company’s staff, on 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 “making some org changes, including…
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…
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…