In funding news, Monzo raised an additional $190 million to expand its international presence, particularly in the U.S. This follows a $430 million round two months ago, bringing the company's total raised in 2024 to over $620 million. Meanwhile, AI-powered workflow tools startup Checkfirst raised a pre-seed $1.5 million round led by Lisbon-based Olisipo Way and Hiero VC.
Key takeaways:
- TabaPay has decided not to purchase the assets of Synapse, a troubled banking-as-a-service startup, despite previous plans to do so.
- Despite positive earnings reports, fintech companies Dave and Affirm saw their stocks drop significantly on May 10.
- Monzo, a challenger bank, has raised another $190 million to expand its international presence, particularly in the U.S.
- Digital banking startup Mercury is transitioning into a SaaS company, adding software to its bank accounts to allow business customers to pay bills, invoice customers, and reimburse employees.