In other news, spend management companies Ramp, Brex, and Rho announced new features and partnerships. Ramp entered the procurement space and added new customers, while Brex and Rho announced AI-powered accounts payable products. Meanwhile, KPMG's latest report revealed that insurtech continues to attract interest in the Americas, and AI overtook fintech as the hottest investment category in Q2 2023. The article also mentions funding and M&A news, including Rapyd's acquisition of a piece of PayU from Prosus for $610M to scale its fintech-as-a-service platform.
Key takeaways:
- Lula, a fintech startup aiming to be the "Stripe for insurance", raised a $35.5 million Series B co-led by NextView Ventures and Khosla Ventures, marking a 5x increase in valuation compared to two years ago.
- Bloom, a venture-backed company offering a zero-commission stock investing tool for teenagers, has passed 1 million downloads and over 10 million games played in the app.
- Spend management companies Ramp, Brex, and Rho announced new features and partnerships, with Ramp entering the procurement space and Brex and Rho both launching AI-powered accounts payable products.
- AI has overtaken fintech as the hottest investment category in Q2 2023, according to a report by AngelList and Brex.