A conversation with Andreessen Horowitz’s fintech leads – TechCrunch

Welcome to Interchange! If you’ve received this in your inbox, thank you for signing up and for your vote of confidence. If you’re reading this as a post on our site, sign up Here So that you can get it directly in future. Every week, I’ll take a look at the hottest fintech news from the past week. This will include everything from funding rounds to trends to analysis of a particular space to hot takes on a particular company or event. There’s a lot of fintech news out there and it’s my job to stay on top of it – and make sense of it – so that you know about it. , Mary Ann

Last month, Andreessen Horowitz — one of venture capital’s biggest and most prominent players — announced that its “headquarters will be in the cloud” moving forward.

Founded in 2009 in Menlo Park, California, the firm — also known as a16z — has been an icon of Silicon Valley investing for years.

Its new philosophy in this post-COVID era of remote working is that there is no longer a need for a centralized headquarters. This philosophy extends to its fintech team. And let’s face it, fintech in general is opening so many doors – making a lot more things possible in terms of running a company or operating globally in general. Many people may underestimate how much the pandemic has really driven this acceleration in the financial services world and people are now commenting like, “Oh, it’s a recession and like, look at that fintech How little has been invested in You have to put that in perspective — we’re still way off in terms of how much money is going into this area from 2020. And fintech is still taking in about one-fifth of all venture capital dollars. I believe this is because it affects everyone on a daily basis. If access to financial services is easy or if it is easy for a business to operate or make payments or accept payments, it is all because of fintech.

I sat down with a16z general partners (literally, that is) Angela Strange And Anish Acharya Read on to learn more about why the pair believe we’re experiencing “the unbundling of Silicon Valley,” which areas of fintech have the most potential and how the new era of remote working has helped fintech startups so much. provided more opportunities.

Read more here.

Reporter’s note: The interview with Angela and Anish interviews took place weeks before publication, and I learned after publication that a recent analysis It was reportedly revealed that out of the firm’s fintech portfolio of 42 companies, only four had female co-founders. I reached out to partners on this topic later this week but had not heard back at the time this newsletter went live. Of course, it’s the weekend so I didn’t expect such a quick response. If I hear back, I’ll update you next weekend,

weekly news

My fintech partner in crime, the oh-so-talented Natasha Mascarenhas, ended the week with a scoop Bandage Layoffs of some employees backing TaxJar, a tax compliance startup it acquired last year. According to Natasha: “The layoffs — held last month — are related to Stripe’s decision to shut down TaxJar-focused go-to-market efforts at the end of July. Sources estimate the number of employees affected by the workforce cuts The number ranges from 45 to 55 people, at least a portion of whom were invited to take 30 days to apply for internal jobs at Stripe… according to LinkedIn, Taxjar co-founder Matt Anderson left Stripe in July, followed by those on the sales, marketing and partnerships team. Read more here.

The world of expense management just got (even more) competitive. Corporate Spending and Cash Management Company Cry announced that it is adding expense management to its offerings with “custom controls designed to make spending less painful.”

Via email, the company told me that it believes “offering the full suite” is important in the world of fintech today. Specifically, a spokesperson said: “When looking at the landscape, there are ten different providers for each individual process: expense management (e.g. Brex), spending (e.g. Expensify), and banking services (e.g. Mercury). .Linking together different platforms for these different functions creates friction for finance users.Rho believes in the power of integrating expense management and business banking services.Each corporate finance process – AP, Commercial banking, spending management/cards, treasury management – work better when they work together in a single, connected view.”

In December the startup raised a $75 million Series B funding round led by Dragoneer Investment Group.

When it comes to expense management, Airport announced Appointment of Philippe Lacor as its Chief Revenue Officer, Lacor most recently served as CRO for no-code platform company Uncork, where he handled all market efforts including sales, pre-sales consulting, customer success, revenue operations and channel partners. He also led the company’s expansion into APAC. Prior to this, he was the CRO in Envoy.

Mexican Fintech covalto, which serves Mexican SMEs and was formerly known as Credijsto, has agreed to publicly list through a SPAC on the US stock exchange at an estimated pro-forma valuation of $547 million. The transaction is believed to be the first time a Mexican fintech has agreed to publicly list on a US stock exchange. In a press release, the company said it is merging with LIV Capital Acquisition Corp. II, a special purpose acquisition firm initiated by Mexico City-based fund LIV Capital. At the close of the transaction, LIVB will be renamed Covalto and will remain listed on Nasdaq under the new ticker symbol “CVTO.” The company said that Genesis grew at a CAGR of 152% from 2015 to 2021. More Here,

While we are on the topic of public markets, something interesting is happening. fintech stockAccording to F-Prime’s Fintech Index, The index is up 41%, compared to EMCloud’s 19.5%, Nasdaq’s 15.6% and S&P’s 12.2%. Notably, it said, Affirm is leading the pack and is up 67%. Insurance stocks are up 46% overall, led by Lemonade and Oscar Health. Paid stocks powered by Wise and Mercado Libre are up 44%. Wealth and asset management stocks operated by Coinbase and Bakkt Holdings are also up 32%. Meanwhile, banking and lending stocks are up 24%.

words of Voice, Buy now, pay later announced by Vishal an extended, multi-year partnership with bigcommerce According to the two companies, “makes the firm the preferred and recommended pay-over-time partner for thousands of BigCommerce merchants.” As a result of this partnership, BigCommerce merchants can activate Affirm as a payment option at checkout directly within the BigCommerce merchant dashboard.

on 12 August, paypal Announced that “all eligible PayPal account holders in the US” Can now transfer, send and receive cryptocurrency With PayPal.” TechCrunch had reported that the move would happen in early June.

Robin Hood Rolled out some new features last week. For one, it Advanced Chart LaunchedWith the goal of “giving customizable, quick, simple and in-depth analytics to all customers in-app”. The company said the advanced charts were the “number most requested feature” from its active customers. The company also launched cash card offerA new benefit that allows All Cash Card customers to “automatically” earn cash back when they spend at retailers like Chevron, Nike, Five Guys, Macy’s, and others.

From pitch book upon paymentThe transition to online services, along with accelerated digitization of financial services, has benefited fintech startups over the years. The COVID-19 pandemic helped accelerate these trends as consumers switched to digital rather than face-to-face interactions. Turned to financial services… Digital payments, one of the earliest financial sectors to go digital, continues to see rapid disruption during this period. Checkout platforms have benefited from the demand for online and contactless transactions, remote working The need has driven payroll software providers, and corporate credit card providers such as Ramp and Brax have seen increased revenues.

hello alice, which it says is helping “over 1,000,000 small businesses grow,” has announced a new small business MasterCard. The card was launched on August 16 in partnership with MasterCard and First National Bank of Omaha, and features small business owners such as a rewards program with the ability to earn points by completing “business-advanced activities” on the Hello Alice platform. provides. The company says that it recently Small Business Capital Access Study and found that 78% of owners claim that access to capital is limiting their ability to manage their day-to-day operations, with Black (84%) and multiracial (82%) owners overindexing on the claim . In her own words, Hello Alice has designed the card to “meet the needs of small business owners where they are, breaking down longstanding barriers for those who have traditionally been denied access. “

Financing and M&A

seen on techcrunch

Pomelo exits stealth mode with $20M seed to rethink international money transfers

Tiger Global doubles down on Indian savings and investment app Zari

Pastel, a Nigerian bookkeeping and digital platform for merchants, raises $5.5M led by TLcom

Highbeam inks $7M to shed light on e-commerce-specific banking needs

Funding Circle co-founder unveils new Super Payments fintech venture with $27M investment

Rocketplace Raises $9 Million in Seed Funding to Build ‘Fidelity for Crypto’

Social Investment Platform eToro $50M . will acquire fintech startup Gatsby for

YC-backed Ark, a digital bank for ‘high-growth’ SaaS startups, lands a $20M Series A

seen elsewhere

Payments company AtoB raises $155M in Series B to ‘modernize the trucking industry’

Ecuadorian ‘unicorn’ Kushki buys finance services startup in Mexican expansion, TechCrunch covered the company’s $100 million raise at a valuation of $1.5 billion in June.

Agora raises $20 million Series A led by Insight Partners to ‘accelerate the growth of real estate firms with digital transformation’.

ClosingLock announces $4 million in funding led by LiveOak Venture Partners

ICYMI: Digital Credit Fintech Capital raises $30 million in debt and equity to grow in Mexico and Colombia

Another busy fintech week down in the books. As always, thank you for your support in reading and sharing this newsletter of mine! Have a wonderful week ahead. xoxo, mary anne

A conversation with Andreessen Horowitz’s fintech leads

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