Category: FinTech News

Income Verification Startup Truework Raises $50 Million

A company that helps lenders close loans with greater ease and speed has secured a significant funding round. This week, Truework announced that it had raised $50 million. The Series C was led by G Squared with participation from returning investors Sequoia Capital, Activant Capital, and Khosla Ventures as well as newcomers Indeed, Human Capital, and Four Rivers Group. With the funds, Truework intends to increase its hiring, while also...

Truebill App Rebrands to Rocket Money

In recent years, one of the most talked about personal finance apps has been Truebill. Founded in 2015, the platform has since helped users save a reported $250 million — including $150 million this year. Now, Truebill is changing its name and will continue on as Rocket Money. This name change comes following Rocket Companies' acuqision of Truebill in December 2021. The purchase cost Rocket $1.275 billion in cash. When the...

Major League Soccer and Neobank Avant Form Partnership

A professional sports league and a FinTech are teaming up to bring fans a new credit card offering. This week, the "credit-first neobank" Avant announced that it had entered into a multi-year partnership with Major League Soccer. As part of that deal, the company will soon be launching a co-branded credit card called the MLS Forward card. Avant will also be featured at MLS events and will become a Presenting...

Cardless Partnering with American Express for Future Cards

A growing digital credit card disruptor and one of the top card issuers in the United States have announced a team up. This week, the FinTech startup Cardless revealed that it had reached a new agreement with American Express. Under this partnership, brands will be able to launch digital-first credit card offerings that utilize the "benefits, offers, and security" of the Amex network. Additionally, while financial figures were not disclosed,...

FinTech Funding Falters in Second Quarter of 2022

Following a record-breaking year in 2021, FinTech deals have taken a tumble so far in 2022. In fact, in Q2, the total amount of funding among startups in the sector fell to a six-quarter low. Similarly, other metrics such as the number of unicorn "births" were also down. According to the latest CB Insights report, FinTech funding totaled $20.4 billion in the second quarter of 2022. That's not only down...

TomoCredit Closes $122 Million Funding Round

With credit card interest rates on the rise, a company that offers an alternative credit product has announced a new injection of capital to continue its mission. Today, TomoCredit revealed that it had raised $122 million in its latest funding round. That total includes $22 million in Series B equity and $100 million in debt financing. The equity portion of the round was led by Morgan Stanley's Nex Level Fund...

X1 Credit Card Prepares for Public Launch, Raises $25 Million

Nearly two years ago, a new "smart credit card" called X1 was teased to consumers. Now, the card's wide launch to the general public is nearly upon us. Ahead of that, the company behind the product has also announced an impressive investment round. This week, X1 Card revealed that it had raised $25 million. The Series B was led by FPV Ventures, while other participants included Craft Ventures, Spark Capital,...

Stori Reaches Unicorn Status with $50 Million Equity Round

A company looking to bring credit availability to consumers in Latin America is now Mexico's newest "unicorn." Stori has announced that it's raised $150 in funding. This includes a $50 million Series C-2 led by BAI Capital, GIC, and GGV Capital with participation from Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, Tresalia Capital, and Davidson Kempner Capital Management LP. The other $100 million is a debt facility arranged...