TechCrunch Fintech has provided a roundup of the latest news in the fintech industry. One of the major stories covered is the ongoing fallout from Synapse’s bankruptcy. The company’s debt reorganization Chapter 11 bankruptcy may be converted into a liquidation Chapter 7 due to “gross mismanagement” of its estate. This has put up to 20 million fintech depositors at risk, and many have shared the devastating impact it has had on their lives. The consequences of Synapse’s collapse are still being felt.
In other news, Layer, a startup that offers an alternative to QuickBooks for small and medium-sized businesses (SMBs), raised $2.3 million in funding. Layer aims to provide a better user experience through embedded accounting features. The company’s investors include executives from Square, Plaid, and Check. This shows that there is a demand for alternatives to legacy accounting software like QuickBooks.
PayHOA, a Kentucky-based startup that offers software for self-managed homeowner associations (HOAs), recently raised $27.5 million in a Series A round. This demonstrates how real-world problems can translate into opportunities for startups.
Buy now, pay later (BNPL) services have become popular worldwide, but in Mexico, where Aplazo operates, BNPL is more like an alternative to cash for the underbanked population. Aplazo raised $45 million in a Series B round led by QED Investors to expand its reach.
Kudos, a company that uses artificial intelligence to provide personalized financial advice based on consumer spending habits, raised $10 million in funding led by QED Investors.
Aeropay, a provider of pay-by-bank solutions, raised $20 million in a Series B round and is now innovating payment networks, entering the territory of Visa and Mastercard.
In other news, the Consumer Financial Protection Bureau (CFPB) is suing SoLo Funds, a peer-to-peer lending fintech company, for allegedly deceiving borrowers and illegally taking fees.
These are just some of the highlights from the fintech industry covered by TechCrunch Fintech. For more news and updates, subscribe to their newsletter.