Hello, welcome to TechCrunch’s regular fintech newsletter. We take a little break, but you can find must-see fintech coverage at TechCrunch.com, including my columns and daily analysis and breaking news. If you want those stories and more in your inbox every day, sign up for our daily newsletter here. Thank you to our loyal readers!
Big story
The criminal trial against 32-year-old fintech startup founder Charlie Havis began on February 21, with lawyers having the opening arguments. On one side, JPMorgan Chase claims Javice “helped millions of customers fake to steer the bank into buying her company.” For her, Havis claims that the financial services giant had “buyer regrets” due to government changes in the way financial aid forms were filled out. Her lawyer says fraud allegations are a way out of the transaction. Of course, we are glued to this trial, and it depends on whether the ju judges find it in favor of Javice or JPMorgan, or whether they find something in between.
Dollars and Cents
Fintech Varo is hoping to raise a $55 million Series G round, but has so far been closed at $29 million, according to a recent SEC filing. The end comes shortly after Digital Bank founder Colin Walsh has stepped down from his role as CEO and announced that Gavin Michael has replaced him.
Crypto Exchange Bybit announced on February 21 that a “sophisticated attack” led to the theft of Ethereum (ETH) from one of the company’s offline wallets. Bybit CEO and co-founder Ben Zhou said in the live stream that the hackers stole around 401,346 ETH.
Coinbase on February 21 said the SEC agreed to withdraw the lawsuit against the company due to bias. The move, subject to approval from the SEC commissioner, is another signal that the Trump administration plans to be more code-friendly than it had been under former leader Gary Gensler. A few days later, Robinhood said the SEC had concluded its investigation into Robinhood’s Crypto unit and would not pursue action.
Judging by your inbox, there is no shortage of venture capitalists who have made big bets in the fintech space. This is a list of a few VCs who remain bullish on Fintech. Note: This is a continuous list that will be updated over time.
Dubai-based Mantha allows payment companies primarily in Africa to resolve transactions, resolve customer accounts instantly and fund client accounts instantly, both stock and debt. raised $10 million in seed funding, including: Stablecoin Provider Tether led the $3 million equity investment.
High profits
Synapse executives warned accountants before a $100 million shortfall funding scandal
Brex Eyes adds things like Humanity and Robinhood as customers, making it a $500 million revenue
Block Shares plummeted at 18%, the worst day on the market in five years after revenue mistakes
Thank you for reading! Follow me on X @bayareawriter to break Fintech news and post about coffee.
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