Your Daily FinTech Podcast - June 19th, 2022

Sign up for my Daily Fintech or Daily Digital Banking Newsletters here. Check out my latest podcast episode below: Welcome to another episode of our Daily Fintech Podcast. THE NEWS HIGHLIGHT OF THE DAY IS Three months after announcing it would make a big push into software and enterprise, FinTech giant Brex is apparently abandoning the very segment it started out to serve – SMBs. Startup customers report that they got notice they would be booted off the platform on August 15. JUST IN: Robinhood shares slumped to a fresh low, giving the beleaguered brokerage a market value that’s less than the cash on its balance sheet. ALSO: Fintech company Addi recently carried out “a mass layoff”, but when approached by Bloomberg Línea the company declined to confirm the exact number of redundancies. FURTHERMORE, Provenir, a global leader in AI-powered risk management software for fintech, announced its first customer in Brazil: Provu, a fintech specializing in payment and personal credit, based in São Paulo. WHAT ABOUT FUNDING ROUNDS AND INVESTMENTS? Klarna is considering raising fresh funds at a significantly lower valuation than it achieved a year ago. The Swedish firm is in talks with investors about a deal that could value the company at around $15 billion. Cleo raised $80m in new capital from investors including Sofina, a listed tech investor which has backed companies such as Typeform and Graphcore. Qatar-based CWALLET has successfully closed its Pre-Series A investment Round at $875,000 CapIntel raised $11.0m in a Series A financing round led by New York-based FinTech Collective. Destaxa raised a $3.1 million seed round.