Greetings from TechCrunch Fintech!
This week, we examine notable valuation spikes, Stripe’s potential shareholder sale, an engaging dialogue with an early-stage venture capitalist, and much more!
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Key Developments
The previous week witnessed positive developments in fintech funding. Riyadh’s Tabby has emerged as the leading fintech in MENA after raising $160 million in a Series E funding round, achieving a $3.3 billion valuation as it diversifies beyond the buy now, pay later model. This is a significant increase from a mere $1.5 billion valuation just 18 months ago. Additionally, India’s Zeta, a company providing banking software to banks and fintech firms, secured $50 million from a strategic investor, elevating its valuation to $2 billion—up from a $1.15 billion pre-money valuation in 2021. In another development, Mercury is reportedly in discussions to raise funds in a new round backed by Sequoia at a valuation over $3 billion, which would effectively double the company’s previous worth. TechCrunch reached out for comment, but the company did not respond. If these transactions reflect the trends for 2025, I’m preparing for a wave of excitement reminiscent of 2021. (Not exactly the same, but close enough…)
Financial Highlights
Payments juggernaut Stripe is reportedly exploring another shareholder sale, which could place the company’s valuation at “at least” $85 billion, according to various reports and insiders.
Lagos-based Raenest, known for its multi-currency account offerings, has successfully raised $11 million in a funding round led by QED Investors to broaden its influence across Africa.
Ghanaian fintech enterprise Affinity Africa has secured $8 million in seed funding to enhance its array of financial products across the nation, where mobile payments are the primary means of financial transactions.
Comulate, which specializes in creating tools for insurers to manage billing and revenue processes, has finalized a $20 million Series B funding round aimed at expanding its technology stack and scaling operations.
Cap table management company Carta attracted attention in 2020 when its former marketing VP Emily Kramer filed a legal action for gender discrimination and retaliation. This case was resolved in 2023. Since then, Carta has settled two additional lawsuits from former employees alleging sexual harassment and discrimination, according to legal documents reviewed by TechCrunch. Charles Rollet covers more on this matter.
Cryptocurrency trading platform Coinbase is planning its re-entry into India, over a year after it halted operations in the country’s vast market.
I had an amazing time chatting with Sheel Mohnot, general partner at Better Tomorrow Ventures, for TechCrunch’s Equity Podcast. We discussed a wide range of topics, from his experience appearing in a Justin Bieber video to how social media has been instrumental in securing deals, and his insights on the fintech sector’s resurgence.
Noteworthy News
On the subject of significant fundraising efforts: Sardine AI secures $70M in Series C funding for fraud detection solutions.
Vouch makes a strategic acquisition of StartSure Insurance Services; raises Series D financing
Varo CEO Colin Walsh appoints Gavin Michael as his successor
Robinhood’s Q4 crypto revenue experiences a remarkable 700% year-over-year increase
Thank you for joining us! Until next week… follow me on X @bayareawriter for the latest in fintech news, musings on coffee, and more.
Compiled by Techarena.au.
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