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Welcome to another episode of our Daily Fintech Podcast.
THE NEWS HIGHLIGHT OF THE DAY IS
One-click checkout startup Bolt has laid off at least 100 employees and counting across go-to-market, sales and recruiting roles, sources say. CEO Maju Kuruvilla⚡️ confirmed the workforce reduction in a blog post but did not say how many people were impacted or what roles were targeted.
JUST IN:
After rolling out payroll features in February, Revolut is upgrading its business accounts with new spend management capabilities. The feature will let Revolut Business customers issue an unlimited number of physical and virtual cards to their teams and then monitor and manage their usage.
WHAT ARE THE LATEST INSIGHTS?
Startups may be able to get away with sparse staffing and email-only responses early on when customer needs are simpler. But shortchanging this part of the team can cause a backlash when things go awry with customer accounts. The full American Banker article by Miriam Cross states that neobank users are more likely to feel disgruntled by poor customer service than those who have accounts with full-service traditional online banks
LET’S HEAR ALL ABOUT MERGERS AND ACQUISITIONS:
Payments provider Paddle has acquired US subscription and retention automation software ProfitWell in a deal valued at over $200m (£160m) in cash and equity. Paddle will incorporate ProfitWell’s financial analysis, pricing and retention tools into its own platform.
AS FOR PARTNERSHIPS
UK-based micro-investment platform Wombat has partnered with Currencycloud, the experts in simplifying business in a multi-currency world, to launch its new, free, Instant Investing account to give investors the ability to invest instantly in the UK, and in US stocks during opening hours.
M1, The Finance Super App™ helping people manage and grow their money, announced it has selected Thought Machine, the cloud-native banking technology company, to power and grow its platform.
NOW, LET’S COVER NEW LAUNCHES AND FEATURES.
Zumo, the Edinburgh-based crypto wallet and payments platform, has announced the launch of Zumo Enterprise, its new B2B ‘Crypto-as-a-Service’ solution that enables companies to offer crypto products and services to their customers.
Synapse, a global banking-as-a-service platform that increases access to best-in-class financial products, announced the launch of Global Cash, a secure cash management account product, that enables residents in more than 35 countries to invest and hold U.S. dollars.