#fintech

#fintech

This page will be updated throughout the day to reflect any new fundings. AI INFRASTRUCTURE Modal Labs, a serverless platform for AI, data, and ML teams, has raised $87M in Series B funding led by Lux Capital. Founded by Akshat Bubna and Erik Bernhardsson in 2021, Modal Labs has now raised a total of $110M in reported equity funding. REACH NYC TECH LEADERS AlleyWatch is NYC's leading source of tech and startup news, reaching the city's most active founders, investors, and tech leaders.

Wealthfront Corporation was founded 17 years ago, in 2008. It is headquartered in Palo Alto, California, and is led by CEO David Fortunato. The company is one of a number of fintech firms that operate in the robo-advisor space. It offers a financial platform and dedicated smartphone app that allow users to invest in various assets, including stocks and bonds. The company also offers cash accounts and automated index investing.

Nik Storonsky, chief executive and co-founder of Revolut, said the London hub would be central to the company's ambitious growth plans. Revolut now serves 65 million customers worldwide, with Storonsky targeting 100 million in the near future. The UK investment forms part of a wider £10 billion global programme to create 10,000 jobs over five years. Founded in 2015, Revolut already employs more than 10,000 people globally, with 1,300 in London.

Stablecoins reduce settlement time, cross-border costs and enable programmable rewards. They outpace traditional credit card systems. US merchants pay over $100 billion in card fees yearly. In comparison, stablecoins offer much cheaper, faster payments. Ripple's RLUSD, Gemini's XRP Card and Moca's Air Shop show stablecoins moving into mainstream commerce. With big players exploring adoption, stablecoins are positioned to become central to US payment systems.

Shares of PayPal Holdings, Inc. (NASDAQ:PYPL) lost 3.41% over the past month after plummeting 11.12% the month prior. That brings the payment processor's year-to-date loss to 21.65%. However, the stock is up 17.59% since its 52-week low on April 8. When PayPal reported Q2 earnings on July 29, it beat on both top and bottom lines. EPS was $1.40 versus an expected $1.30, and revenue was $8.29 billion versus an expected $8.08 billion.

"I try to kind of go and call people up for an hour at a time," he told Fortune Editor-in-Chief Alyson Shontell on-stage during a live recording of the Fortune 500: Titans and Disruptors of Industry podcast. "If I can just get their advice on AI or marketing or sales, learn just a little bit, ask them who they've learned a lot from in particular fields and just kind of jump from person to person, that's been very helpful."

Few embody what it means to build with discipline in a tough market better than Chris Britt, co-founder and CEO of Chime. What began as a scrappy fintech challenger has grown into one of the rare companies to go public in today's challenging environment. In his session, Building a Company that Lasts, Britt will share the lessons behind Chime's rise - from weathering market headwinds to making the leap from private to public when so few manage it.

Financial brands have developed a reputation for being corporate and oftentimes, a little dull, but that doesn't have to be the case. Switching up the stereotype is Tilt, a fintech company focused on empowering people without dwelling on their financial past. The best rebrands strengthen a brand by digging into its heritage and values, creating a new identity that's succinct and strong.

Americans give nearly half a trillion dollars to charity each year-over 2% of GDP. Yet despite this massive scale, charitable giving remains stuck in the past, dominated by donor-advised funds marketed exclusively to the wealthy and clunky processes that make generosity harder than it should be. Today I'm joined by Adam Nash, co-founder and CEO of Daffy, a modern platform that's democratizing charitable giving through technology.

Aspect Capital, Tide, Neighbourly and Guavapay were each awarded the prestigious Lord Mayor's Award, reflecting the breadth of the UK's fast-growing business ecosystem - from fintech and quantitative investment to social impact platforms and global payments infrastructure. The awards are part of the Lord Mayor's Growth Unleashed programme, which is designed to revive the UK's appetite for responsible risk-taking, channel institutional investment into high-growth sectors and ensure scale-up companies remain rooted in Britain.

ModernFi - $30M Series B ModernFi, a comprehensive deposit management platform for financial institutions, has raised $30M in Series B funding led by Canapi Ventures. Founded by Adam DeVita and Paolo Bertolotti in 2022, ModernFi has now raised a total of $57.4M in reported equity funding. Euclid Power - $20M Series A Euclid Power, an operating system for renewable energy project development, financing, and operations, has raised $20M in Series A funding led by Venrock.

Y Combinator startup Eloquent AI has raised $7.4 million in seed funding to provide AI-fueled customer service in the financial services industry. The startup says its AI product can help with complex, regulated workflows, such as onboarding new customers and unfreezing bank cards. Eloquent was cofounded by Tugce Bulut, who previously cofounded market research startup Streetbees. Bulut left the company two years ago. Last month it went into administration and laid off all staff.

The companies that spent the last decade promising to disrupt banks are now building their foundational systems. Coinbase, once the crypto outsider pitching digital assets as banking's alternative, is powering J.P. Morgan's deposit token experiments. SoFi is routing remittances through Bitcoin's Lightning Network while acting as a regulated bank holding company. Even pure-play digital banks like Chime have shifted focus from pure customer acquisition to deepening existing relationships through credit products and early-pay services.

"One is just how fast the servers can give you back an answer so that you can make a decision. That's really important in a credit card authorization loop..."

Kids taught about money are three times more likely to earn $75,000 or higher. FutureMoney Pro helps parents invest in their children's financial future.

With the expansion, Brex is now authorized to sell spend management complete with issuing cards and other tools like embedded payments to EU companies and startups.

Uzum has raised $65.5 million, leading to a valuation increase to $1.5 billion, reflecting its rapid growth and interest from global investors.