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The Interchange is a weekly fintech newsletter that covers recent news, trends, and analysis in the industry. Last week’s topics included Daylight, a neobank that’s LGBTQ+ focused, corporate spend space, Ramp’s 4x revenue growth, and Brex’s expansion into travel with devalued cash and crypto redemptions. The article explores how Daylight’s CEO and founder Rob Curtis has lawsuits, fabrications, and inappropriate behavior allegations levied against him; a user review shows that Daylight’s service has poor functionality. Meanwhile, there is constant change in the corporate spend space, and Brex’s recent changes have reportedly rattled some feathers in the travel industry.
Other news covered in the newsletter includes Insurtech opportunities outside of embedded insurance, Checkout.com’s new president, Céline Dufétel’s plans for Checkout.com, and the launch of Oscilar, an AI-driven platform created to help financial institutions protect online transactions from fraud and theft. Apple has launched a pre-release version of Apple Pay Later, with some users able to access the feature on iOS 16.4 or iPadOS 16.4 in the coming months. Union54 co-founder and CEO Perseus Mlambo speaks candidly about the attempted $1.2 billion chargeback fraud, how the company was at risk of total shutdown, and why fintechs need to be more transparent about fraud exposure.
Pismo, a Brazilian payment and banking platform with a valuation of $1 billion, is reportedly in talks with financial institutions, Visa, and Mastercard among others, regarding its acquisition. Greenlight has launched Greenlight for Banks, an integration for banks that allows them to offer customers Greenlight’s tools for earning, saving, and spending. Aspiration has filed a WARN notice in Oregon, notifying the state of its plans to lay off 180 people, including the chief administration officer, president of the MENA region, and vice presidents of business development, HR and product design. Aspiration has pivoted to selling carbon credits to businesses instead of being an environmentally friendly neobank.
The Interchange offers insights into the constantly evolving fintech industry in a concise and digestible format, covering a variety of topics from neobanks to insurtech to payment processing.
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