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Bench Collapses Under $65M Debt, Heads into Bankruptcy

Bench Collapses Under $65M Debt, Heads into Bankruptcy

Hey FinTech Fanatic! Accounting startup Bench has filed for bankruptcy in Canada, revealing over $65 million in debt and just $2.8 million in cash left. Founded in 2012, Bench raised $113 million from backers like Shopify and Bain Capital Ventures but couldn't stay afloat. Most of the

IG Group Acquires Freetrade for £160 Million ($195M) in Major Investment Platform Deal

IG Group Acquires Freetrade for £160 Million ($195M) in Major Investment Platform Deal

Hey FinTech Fanatic! IG Group has announced the acquisition of UK neobroker Freetrade for £160 million (USD $195 million). The deal values Freetrade at approximately 5x its annual run rate revenues, based on Q4 2024 performance of £8.3 million, contributing to total 2024 revenues of £27.5 million. Since

Deribit, Valued at $4-5B, Explores Acquisition Opportunities

Deribit, Valued at $4-5B, Explores Acquisition Opportunities

Hey FinTech Fanatic! Deribit, the world's largest Bitcoin and Ether options trading platform, is working with Steve McLaughlin and Financial Technology Partners to review potential acquisition opportunities. The platform, valued between $4 billion and $5 billion, has attracted interest from various parties, though crypto exchange Kraken reportedly evaluated

Klarna Teams Up with Stripe in Global Payments Push Ahead of U.S. IPO

Klarna Teams Up with Stripe in Global Payments Push Ahead of U.S. IPO

Hey FinTech Fanatic! Klarna has expanded its partnership with fellow FinTech unicorn Stripe, making its buy now, pay later (BNPL) service available to Stripe merchants across 26 countries. This major distribution deal enhances their initial 2021 partnership formed during the Covid-19 pandemic, now offering improved functionality including A/B testing

Nu México Teams Up with OXXO to Expand Cash Access for 9M Customers

Nu México Teams Up with OXXO to Expand Cash Access for 9M Customers

Hey FinTech Fanatic! Nu México has partnered with retail chain OXXO to expand its cash deposit and withdrawal network, giving its 9 million customers access to over 22,000 OXXO stores nationwide. Cash withdrawals using Nu cards will launch on January 14, 2025, with deposit capabilities following in subsequent months.

Trade Republic Hits €100B Milestone as User Base Doubles to 8M!

Trade Republic Hits €100B Milestone as User Base Doubles to 8M!

Hey FinTech Fanatic! Trade Republic just hit a major milestone—crossing €100 billion in assets and doubling its user base to 8 million in just a year! The Berlin-based broker is expanding fast, launching national branches and localized banking services in France, Spain, and Italy. France alone brought in over

Revolut Takes on UBS and Morgan Stanley in Private Banking Push

Revolut Takes on UBS and Morgan Stanley in Private Banking Push

Hey FinTech Fanatic! Revolut is developing private banking services for high net worth individuals who hold liquid assets over $1 million, positioning itself to compete with traditional banks like UBS and Morgan Stanley. This expansion adds to their existing suite of business banking, travel insurance, and stock trading services. The