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This week we are looking at the story behind the sale of Case Divvy, the new Ramp product, some remarkable fundraising offers and more!
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The great story
Last week, Real Estate Fintech Divvy houses He announced that he was selling to Brookfield Properties for “a total consideration” of about $ 1 billion. At his height in 2021, the rent for rent was evaluated in over $ 2 billion. On the surface, the result did not seem terribleGiven the number of Comptech companies that have completely closed (more recently, Easyknock) in recent years.
However, digging more deeply, we realized that the agreement was not so rosy for many shareholders. Since Divvy had issued so much debt, including a debt funding of $ 735 million in October 2021, most of those billions of dollars were going to pay the transaction and financing costs and “liquidation preference for shareholders Favorites “. The CEO and co-founder Adena Hefets declared in a letter to the interested parties considered by Techcrunch that “the common shareholders or the owners of the privileged actions of the FF series” would not receive any consideration. Ouch.
Without a doubt, Divvy was damaged by increasing interest rates in 2022, but also had other problems. There were a variety of complaints that claim that the company was not maintaining its properties and/or was evictioning people and at the same time loading higher rate rents on the market. Was it a sale of fires or not? I guess it depends on who you ask. But even Hefets himself admitted that he is not “proud of the financial result”.
Dollars and cents
Despite the recent turbulence in space, some propers are still getting money. Founded by A Better.com.com alum, Foyer – A platform that helps consumers save for payments, acting essentially as “401 (K) for the ownership of the house” – has announced a 6.2 million dollar seed round led by Alpaca VC and Hometeam Ventures.
Indian Fintech Vase He became positive for the cash flow, a startup manager supported by Tiger Global confirmed on January 22nd. The 3 -year startup, which offers savings and investment services to consumers, has reached the milestone while growing more than 10 times hard year, according to a note of investor seen by Manish Singh of Techcrunch.
January 22, Ramp An announced a new Treasury product that would have given its customers a way to earn more on operating cash. I spoke to the CEO and co-founder Eric Glyman to get all the details. When I asked him if it was accurate to say that Ramp was invading the territory of digital banks with the new product, he recognized that it was a “right” evaluation.
After turning from the cryptoval to the payroll, Rollfi It is acquired by Priority Tech Ventures, a unit of priority technological participations on payments and banking technology supplier, for an amount not disclosed.
SummitA startup based in London that manages a Saas spending platform powered by artificial intelligence, has collected $ 50 million with an evaluation of $ 500 million reported. Ingrid Owen gives us the scoop.
Visa He was united African Fintech Moniepoint as a new investor. Sources close to the agreement referred to Tage Kene-Oka for that the Fintech-Ci announced an investment of $ 110 million last October-he received over $ 10 million from Visa.
Based in Austin MethodA platform that feeds the characteristics of debt and debt in Fintech applications for companies such as Sofi, has collected a 41.5 million dollar Serie B round guided by Emergence Capital.
What else we are writing
Fintech Giant Band He is firing 300 people, according to a note leaked on January 21 by Business Insider, but still plans to take in 2025.
Indonesia antitrust agency for Kppu’s final Google 202.5 billion of rupees, equivalent to $ 12.6 million, on January 22 for an antitrust violation relating to its services of the payment system for the Google Play Store.
There is an interesting connection between Mistralthe start of ai French with an evaluation of $ 6 billion e AlanHealth insurance unicorn. Romain Dillet provides us with details.
More startups closed in 2024 compared to the previous year, according to multiple sources, and this is not really a surprise considering the crazy number of companies financed in 2020 and 2021. It seems that we are not almost over and 2025 could be another Brutal year of startup that goes out. Read my deep immersion, which includes data from Paper AND Angelist.
High interest titles
The Deel salary management platform denies charges that enabled money recycling, blames the competition for cause
HSBC closes the payment app a year after the launch
Andreessen Horowitz closes the UK office, runs for the American cryptocurrency market
Clutch ensures $ 65 million Serie B funding to push credit unions in the Fintech era
Thanks for reading! Until next week … follow me on x @Bayarewriter To break Fintech news, coffee posts and more.
