Fintech Weekly Roundup: Bench Fallout, Robinhood Settlement, and Key Deals
Welcome to this week’s fintech digest, where we break down the biggest stories shaping the financial technology landscape.
The Bench Controversy: Customer Data in Limbo
Image Credits: Getty Images
Accounting startup Bench continues to make headlines after its abrupt December 27 shutdown and subsequent fire sale to Employer.com. The situation has escalated as customers report significant challenges accessing their financial data.
Key developments:
- Former clients must grant Employer.com data access permissions to retrieve their information
- Bench cites bankruptcy proceedings as preventing alternative access methods
- Many small business owners express frustration over the lack of transparency
This situation highlights critical questions about data ownership and customer rights when fintech companies fail.
Funding Highlights: Who’s Raising Capital
Float Financial’s $50M Series B
Image Credits: Float Financial
Float Financial, Canada’s answer to Brex and Ramp, secured $50 million to expand its expense management platform specifically designed for Canadian SMBs.
Emerging Fintech Leaders
- Open Ledger: 24-year-old Pryce Yebesi’s new venture raised $3M for embedded accounting software
- NomuPay: $37M raised to enhance cross-border payments in Asia and Middle East markets
Major Industry Acquisitions
The fintech M&A landscape remains active with two significant deals:
- Moody’s acquires geospatial AI specialist Cape Analytics
- Clearwater Analytics makes $1.5B play for investment platform Enfusion
These moves signal continued consolidation in financial services technology.
Regulatory and Market Developments
Robinhood’s $45M SEC Settlement
Image Credits: Omar Marques/SOPA Images/LightRocket via Getty Images
The trading platform resolved multiple alleged violations, including issues stemming from a 2021 security breach.
Global Payment Trends
- India’s UPI system challenges Visa/Mastercard dominance
- Groww, India’s top retail broker, preps $6-8B valuation IPO
HR Tech Sector Updates
The human resources software space saw notable activity:
- Buk (Chile): \(50M Series B at \)850M valuation
- Humi (Canada): Acquired by Australia’s Employment Hero
Expansion Watch: Plaid Grows East
Fintech infrastructure leader Plaid announced plans for a Raleigh, NC office, continuing its strategic expansion to support growing demand for digital financial services.
Stay informed with the latest fintech developments by subscribing to our weekly newsletter. We’ll continue tracking these stories and more in the evolving world of financial technology.
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