TechCrunch Fintech: February 2025

The Big Story

Welcome to TechCrunch Fintech! This week, we’re looking at how fintech heavyweights like Klarna and Stripe are incorporating crypto into their strategies, companies planning for IPOs, one fintech’s Super Bowl ad, Stripe’s new lead of startups and venture capital, and more.

Dollars and Cents

Khazna

Khazna, an Egyptian fintech startup that offers financial services tailored toward low- and middle-income workers, recently secured $16 million in pre-Series B funding, bringing its total funding to over $63 million.

Rapyd Financial Network

Rapyd Financial Network is looking to raise $300 million in a new funding round that would value the global payments platform at $3.5 billion, a considerable decrease from its approximately $9 billion valuation set in 2021.

Deel

Fintech-turned-HR outfit Deel is trying to lay the groundwork for an IPO. On February 4, it said its annual revenue run rate climbed to $800 million in 2024 after growing by 70%. It also sold $300 million in secondary shares to General Catalyst and an unnamed “sovereign investor.”

Superlogic

Superlogic, a startup that helps give consumers a way to apply rewards points toward experiences such as courtside tickets to NBA games, has raised $13.7 million at a $200 million valuation.

Bench

A clearer picture of Bench’s downfall is emerging thanks to newly released bankruptcy filings. The records show that the Canada-based startup, which ironically enough offered cloud accounting software for small businesses, consistently struggled to reach profitability. It burned through $135 million from its founding in 2012 to September 2024. By the time of its collapse, Bench was forced to shut down due to a “liquidity crisis,” the records say.

Stripe

Stripe has closed on its $1.1 billion purchase of stablecoin platform Bridge — marking the payment giant’s largest acquisition to date and tangible push into crypto.

Stripe Leadership Update

In other Stripe news, TechCrunch learned that the payments giant has tapped Asya Bradley to serve as its Startups and VC Partnerships lead. Bradley previously held revenue roles at Synapse and Sila. She’s also an LP in venture funds Ganas Ventures and Cowboy Ventures.

Fintech in the Spotlight

Philadelphia Eagles’ star running back Saquon Barkley has not only become an investor in fintech startup Ramp, but he was also the star of the company’s first Super Bowl commercial.

High-Interest Headlines

US Consumer Finance Watchdog

US consumer finance watchdog (CPFB) chief tells all staff to cease work, days after the Trump administration closed the bureau’s headquarters for a week.

Plaid Working with Goldman Sachs

Plaid working with Goldman Sachs on raising $300M to $400M in tender offer.

Thanks for Reading!

Thanks for reading! Until next week… Follow me on X @bayareawriter for breaking fintech news, posts about coffee, and more.