All posts tagged: business banking

Infighting among fintech players has caused TabaPay to ‘pull out’ from buying bankrupt Synapse

Infighting among fintech players has caused TabaPay to ‘pull out’ from buying bankrupt Synapse

[ad_1] TabaPay has abandoned its plans to purchase the assets of troubled banking-as-a-service startup Synapse, TabaPay confirmed to TechCrunch today. Synapse says the problem is banking partner Evolve Bank & Trust. And Evolve says it is not involved, and not to blame. Meanwhile, another player in the saga, Mercury, says Synapse’s allegations have “no merit.” Synapse’s counsel declared in bankruptcy court on Thursday that the deal would not be moving forward, Fintech Business Weekly’s Jason Mikula shared on LinkedIn. A spokesperson for TabaPay confirmed to TechCrunch on Thursday afternoon that the company had “pulled out,” adding that TabaPay had sent “termination notice of the purchase agreement this morning based on failure to meet the purchase agreement closing conditions.” Synapse CEO and co-founder Sankaet Pathak, however, believes that TabaPay can still be convinced to stay in the deal. He told TechCrunch that his “understanding is that TabaPay is still interested in doing the acquisition, but Evolve has failed to meet their closing condition for TabaPay to be able to close.”  That closing condition is that Evolve …

Flush with cash, French fintech unicorn Qonto acquires Regate

Flush with cash, French fintech unicorn Qonto acquires Regate

[ad_1] While many entrepreneurs are currently facing the harsh reality of a VC funding crunch, Qonto isn’t one of them. The Paris-based business banking startup still has hundreds of millions of cash on hand. And it is using an undisclosed portion of its cash reserve to acquire Regate, an accounting and financial automation platform. Qonto originally started with online business accounts with debit cards specifically tailored for small and medium businesses. Over time, the company expanded its product offering to include invoicing tools, features to manage expenses and plenty of integrations with the fintech ecosystem to facilitate bookkeeping, payment reconciliation, etc. And that modern take on business banking has worked surprisingly well as more than 450,000 companies now have a Qonto account. While France remains Qonto’s main market, the company also acquired its German competitor Penta — and moved Penta’s customers to its own platform — and is also available in Italy and Spain. In 2022, near the peak of the funding frenzy of 2021 and 2022, the company raised a massive €486 million Series …