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BFD Expert Voices - Private Credit

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Nov. 13 — Crypto media company The Block sold a majority stake to Singaporean venture capital firm Foresight Ventures in a deal valuing the crypto outlet at $70 million, Lucinda and Axios' Sara Fischer reported.

Why it matters: The deal frees the business from its financial tie to the FTX scandal, one year after the issue came to light.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on senators introducing a bill that would increase regulations on PE and VC investments into China.

1. The Block's new majority shareholder

Illustration of two cubes, one of which absorbs the other.

Nov. 13 — Ottopay, a debt health startup for consumers, is planning a "pre-Series A" fundraising round, the company told Lucinda exclusively.

Why it matters: Though the U.S. consumer has been surprisingly resilient, debt is back in focus amid rising delinquency rates and an end to the student loan repayment moratorium.

2. Ottopay seeks new funds

Illustration of a lion tamer with a whip and stool taming a giant piggy bank. 

Nov. 14 — Refine Intelligence, a startup helping financial institutions fight financial crime, raised $13 million in seed funding, the company told Ryan.

Why it matters: The cost of compliance continues to rise, with one study estimating the North American banking industry spent $61 billion fighting financial crime in 2022.

Go deeper: Read Tuesday's newsletter, plus Tuesday's Pro Rata on Glencore agreeing to buy Teck's coal business for about $7 billion.

3. Refining AML investigations

Illustration of money hanging from a clothesline. 

Nov. 15 — Crypto exchange Blockchain.com raised $110 million in new funding — but it reportedly did so at a fraction of its previous valuation, Ryan wrote.

Why it matters: Crypto funding has collapsed, and even companies that manage to raise are doing so at less favorable terms.

Go deeper: Read Wednesday's newsletter, plus Wednesday's Pro Rata on European antitrust regulators seeking to block Adobe from completing its $20 billion takeover of Figma.

4. Blockchain.com takes a haircut

Illustration of a sad face on a digital, pixelated coin

Nov. 16 — Founded in 2018 to serve the mass affluent, HMBradley is shutting its consumer business to focus on a new strategy that involves selling to banks, CEO Zach Bruhnke told customers Wednesday.

Why it matters: The company's decision to exit its primary business sums up the challenges consumer-focused neobanks face, Lucinda wrote.

Go deeper: Read Thursday's newsletter, plus Thursday's Pro Rata on the social media "unicorn" IRL's lawsuit developments.

5. HMBradley pivots to B2B, shuts B2C

Nov. 16 — Every.io, which is building a full-stack back-office suite for startups, raised $9.5 million in seed funding led by Base10, the company told Ryan exclusively.

Why it matters: Managing separate business banking, treasury management, and HR products is a confusing (and costly) endeavor for most startups.

6. A full-stack back office

Illustration of  a cubicle made of money.

The intrigue: There are bright spots in the data that suggest a crypto winter thaw is underway.

7. Charted: VC crypto trends

Research associate Natalie Breymeyer here with your weekly digest.

📅 Programming note: Axios will be observing Thanksgiving next Thursday and Friday, so your next weekly digest will come on Dec. 2. Enjoy the holiday!

⛴️ Natalie is taking a ferry to the San Juan Islands to spend the weekend at a beachside cabin.

A thank-you to copy editor Rob Reinalda for his careful edits.

And thanks to you for reading. Please tell your fintech friends about this newsletter. They can sign up here.

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November 17, 2023

1. The Block's new majority shareholder