The big news: Online banking company Mercury announced a $300 million Series C funding round, led by new investor Sequoia Capital, at a $3.5 billion valuation—more than double its previous Series B valuation of $1.6 billion in 2021.
On the move: Digital transformation company GFT announced that Rishi Chohan was appointed as its U.S. Chief Executive Officer. Chohan, a 20-year industry veteran, succeeds former CEO of the Americas Marco Santos, who took over as GFT’s Global CEO in January.
The buzz: Reuters reported that Klarna’s planned IPO “could help unlock a pipeline of British fintech flotations after a barren period for new technology listings.” The BNPL company will trade on the New York Stock Exchange and analysts predict it to be valued at around $15 billion.
On the rise: Consumer financial technology company Chime announced the launch of Instant Loans. The company said the loans will provide instant access to up to $500 with a fixed interest rate lower than what’s typically observed in the industry.
What’s next: Financial services company Block announced it would lay off 931 workers. CEO Jack Dorsey said he believes the cuts will “help us focus and execute better” to push up the company’s valuation.
