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This week, we’re looking at the craziness that is Bolt’s proposed fundraise, how much money Synapse’s founder has raised for his new venture, just how much cash Stripe has and more.
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The Big Story
Last week, the fintech world was abuzz with the crazy deal that Bolt had proposed to its shareholders. It was enough to make anyone’s head spin. So I talked to a VC lawyer and two of the potential investors and provided a bunch of context in this piece.
TL;DR
The TLDR is that Bolt is trying to push investors to vote in support of a $200 million Series F raise and a $250 "marketing credits" deal. As part of that, founder Ryan Breslow would come back as CEO — and get a $2 million bonus, plus an additional $1 million of back pay, for doing so! We’re all on the edge of our seats to see what happens next.
Analysis of the Week
The founder of bankrupt banking-as-a-service startup Synapse made headlines last week when he took to social media to share details on what he’s building at his latest venture — a robotics startup called Foundation. Many people were surprised that Sankaet Pathak was so quick to move on considering that tens of millions of dollars in customer deposits (that’s Synapse’s customers, not the company itself) had been lost.
Synapse’s Troubled Past
Synapse has been struggling for some time now. The company had raised over $100 million in funding and had a team of hundreds working for it. However, despite its promising beginnings, Synapse was unable to scale and eventually shut down its operations. This led to the loss of tens of millions of dollars in customer deposits.
Synapse’s New Venture
Despite this setback, Pathak has now turned his attention to a new venture called Foundation. The company aims to develop robots that can be used for various tasks such as manufacturing, logistics, and even healthcare. While it’s still early days for Foundation, the company has already managed to raise an impressive amount of funding.
Synapse’s Founder Raises New Funds
Pathak has also raised a significant amount of money for his new venture. According to reports, he has secured over $20 million in funding from various investors. This is a remarkable feat considering that Synapse was unable to scale and eventually shut down its operations.
Stripe’s Massive Valuation
Meanwhile, Stripe has continued to grow in value at an incredible pace. The company has now been valued at over $100 billion, making it one of the most valuable startups in the world. This valuation is a testament to the company’s ability to innovate and disrupt the payments industry.
Stripe’s Massive Cash Reserves
One of the reasons behind Stripe’s massive valuation is its impressive cash reserves. The company has managed to accumulate over $10 billion in cash, making it one of the most well-funded startups in the world. This cash reserve will allow the company to continue innovating and investing in new technologies.
Fintech Companies Hiring
As the fintech industry continues to grow and evolve, many companies are now hiring for various positions. From software developers to marketing professionals, there are a wide range of roles available in the fintech sector.
Popular Fintech Jobs
Some of the most popular fintech jobs include:
- Software developer
- Data scientist
- Marketing professional
- Product manager
Conclusion
In conclusion, this week has been an exciting one for the fintech industry. From Bolt’s proposed fundraise to Synapse’s new venture and Stripe’s massive valuation, there have been many developments that are worth noting.
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