Fintech fundraising is giving me 2021 flashbacks

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This week we’re looking at some big valuation jumps, how Stripe is eyeing another shareholder sale, a colorful conversation with an early-stage VC, and more!

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The big story

Last week was a good one when it came to funding for fintech startups. Riyadh-based Tabby became the most valuable fintech in MENA after securing $160 million in a Series E round at a $3.3 billion valuation as it expands beyond buy now, pay later. That’s double the $1.5 billion it was valued at just 18 months ago. Impressive. And, India’s Zeta, a provider of banking software to banks and fintech startups, raised $50 million from a strategic investor at a $2 billion valuation. That’s up from the $1.15 billion price tag (pre-money) it earned in 2021. Meanwhile, Mercury is reportedly in talks to raise capital in a new round led by Sequoia at an over $3 billion valuation, which would double the companies’ value. (The company had no comment when TechCrunch reached out.) If these deals are any indication of what 2025 is going to be like, I’m bracing myself. Starting to get 2021 flashbacks. (Not quite, but still…)

Show me the money

pattern of wads of banded cash — **Image Credits:**Olga Arsentyeva / Getty Images

Payments infrastructure giant Stripe is in talks for another shareholder sale that could value the company at “at least” $85 billion, according to multiple reports and a source familiar with the matter.

Lagos-based Raenest, which offers multi-currency accounts, has raised $11 million in a funding round led by QED Investors to expand its reach across Africa.

Ghanian fintech Affinity Africa has raised $8 million in seed funding to expand its financial products further across the country, where mobile money is the dominant financial tool.

Comulate, which builds tools to help insurers manage billing and revenue operations, has closed a $20 million Series B round that it will use to expand its tech stack to cover more functions and scale operations.

Cap table management firm Carta made headlines in 2020 when its former marketing VP Emily Kramer filed a lawsuit alleging gender discrimination and retaliation. That case was settled in 2023. But since then, Carta has settled two other lawsuits filed by women who worked at the firm and alleged sexual harassment and discrimination, legal filings seen by TechCrunch show. Charles Rollet has more on this.

Crypto exchange Coinbase is working on its reentry to India more than a year after it officially ceased operations in the world’s most populous nation.

I had an absolute blast talking with Sheel Mohnot, general partner of Better Tomorrow Ventures for TechCrunch’s Equity Podcast. We chatted about everything from that time he was in a Justin Bieber video, to how social media has helped him win deals, to how he thinks fintech is making a major comeback.