The hottest Fintech news of the week

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The hottest Fintech news of the week

Welcome back to the Interchange, where we take a look at the hottest Fintech news of the past week. The team was at TechCrunch Disrupt 2023, a dedicated fintech stage for the first time and dozens of Battlefield 200 companies in the fintech industry. Christine even moderated a pitch session for Fintech! Mary Ann could't make it due to a family issue - and after spending months leading the programming for the fintech stage, she was truly heartbroken. It was all a resounding success, with the room so packed for the fireside chats and panels that people had to stand in the back to catch them. There were an estimated 13,000 people at the event, up significantly from last year.

Robinhood co-founder and CEO Vlad Tenev, CEO of Plaid, and president of Checkout.com also participated in one-on-one chats on the fintech stage. A panel of bankers gathered to discuss a post-Silicon Valley Bank world. Although SVB is still alive and kicking, it is still alive and kicking.

Here are the stories that summarise the highlights of those chats and panels.

Construction firms don't need to worry about accounting information being collected from MakersHub.

Bundl enables employees to choose their own company benefits.

This week, I wrote about truemed, a company that wants to put food in front of medicine.

Calley Means and Justin Mares set up the payment integration company last year to make it simple for consumers to pay for healthy foods, exercise and supplements using their tax-free health savings accounts or flexible spending account dollars. And with regulatory compliance.

The letter of medical necessity to use HSA or FSA dollars on items other than surgery or medication is essential for most patients. Truemed's use of telehealth laws enables it to gather certain data points and then seamlessly and asynchronously provide that letter without a doctor's visit.

About $140 billion is sitting in these accounts, mostly gone unused, and the IRS has increased the amount you can contribute to health savings accounts, to $4,150 for an individual and $8,300 for a family. By putting these dollars to work more easily, it will allow people to more easily put them to work.

The company has $3 billion of gross merchandise assets in circulation, which includes companies such as CrossFit, Magic Mind and Kos. The company also received $3.5 million in SAFEs from investors, including functional medicine pioneer Mark Hyman and founders of Thrive Market, Eight Sleep and Levels.

I separately corresponded with Kevin Robertson, executive managing director and chief revenue officer at HSA Bank, a division of Webster Bank, about how HSA and FSA benefits are being used as a retention tool for tech companies.

A trend Robertson sees is that employers are increasingly matching pre-tax employee HSA and FSA contributions. In Canada, there is also growing interest in doing more of what is called a lifestyle spending account.

LSAs aren't pre-tax dollars, though he notes that these particular accounts provide a more personalized benefit experience. An employer can designate accounts for pet care, spa treatments, and even fitness reimbursement.

During a tight labor market, companies are enhancing their core benefit offerings to show themselves as an attractive place to work, Robertson said. Mercury said last week that it has transitioned Mercury Raise from a seasonal, cohort-based program to an always-available platform, which includes new tools, programs, and networks. Three years ago, Mercury Raise was introduced as a program to help entrepreneurs raise their seed or Series A rounds, TechCrunch said. It added: Read TechCrunch's latest coverage on Mercury here.

Arc has released a new bank account called Platinum, with its CEO telling TechCrunch over email: s the first and only operating account built on a bank partner. Over the last 6 months, we built this partnership in stealth, receiving feedback from thousands of founders and boards that have been forced to choose between the safety of the world's largest banks and the user experience & yield available only via B2B Fintechs. Brex introduced a proactive assistant that gives every employee their own EA. In addition, financial teams can expect increased productivity across the company. The stock market has been a disappointment lately, with the company's stock being a substandard performer. Does a management shakeup provide a needed jolt?

solid faked revenue numbers, including those of a special committee appointed to investigate, the source said.

Varo aims to reduce Venmo, Cash App volume with new P2P feature.

As global expansion continues, Apple is launching Tap to Pay in Brazil.

Treasury Prime announced integration with Astra to provide real-time payment capabilities to customers.

As seen elsewhere, it's not clear what will happen to U.S. soil next year.

Flex secures $20M equity and $100M debt for SMBs to establish a one-stop-shop financial hub for SMBs.