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receive to TechCrunch Fintech ! This workweek , we ’re looking at neobank Dave ’s “ misleading marketing ” consort to a new FTC complaint , Affirm ’s launch in the U.K. amid regulatory overhaul , and how adequate propose to battle India ’s grow cyberfraud job .
The big story
The FTC come after Dave for “ deceptive marketing ”
The FTC is taking action mechanism against online cash app and neobank Dave , which it say used“misleading merchandising to delude consumers . ”
At issue is how Dave commercialize $ 500 hard currency advances to consumers that it seldom offered , and the “ Express Fee ” it charged if customers desire their money directly . The FTC claimed Dave ’s merchandising imply that its hard cash advances would be “ instant ” without bring out the fee ask until after the consumer gave Dave access to their depository financial institution story .
The charge says that if the user chose not to pay the fee , which ranged anywhere from $ 3 to $ 25 , they ’d have to wait two to three business day for the transfer to go through . The FTC also alleged that Dave would sometimes charge a surprise fee , which it line as a “ tip . ”
Analysis of the week
Affirm has set in motion in the U.K. , its first market outside North America .
The steal now , pay later ( BNPL ) giant’slong - anticipated arrivalcomes at an interesting detail . U.K. lawmakers are mulling over new rules to bring BNPL house into line with other traditional consumer recognition services , but such law are n’t expected to arrive into effect until at least 2026 . That could give Affirm plenty of prison term to build adhesive friction and curry favor with consumers and regulators likewise .
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Affirm is n’t launching in the U.K. with any of the big - name partnerships it has back base , but the fact that it count the likes ofAmazon , Shopify , andAppleas customers in the U.S. means that it would n’t be a immense stretch to also expand its commercial-grade partnerships across the pool .
Dollars and cents
Brazilian fintech Tako isemerging from stealthwith a $ 13.2 million seed round co - lead by Ribbit Capital and Andreessen Horowitz . Tako ’s employee life oscillation platform automates job like onboarding and payroll to carry through companies clip and bring employee selective information into one place .
MoradaUno , a proptech company that aims to make it easier to rent flat in Mexico , justraised a $ 5.6 million Series A roundco - led by Flourish Ventures and Cometa . The store will be used to help with expansion , atomic number 27 - founder and CEO Santiago Morales told TechCrunch .
Equal has raised aSeries A round of $ 10 millionat a post - money rating of $ 80 million to descale its mental process . The Hyderabad - based startup aims to address India ’s uprise cyberfraud problem with its suite of identity operator check and fiscal data - share products .
