Summary:
Landian disrupts real estate with a flat-fee model that has industry leaders concerned.
Klarna and Affirm report impressive financials, with Affirm's revenue up 48%.
Comun raises $21.5 million to serve the immigrant community in the U.S.
Public acquires Carta’s brokerage accounts after a challenging period.
The ongoing Bolt saga continues to unfold with significant developments.
Welcome to TechCrunch Fintech! This week, we’re diving into a groundbreaking real estate startup, Landian, which is shaking up the industry with its innovative flat-fee model. Additionally, we’ll touch on the impressive financial performance of Klarna and Affirm, and highlight a rapidly growing neobank focused on immigrants.
The Big Story
Image Credits: Landian
There’s a lot happening in the fintech realm, especially in real estate. Landian has recently emerged from stealth mode, taking advantage of new rules concerning real estate commissions. One of its co-founders is notably the individual who successfully sued the National Association of Realtors (NAR) to facilitate these changes. Landian offers buyers a unique option: pay a la carte for services like $49 for home tours and $199 for offer preparation, or choose a flat fee of $1,799 for up to five home tours and two offer prep sessions. Redfin has expressed its thoughts about this model, which you can read about here.
Analysis of the Week
Image Credits: Getty Images
BNPL on Fire
Buy now, pay later (BNPL) giants Klarna and Affirm recently revealed their financials, both showcasing impressive results. Affirm surpassed analysts' expectations with a loss of just 14 cents per share, a significant improvement compared to the anticipated 51 cents. Their revenue soared by 48% year-over-year, reaching $659 million. Meanwhile, Klarna reported a 27% revenue increase in the first half of 2024 while keeping operating expenses stable.
Dollars and Cents
Image Credits: Co-founders Andres Santos and Abiel Gutierrez / Comun
Digital Bank for Immigrants Raises Big
Comun, a digital bank catering to immigrants in the U.S., has successfully raised $21.5 million in a Series A funding round. This comes just months after a previous $4.5 million raise. The startup is experiencing rapid growth, with a 50% increase in valuation since its last funding round. After launching its first product in October 2022, Comun decided to build its own infrastructure, partnering with Community Federal Savings Bank to enhance its offerings.
What Else We’re Seeing
Image Credits: Carta
Carta Finds a Sale
The stock-trading startup Public has acquired the brokerage accounts of Carta’s secondaries business. Carta, known for its cap table management software, faced challenges in its expansion attempts into the secondary marketplace. Following a scandal involving accusations of misusing private data, Carta decided to exit this business, allowing Public to step in.
The saga surrounding Bolt continues, with developments regarding its proposed new backers. For more updates, stay tuned!
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