Finch said to bag $2.25m in seed round to support app launch

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fintech insurtech wealthtech regtech ai cybertech esg news

Australia-based Finch has reportedly bagged $2.25m in a seed funding round to support the continued launch of its application.

The company is looking to raise further capital next year, with the aim of closing a $10m – $15m Series A round from both local investors and Silicon Valley investors, according to an article by SmartCompany.

Finch is a financial application, which allows users to pay friends and manage spending. The platform allows users to not only make one-off payments to friends, but split bills and set up tabs to settle shared expenses at a later date. Management tools are also available to help people keep track of all their spending and where their money is going.

This solution, which is set up with just a mobile phone number and credit/debit card, uses Touch ID and bank level security to ensure a user’s account is fully protected.

This capital will be used by the company to support the launch of its application, with further marketing. It will also be used to help with the hiring of new staff as Finch looks to expand its Melbourne team, it said.

Earlier this week, Australia-based payments provider Openpay netted a $10m investment, following the company cancelling plans for an IPO. The capital was supplied by a range of investors including Meydan Group, Investec, and SL Investments Group. Last month payment solution Verrency, which is also based in Australia, netted $15m in a Series A round, as the company looks to expand internationally.

Last week saw a whole host of WealthTech deals, with personal finance platform Tink securing a new line of equity from ABN AMRO and SEB among several other banks. While the investment was no disclosed, it was reportedly around €14m. Personal banking application Jiko also bagged funding, with the company securing a $7.7m round led by Upfront Ventures and Radicle Impact.

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