This week’s 30 FinTech funding rounds were championed by a colossal $1bn investment raised by CyberTech platform Securonix.
The 30 FinTech companies raised a combined total of $2.8bn this past week. Of which, the biggest 11 deals came were in a range of sectors and countries.
Four of the companies were from the United States (Securonix, Flutterwave, Check and Homebound). The UK was responsible for the second most deals, with Genesis and Atom. The remaining top 11 were from Brazil, Singapore, China, Denmark and Indonesia.
Here are this week’s FinTech deals.
Securonix raises eyewatering $1bn
Threat detection platform Securonix pulled in a colossal $1bn growth investment from private equity firm Vista Equity Partners. The round was also supported by Volition Capital and Eight Roads Ventures.
With the capital injection, the company plans to bolster its platform to meet customer demands, and hire staff for its engineering, cloud operations, threat labs, and sales and marketing teams.
The CyberTech company provides businesses with a SaaS-based security analytics, operations and response platform.
This investment comes off the back of a strong 12 months for Securonix, including a 100% year-over-year increase to its team. It now has 1,000 employees around the world.
Brazilian bank Neon scores $300m
Neon, a challenger bank based in Brazil, raised $300m in funding from Spanish multinational financial services provider BBVA.
Following the close of the deal, BBVA has picked up a 21.7% stake in the company, bringing its total position to 29.7%. The firm hopes this deal will help it gain exposure to the Brazilian market.
Founded in 2016, Neon offers free checking accounts, debit and credit cards, payroll loans and specialised products for small businesses.
Since it was founded, the company has raised a total of $423m in funding. Its shareholders include General Atlantic, Vulcan, BlackRock, Paypal and Banco Votorantim.
Flutterwave hits $3bn valuation
Flutterwave raised $250m in a funding round to help it complete mergers and acquisitions. The funding round upped its valuation to $3bn.
The investment was backed by Facebook co-founder Eduardo Saverin’s venture capital firm B Capital Group and Whale Rock Capital Management.
Founded in 2016, the company provides banks and businesses with technology, tools and infrastructure to provide customers with a seamless and secure payments experience. It is currently available in 34 countries across Africa and has processed a total of 200 million transactions valued at over $16bn.
The FinTech company previously raised $170m in its Series C funding round in March 2021. This investment put its valuation at $1bn.
Genesis scores $200m
London-based Genesis builds applications for financial markets organisations. Earlier this week, it bagged a $200m investment which was led by Tiger Global Management.
Other commitments to the round came from Accel, GV, Illuminate Financial, Insight Partners, Salesforce Ventures and Tribeca Early Stage Partners.
With the funds, Genesis is hoping to expand its developer community and onboard thousands of new developers. It also plans to bolster its buy-to-build model. The model aims to bolster operational efficiency and let IT teams easily implement new software applications.
SME lender Funding Societies bags $144m
Southeast Asia-focused SME lending platform Funding Societies secured $144m in its Series C+ funding round.
The capital injection was led by SoftBank Vision Fund 2, with participation also coming from VNG Corporation, Rapyd Ventures, EDBI, Indies Capital, K3 Ventures and Ascend Vietnam Ventures.
This investment means former and existing employees receive a combined total of $16m through the stock option plan.
In addition to the equity, the company received a $150m debt facility from institutional lenders in the US, Asia and Europe.
Funding Societies is licensed in Singapore, Indonesia, Thailand and Malaysia. It is also in operation in Vietnam.
The company offers microloans, term loans, supply chain financing, invoice invoicing, revolving credit facility, property-backed secured financing and more.
China gets its latest unicorn through Fenbeitong
Corporate spend FinTech company Fenbeitong has collected $140m for its Series C+ funding round, which brought its valuation to more than $1bn.
DST Global served as the lead investor, with commitments also coming from previous backers Hillhouse, Ribbit, Stau, Glade Brook and Bit Rock. D1 Capital Partners, WhaleRock, Saudi Aramco’s P7 Ventures and Emergence also joined the round, marking their first investments into Fenbeitong.
This investment will help the FinTech company enhance its product capabilities and hire more staff.
Fenbeitong, which was founded in 2016, provides expense management, business payment, spend management, reimbursement and other financial tools. Its goal is to become the leader in corporate spend management in China.
With the close of the round, the company has raised a total of $300m in funding.
Danish BNPL. startup nets $120m
ViaBill, which was created in 2014, has raised $120m in a funding round comprised of both equity and debt. The lead investor to the round was Fasanara Capital.
The Denmark-based company aims to change online shopping processes through its buy now, pay later services. It recently conducted a study of 11,000 consumers and found that there was a “massive uplift” in BNPL transactions.
Its services are currently available in Denmark, Spain and the US, with plans to launch in more countries soon.
ViaBill CEO and co-founder Jan Lytje-Hansen said, “80% of our consumers’ spending happens offline. While other large Buy Now Pay Later players like Klarna, AfterPay, and Affirm have successfully infiltrated the online payment space, there’s a lack of BNPL solutions that support brick and mortar shops. We solved this.
“Consumers around the world can download the ViaBill App, enter a limited set of data, and have ViaBill’s advanced credit decision engine immediately evaluate their creditworthiness. If successful, a virtual credit card is issued on the spot which the consumer can push to their wallet and use to pay as usual.”
Atom picks up funding on its way to IPO
UK challenger bank Atom has picked up £75m ($102m) in a funding round ahead of its planned IPO.
The company sold shares at 70p apiece. BBVA and Toscafund served as the co-lead investors, with commitments also coming from Infinity Investment Partners.
It offers fixed saver accounts and secured business lending to SMEs.
Atom has experienced strong growth in the past year. In 2021, it passed £3bn of mortgage completions, with applications for digital loans peaking at £315m in Q3.
The Durham-based FinTech company previously picked up £40m in funding back in April 2021.
Atom introduced a four-day working week in November 2021, with no decrease to pay. Since then, it has seen a 500% increase in job applicants and a rise in staff engagement.
Indonesia’s Akulaku scores $100m
Southeast Asia digital banking and financing platform Akulaku has scored $100m in strategic funding from Thai full-service bank Siam Commercial Bank.
Founded in 2016, the company claims to be the largest buy now, pay later and consumer financing platform in Indonesia. The
In 2021, Akulaku distributed $2.2bn to over six million users.
With the burst of funds, the company hopes to expand across Southeast Asia and build new features for its customers.
The FinTech company previously raised $125m in a funding round back in 2021.
Homebound nails funding for homebuilding
Homebuilding platform Homebound has raised $75m for its Series C round, which was led by Khosla.
The PropTech company began life as a way to help people rebuild their homes following Californian wildfires. It now describes its mission as making it possible for anyone to build a home.
To start, it helps a customer identify the land they wish to build their home on or find a lot from where Homebound offers. It then supports everything from architectural plans to design and through to construction.
Funds from the round will help it expand across the US, with plans to enter Dallas, Houston and Denver.
This investment brings its total equity raised to $148m.
Check collects $75m
Payroll infrastructure company Check has pulled in $75m in its Series C funding round, which was led by Stripe.
Other backers to the round include Bedrock, Thrive and Index.
The capital will enable Check to bolster its technology so it can become the most robust platform of its type.
Check provides companies with the tools to build, launch and scale a payroll business. Its technology can help with tax calculations, tax filings and the movement of money.
Citi backs Sharegain
Capital markets infrastructure company Sharegain has collected $64m for its Series B funding round.
The investment was led by WestCap, with commitments also coming from Citi, Optiver PSI, EJF Capital LLC, SixThirty, Rhodium Maverick Ventures Israel, Blumberg Capital and the Kessler family office.
Sharegain claims this was the largest Series B funding round in the securities and lending industry.
The company offers a securities lending-as-a-service solution and a portfolio analyser tool to boost the potential of stocks, bonds and ETFs under management.
Thought Machine bags £40m
The UK-based cloud-native core banking infrastructure developer Thought Machine has collected £40m ($54m) in fresh funding.
The capital was supplied by Italian bank Intesa Sanpaolo, which comes alongside a new partnership. Intesa picked Thought Machine’s core banking engine Vault to power its digital banking platform Isybank. The new offering will be aimed at Intesa’s customers in Italy.
Over the coming years, Intesa will extend the reach of the banking technology to support its wider digitalisation efforts, which could include replacing its existing core technology and moving to cloud infrastructure.
Motorq eyes insurance after fundraise
Connected car API company Motorq has raised $40m in its Series B funding round, which was led by Insight Partners.
Other commitments came from Story Ventures, FM Capital, Monta Vista Capital and Avanta Ventures.
Founded in 2016, the company leverages data to generate actionable insights from connected car systems.
The capital injection will help it to enter new industries, including insurance. Funds will also be used to hire more staff for its product development and engineering teams.
Legit Security inks $30m
CyberTech company Legit Security has closed its Series A funding round on $30m.
The investment capital will help it bolster its expansion efforts for its engineering team as well as its go-to-market efforts in the US.
Legit Security offers a SaaS-based solution that secures an organisation’s software supply chain to prevent sensitive data leaks and insecure software releases. The company also provides security leaders with the visibility and contextual information they need to minimise risk.
Qumata extends Series A
Qumata, a developer of machine learning and AI-powered underwriting, has received $23m in a Series A extension round.
The round was supported by several of Qumata’s existing shareholders, including MMC Ventures.
This deal comes shortly after Qumata signed a deal with AIA Group to provide services across Asia.
Qumata helps life and health insurers to provide an accurate picture of current and future mortality and morbidity and health risks for anyone with a smartphone, its website states. Its API-based solution can be implemented into an insurer’s backend to improve their underwriting capabilities.
South Africa-based Stitch closes Series A
The FinTech company, which develops API infrastructure for financial services, has closed its Series A on $21m.
Stitch will use the funds to build a financial graph ecosystem across Africa. This will be an infrastructure for financial building blocks that allow businesses to write code once and then launch in several markets and quickly scale.
The investment was led by The Spruce House Partnership, with contributions also coming from PayPal Ventures, TrueLayer, firstminute capital, The Raba Partnership, CRE Venture Capital, Village Global and others.
Its platform helps companies quickly implement financial applications, including pay-ins, payouts, financial data and verification.
InsurTech Gaia nabs $20m
Gaia has raised $20m in its Series A funding round, which was led by London’s Atomico.
Other participants to the round came from Kindred Capital, Seedcamp and Clocktower Technology Ventures.
Founded in 2019, Gaia provides insurance payment plans to finance IVF treatments. Its technology predicts the number of rounds a couple will likely need, as well as find the clinic that can provide the right treatment.
This investment brings Gaia’s total capital raised to $23m.
Banked banks Series A
The global real-time payments network has closed its Series A funding round on $20m.
Bank of America and Edenred Capital Partners served as the lead investors to the round, with commitments also coming from Acrew, Force Over Mass, Firestartr, OM2, Love Ventures, Kuvi Capital and Paul Forster.
This equity injection will help Banked expand across the US.
Founded in 2018, the company aims to become the leading provider of alternative card payment methods. Its users do not need to make an account or pass any login information to Banked. They simply choose their existing bank at checkout and are securely connected to their mobile banking app to biometrically authenticate the transaction.
The FinTech company has raised a total of $30m in funding, to date.
Sparrow takes flight with Series A funding
Employee management technology developer Sparrow has scored $20m in its Series A round.
WndrCo , an investment firm headed by DreamWorks co-founder Jeffrey Katzenberg, led the investment, with capital also coming from Authentic Ventures and South Park Commons.
Funds from the round will support the acceleration of Sparrow’s sales, marketing and product development efforts in North America. It has also earmarked cash to help hire more staff for its engineering, product, operations, sales, and marketing teams.
The Sparrow platform is aimed at helping employers reduce the risk of non-compliance, lower programme management costs and boost employee retention. Employees, on the other hand, get a stress-free and transparent process for leave benefits.
RegTech platform Trullion bags $15m
AI-powered Trullion, which offers services to extract and streamline data sourcing, bagged $15m in its Series A.
Aleph and Third Point Ventures co-led the round, with capital also coming from Greycroft and several angel investors.
Funds will help Trullion hire more engineering, sales and marketing staff in the US and Israel. It also plans to bolster its product development efforts.
Its platform is aimed at boosting transparency in accounting and financial ecosystems. The AI-powered technology extracts and streamlines data from source documents to various teams, whilst automating workflows so accountants can work in real-time with auditors.
Passthrough raises $5m
Passthrough closed a $5m seed round, which the company said will help it provide fund workflow automation, simplifying fund closing.
The round was led by Sam Cates and Patrick O’Shaughnessy from Positive Sum and a handful of strategic investors and industry experts.
The company’s mission is to organise and structure investor identity information and make that information interoperable, whilst also saving time and frustration with more seamless experiences that make it easier to invest in private funds.
Its platform takes a subscription document and builds a custom workflow.
Icelandic challenger bank launches
Indó has launched from stealth after the close of its seed round on $4.5m. The company became the first challenger bank to emerge from Iceland.
It also claims to be the first challenger bank aimed at acquiring customers’ primary salary-deposit account with a new-build and uniquely low-cost model while encapsulating existing financial infrastructure.
The idea for Indó came on the back of the 2008 financial crash, which heavily impacted the financial ecosystem in Iceland. Indó was built to “restore faith in the banking system through ultimate transparency and no bullshit banking.”
Cyber insurance platform nabs $4.3m
Cyber Sierra, a Singapore-based InsurTech company, has collected $4.3m in its seed funding round.
Leo Capital served as the lead investor, with commitments also coming from AppWorks, Credit Saison, and several unnamed angel investors,
This equity boost will help the company launch its services and expand its product to better meet the needs of customers. Capital will also be used for hiring efforts.
Founded in 2021, the company provides businesses with protection from constant threats and embeds insurance. The technology scans a surface for vulnerabilities, runs counter-phishing campaigns to train staff, implements infosec policies and identifies misconfigurations in cloud setups.
On-demand salary platform Earnipay scored $4m
Earnipay, which provides on-demand salary services, has netted $4m in its seed funding round.
Canaan led the round, with commitments also coming from XYZ Ventures, Village Global, Musha Ventures, Voltron Capital, Ventures Platform and Paystack CEO Shola Akinlade.
With the funds, the company hopes to target large enterprises and expand across Africa.
Earnipay has been in beta since September 2021 and launched last month. By the end of the year, the company hopes to offer its on-demand salary solution to 200,000 employees by the end of the year.
India’s HealthySure nets $1.2m
Indian InsurTech company HealthySure has raised $1.2m in its pre-Series A funding round.
The investment was led by Inflection Point Ventures, with We Founder Circle, Dexter Angels, Campus Fund and HEM Angels also joining the round.
The funds will help HealthySure bolster the development of its products to better serve workers and their families. Funds will also help hire more staff.
HealthySure is a unified health insurance program, which offers employees a plethora of coverage options. A user can select a family plan, choose a base sum of insurance and pick a provider. There is a variety of additional benefits that can be added including personal accident cover, term life cover, doctor teleconsultations and dental cover.
b atomic nabs $1m
US-based InsurTech company b atomic has reportedly collected $1m in its seed funding round.
The investment was backed by private equity firm Oak Tree Equity and independent insurance agents.
b atomic has two core products, neon agent and neon carrier. neon agent is designed to help agencies make data-driven decisions and ensure marketers, agents and account managers know what they should do next.
Investor social network nabs funding
Canada-based Blossom Social, which is building a social network for retail investors, has reportedly closed a pre-seed investment.
The capital was supplied by Pareto Holdings, a venture fund launched by Jon Oringer and Edward Lando.
Its app, which is currently invite only, is aimed at creating a community of investors. Its website boasts it is “changing investing from a solo game to a team sport.”
On the app, a user can see what their friends are doing, explore their portfolio allocations, stock picks and investment rationale. It also lets the user link their brokerages to the app so they can track everything at once.
Will Ferrell invests into Danish neobank Lunar
Danish neobank Lunar has welcomed American actor Will Ferrell as its latest investor.
The FinTech company announced this via a LinkedIn post but did not state how much money Ferrell invested. As part of the investment, Ferrell has made a new advert for the company, which was shared via the LinkedIn post.
In the post, Ferrell said, “I am excited to take part in Lunar’s mission to give consumers and businesses more power from their money. By joining Lunar I am expanding my engagement in the Nordic countries, which is close to my heart.
Swiss Re backs digital insurer Klimber
Reinsurance giant Swiss Re has led a pre–Series A funding round for Latin America-based digital insurer Klimber.
The deal will provide Klimber with access to Swiss Re’s innovative solutions, products and data,
Argentina-based Klimber claims to have launched the first digital life insurance offering in Latin America.
Checkout the previous week’s deals here.
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