This week has seen a strong 41 deals in the FinTech sector, with large funding rounds from Paytechs DailyPay and Stax, to InsurTech Policygenius, +Simple, and Cowbell Cyber.
The biggest deal came from blockchain solution developer ConsenSys, which inched closer to decacorn status with a $450m investment propelling it to a $7bn valuation. PayTechs saw some high value deals this week with DailyPay landing an eye-watering $300m and Stax raising $245m.
There were also a significant number of deals in the InsurTech sector, representing the sustained and growing investor interest in the sector.
Cowbell Cyber, which provides AI-powered cyber insurance, closed its Series A on $20m in a round led by Anthemis. Socotra, a provider of a cloud-native platform for insurers, raised $50m in Series C funding, digital insurer Policygenius collected $125m, French digital insurance brokerage +Simple landed €90m, and TNEDICCA, which collates traffic crash data for insurers, closed a $1.75m Series A round.
FinTech Global recently spoke to Anthemis, the most active InsurTech investor in 2021, participating in a total of 11 transactions. The prolific VC provided insights on what it sees in the industry and what lies ahead.
Here are the 41 rounds that took place this week.
ConsenSys closes $450m round
ConsenSys, a blockchain solution developer, has reached a $7bn valuation after the close of a $450m investment round.
The capital injection was supplied by first-time ConsenSys backers Temasek, SoftBank Vision Fund 2, Microsoft, Anthos Capital, Sound Ventures and C Ventures. Existing backers Third Point, Marshall Wace, TRUE Capital Management, and UTA VC, United Talent Agency’s venture fund also joined the round.
The fresh equity will be converted into ETH to rebalance the ratio of ETH to USD-equivalents in line with ConsenSys’ treasury strategy. ConsenSys has a significant treasury of ETH, stablecoins and other crypto tokens and is using its own financial infrastructure to put the assets to work in DeFi protocols and via staking.
This capital injection will also aid its rapid expansion of MetaMask, its self-custodial wallet. It has a major redesign planned for this year and has a rollout of a plug-in extensibility system that will enable the integration with a selection of blockchain protocols and schemes.
It also hopes it can accelerate the global adoption of its development tool suite and its efforts to drive NFT adoption for artists, content creators, brands, intellectual property owners, game publishers, and sports leagues.
DailyPay receives $300m
DailyPay, an on-demand pay platform that helps employees get real-time access to wages, has received $300m in a revolving credit facility from Barclays.
The funds will provide DailyPay with funds to service its growing list of partners.
New York-headquartered DailyPay offers employees a digital wallet that gives them instant access to the money they have earned. In addition to this, the app lets users spend money, pay bills, access a savings account, invest money and more.
Alongside the capital injection, DailyPay picked up $325m in a credit facility from an undisclosed source.
Stax collects $245m
Stax, an all-in-one payments platform, has collected $245m in a funding round, which brings its valuation to $1bn.
With the funds, the FinTech company plans to expand its product capabilities, bolster its customer offering, hire more staff and expand internationally.
Investors to the round include Greater Sum Ventures and Blue Star Innovation Partners.
The company is led by sibling co-founders Suneera Madhani, CEO, and Sal Rehmetullah, president. The stated this funding round is a significant milestone at a time where less than 3% of venture capital goes to minorities and less than 1% foes to businesses with women of colour CEOs.The FinTech company, which is based in the US, empowers over 22,000 businesses to manage their payment ecosystem, analyse data and simplify customer experiences. Through its API suite, clients can access tools for in-person, mobile and contactless transactions, e-commerce, invoicing, and more.
Roofstock closes $240m Series E
Roofstock, an end-to-end online platform for single-family rental (SFR) investing, has reached a $1.94bn valuation after the close of a $240m Series E round.
SoftBank Vision Fund 2 served as the lead investor, with commitments also coming from Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures, Canvas Ventures, Citi Ventures, First American Financial, Expanding Capital, 7GC & Co., JLL Spark, SVB Capital, The Private Shares Fund, Masco Ventures, Newton Investment Management North America, Pegasus Tech Ventures, CAZ Investments, Moving Capital and DoorDash Angels.
Roofstock is a digital real estate investing platform, which lets incumbents and new investors build portfolios of assets across the US. Institutional and retail investors can leverage the platform to buy, manage and sell investment real estate online.
With the capital, Roofstock has multiple growth plans, with the aim to double down on its growth momentum. The company also plans to double its team this year, hiring for engineering, product, marketing, analytics and operations teams.
Best Egg lands $225m Series E
Best Egg, the machine learning-powered, online credit and financial wellness platform that is owned and operated by Marlette Holdings, has secured $225m in Series E funding.
The round was led by the Healthcare of Ontario Pension Plan (HOOPP), which manages over $80bn in assets, with participation from investment funds advised by Davidson Kempner Capital Management LP, as well as a large international bank.
Marlette Holdings is a FinTech provider whose subsidiaries develop and operate the Best Egg financial platform. The platform aims to help people feel more confident about their everyday finances. Since March 2014, it said it has delivered over $16bn of consumer loans with strong credit performance.
Knock raises $220m for homebuying mission
Knock, a FinTech company that helps customers finance homebuying, has raised $220m in funding.
The funding comprises $70m in equity and $150m in new debt. The round was led by Foundry Group with participation from existing investors First American Financial and RRE Ventures as well as new investors, including the National Association of Realtors, director/producer M Night Shyamalan and Mauricio Umansky, co-founder of luxury real estate brokerage The Agency.
Knock flagship product Home Swap enables consumers to buy the home they want before selling their current home.
The funding announcement comes nearly a year after Knock hired Goldman Sachs to explore opportunities to take the company public at a valuation of $2bn.
Lendable reaches £3.5bn valuation with £210m injection
Lendable, a leading AI-powered consumer finance platform, has raised £210m in a funding round that saw its valuation reach £3.5bn.
The round was led by the Ontario Teachers Pension Plan Board (Ontario Teachers™), through its Teachers™ Innovation Platform (TIP). TIP focuses on late-stage venture and growth equity investments in cutting-edge technology companies led by mission-driven entrepreneurs.
Founded in 2014, Lendable said its vision is to use technology to make consumer finance work better for its customers. The company applies AI and automation to enhance underwriting, and offer customers better rates, transparency and service, while offering institutional investors ranging from global banks to family offices access to the asset class.
Policygenius collects $125m
Policygenius, a digital insurance platform, has collected $125m in funding, as it capitalises on two years of strong growth.
All of Policygenius’ existing major investors joined the round, including KKR, Norwest Venture Partners, Revolution Ventures, AXA Venture Partners and MassMutual Ventures. The investment was also backed by first-time investors, including Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial and Pacific Life.
This fresh funding round will be used to bolster the growth of its life, disability, home and auto insurance.
In addition to the equity funding, Policygenius received a credit facility from ORIX Corporation to finance its growth. The InsurTech company also refinanced its existing senior loan facility with JPMorgan Chase.
Founded in 2014, Policygenius is a one-stop digital platform that lets consumers compare and buy insurance. It has integrations with numerous insurance carriers and has a proprietary technology for quoting, underwriting and fulfilment.
Novel Capital exits stealth with $115m
Novel Capital, a FinTech company helping businesses accelerate growth, has exited stealth with $115m in initial equity and debt funding.
Novel Capital said it provides an alternative funding method to entrepreneurs that is simpler and less risky than bank debt and does not require founders to give up equity or control. The company’s online platform offers revenue-based financing products specifically tailored to growing software companies.
Novel Capital offers two revenue-based financing products. RevShare Capital gives companies up to 30% of their expected annual revenue today, in exchange for a percentage of future monthly realised revenue for the next 36 months. UpFront Capital gives companies instant access to future subscription revenue for an upfront fee.
Oakbrook Finance gets £142m boost
Consumer lending platform Oakbrook Finance has collected £142m in funding from JP Morgan and Atalaya Capital Management.
With the funds, the company hopes to bolster its position in the market.
The UK-based FinTech company is a digital consumer finance and technology company that helps consumers that want to borrow and investors that wish to lend.
Its platform offers loans with APR’s ranging from 6.9% to 34.9% and loan amounts up to £15,000. Users can complete an online application to check eligibility, with money received within a couple of hours.
The platform also offers an omni-channel account management, two repayment breaks each year, repayment date changes and overpayments with no penalties.
It has a team of 170 and is majority owned by venture builder Blenheim Chalcot.
Cowbell Cyber raises $100m led by Anthemis
Cowbell Cyber, a provider of AI-powered cyber insurance, has secured $100m in Series B funding.
The Series B was led by Anthemis Group and saw noted participation from Permira, PruVen Capital, Viola Fintech and NYCA Partners. In March 2021, Cowbell closed its Series A on $20m.
Founded in 2019, Cowbell offers an AI-supported continuous underwriting platform aimed at SMEs. The firm claims it has created the largest cyber insurance distribution network in the US.
According to Cowbell, it intends to use the new funding to fuel go-to-market expansion, along with risk engineering and claims management capabilities.
+Simple rakes in €90m
French digital insurance brokerage +Simple has closed a growth financing round on €90m, which was led by global investment firm KKR.
Alongside the close of the investment, +Simple has also acquired two independent brokers: France-based Alians and Germany’s Carl Rieck Assecuradeur. Additionally, it has purchased Matintec, an underwriting agency in Italy. It hopes these new additions will help it expand its distribution capabilities.
The growth funding was also supported by existing +Simple investors Eurazeo and Speedinvest, as well as Tikehau Capital, which supplied the company with debt funding.
Founded in 2015, +Simple claims to be the insurance robo-broker. provides self-employed workers and small businesses in France, Germany and Italy with insurance products through a network of retail brokers, partnerships with insurance carriers and generalist brokers. It operates as a wholesale broker.
Bazaar to scale with $70m Series B
Pakistan-based Bazaar, a B2B e-commerce and FinTech platform, has secured $70m in its Series B funding round, as it looks to expand its suite of digital products.
The round was led by Dragoneer Investment Group and Tiger Global Management. Other backers to the round include Valley Capital, Defy Partners, Acrew Capital, Wavemaker Partners, B&Y Venture Partners and Zayn Capital.
Bazaar plans to expand into more cities across Pakistan, launch new marketplace categories, scale its lending offerings and accelerate product development.
Bazaar was founded in 2020 and is aimed at creating an operating system for traditional retail in Pakistan. It claims the retail economy is worth over $170bn, is primarily offline and mostly served through five million SMEs across the country. The country also lacks access to formal financial services, with it the third largest unbanked population.
At the same time, the country is undergoing a massive digital penetration wave driven by widespread availability of smartphones and low broadband costs. As a result, Bazaar provides an integrated platform of B2B offerings that aggregate, digitise and finance the retail landscape, it said.
Multiplier multiplies with $60m
Global employment platform Multiplier has closed its Series B funding round on $60m, which brings its valuation to $400m. The investment was co-led by Tiger Global and Sequoia Capital India, with commitments also coming from DST Global Partners.
Funds from the round will be used to add new capabilities to its platform, form partnerships and expand its global infrastructure.
Founded in 2020, the company was created to solve the problem of global employment by enabling companies to tap into global talent pools. The FinTech platform eliminates the need for organisations to have their own legal entities when hiring across borders. A business can leverage the platform to manage global payroll, provide benefits, insurance and tackle compliance. Its pricing starts at $300 per employee, per month, with it costing $40 per freelancer per month.
One of its focuses is offering health insurance coverage, which is in most standard benefit packages. It claims to be the only company in the space that offers locally competitive, customisable and homogenous insurance to customers.
With the close of the round, the company has raised a total of $77.2m. The fresh investment comes just three months after its Series A round and six months after its seed round.
Socotra’s $50m Series C
Socotra, a provider of a cloud-native platform for insurers, has closed a $50m Series C funding round led by Insight Partners.
Existing investors 8VC, Portage Ventures, Brewer Lane, MS&AD Ventures, and Nationwide Ventures also participated in this round, bringing total funds raised to date to $96m.
Founded in 2014, Socotra said its platform offers an alternative to the ‘fragile, monolithic policy administration systems of the past.’ Its customers include major carriers like AXA, Mutual of Omaha, Symetra, MS Amlin, and IAG, as well as leading InsurTech MGAs such as Hippo and Bamboo Insurance.
Socotra said it will use the proceeds of this funding round to further expand product functionality, broaden its reach throughout Europe and Australia, augment customer success infrastructure to support its rapidly growing customer base, and continue extending ecosystem capabilities through Socotra Marketplace.
Silent Eight bags $40m
Silent Eight, an AI-powered economic sanctions enforcement and financial crime prevention solutions, has bagged $40m in its Series B.
TYH Ventures served as the lead investor, with commitments also coming from OTB Ventures, Wavemaker Partners, SC Ventures, Aglaia, and Altara Ventures chairman and general partner Koh Boon Hwee.
Additionally, HSBC Ventures joined the round, becoming the latest customer to also be an investor.
With the funds, the company plans to expand its technology capabilities to meet the demands of its customers. It also expects to hire over 150 data scientists, developers and engineers in 2022.
Silent Eight offers an AI-powered platform for financial crime that investigates all suspicious transactions, beneficiaries and customers in real-time.
Apptega scores $37m
Apptega, a cybersecurity and compliance platform, has scored $37m in a growth equity firm Mainsall Partners.
With the funds, the company plans to scale its platform into new markets and channels.
The RegTech company helps businesses build, manage and report their cybersecurity and compliance programs, with over 25 cybersecurity frameworks. Its technology helps clients meet compliance with SOC 2, HIPAA, PCI, CMMC, ISO, GDPR and other regulations.
Its technology is used by over 500 companies across the financial services, healthcare, SaaS, aviation, insurance and other industries.
Todyl lands $28m
Todyl, a cybersecurity and networking company, has secured $28m in its Series A funding round.
The capital injection was led by Anthos Capital, with commitments also coming from Tech Operators, Blu Ventures and StoneMill Ventures.
This capital injection will help Todyl with the development and expansion of its platform.
Todyl launched its platform this week, with a suite of new modules. One of these is endpoint security that combines endpoint detection and response and next generation anti-virus into the single-agent platform.
Another one is a unique, personalised 24/7 managed extended detection and response service focused on prevention, detection and response.
Finally, it has completely overhauled its security information and event management with new reporting and dashboards.
Corl Financial Investments gets $20m backing
AI-powered investment platform Corl Financial Investments has received a $20m growth investment from NAOS Finance.
With this equity, the FinTech company will finance high-growth companies through revenue-based financing on its capital-as-a-service platform.
Corl offers a lending platform that leverages thousands of data points and AI to assess the probability of success for a business. When approved, capital is made available to the businesses within 24 hours, removing the need of long due diligence and fundraising processes.
Encompass Corporation raises £25m
Encompass Corporation, a provider of automated KYC solutions, has raised £25m in a funding round.
The round was led by Australian investor Perennial Partners and saw investment from Serendpity Capital, Seven Seat Capital and Microequities Asset Management.
According to Encompass, the raise will be used to accelerate the firm’s growth worldwide, which has included office openings and recruitment in Amsterdam and New York. The raise will also facilitate product innovation and development in Glasgow, Sydney and Belgrade.
The company’s expansion will help it to better meet the needs of existing global customers, as well as to continue to onboard renowned financial institutions as it increases its international footprint, Encompass stated.
Encompass has seen substantial growth over the past 12 months, adding new accounts and the addition of specialist industry experts to its teams in the UK, Europe, the US and APAC.
Gauntlet Network joins unicorn club after raising $23.8m
Gauntlet Network, a financial modelling platform, has hit a $1bn valuation after the close of its Series B round on $23.8m.
The deal was led by Ribbit Captial. Gauntlet claims to have experienced a 20-times revenue growth in the past year. It also stated that $38bn in assets are now reliant on Gauntlet’s financial modelling framework.
Following the close of the round, the company expects to expand its team with additional developers, engineers and simulation data scientists. It also plans to optimise its platform by researching new primitives in DeFi to better assist protocols as they grow and scale.
Its financial modelling platform leverages techniques derived from the algorithmic trading industry to inform on-chain protocol management. Its platform takes from and improves upon many of the risk assessment frameworks found in traditional finance, creating a quantitative, dynamic approach to risk management for blockchain protocols.
doxo closes Series C
doxo, an all-in-one bill payment platform, has closed its Series C funding round on $18.5m, which was led by San Francisco-based Jackson Square Ventures.
Funds from the round, the company hopes to expand its capabilities, expand its bill provider director and double it headcount.
The FinTech company claims US households spend a total of $4.6trn on recurring bill payments. Doxo was created to ease the anxiety of staying on top of bills.
Its billing platform helps consumers manage all their bills and due dates from a single location.
It claims to have over seven million customers using its services across the US. The doxoPLUS subscription adds free bank payments and additional protections. These are protections for data, identity theft, credit score, late fees and overdraft.
Medius gets minority investment
Medius, which offers source to pay solutions, has received a minority investment from private equity firm Advent International.
After the close of the deal, Marlin Equity Partners will remain the majority shareholder of Medius.
The FinTech company hopes to deepen is core technology, including its AI and machine learning capabilities, and further its touchless invoicing process. It also hopes to strengthen its end-to-end, source-to-pay solution via strategic business investments and M&A activity.
Sweden-based Medius develops AP automation, payments, sourcing and procurement services. Its products and services include the automation of receiving, handling, approving and paying invoices, as well as the simplification of onboarding and managing vendors.
Its services are used by LUSH, Puma, Nissan, Xerox, Marc Jacobs and more.
As part of the deal, Advent director Douglas Hallstrom will join the Medius board of directors.
Earlier in the week, all-in-one bill payment platform doxo closed its Series C funding round on $18.5m. The company consumers manage all their bills and due dates from a single location.
Treehouse raises $18m seed
Treehouse, a Web3 company transforming on-chain data into metrics to help decentralised finance (DeFi) investors make informed financial decisions, has raised $18m in seed funding.
An undisclosed large FinTech investor led the round with participation from strategic investors, including Mirana Ventures, Lightspeed, MassMutual Ventures, Binance, Global Founders Capital, Jump Capital, Moonvault Capital, Wintermute, GSR, K3 Ventures, LeadBlock Partners, Coinhako, Bitpanda, Pintu, The Brooker Group, Venturra, AlphaLab Capital, Pulsar Trading, Fundamental Labs, Berioza Associates, CRC Capital, Portofino, Do Kwon of Terraform Labs, senior executives from SoftBank Vision Fund, and more.
Founded only 11 months ago, Treehouse said it is aiming to build the infrastructure required to enable everyday people to fully harness financial products and services made possible by DeFi.
Treehouse said it will use the funding to expand Harvest’s blockchain and protocol coverage, build more products and features for both retail and institutional users, scale its infrastructure, and hire talent across its global offices.
Hackuity emerges from stealth with $13m
Hackuity, a risk-based vulnerability management platform, has emerged from stealth with a $13m Series A.
The round was led by Sonae IM and saw participation from existing investor Caisse des Dépôts. The company has raised a total of $17.2m since its founding.
Launched in 2019, the Lyon-based CyberTech claims it is a breakthrough technology solution that rethinks the way of managing IT vulnerabilities in enterprises.
The company claims it dramatically reduces remediation time and costs, focusing security experts on the main risk. It also provides a global and continuous view of the company security posture and helps to solve regulatory compliance challenges.
Hackuity leverages machine learning and advanced analytics to help with remediation, prioritisation, and orchestration across a customer’s environment, including infrastructure, development lifecycle, and applications.
According to Hackuity, it intends to use the funding to push forward its go-to-market strategy, reinforce its engineering team, maintain a fast development rate and develop its buyer and user communities.
Rumble nets $15m
Rumble, a company that sells technology to help defenders monitor exposed attack surfaces, has raised $15m in Series A financing.
Rumble, which secured $5m in seed funding last year, pulled in the funding from a round led by Decibel Partners as well as a range of undisclosed cyber venture capital investors.
Founded in 2019, Austin, Texas-based Rumble claims it brings together the best of IT, security and networking technology to deliver network discovery and asset inventory capabilities for modern enterprises.
The firm said it has expanded its scanning, fingerprinting, reporting and integration capabilities over the past year and its platform is now capable of identifying machines with wireless adapters and endpoint agents, over the network, without authentication.
Rumble said the new money will help speed-up go-to-market and engineering initiatives.
APOLLO closes Series B
Canadian digital insurer APOLLO Insurance Solutions has closed a Series B funding round, alongside the start of a new strategic partnership.
As part of the investment, APOLLO has formed a strategic partnership with Definity Financial Corporation. The latter offers multiple digital insurance experience, including Sonnet, an online personal insurer and Vyne, a broker platform.
This strategic partnership includes a distribution relationship between Definity Financial’s affiliate Definity Insurance Company.
APOLLO allows broker parnters and customers to buy insurance online. The all-digital approach utilises data and intelligent algorithms to quote, collect payments and issue policies without the need for human intervention.
The company has a user base of over 6,000 individual independent Canadian brokers and over 150 group partners. Apollo previously raised $13.5m in its Series A funding round back in January 2021, which was led by Gravitas Securities.
Getvisibility nets €10m in Series A
Getvisibility, an AI-powered platform to classify and secure unstructured data, has raised €10m in its Series A funding round.
The capital injection will help it bolster its commercial team to meet the rising demand. It will also be used to hire more engineers to help improve the machine learning technology and bolster the roll out of its zero-trust suite. Finally, the capital will be used to aid its expansion across Europe, MENA and North America.
The round was backed by Alpha Intelligence Capital and Fortino Capital.
Getvisibility gives businesses a single, unified view of all their structured and unstructured data. The AI-powered solution can improve how they handle data security, helping them better detect and understand their data, it claims.
Its features include data loss prevention, data discovery and classification, data visibility, data governance, data monitoring, insider threat and more.
Moov lands $10m
Moove, an African mobility FinTech platform, has raised $10m in fresh financing from NBK Capital Partners.
With the capital, the company plans to expand in West Africa. The company currently operates in six cities across Ghana, Nigeria, South Africa and Kenya.
Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is aimed at democratising vehicle ownership by offering revenue-based vehicle financing to mobility entrepreneurs across Africa.
This investment marks the sixth deal through the NBK Capital Partners Mezzanine Fund II. It is also the first investment the firm has made in Africa.
Yuno rakes in $10m
Columbia-based firm Yuno, an online checkout solution provider, has raked in $10m from a seed financing round.
The round saw participation from Monashees as well as Nazca, Latitud, Opera Ventures and OneVC. Angel investors who took part included Rappi CEO and co-founder Simon Borrero, Ricardo Weder of Justo, Clara’s Gerry Giacomán Colyer, Merama’s Sujay Tile and Muni’s Maria Echeverri.
According to FinTech Finance, Yuno is already working with several large-sized e-commerce companies in Latin America, helping them reallocate resources from payments and fraud into their core business while dramatically improving their checkout conversions.
OneLayer emerges from stealth with $8.2m seed haul
OneLayer, a firm looking to provide security for the private 5G network market, has emerged from stealth with a $8.2m seed financing haul.
The round was headed by Grove Ventures and Viola Ventures and saw participation from angel investors such as Orca Security CEO and founder Avi Shua and Guardicore founder Ariel Zeitlin.
According to Security Week, OneLayer’s mission is to add security to the expanding market for private 5G networks. The company’s technology integrates with IT network security and it partnered in its backend with solutions that provide security for the IT network and it integrates on the other side with the cellular core.
The company will use the funding to build its product suite and deploy it for customers worldwide. It also intends to create a cyber risk assessment and validation lab based on private LTE and 5G technology in collaboration with Tier 1 players.
Payrails raises $6.4m seed funding
Payrails, which stylises itself as an operating system for payments and financial services, has reportedly launched out of stealth after the close of a $6.4m seed investment.
Andreessen Horowitz served as the lead investor to the round, which will help Payrails with its launch later this year, according to a report from TechCrunch.Other commitments to the round came from HV Capital, Delivery Hero CFO Emmanuel Thomassin, Flixbus founders Jochen Engert, André Schwämmlein and Daniel Krauss, and HelloFresh founder Dominik Richter.
The FinTech company was founded by Orkhan Abdullayev, Emre Talay and Nicolas Thouzeau who all worked together at international food delivery firm Delivery Hero. The trio worked there to build Delivery Hero’s payment system from the ground.
Their technology was being accessed by millions of people and it was being accessed in real-time, 24/7 and spanned currencies, markets and different payment methods. They noted that several of the big payment providers, like Stripe and PayPal, were not designed to manage and handle this strain across over 50 markets.
Payrails is an operating system that helps companies implement tailored payment experiences. Its technology enables users to activate payment methods, track unified payment performance, secure customer data, build native payment experiences, deliver instant refunds, split funds across destinations, support on-demand payouts and more.
Onuu lands $6m
Onuu, an Austin-based provider of banking and insurance solutions, has raised $6m in Seed A funding led by Latinx-led VC Leap Global Partners.
The round also saw participation from Ulu Ventures, SV LATAM Capital, Jumpstarter Ventures, Verso Capital, and Capital Factory Ventures.
Onuu was founded by serial entrepreneurs Felix W. Ortiz III and Ryan Wuerch to provide banking and insurance solutions to millions of people who lack financial security and literacy.
The company said it will personalise its life insurance, savings and credit card products, and provide an individualised financial literacy experience and digital guide unique to each member, at an affordable monthly price.
The majority of Onuu’s VC funders are Latinx-led. It is a majority Hispanic-owned company, with a 20-person staff, 60% of whom are minorities or women.
SimplyPayMe nets $4m
SimplyPayMe has netted $4m in funding as it seeks to expand in European and North American markets.
The FinTech company has created a fully integrated payment ecosystem that lets small businesses run their companies and get paid through a single location. Through integrations with Paysafe and DNA Payments, its app can serve SMEs on both sides of the Atlantic.
It will work with banks and other financial institutions around the world to better support and bring value to their SMEs with end-to-end integration.
The company offers a payment, invoicing and business management services. These features include quotes, invoices, project management, reporting, analytics, paperwork customisation, in-person payments, over the phone transactions,
TNEDICCA closes $1.75m Series A
TNEDICCA, a provider of location-based traffic crash intelligence and predictive analytics for insurance pricing, has closed a $1.75m Series A funding round.
Tengro Ventures led the round, along with previous investors, Pixel Perfect Ventures and Grange Insurance, an early adopter of the technology and strategic partner. The oversubscribed funding round also included support from other previous investors.
TNEDICCA identifies accident hotspots, enabling consumers and insurance companies to manage risk accordingly. The company has built an accident location database with more than 30 million crashes covering 91% of the US auto insurance market. TNEDICCA’s traffic crash data and location risk analytics products are now available in 40 US states and the UK and have been adopted by more than a dozen insurance companies, including Swiss Re, Grange Insurance, and Buckle.
Playter secures $1.7m
UK-based buy now, pay later (BNPL) company Playter has raised $1.7m in a seed funding round. The seed financing round was co-led by investment companies Fin Capital and 1818 Ventures.
Founded in 2021, Playter helps fund the global community of startups and scaleups by helping them convert any invoice into BNPL. The company claims it helps firms scale quicker, reduce their burn rate, increase their runway and take control of all payment terms regardless of the supplier.
Playter claims it enables businesses to unlock up to Â£300,000 with no interest costs or revenue sharing with a subscription fee starting at Â£550 per month.
The firm said it has grown over 1000% in size and revenue in recent months and is using the financing to sustain growth.
Encore Pay closes $1.5m round
UAE-based Encore Pay has closed its seed round on $1.5m, as it plans to expand across the MEA region.
The investment was backed by GreenHouse Capital, an investment firm focused on companies in Africa. GreenHouse will also leverage Encore Pay’s PAYdirect solution for its neo bank and FinTech business in MEA and North America.
In addition to international expansion, the company plans to enhance its platform services.
Encore Pay is a software-as-a-service solution that provides FinTechs, neo banks and conventional banks with a variety of financial services. It offers neo banking, wallets, BNPL, digital onboarding, merchant payments and kiosk management.
Unbanked in $1.3m crowdfund
Unbanked, a global neo-bank build on the blockchain, has had a flying start to its crowdfunding campaign, having already surpassed its target by 5,465%.
The fundraise, which is being held on the Republic platform, has raised $1.3m from 1,485 investors, so far. There are still 42 days left on the campaign and a fundraise hardcap of $5m.
There is a valuation cap of $115m for the fundraise. Other fundraise details include a minimum investment of $150 and a maximum of $500,000.
With the fresh capital, the company is hoping to boost its marketing, make new hires, expand geographically and create new products.
Unbanked connects traditional enterprise, FinTech and banking systems with blockchain infrastructure, which it hopes expands the utility for cryptocurrency for investing and everyday purchases. It offers financial products that help banks, unbanked and underbanked build financial experiences.
It offers virtual and physical cards for consumers in the US, Europe and Latin America. Other features include a bank account, which can be funded with a variety of cryptocurrencies, card rewards, crypto buy and sell tools, and more. Its products are also available to businesses.
WCKD RZR scores $1.2m
WCKD RZR, a new startup positioned at eradicating the myriad of international data privacy, management and cost issues for multi-national businesses, has scored $1.2m from angel investors.
With this capital, the RegTech company is eyeing staff hires.
WCKD RZR was founded by former HSBC chief administration officer Chuck Teixeira. The idea for the company came after Teixeira noticed there was no automation tool that let a multi-national bank leverage machine learning to catalogue cloud-based data, while ensuring all regulatory requirements and access controls were met.
Businesses have a raft of challenges from conflicting data governance policies and authorisation controls in different locations and jurisdictions, it said. If a company wishes to fix its messy data estate by switching to a single cloud or database management system, it costs a lot of money. Furthermore, data is often not labelled or cannot be found or is subjected to different regulations.
Based in London, WCKD RZR was created to solve this. Its Data Watchdog unlocks the potential of a multi-national corporation’s data by allowing them to find, govern and access their data in each country, real-time, fully compliant with relevant data sharing, privacy and governance rules.
QFIL Solutions raises $1m pre-seed
UAE-based FinTech platform QFIL Solutions has raised a $1m pre-seed investment, ahead of its launch.
With the capital, the company plans to finish its development and proof-of-concept ahead of its soft launch. The company will initially be available in the UAE, Singapore, Nigeria and South Africa. In the future, the company plans to develop market expansions and deepen its product pipeline.
QFIL, which builds AI engines, apps and web platform, aims to help investors, institutions and retail traders maximise gains and reduce risks. Its flagship product, Magus AI, offers real-time market signals, needs no human intervention, utilises historic machine learning and more.
The tool, which is subscription-based, gives investors the insight and analysis to execute real-time smart forex trades.
Last month, fellow UAE-based FinTech platform Hubpay closed its Series A round on $20m. The company offers a digital wallet and data-driven financial products that are available to everyone.
Gretel closes $1m pre-seed
UK-based Gretel, which helps financial organisations reconnect customers with lost insurance products, bank accounts, pensions, savings and investments, has closed its pre-seed on $1m.
The investment was led by Insurtech Gateway and RLC Ventures, with commitments also coming from unnamed strategic angel investors.
Gretel offers technology that enables companies to automate customer reconnection and comply with regulatory challenges. Its platform is used by several leading banks and insurers ahead of its wider launch to the market.
Gretel claims to be the only hub that covers the entire financial services industry and is free for all customers. When signed up, Gretel will constantly look for lost monies and flag any new accounts when they are identified.
When the technology finds lost accounts, it helps connect the user with the provider and walk them through how to reclaim their money.
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