FinTech Global has reported on 40 deals in the FinTech space this week, with the industry going from strength-to-strength after almost a quarter of 2022 has passed.
This week was a big week for large funding raises, with key FinTechs such as Ramp and Oxyzo raking in eye-watering amounts in their raises.
Alongside funding rounds, there was some legislative movement in the cryptocurrency space, with Thailand banning the use of cryptocurrency for payments and the European Parliament voting against restricting bitcoin mining – a mixed week for the currently quick-expanding industry.
In other news, US tech giant Apple revealed it had acquired Credit Kudos, which is an open banking startup. Financial details of the purchase were undisclosed.
Here are this week’s 40 reported FinTech deals.
Ramp raises $750m
Ramp, a finance automation platform and corporate card designed to help businesses spend less, has raised $750m in financing, bringing its valuation to $8.1bn.
The raise included $200m in fresh equity funding, as well $550m in debt financing, including $300m from Citi and an additional $150m from Goldman Sachs.
Ramp said the additional funding will accelerate its development of its finance automation platform, following its recent release of a travel product and features that fully automate expense management.
Oxyzo raises $200m Series A
Oxyzo Financial Services, a smart financing solution provider, has raised $200m in its Series A funding round.
Oxyzo began life as the financing platform of OfBusiness Group, a tech platform that empowers raw material procurement and credit to SMEs. Oxyzo provides cash flow matched working capital financing to facilitate the purchase of materials in the manufacturing and sub-contracting sectors.
With the funds, the company plans to expand its digital services, scale the supply chain marketplace, launch fixed income products for the SME space and scale other fee incomes business lines, including debt capital markets and securities.
Jeeves closes Series C on $180m
Jeeves, an all-in-one corporate card and expense management platform, has reached a $2.1bn valuation after the close of its Series C on $180m.
The company plans to expand across Latin America, Canada and Europe. Funds will also be used to scale its infrastructure to cover more currencies, acquire top-tier talent and accelerate the onboarding of new companies on the platform.
Jeeves, which supports companies across 24 countries, offers and all-in-one corporate spend and expense management platform. Its services include corporate cards and cross-border payments.
ClearBank bags £175m equity investment
ClearBank, a next-generation clearing and embedded banking platform in the UK, has secured a £175m equity investment.
Funds from the round will aid ClearBank’s global expansion of its clearing and embedded banking offering. The company is first focused on Europe and will then explore North America and Asia Pacific.
It claims to be the first new clearing bank to launch in the UK in over 250 years. The company, which launched in 2017, is the only next-generation payments provider with a direct access to all banking payment schemes in the UK.
Island secures the horn with $115m Series B
Island, which gives enterprises the control of the browser to improve governance, visibility and productivity, has reached a $1.3bn valuation following the close of its Series B.
The firm claims to be the world’s first enterprise browser, which is designed to give organisations complete visibility and last-mile control. This gives them greater security, IT and productivity.
With the close of the Series B, the FinTech company has raised a total of $200m.
Captain emerges from stealth with $104m
Captain, a FinTech that helps homeowners rebuild after natural disasters, has emerged from stealth with $104m in total financing.
In total, Captain secured $100m in debt financing from CoVenture and raised a $4m seed round backed by NFX, GGV Capital, and Red Swan to accelerate the deployment of capital to contractors.
Captain aims to help homeowners get their repairs completed up to six times faster by advancing money to their contractors to pay for materials, labour, and fees associated with repairs.
In addition to accelerating the deployment of capital to contractors, Captain said it will use the money to support company growth, aiming to expand the company’s sales and engineering teams, including hiring key positions such as vice president of engineering, head of growth, and head of talent.
Dave snares $100m
Dave, a banking app that aims to democratise the financial ecosystem, has bagged $100m as part of a new strategic partnership with West Realm Shires Services, which owns FTX US.
Dave is a banking app that aims to create financial opportunity for all Americans. Users can get paid up to two days early, build credit history and get up to $250 advances without a fee.
With the capital, Dave claims to have experienced a “significantly” enhanced balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related.
TokenEx wraps up $100m Series B
Cloud tokenisation provider TokenEx has raised $100m for its Series B funding round, which was led by K1 Investment Management.
TokenEx plans to enhance its product, customer services and account management teams, as well as scale its global operations with the funding.
TokenEx was founded in 2010 by payment security experts. The company partners with its clients to secure sensitive data, such as cardholder data for card-not-present transactions.
Its platform collects information through API calls or managed file transfers before it enters an organisation’s internal systems and exchanges that sensitive data for non-sensitive data called tokens. These tokens can be sent to any API endpoint, creating a layer of abstraction that safeguards against cyber and ransomware attacks.
Finally lands $95m Series A
Finally, a FinTech company aimed at automating back-office processes for small businesses, has scored $95m in its Series A.
Founded in 2018, Finally automates back-office functions for SMBs and is currently used by over 1,000 businesses to get better visibility and management over core finance and accounting activities.
The round, which was comprised of equity and debt, was led by PeakSpan Capital. Other contributions came from Active Capital, 500 FinTech, GTMfund, GeoCities founder David Bohnett and SessionM founder Scott Weller.Clear Haven Capital supplied the debt facility – the size was not disclosed.
Funds from the round will help Finally expand its team and launch a corporate charge card for small businesses.
Digits closes Series C on $65m
Real-time finance and accounting platform Digits has closed its Series C round on $65m, which brings its valuation to $565m.
The round was led by SoftBank with participation from Harry Stebbings’ 20VC Growth, as well as GV and Benchmark.
SoftBank stated it backed Digits after an early glimpse at Digits Reports and the underlying technology powering is upcoming product line for accountants and finance teams.
The new tool offers interactive financial statements with built-in analysis and visualisations. One feature is “hover to discover”, which lets users get instant access to transaction data and multi-dimensional aggregations to understand drivers and changes.
Theta Lake scores $50m in Series B
Theta Lake, a provider of communications security and compliance solutions, has raised $50m in Series B funding led by Battery Ventures.
Theta Lake said it is helping organisations manage increasingly complex security and compliance issues across new video, voice, chat, and document platforms that are quickly augmenting or replacing older technologies, like traditional e-mail and intranets, as well as in-person meetings.
The company said this latest funding round is a validation that the workplace has become increasingly digital since the Covid-19 pandemic, and as such organisations need new tools to stay compliant and avoid damaging, outside cyber threats.
Glia lands $45m Series D
Glia, a provider of Digital Customer Service (DCS) has raised $45m in Series D funding led by New York based-global venture capital and private equity firm Insight Partners
Glia said its Digital Customer Service (DCS) solution enriches web and mobile experiences with digital communication choices, on-screen collaboration, and AI-enabled assistance.
The company said this latest capital injection will be allocated heavily toward research and development. It also plans to invest further in advanced AI, analytics, messaging, voice and video capabilities.
MixMode rakes in $45 in Series B
MixMode, which has built self-learning solutions that detect cyberattacks in real time, has bagged $45m for its Series B round.
This equity burst will help MixMode expand its AI capabilities, deepen its sales footprint and grow its channel reach.
The CyberTech company provides enterprises and agencies with a self-learning solution that can uncover advanced cyberattacks. Its automated technology can uncover known and novel attacks, and can be deployed to public cloud and on-premise corporate environments.
Its services include anomaly detection, network traffic analytics, zero-day attack identification, SIEM and forensic investigation.
BNPL ChargeAfter bags $44m Series B
ChargeAfter, a buy now pay later solution, has collected $44m in its Series B funding round.
With the capital, the company plans to grow and diversify its global lender and merchant networks, whilst scaling strategic partnerships with banks, financial institutions and industry partners.
ChargeAfter is a BNPL consumer financing network that provides shoppers with responsible, approved financing offers from multiple lenders through a single application.
With dozens of pre-integrated global financing lenders and banks on the platform, ChargeAfter offers shoppers approved and personalised consumer financing from multiple lenders.
Tomo scores $40m
Tomo, which claims to make the mortgage process less stressful, has reportedly raised $40m for its Series A funding round.
Following the close of the round, Tomo plans to bolster its software development and launch its platform across all 50 US states. Its current goal is to operate in half of the US states.
The FinTech company helps people get mortgages, with price matches, pre-approvals and tools to better understand affordability.
Cape reels in $33.1m in debt and equity financing
Australian expenses management platform Cape has raised $33.1m in debt and equity financing following a $30m debt facility and a $3.1m equity round.
Founded in 2020, Cape claims it is building a new finance automation platform, focused on helping Australian businesses cut wasteful spending and the time taken on financial administration tasks. The firm offers free access to expense management tools, cloud accounting integrations and an ability to issue physical & virtual corporate cards.
Cape plans to use the new funding to double its headcount with a particular focus on engineers and product specialists. It also hopes to tape into Australia’s SME market with its new credit card.
Players Health inks $28m financing
Amateur sports insurance and risk management platform Players Health has scored $28m in a funding round.
Founded in 2016, Players Health uses technology, data insights and risk management along with a suite of insurance products to offer protection to amateur athletes, coaches, staff, volunteers and organisations that run sports bodies.
SiriusPoint was one of the lead investors in Players Health’s latest funding round which raised $28m. Player Health said the investment will allow it to further its mission to make insurance and risk management easier and more accessible to amateur sports organisations, allowing them to improve how they protect their athletes.
Lucky lands $25m Series A
Egypt-based credit app Lucky has scored $25m in a Series A round, which it claims is the largest of its type raised by a FinTech in the country.
Founded in 2018 by Momtaz Moussa and Ayman Essawy, Lucky has a mission to revolutionise hoe MENA’s population shops, pays and saves. It brings seamless financial flexibility and increased spending power to MENA.
The platform provides discounts and cashbacks up to 50% from thousands of merchants. Users can also pay for items over instalments across 60 months.
With this capital, the company plans to increase its market position and create new credit capabilities.
Simetrik receives $24m Series A financing
Colombia-based Simetrik, which is building a global payment orchestration platform, has received $24m in Series A funding.
This equity boost will help Simetrik hire more staff, consolidate its position across the LatAm market and expand into EMEA and APAC.
Founded in 2019 by Alejandro Casas and Santiago Gomez, Simetrik’s infrastructure claims to deliver greater control and transparency over a company’s financial transactions by automating reconciliation through a no-code solution.
authID.ai secures $22.4m
authID.ai, which develops mobile, biometric identity authentication software, has scored $22.4m in funding.
With the funds, the company believes it will have positive cashflow on a current basis from 2024.
The RegTech company develops mobile facial biometrics to offer identity fraud protection across the digital identity lifecycle.
ForAllSecure locks in $21m
Advanced application security testing technology ForAllSecure has scored $21m in its Series B funding round.
With the funds, the company plans to accelerate growth, increase headcount and accelerate product innovation. It is currently exploring a feature to secure the thousands of open-source projects used by businesses around the world.
ForAllSecure builds an autonomous security testing solution that maximises development productivity by integrating layers of security testing into continuous workflows. By automating the testing and maintenance of software, developers can focus on building secure, reliable applications that offer a competitive advantage.
Penelope raises $21m pre-seed
Penelope, which facilitates retirement saving plans for small and medium-sized businesses (SMBs) and entrepreneurs, has raised $21m in pre-seed funding.
Penelope is a retirement savings platform for small business owners and their employees. The company operates a low-cost 401(k) subscription model and automates employee investing, streamlines costs and paperwork, and provides learning tools for employees.
The funding will be used to create a self-service retirement platform for small and micro businesses, expand Penelope’s team and accelerate customer onboarding.
Nucleus Security scores $20m Series B
Nucleus Security, a unified vulnerability management and process automation provider, has scored $20m in its Series B round.
With the capital, the company plans to accelerate its product development efforts, enhance customer experience, scale engineering and support services and boost its presence in the APAC region.
Nucleus Security is a vulnerability management platform that claims to break down traditional silos of vulnerability information and enables large enterprises to implement a comprehensive intelligence-led vulnerability management program across the organisation.
Its technology claims to be at the nexus of vulnerability data, asset information and embedded threat intelligence, supporting automated response at scale.
Shufti Pro raises $20m Series A
Shufti Pro, identity verification solution provider, has raised $20m in Series A funding led by Updata Partners.
Shufti Pro said its mantra is to provide a seamless digital customer experience when it comes to KYC, and as such the organisation provides a range of solutions with identity verification at its core.
The UK-based company offers KYC, KYB, and AML services to help global businesses onboard and manage risk of legitimate customers.
The investment will be used to accelerate Shufti Pro’s global expansion providing additional resources to push their completely automated solution to new markets to help solve organisation’s unsatisfactory IDV process, enhance its IDV solutions and extend the company’s compliance suite.
Saphyre lands $18.7m Series A
Saphyre, which offers a service to structure all pre-trade data, has scored $18.7m for its Series A funding round.
The funding will help Saphyre accelerate its product development initiatives in its pre- and post-trade offerings. Capital will also help the company with the expansion of interoperability initiatives with several FinTech and vendor solutions.
Saphyre has built an AI-powered platform that powers direct collaboration between multiple financial parties related to the same client. Its platform digitises all pre-trade data and documents, eliminating redundant manual processes and allowing for secure, expedited access to data across the lifecycle.
CoinRoutes brings in $16m
CoinRoutes, a trading platform for digital assets, has secured $16m from a Series B financing raise led by Ayon Capital.
Taking part in the round were Susquehanna International, Cboe Global Markets, CMT Digital, Genesis Global Trading, Galaxy Digital, Arca, Mirana Ventures, GSR Markets, AscendEX and others.
Launched in 2017, CoinRoutes provides pure-play crypto SaaS trading technology for customers.
Buckle lands $15m
Buckle, a digital financial services company aimed at the gig economy, has bagged a $15m upsizing for its term loan.
Proceeds from the deal will help Buckle bolster the distribution of its gig insurance products and support the growth of business on its platform. The InsurTech company also plans to expand across insurance and credit products, as well as form new partnerships.
US-based Buckle aims to make insurance easier to obtain for rideshare and delivery drivers by addressing gaps in conventional policies.
Clear Skye scores $14m
Clear Skye, an identity security and governance service, has scored $14m in its Series A funding round, as it looks to bolster its team.
Funds from the Series A will also be used to bolster Clear Skye’s global footprint. This Series A comes after a strong year of growth for Clear Skye, which includes five-times revenue growth.
Clear Skye claims to be the only identity security and governance solution built natively on ServiceNow.
Layr inks $10m
InsurTech startup Layr, which uses artificial intelligence and machine learning to help brokerages and agencies manage their small commercial books, has raised $10m in Series A funding.
Layr’s AI-powered cloud platform digitises the insurance process by enabling brokers to sell, service, and renew traditionally time-consuming policies. Its platform allows small business owners to assess and select the right coverage in 12 minutes. Then, after selecting and paying for a policy, it’s automatically sent to underwriting, this allows brokers and agents to efficiently grow their small business books, Layr said.
Layr said the funding will allow it to double its team and grow its footprint amongst insurance agents and brokers while adding new technology advancements.
Zesty.ai receives $10m in venture debt
Zesty.ai, a predictive data analytics service for climate risk, has received $10m in venture debt from US spend management decacorn Brex.
This financing will enable Zesty.ai to power its growth within insurance and expand into use cases in real estate, including financing and asset management.
Zesty.ai leverages AI to offer real-time assessments of climate risks associated with real estate assets and portfolios. Its technology assesses wildfires, wind, hailstorms, floods and other catastrophic events.
Its services are used by insurance companies to improve their underwriting and better rate homeowner and commercial home insurance policies.
Trustero nabs $8m
Trustero, a startup offering a compliance-as-a-service solution, has snared $8m from a seed funding round after a period of stealth.
Established in 2020, Trustero claims its CaaS offering establishes and manages regulatory compliance by undertaking vulnerability assessments, security risk analyses and other measures to ensure all company processes and systems remain in full compliance.
The firm automatically checks for SOC 2 compliance and alerts organisations if they become non-compliant, while at the same time also providing remediation suggestions and information on what others did to meet compliance.
Trustero is able to import existing SOC-compliant controls and policies and offers access to pre-packaged, auditor-vetted policies as well as to customisable policy templates.
Climate X closes €6.3m seed
Climate X, a London-based climate risk analytics provider, has closed a €6.3m seed funding round as it plans to expand its product suite.
This investment will enable Climate X to support its growing customer base and expand its product offering.
Climate X provides location-specific risk ratings and loss estimates for extreme weather events linked to climate change through to the year 2100, under multiple warming scenarios.
Its Spectra solution is an on-demand climate risk data analytics platform which is available through an online platform or API data feed. It acts as a vertically integrated solution that covers a range of hazard types.
Apono pulls in $5m seed
Israel-based Apono, which helps enhance permission management, has reportedly raised $5m in its seed round.
With the funds, the RegTech company is looking to hire more staff around the world.
Apono secures access to sensitive cloud assets and data repositories whilst not impacting work. Its technology can identify privileged identities and service accounts and their permissions across various locations.
ThreatBlockr scores $5m
Autonomous cyber intelligence and active threat defence platform ThreatBlockr has closed its funding round on $5m.
With the capital, the company plans to hire more staff and expand its platform.
ThreatBlockr claims to be the only active defence cybersecurity platform that fully automates the enforcement, deployment and analysis of cyber intelligence at scale. Its solution blocks known threats from reaching a customer’s network.
It leverages cyber intelligence from over 50 security vendors to give detailed visibility over the threat landscape.
Climate FinTech Lune collects $4m
Lune, which aims to help retailers and consumers understand the climate impact of their purchases, has collected $4m in its funding round.
The majority of this funding will be used to expand the team, with it currently hiring staff across tech, product and commercial teams. Funds will also help build more products.
It claims delivering climate impact initiatives are seen as a cost centre and huge undertaking. However, Lune aims to provide API and software tools to simplify the ability for businesses to integrate climate impact into their customer experience, starting with carbon emissions calculations and carbon removal.
Outgo bags $3.4m
Outgo emerges from stealth with $3.4m for freight carriers
Outgo, an all-in-one banking solution for freight carriers, has emerged from stealth with $3.4m in funding.
Outgo automates broker setups, invoicing, factoring, collections, accounting, and tax services without contracts or minimums. The platform gives carriers the tools to directly lower their financing costs and manage all of their financial needs in one place.
The company said it will use the new funding to continue its hiring efforts, scale its product offerings, and bolster its partnerships and growth goals.
iink Payments reels in $2.8m
Digital payments network iink Payments has closed its seed round on $2.8m, which was led by Motivate Venture Capital.
With the capital, the InsurTech company should grow its existing network and accelerate the development of integrations with carriers and banking partners.
iink helps people get paid up to 60-times faster for insurance restoration work. The platform streamlines the property claim payment for property owners, restoration professionals, insurance and mortgage companies.
Its platform can digitise the check and endorse remotely, let contractors access funds before a mortgage company endorses the check, coordinate and track where insurance claims funds are, and more.
Secfense collects $2m
Secfense, which aims to put an end to password-related attacks, has collected $2m in funding as it looks bolster its position internationally, with a focus on the UK and US.
Secfense said it wanted investors that not only provided capital, but also offered knowledge, contacts and could support in the strategy of entering new markets.
The RegTech company is helping organisations move to a passwordless future by introducing strong authentication systems. Its platform is deployed between users and applications and learns traffic patterns related to authentication. It then enforces multi-factor authentication login and other sensitive actions, without interfering with existing code.
Wenalyze closes $1.7m round
Valencia-based insurance startup Wenalyze has closed a €1.7m round led by Athos Capital for its open data analytics solution.
The round also saw participation from Bankinter, through the Venture Capital Programme developed together with Bankinter Innovation Foundation, astoryaVC, venture capitals focused on InsurTech, and GoHub –the corporate investment fund by Global Omnium.
Wenalyze said in the insurance industry more than 50% of SME clients’ data at the worldwide level is incorrect, outdated, or missing. Wenalyze said its technology updates and enriches the data, through AI and open data technologies.
The company said this funding will help it consolidate its presence in Spain, the UK, and Germany, and look to grow in new European markets.
Helcim closes Series A
Helcim, a payments company that powers small business, has closed its Series A funding round, as it looks to hire over 150 new staff.
Capital from the round will help Helcim launch new products that will simplify how businesses get paid and adopt new payment technology. As part of its growth, the company will hire over 150 team members over the next two years. Positions are available in developers, customer service and sales.
Helcim has a mission to become the world’s “most loved payments company by giving small businesses every possible edge to thrive and enrich out communities.” Its platform supports online, over the phone and in-person payment services.
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