Last weeks 32 FinTech deals were led by Cross River, a technology infrastructure provider that offers embedded financial solutions, which raked in a staggering $620m.
Out of the top ten deals, six were in the infrastructure & enterprise software industry, with sizeable funds raised by ArK Kapital and Capitolis. In fact, Capitolis’ $110m Series D round saw it become Israel’s latest unicorn. The company said it combines deep capital markets expertise with a “Silicon Valley mindset” to bring the sharing economy to the forefront of the financial services industry.
Also based in Israel was CyberTech Cyera, which raised $60m. Other deals came from around the globe, including Brazil’s Cerc, Switzerland’s Yokoy, and India’s Pine Labs.
Here are the 32 rounds.
Cross River Bank rakes in $620m
Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, has secured $620m from a financing round.
The round was led by Eldridge and Andreessen Horowitz, with participation from funds and accounted that were advised by White Rock, Hanaco Ventures and T. Rowe Price Investment Management.
Cross River currently powers lending and payments for more than 80 technology partners including Checkout.com, Affirm, Coinbase, Best Egg, Divvy, Freedom Financial and Stripe. The company’s infrastructure is the foundation that enables many of the said companies to deliver their core FinTech solutions at scale.
According to Cross River, this new capital will be used to speed up Cross River’s ongoing technology-focused growth strategy. This strategy includes building out its embedded payments, cards, lending and crypto solutions, further investing in its people and communities, continuing to execute against plans for international expansion and bolstering strategic partnerships.
ArK Kapital collects €165m
ArK Kapital, which stylises itself as a precision financing company, has reportedly collected €165m in seed funding.
The capital injection was led by Local Globe, with commitments also coming from Creandum, EQT Ventures founding partner Hjalmar Winbladh, Supercell CEO Iikka Paananen and Izettle founder Jacob de Geer, according to a report from PYMNTS.
With the capital, the company hopes to invest into promising companies, bolster its research and development and double its team of 20.
The company claims to help technology businesses grow faster and give owners better control. Its AI platform provides businesses with financial tools to make business predictions. It also offers customers access to growth loans.
Capitolis raises $110m Series D
Capital markets FinTech Capitolis has raised $110m in Series D funding, bringing it to a $1.6bn valuation.
FinTech investors Canapi Ventures, 9Yards Capital and SVB Capital co-lead the round. Existing investors included a16z, Index Ventures, Sequoia Capital, S Capital, Spark Capital, Citi, State Street and J.P. Morgan. To date, Capitolis has raised $280m.
Jeffrey Goldstein, former US under secretary of the Treasury for Domestic Finance and Counsellor to the secretary of the treasury; and George Osborne, former UK chancellor of the exchequer, have joined the board of directors.
Cerc lands $100m
Brazil-based Cerc has reportedly raised $100m in funding as it gears up for an IPO.
The company hopes to expand its team from 150 and will explore potential startup acquisitions, according to a report from the Paypers.
Cerc is aimed at factoring deals, offering an alternative to notaries. It offers data analytics, access tools and secure data storage to help remove uncertainties in the use of receivables and the offer of credit to companies by financial agents.
The company also offers a range of risk management tools, including corporate governance, normative structure and compliance, information security and more.
Yokoy closes Series B on $80m
Spend management platform Yokoy has closed its Series B on $80m, with Sequoia Capital serving as the lead backer.
Contributions to the round also came from Speedinvest, Visionaries Club, Zinal Growth and all of Yokoy’s existing investors.
Capital from the round will be used to accelerate the growth of its business and team. Hires will focus on enhancing its AI, automation and security systems.
Having established its European hub in Amsterdam last month, Yokoy is now looking to expand across Europe.This round close comes just five months after is raised its Series A round, which pulled in $26m from Left Lane Capital and Balderton Capital.
Micro Connect raises $70m
Micro Connect, which connects global capital with China’s grassroots economy, has raised $70m in its Series B funding round.
The round was backed by Sequoia China, which also served as the lead investor to Micro Connect’s Series A. Other commitments to the Series B came from ABC International, Adrian Cheng, Ausvic Capital, Chuangs Capital, Dara Holdings, Horizons Ventures, Keywise ARCHina Fund, Lenovo Capital, Vectr Fintech, and others.
This capital injection will help Micro Connect scale its partnership network and boost its capital deployment capability onshore. Funds will also help enhance its platform and build out its market infrastructure to broaden the channels through which global investors participate in the new asset class.
The company is also planning to release a data analytics platform to connect chains with stores and advise on their expansion strategies.
Cyera emerges from stealth with $60m
Cyera, a company that specialises in cloud data security, has arisen from stealth with $60m in funding to lead the data-first revolution in cloud security.
The round was led by Sequoia Capital and saw participation from Accel, Cyberstarts and the CMO Emeritus of Palo Alto Networks Ren Bonvanie, who also joined the Cyera board.
Founded in 2020, Tel Aviv-based Cyera is a cloud-native data security platform that instantly and automatically discovers all of a company’s data across clouds and datastores and then determines which of that data is sensitive and where it is most at risk.
The company’s platform can be connected to a firm’s cloud footprint in minutes, regardless of the underlying data technologies and map all datastores in the cloud, shining a light on the places that security trams may not have been able to see before. Cyera then parses and classifies this data and then surfaces the highest priority risks for remediation with suggested courses of action.
Poplar Homes gets $53m injection
Poplar Homes, a tech-enabled property management company for single family rental investors, has raised $53m in Series B funding.
The round was led by LL Funds with participation from new and existing investors including Crescent Cove Advisors, AGNC Ventures, LLC, the corporate venture capital arm of AGNC Investment Corp, computer scientist Jeff Dean, PropTech VC Zain Jaffer, and other seed investors.
Poplar Homes is a full-stack property management company that aims to empower both property owners and residents throughout their lifetime real estate journey. For renters entering the market, the company said it rebalances the power dynamic and makes it easy to get approved, view available properties and rent a home online.
Following the funding round, the company also made a series of hires and doubling its team. Poplar also made nine acquisitions of property management companies across the country ranging in portfolio sizes from 200-1,000 doors. Poplar said it plans to continue to leverage strategic hires and acquisitions to drive its growth strategy.
Pine Labs backed by Vitruvian Partners
FinTech unicorn Pine Labs has received a $50m investment from London-headquartered investment firm Vitruvian Partners.
The company, which is based in India, provides companies with a selection of payment infrastructure for online, in-store and omnichannel payments. Its services include buy now, pay later, reward systems, cashback, prepaid cards, analytics, loyalty cards and more.
Pine Labs CEO B. Amrish Rau said, “At Pine Labs, we are deeply focussed on the omnichannel play and are building frictionless and seamless payment experiences for our merchant partners and large enterprises.
“We aim to further strengthen our recent foray in online payments via Plural and take our Buy Now Pay Later offering to new markets through strategic collaborations. We welcome Vitruvian Partners in this journey and thank them for the trust shown in us.”
The FinTech company is currently expanding its buy now, pay later services in Southeast Asia.
Modern Treasury nabs $50m
Modern Treasury, a software platform that helps companies of all sizes move money with confidence, has raised $50m in Series C funding.
The funding came from SVB Capital and Salesforce Ventures and new investors Artisanal Ventures and NewView Capital. This follows the first $85m announced in October, bringing the total raised in the round to $135m.
Modern Treasury said its software is forging the new category of payment operations, modernizing the way businesses move and track money, and making it easier to start companies and build new products that fuel growth in the most important sectors of the economy, such as healthcare, real estate, and finance.
Founded in 2018, Modern Treasury customers now reconcile more than $2.8bn per month using the platform, up from $1bn a month a year ago.
Vitruvian inject $35m in Moonfare
Moonfare, which offers a digital investment platform for private equity investing, has received $35m in funding from private equity firm Vitruvian Partners.
The FinTech company aims to open up private equity investment to retail investors. Its platform lets individuals back private market funds and venture capital funds.
As of March, Moonfare’s assets under management totalled €1.6bn, a 150% increase year-on-year.
Headquartered in Berlin, the company operates in 22 countries across Europe, Asia and America. It recently launched operations in Scandinavia, Portugal and Israel.
Vitruvian partner Thomas Studd said, “Private equity investments are barely available to retail investors, despite significant take-up by sophisticated institutional investors around the world.
Cyberpion rakes in $27m
Cyberpion, an attack surface management specialist, has raked in $27m from a Series A funding round led by U.S Venture Partners.
Also taking part in the investment were existing investors such as Team8 Capital and Hyperwise Ventures. To date, Cyberpion has raised a total of $35m.
Headquartered in Tel Aviv, Cyberpoin has developed a platform the iterates through every connection, link, code embed and DNS reference to build a complete risk assessment for a user’s PKI, TLS, Cloud, DNS, and web connections.
According to Security Week, Cyberpion emerged from stealth less than two years with technology promising to help enterprise defenders with an extensive inventory of digital assets and tools to manage security assessments on a continuous basis.
Cyberpion said it would use the new funding to double its employee headcount in engineering, research and sales.
Wing Security nabs $26m
Israeli software-as-a-service security startup Wing Security has nabbed $26m in seed and Series A funding after coming out of stealth.
The company was backed by a number of key investors including GGV Capital, Harmony Partners, Silicon Valley CISO Investments Group, S-Capital and a range of unnamed security leaders.
Founded in 2020, Wing occurs an end-to-end SaaS security solution that looks to deliver complete visibility, analysis and remediation capabilities to customers.
The company claims that organisations can employ its platform to empower end-users to actively participate in protecting the SaaS solutions they use daily. Wing added that its platform is able to identify SaaS-related security issues by offering visibility into applications, users, app2app connections, external data collaborations, and inconsistencies.
Cloaked secures $25m
Cloaked, a company looking to support data privacy on platforms, has secured $25m in early-stage funding.
The Series A was co-led by Lux Capital and Human Capital. To date, Cloaked has raised a total of $29m in funding. It is also backed by investors such as Peter Thiel, General Catalyst, All Turtles, Index Ventures and the Chainsmokers’ Mantis Fund.
Founded in 2020, Massachusetts-based Cloaked claims it is promising to help users change the way data is provided to online services. Instead of sharing sensitive information like an email, credit card or phone number with websites, Cloaked plans to offer an app and browser extension to let users develop unlimited, unique identities.
According to Cloaked, the funding will be used to its exit its beta stage and to drive growth in a competitive marketplace.
Mosaic raises $25m
Strategic finance platform Mosaic has raised $25m in Series B funding in a round led by Founders Fund.
The round also saw participation from existing investors General Catalyst, XYZ Venture Capital, Fifth Down Capital, and Friends & Family Capital. This brings the company’s total funding over the last 12 months to $46m.
Mosaic said it is “powering the next generation of strategic finance leaders,†through its strategic finance platform. It acts as a “compass†for business leaders and sits at the centre of the CFO tech stack.
In the last 14 months, Mosaic has grown its team by 400%. “We’ve scaled every corner of our business as we push to bring the first and best strategic finance platform to customers like Pipe, Fivetran, Sourcegraph, Drata, Kandji, and more,†the company said.
Mosaic said the funding will be used to further expand its product development and go to market teams as it continues to add greater depth and flexibility to its suite of financial products, transforming the way CFOs operate. This includes a new topline planning component that will debut later this year.
Zepto rakes in AUD$25m
Zepto, an Australian account-to-account merchant payments platform, has raised AUD$25m in Series A funding.
The investment came from AirTree Ventures and Decade Partners.
Zepto’s platform lets merchants make, manage, and receive secure payments by connecting directly from the payers bank to a merchants bank.
The funding came after the company experienced explosive growth of 10x year-on-year revenue growth since 2018. Zepto is now facilitating more than $4 billion in payment volume each month, and currently serves hundreds of Australian businesses including Binance Australia, Superhero, Novatti Group, Nimble, Powerpay, Till Payments, Bluestone, Rentbetter, Biz Pay and Get Blys.
Douugh collects $20m
Digital banking app Douugh has collected $20m in an equity placement facility agreement from Long State Investments.
The deal will allow Douugh to nominate Long State to subscribe for newly issued ordinary shares under the facility at any time in the next 36 months, up to a total amount of $20m.
Douugh is a mobile banking app, which offers direct deposits paid two days early, cashback rewards on over 30,000 merchants, money organisation and easy bill management. To ease savings, the platform rounds up every card purchase to the nearest dollar with the extra money goes into a savings account.
The FinTech company recently partnered with TrueLayer to get access to Australian open banking data. Under the agreement, Douugh will pay a fixed monthly fee to TrueLayer for each CDR-connected bank account per active customer.
TransFICC scores $17m Series A
TransFICC, which offers low-latency connectivity and workflow services for fixed income and derivatives markets, has scored $17m in its Series A extension.
AlbionVC served as the lead investor, with commitments also coming from AlbionVC, Citi, HSBC, Illuminate Financial, ING Ventures, and Main Incubator.
Funds from this extension will be used to expand TransFICC’s engineering teams to support additional venue connectivity and automated workflows in US rates and credit markets. These include US Treasuries, High Yield, Investment Grade, IRS, Repos, Munis, MBS and CDS products.
The FinTech company also plans to develop new products, such as an e-trading system. Other growth plans include hiring sales and customer support teams, and bolster its geographical expansion through new data centres in North America and Continental Europe.
CredPal collects $15m bridge funding
CredPal, a Nigerian FinTech company that offers buy now, pay later services, has reportedly collected $15m in a bridge round comprised of equity and debt.
This capital will help CredPal expand across Africa, with it currently focused on Kenya, Egypt, Ghana and Cameroon, according to a report from TechCrunch.
In addition to this, the FinTech company is looking to secure a partnership with telecom operator Airtel Nigeria. This will help low to middle-income earners to purchase smartphones in instalments.
The bridge round was backed by Greenhouse Capital, Uncovered Fund, LongCommerce, First Circle Capital and WooCommerce co-founder Adii Pienaar.
Credit Direct supplied the debt capital, alongside unnamed financial institutions.
CredPal offers a flexible payment option that lets consumers split a transaction into six. Customers can either pay in 30 days with 0% interest, or spread the payment across two and six months.
DataMesh scores $12m
Australia-based PayTech platform DataMesh has reportedly scored $12m in pre-Series A funding from the venture division of National Australia Bank.
Capital was also supplied by existing DataMesh backer Peregrine Group, according to a report from Business News Australia.
DataMesh helps merchants provide a seamless in-store and online experience. Its payment solutions and data analytics give a 360-degree view of customers beyond the initial transaction.
Its Satellite solution claims to be the payment terminal of the future. The android-based service enables all digital payment forms, including QR codes, loyalty cards, fuel cards, and many more.
Skiff secures $10.5m Series A
Skiff, a startup building an end-to-end encrypted collaboration platform, has raised $10.5m in Series A funding round.
The round was led by Sequoia Capital and saw participation from a number of angel investors including former CEO of Mozilla John Lily, former CTO of Coinbase Balaji Srinivasan and Albert Ni from Dropbox and the Ethereum Foundation.
Founded in 2020, California-based Skiff claims it is redesigning software “as it should have been“ to be easy, private, and secure. The company’s first product is an end-to-end encrypted platform that supports collaboration, email, and messaging.
Skiff said, Everything from building a personal knowledge base to writing collaborative meeting notes is done in complete privacy. No one, not even Skiff, can ever see the title, content, or description of a user’s document.
As well as end-to-end encryption of all of their data, Skiff noted that its provides its customers with the option to use the decentralised Interplanetary File System protocol for storing and sharing data in a distributed file system.
Leaf’s $5m seed round
Leaf, a data infrastructure company in the food and agriculture sector, has raised $5m in seed funding led by S2G Ventures.
The round also saw participation from existing investors Cultivian, Radicle Growth, and SP Ventures.
Software developers and companies of all sizes use Leaf’s unified farm data API to send and receive user-permissioned data across platforms in a consistent, standardised way. Leaf said this enables companies to build more sophisticated applications years ahead of schedule.
Companies representing over 200m acres are using Leaf’s API to build and scale products for carbon and sustainability tracking, farm management, lending and insurance, biotech, land and input marketplaces, agronomy, food traceability, maintenance forecasting, and more.
Jia Finance bags $5m
Jia Finance, a residential mortgage platform for foreign investors, has bagged $5m in seed funding round.
The funding round was led by TTV Capital and saw participation from Stanford Angels as well as the co-founder of SoFi and the founder of Nutmeg.
The company uses the latest data analysis technology as well as AI and identity verification to quickly make underwriting decisions and fund mortgages for international investors. The platform reduces the entire real estate transaction period from 90 days to 30 and replaces a low-tech, offline and cumbersome application process.
Washington D.C-headquartered Jia claims it addressing what is a big stumbling block for the international real estate buyers – the lack of a US credit score as well as a lack of much of the general paperwork US banks typically request during the mortgage application process. This causes major challenges for prospective buyers and can slow approvals to 90 days or longer and deter buyers who prefer to finance their investment.
Archie raises $4.5m
Archie, a company helping to build the financial infrastructure for the freelance economy, has officially launched to help firms onboard, manage and pay independent workers.
Archie’s first product is a collaboration hub that supports companies in accessing the freelance economy in a highly competitive environment. Prior to Archie, many businesses and freelancers had to rely on highly fragmented and manual workflows to source each other.
The company claims that through its platform, businesses can digitally collect the information they need from freelancers – such as invoices and contracts – as well as keep track of project deliverables and time spent, pay freelancers with one click and manage year-end tax filings.
Archie claims it is industry-agnostic and works with companies across a wide range of industries including healthcare, education technology and DTC/e-commerce.
Alongside the product launch Archie also raised $4.5m in funding. The capital was secured from investors including B Capital Group, Worklife Ventures, Hof VC, Day One Ventures, Dash Fund and Mac Ventures as well as from the founders of BloomTech, Eight Sleep, Cameo, Blank Street and Ramp.
Anyway secures $4m
Anyday, a company focused on making splitting payments easier, has raised $4m from a seed funding round.
Founded in 2019, Anyday claims its mission is to make splitting payments simple, transparent and free of interest rates, fees and subscriptions.
The company’s split payment concept lets customers divide the cost of a purchase into four, with 25% of the full amount paid up-front without a high credit line.
Anyday highlighted that more than 1000 online merchants in Denmark have already joined its platform, with close to 20,000 customers using the service.
With this round of funding, Anyday is looking to expand across the Nordic region and move into physical stores through a virtual card and a mobile app.
Effectiv nabs $4m
Effectiv, a developer of no-code risk management service, has scored $4m in its seed funding round.
Accel led the round, with commitments also coming from REV and other unnamed industry leaders.
With this capital, the company plans to deepen its technology development, grow its US team and bolster its marketing efforts.
The RegTech company has built an AI-powered risk management platform for mid-sized banks, credit unions, FinTechs and financial institutions.
Effectiv onboarded its first customer in June 2021 and since then it has processed $1bn in loan volume.
Dapio rakes in $3.4m
Cashless payment solution provider Dapio has secured $3.4m in funding to support the launch of its Tap to Pay solution for Android users in the UK and Europe.
The funding was led by Flutterwave and saw participation from Techstars, PactVC and venture partner Daniel Gould.
Dapio, formerly known as Paymob, looks to make it easier for firms to accept cashless payments quickly and securely in-store, over the phone or on the move, anywhere, globally.
Many gig workers, microbusinesses and sole traders have been underserved by payment providers, with an estimated 3.2 million sole traders in the UK alone. Dapio’s payment solution is able to help support these traders with the Tap to Pay solution.
BreachLock scores $3m
BreachLock, a penetration testing as a service platform, has scored $3m in its seed funding round.
The investment was led by Netherlands-based venture firm TIIN Capital.
This investment burst will help BreachLock enhance its product innovation efforts and the expansion of its client base in the US and Europe.
Founded in 2019, Netherlands-based BreachLock has over 80 employees and 600 paying customers across the banking, insurance, computer science and healthcare verticals.
Its platform takes a hybrid approach to penetration testing services. It combines AI, automation and ethical hackers, which it claims creates a penetration testing solution that is comprehensive, fast and scalable.
Clients using the platform can request and receive a penetration test within a few clicks. It provides offline and online reports and holds monthly scans to give consistent updates of a platform’s security.
Plurall collects $1.5m
Plurall, a company focused on improving the financial inclusion of solopreneurs in Latin America, has closed a pre-seed round on $1.5m and raised $10m in debt.
The company, which is backed by investors in the US, the UK, Mexico, Spain and Columbia, is planning to launch its microbusiness-orientated services in April 2022.
Plurall co-founder and CSO Glenn Goldman said, “This is perhaps the first time in LatAm FinTech, and one of the first times around the world, that a startup is able to raise international institutional debt for originating their first loans. The typical path is to use expensive equity for the first year or two before being able to access an institutional debt facility.”
Income closes seed on €1.3m
Income, a company that is offering secured investments in loans, has closed a seed funding round on €1.3m.
The round was led by Tolaram Fintech and saw participation from Seedrs and Seedblink and other new and existing early-stage investors. Following the round, Income has a valuation of €10m.
Founded in 2020, Income claims it is the first platform to offer simple and secured investments in loans. The firm stated that it offers an easy start with quick investment strategies that enable their clients to grow their money up to 12% yearly, investing in assets secured by the loan originators’ listed loan portfolio.
According to Income, it will use the newly raised capital to develop further and improve the products and scale of its business.
UK-based Slip scores £750,000
Slip, which hopes to transform retail for businesses and consumers, has scored £750,000 in pre-seed funding ahead of its launch this summer.
This capital injection will aid in the product development efforts and growth initiatives.
Its investors include Haatch Ventures, SyndicateRoom’s Super Angel fund and several unnamed angel investors.
The company was founded in 2021 by Tash Grossman and Eddy Herman with the aim to innovate and simplify the retail experience for customers. It is doing this by letting users receive digital receipts through QR codes, view and manage omni-channel spending, and receive exclusive discount offers and personalised content based on their buying habits.
EverUp closes crowdfund on £496,185
Prize-linked FinTech app EverUp has closed its crowdfunding campaign on £496,185, which was raised at a pre-money valuation of £9.9m.
The fundraise, which was raised on the crowdcube platform, originally had a target of £400,000.
EverUp received commitments from 377 investors and distributed 4.73% of its equity among the backers. Shares were priced at £6.74 apiece.
The UK-based FinTech company is a prize-linked rewards platform that aims to boost savings. The app lets users earn virtual coins by spending or saving money and use these to play in its lottery-style games, which have tax-free cash prizes and gadgets.
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