The FinTech sector continued to hum along this week, with FinTech Global reporting on 28 FinTech funding rounds this week.
Taking the prize of the biggest funding round this week was Liquidity Group, who pulled in $775m from capital commitments. The company is a credit-oriented FinTech platform.
In a key development this week, a study by industry analyst Cobalt over half of cybersecurity professionals surveyed are thinking of leaving the industry due to burnout and mental health issues.
Here are the 28 reported FinTech funding rounds for this week.
Liquidity Group rakes in $775m
Liquidity Group, a credit-orientated FinTech platform, has received $775m in capital commitments led by Apollo and MUFG.
Liquidity Group, founded in 2018, is a credit-oriented FinTech platform that invests, syndicates and automates growth and middle market lending for businesses around the world, providing capital mainly to later-stage technology companies.
Liquidity has integrated machine learning and real-time data and performance monitoring across its platform to enhance, automate and expedite processes across the full credit investment lifecycle. Since inception, Liquidity has committed more than $1bn in capital to fast-growing companies, including Etoro, Zetwerk & Homer.
Nord Security hits unicorn status with $100m raise
Nord Security, a digital security leader, has secured $100m in its first outside capital funding raise to raise its valuation to $1.6bn.
Nord Security has a well-known product suite that includes offerings such as NordVPN, password manager NordPass, NordLocker for encrypted cloud storage and NordLayer for network access security. It also offers Surfshark, a consumer-focused security company it merged with earlier this year.
The capital will be used to expand the company’s expanding product suite, boost its enterprise footprint and grow Surfshark as well as make new hires at all levels of the business.
SamCart bags $82m
SamCart, an e-commerce platform build for creators, has raised $82m in a Series B funding round led by Eldridge.
SamCart’s subscription-based centralised platform offers specialised tools for digital creators. These include sales page design, revenue optimisation, payments processing, and core commerce capabilities that allow customers to showcase their skills, convert visitors, increase the value of each purchase, and maximize the lifetime value of customer relationships.
The company said it will use the proceeds of this round to expand both its team and platform features as it accommodates growing demand across a creator market estimated to be more than $104bn in size.
Fidel API reels in $65m Series B
Fidel API, a global financial infrastructure platform, has snared $65m from a Series B funding round.
Launched in 2018, Fidel API enables developers to create programmable experiences that enhance the value of using and accepting payment cards. The firm’s platform provides identity, data, and payments products that allow developers to capture consent permissions and securely connect payment cards to a service or application.
Through this infrastructure, developers can create highly contextualised and event-driven user experiences at the point of purchase.
Fidel claims its funding will allow it to continue to scale its workforce and product offerings. It also plans to more than double its global headcount in order to meet growing demand with a particular focus on engineering, sales and product hires. The company will also accelerate investments into existing products.
Coro inks $60m
Coro, an all-in-one Cyber protection firm, has secured from $60m a Series C funding round.
Established in 2013, Coro is focused on dealing with cybersecurity issues in the SMB and mid-market segments where the majority of cyberattacks occur.
The firm’s security-as-a-service solution relies on AI for automation and includes the relevant tools to protect devices, cloud applications, users and emails from phishing, malware, ransomware and bot threats. The company claims more than 5,000 companies use its platform.
According to Coro, it plans to use its new funds to accelerate growth through aggressive hiring worldwide and triple its employee base.
Gender pay gap-busting Ellevest snares $53m
Ellevest, a financial company on a mission to help women build wealth, has raised $53m in Series B funding.
Ellevest’s offerings include digital investing tools, banking services, professional career and money coaching, and learning resources, as well as private wealth management for high net worth clients who want a personalised financial strategy that may include impact investing.
Ellevest said it will use the capital to deepen its offerings, providing personalised coaching, product solutions, and community to help women reach their money goals and furthering its mission to get more money in the hands of women.
Moneybox scores $35m
Moneybox, a savings and investment app, has raised £35m in a recent investment round.
Established in 2016, Moneybox claims its on a mission to help people build wealth with confidence and provides a range of products and services across saving, investing, home-buying, and retirement, all within app.
According to Moneybox, it will use the new funding to build the Moneybox brand, grow its customer base, introduce financial planning services and launch an enhanced investing proposition focused on long-term wealth generation.
Budget Insight secures €31m
Budget Insight, an aggregator of banking and financial data, has secured €31m in investment from growth equity firm PSG Equity.
Founded in 2012, Budget Insight has established itself in the open finance sector as one of the leading aggregators of banking and financial data in France. The company offers tech solutions for an ecosystem of over 200 firms and institutions in FinTech, insurance and asset management.
The Budget Insight API allows clients and their end users to aggregate financial data and documents and initiate payments. The company claims it aims to give its clients the tools needed to unlock more value for users of financial services.
Budget said the new partnership strives to allow it to develop new products and substantially expand its European reach, thereby cementing its position amongst the leaders of open finance.
Home365 snares $26m Series B
Home365, a tech-enabled platform that aims to make real estate investing and property management accessible, has raised $26m in Series B funding.
The company said it helps investors through real estate investing education, acquisition of investment properties, day-to-day property management of the assets across multiple metros, and growing their portfolio over time while underwriting the performance of their assets.
Home365 plans to use this funding investment to further deepen the functionalities of their real estate investing and management platform as well as to expand to multiple cities across the country including Chicago, Seattle, Phoenix, and more.
Future Family swoops up $25m
Future Family, a fertility care financing startup, had raised $25m in Series B funding led by Munich Re Ventures.
Founded in 2016, by former SolarCity exec Claire Tomkins, who was inspired by her own fertility struggles, Future Family’s mission is to make fertility care accessible and affordable to all.
The company will use the funding to continue to expand it Buy Now, Pay Later (BNPL) platform which includes a digital coaching layer to support its financing customers. The team is expanding its coaching team and growing a network of fertility clinics nationwide to support more families-to-be.
EnKash reels in $20m Series B
EnKash, an all-in-one spend management platform and corporate card firm, has raked in $20m as part of a Series B round.
EnKash claims it is on a mission to help firms their cashflows & spends. The company offers a range of corporate cards from managing purchases like supplier/ utility/ tax payments, expenses like travel and entertainment or digital marketing or cloud payments to payroll & petty cash to employee benefits like meal vouchers to gift cards for partners.
Alpian raises CHF19m in Series B+
Alpian, a Swiss digital-first private bank, has raised CHF19m in a Series B+ funding round headed by Fideuram – Intesa Sanpaolo Private Banking.
Founded in 2019, Alpian is aimed at Switzerland’s afluent market and is expecting to launch later this year. The company claims it unifies everyday banking with accessible investment and private banking services in a mobile app so that ‘your financial life fits comfortably in the palm of your hand’.
Alpian – which has been incubated by Reyl Intesa Sanpaolo – also secured its Finma banking license which will help it launch its alpha release to employees internally before it is launched to the public in the third quarter of this year.
The firm is targeting those that have investible assets of between CHF100,000 and CHF1m – which is a large demographic in the Swiss market.
Covr Financial Technologies snags $15m Series B
Covr Financial Technologies, a digital life insurance platform, has raised $15m in Series B funding.
Covr, which partners with financial brands to provide life insurance solutions to their customers, aims to streamline the process of selling and buying policies. The digital platform offers a choice of life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes.
According to Covr, the capital will help it to continue to build market-leading digital insurance technology and support a growing number of distribution partnerships, financial advisors and insurance producers.
lemon.markets bags €15m seed
lemon.markets, a startup that is helping companies embed trading services through APIs, has bagged €15m in a seed financing raise.
Created in 2020, lemon.markets allows its users to automate their trading, create their own services, or connect investing with existing interfaces.
Users are able to build their own automated trading bot, monitor price developments and define their own buy-and-sell rules.
RenoFi raises $14m
RenoFi, a renovation enablement platform company, has raised $14m in Series A funding.
RenoFi offers an end-to-end loan origination and underwriting platform specifically built to enable renovation lending, allowing homeowners to borrow against their home’s post-renovation value, instead of the home’s current value.
RenoFi said it will use the funds to scale its business operations and product roadmap, including its first-of-its-kind renovation enablement platform for lenders.
Airgap Networks claims $13.4m Series A
CyberTech firm Airgap Networks has raised $13.4m from a Series A funding round led by Storm Ventures.
The round also saw participation from Cervin Ventures, Engineering Capital and Sorensen Ventures. Individual investors such as Josh Leslie, Manoj Apte and Robert Tinker also participated in the round. So far, Airgap has raised $18.6m since inception.
Airgap claims it has created the world’s first frictionless, agentless, universal segmentation solution optimised for IT, OT and cloud deployments while maximising the value of existing infrastructure.
API security firm Corsha lands $12m
Corsha, a company focused on API security, has scored $12m in a Series A investment round.
According to Corsha, its API Security Platform ‘solves the growing security concerns facing enterprises as attacks on APIs increase’. The company added that its platform empowers CTOs, CISOs and other security professionals to protect their data and applications as they traverse hybrid and multi-cloud environments.
With the new funding, Corsha aims to grow its team and expand its go-to-market capabilities, increase its partnerships with other firms and bring new technologies on board. Its global expansion will be based on developing relationships with partner organisations, a process that is already under way in Europe.
Antimatter picks up $12m
Antimatter, a startup specialising in data security for SaaS applications, has come out of a period of stealth to raise a $12m Series A.
Founded in 2020, Antimatter enables B2B software-as-a-service to guarantee where their customer data can be accessed and by whom – meeting customers residency, governance and tenancy requirements easily.
According to Antimatter, the firm plans to use the new investment to expand its engineering team to continue the development of its full-scale infrastructure solution.
WealthTech Unifimoney inks $10m seed
Unifimoney, a turnkey digital wealth management platform for community banks and credit unions, has bagged $10m from a seed funding round.
Unifimoney’s platform provides a digital wealth management solution with trading of over 70 cryptocurrencies, passive and active investing in thousands of stocks, ETFs and precious metals.
The investment will help Unifimoney extend its coverage of alternative assets including into collectables, sports memorabilia and NFTs as well as a full suite of retirement accounts with both traditional and alternative asset IRAs.
Gaviti wraps up $9m Series A
Gaviti, a FinTech that helps firm recoup outstanding receivables through its automated platform, has closed a Series A round on $9m.
Gaviti is an automation system designed to help firms collect and manage client invoices. The company’s platform helps businesses utilise a user-focused application to manage their collections process and open a vital cash flow artery that is otherwise blocked by many hands-on steps.
InsurTech Afficency pulls in $7m
Afficiency, an InsurTech aiming to transform the end-to-end life insurance buying process, has raised $7m in Series A funding.
Afficiency said the investment will help fuel its strategy to modernize the life insurance market, bringing 100% digital in-session life insurance products to agents, distributors, carriers, and other valued partners through custom integrations. With Afficiency’s API, partners can bring products into their native environments, and for those starting from scratch, Afficiency offers ready-made digital interfaces.
The InsurTech said that overnight, traditional distributors can empower their agents to sell digital insurance products that can be underwritten in seconds and sold in minutes, not days and weeks. Afficiency said it is enabling a new cohort of digital distributors such as FinTechs, who have never sold life insurance before, and InsurTechs.
Nudge Security bags $7m seed
CyberTech firm Nudge Security has raised $7m from a seed funding round led by Ballistic Ventures.
Nudge claims it addressing the segment of cybersecurity that has perplexed the industry for decades – people. The co-founders of Nudge – Russell Spitler and Jamie Blasco – believe that modern cybersecurity ‘is a battle over human behaviours – and defenders are losing ground’.
Nudge stated that its technology nudges employees towards secure decision-making anywhere they work without disrupting workflows. In addition, in provides cybersecurity teams with the insights they need to protect employees and the organisation.
Sigo Seguros lands $5.4m seed financing
Sigo Seguros, an InsurTech startup determined to close the insurance gap within Latinx and immigrant communities, has raised $5.4m in its seed funding round.
The round was co-led by Listen Ventures and Chingona Ventures, with participation from Revolution’s Rise of the Rest Seed Fund, ERA’s Remarkable Ventures, Kern Venture Group, Edrizio De La Cruz, co-founder of Arcus Financial, and existing investors Fiat Ventures and Newlin VC.
Sigo Seguros is an InsurTech company actively serving Texas, with a mission to provide affordable auto insurance to the Spanish-seeking community.
Relativity6 raises $5.25m seed
Relativity6, an AI platform for industry classification, has raised $5.25m in a seed funding round led by Fin Capital.
Relativity6 aims to streamline and simplify the underwriting process through its proprietary real-time API that retrieves information about a business to automatically detect its six digit NAICS code and verify its digital existence.
The company said the funding will be used to accelerate sales efforts within commercial insurance underwriting, drive expansion into new financial services markets, and fuel the development of additional critical business data points.
Uplinq bags $3.5m pre-seed
Uplinq Financial Technologies, a global credit assessment platform for small-to-medium sized business (SMB) lenders, has raised $3.5m in a pre-seed funding round.
Uplinq’s technology enables SMB lenders to use billions of unique and validated data signals that go beyond traditional credit indicators, to help make the most accurate decisions possible. The company’s technology has powered over USD $1.4trn in underwritten loans since its inception.
The capital will help scale Uplinq’s operations across the globe. Uplinq said it will also use the funding to further refine its solution. This update will allow the company to provide even more precise and predictive insights within the credit-decisioning process, empowering lenders to understand the financial performance of small businesses.
Book Salon sweeps up €3m
Book Salon, a payment and booking service provider that specialises in hair, beauty and wellness, has bagged €3m from a funding round.
The company will use the funding for European expansion with the first targets being the UK, Ireland, the Nordics, Italy and Spain.
Book Salon provides entrepreneurs with a full suite of modern tools to run a successful business. The firm offers payment terminals and a payment processing service, as well as online booking systems, a website builder and cash and accounting reports.
The company offers its platform to salons and entrepreneurs for free with the option to upgrade to a paid package with an unlimited number of users.
Ghost Financial pulls in $2.5m pre-seed funding
Ghost Financial, a financing and business services platform for ghost kitchens, has emerged from stealth with $2.5m raises in a pre-seed round.
Using an AI algorithm, Ghost Financial makes quick and accurate financial decisions to provide revenue-generating incentives like cashback credit cards to fund inventory expenses, as well as provide data-informed expansion loan decisions. The company said it enables a low-risk way for emerging restaurant brands to enter their first market and effectively expand into others.
According to Ghost Financial, research has revealed there has been a rise in ghost kitchens since the pandemic-fuelled increase in demand for food delivery services. However, banks are not keeping up with demand because most traditionally don’t know what ghost kitchen are, and they require credit checks and extensive busines credit history. As a result, many ghost kitchen and restaurant operators struggle to know where to go for payroll or insurance services.
Geosapiens closes round of financing
Geosapiens, a Canadian company specialising in flood risk modelling and analysis, has closed its first round of financing with an investment from Co-operators.
Founded in 2017, Geosapiens’ mission is to develop solutions to “Increase society’s resilience to the vagaries of the weather.”
Geosapiens markets web-based products and services that provide dynamic and predictive flood mapping and an assessment of flood impacts on property and people. Geosapiens’ products also include financial modelling of flood risk at the building level.
This investment will allow Geosapiens to deploy its flood mapping model across Canada by the end of 2022. With comprehensive coverage of the country, Geosapiens will adequately meet the needs of its customers in the insurance industry, which plays a vital role in sharing risk with the public and government authorities.
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