The ten biggest FinTech deals this week raised $503m – check out this weeks 24 deals

The ten biggest FinTech deals this week raised $503m - check out this weeks 24 deals

The ten biggest deals of the week raised a total of $503m, as the market sees a lot of smaller deals.

There were 24 funding rounds this week in FinTech, with a total of $648m raised.

Singapore’s Matrixport secured the biggest deal, pulling in $100m. Following the close of the deal, the FinTech company’s valuation has increased by $1bn to reach $1.5bn.

The company is a one-stop financial services platform and currently offers a full-suite of cryptocurrency services, including institutional custody, trading, structured products and asset management.

Matrixport wasn’t the only Singaporean FinTech company to feature in this week’s top ten deals. InsurTech platform Igloo was the ninth biggest deal, pulling in $27m. It builds insurance infrastructure which is powered by artificial intelligence and big data to help customers find policies which best meet their lifestyle and needs.

The US led the group with the most deals in the top 10, representing four deals. These were PayTech Teampay, WealthTech Greenwood, RegTech Sphere Technology and CyberTech Pangea.

The UK was responsible for two of the biggest deals, RegTech company Applied AI and Data & Analytics developer V7.

Other countries represented in the top ten were India (marketplace lending firm KreditBee), and Belgium (cryptocurrency company Keyrock).

This week, FinTech Global released research that found CyberTech seed deal activity dropping in Europe during Q3 2022. There were 13 seed deals in Q3 2022, which represents a 41% drop from the previous quarter. Furthermore, European CyberTech companies have announced 44 seed deals in the first three quarters of 2022, which brings projections for the year to 59 deals – a 12% reduction from 2021 levels.

Earlier this week, FinTech Global spoke to Stefan Willebrand –founder and co-CEO, and Erik Hagelin, co-CEO, at cloud financial services platform Bricknode about how Bricknode was founded and became the building blocks for digital investment and lending products. They said, “The market is a bit unprepared for this model. They are not used to it. They are used to buying software and sending out Excel spreadsheets with 250 rows in an RFP, talking about all the different functionality and so on and to talk about it in theory. And since we are a product company, we can set up an instance within hours.” Read the article here.

FinTech Global also spoke to players in the insurance market about how the cost-of-living crisis has impacted the sector. Héléna Denis, head of corporate development at InsurTech Akur8, said, “Overall, the current macroeconomic context strengthens the need for assertive premium and pricing strategies, and therefore the need for powerful, flexible and intelligent pricing tools, as part of a coordinated response across pricing, underwriting, claims and other functions,” she said. Read the full story here.

Without further delay, here are this week’s 24 FinTech deals.

Digital asset platform Matrixport eyes $100m raise

Matrixport, a digital assets financial services platform, is reportedly planning to raise $100m.

According to a report from Decrypt, if successful, the new funding would value the Singapore-based company at $1.5bn, an increase from the valuation of over $1 billion achieved during its Series C funding round in August 2021.

C Ventures, K3 Ventures and partners of DST Global served as the lead investors to the round. Additional commitments came from Qiming Venture Partners, CE Innovation Capital, Tiger Global, Cachet Group, Palm Drive Capital, Foresight Ventures and A&T Capital.

Some of Matrixport’s existing backers also joined the Series C, including Lightspeed, Polychain, Dragonfly Capital, CMT Digital and IDG Capital.

Founded in 2019, the company hopes to be a one-stop financial services platform. The company currently offers a full suite of cryptocurrency financial services. Its features include institutional custody, trading, structured products and asset management.

Matrixport claims it is the world’s first crypto dual currency product.

India-based lending mobile app KreditBee bags $80m

India-based lending mobile app KreditBee has reportedly collected $80m as part of an ongoing Series D funding round.

The capital injection was backed by existing investors Azim Premji’s Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures, according to a report from Freshers Live. MUFG also joined the round.

With the funds, KreditBee plans to diversify its product portfolio and bolster its technology to better serve clients. The FinTech company is looking to enter new verticals, with plans to launch digitally enabled secured loans, home loans and credit lines.

KreditBee aims to surpass $1bn in assets under management over the next six to nine months. The lending mobile app currently has six million customers.

Launched in 2018, the company is focused on full-stack digital lending for young professionals. Its products include personal loans for self-employed, instant personal loans, personal loans for salaried individuals and online purchasing loans.

Keyrock scores $72m in Ripple-backed Series B

Keyrock, a Belgium-based digital asset market maker, has landed $72m in a Series B funding round.

Investors who took part in the round included Ripple, SIX FinTech Ventures and Middlegame Ventures.

Founded in 2017, Keyrock was created to form accessible and more efficient capital markets by deploying proprietary and highly scalable market making technologies.

Keyrock claims it has become a preferred global liquidity partner of over 85 trading venues both centralised and decentralised since its inception.

In the past year, the firm has expanded into 200 unique new markets and has seen threefold growth in terms of trading volume while the overall market shrunk by 50%.

The company has also doubled the size of its workforce globally earlier this year to over 100 employees. It is looking to double this number again in the upcoming year.

Keyrock plans to use its funding to invest further into infrastructure development, scalability tools, as well as regulatory licensing across Europe, the US and Singapore.

Teampay secures $47m to bolster payment solutions

Teampay, an all-in-one purchasing platform, has raised $47m in Series B funding to bolster its accounts payable solutions and expand cross-border payment capabilities.

The round was led by existing investor Fin Venture Capital.

New investors Mastercard, Proof Ventures, Trestle, and Espresso Capital supported the oversubscribed round, bringing Teampay’s total funding to $65m.

Since launching in 2017, Teampay has focused on serving high-growth companies, and is scaling at pace with its customers’ evolving and increasingly global needs.

The company said it will leverage its funding to further propel its enterprise offering, by deepening its accounts payable solution, expanding cross-border payments functionality, and satisfying international payment requirements.

‍As part of this latest round of funding, Teampay will also expand its partnership with Mastercard to accelerate its go-to-market strategy.

In 2021, the company announced Catalyst by Teampay, a digital corporate card powered by the Mastercard network. The card combines the innovative technology of Teampay’s platform with Mastercard’s industry-leading capabilities, providing a premium commercial card experience for executives. With this deeper collaboration, Mastercard and Teampay will mutually explore opportunities to enhance product capabilities at scale.

The funding will also allow Teampay to advance its go-to-market strategy with additional investments in sales and marketing, and continue to grow its workforce to support its larger account needs. The company has already tripled headcount in the last 12 months.

Digital banking platform Greenwood lands $45m

Greenwood, a US provider of a digital banking platform for the Black and Latino communities, has scored $45m in funding.

The round was led by Pendulum, with participation from Cercano Management, Cohen Circle, The George Kaiser Family Foundation, NextEra Energy, Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo.

Founded in 2020, Greenwood is a mobile banking platform for Black and Latino people and business owners. Greenwood features best-in-class digital banking services and innovative ways of giving back to the community.

According to the firm, such communities suffer from a lack of wealth, money circulation in the Black community, and generational transfer.

That is why Greenwood was created. A mobile banking platform inspired by the early 1900’s Greenwood District, where recirculation of Black wealth occurred all day, every day, and where Black businesses thrived.

Greenwood’s flagship product is a digital banking service provided by partnering with FDIC-insured banks. It also offers The Gathering Spot, a private membership network, and Valence, a career development and job recruiting platform.

The company also launched Elevate, which is a new membership to provide an all-access pass which provides access to The Gathering Spot’s private membership network with physical clubhouses in Atlanta, Washington D.C., and Los Angeles, and to Valence’s professional networking platform and access to tens of thousands of job listings through the recruiting database.

Greenwood intends to use the funds to expand operations and its business reach, as well as to extend its product offerings.

Applied AI Company bags $42m to reimagine regulated industries

Applied AI Company, a London-based AI technology company, has raised $42m in a seed funding round to reimagine regulated industries. 

According to a report from Tech EU, investors backing the round included Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, HCS GmbH, Plug and Play Investment Group, Bolur Corporation, A.R.M. Holding, and undisclosed others.

Founded in 2021 by investments veteran Arya H. Bolurfrushan, Applied AI Company is creating software products that automate repetitive and data-rich, and prone to human error, processes. Its mission is to reimagine regulated industries by applying artificial intelligence to “unleash the human potential” by eliminating “soul-destroying” repetitive processes.

The startup operates in the insurance, pharmaceutical, healthcare, safety, and government sectors.

Applied AI Company is comprised mainly of Silicon Valley engineers, applied AI experts, and seasoned entrepreneurs.

According to the company, the leadership team has a combined 125+ years of technology experience and 75+ years of operating experience, including hands-on experience with machine learning for over 12 Fortune 500 companies.

The startup is global distributed, with operations in Seattle, Philadelphia, London, Berlin, Frankfurt, and the UAE, and engineering in San Francisco.

V7 bags $33m to help teams build robust AI

V7, a data engine building and improving AI for computer vision, has raised $33m in Series A funding to help teams build robust AI.

The round was co-led by AI-focused Radical Ventures and Temasek, with participation from existing investors Air Street Capital, Amadeus Capital Partners, and Partech.

According to V7, this represents the largest Series A funding round in its category by more than double, and will allow the company’s further expansion into the US market, growing its team in its biggest market.

Machine learning-powered computer vision models are helping tackle a range of challenges facing society today, V7 said, from spotting cancers to robotic farming.

However, when building a machine learning system, 80% of a team’s time is spent managing training data. This is a slow process that helps refine and augment the “knowledge” that models have learned by having humans perform laborious, manual labelling tasks.

V7 automates the labelling process, allowing companies to solve data labelling tasks ten times more quickly.

The company’s unique “programmatic labelling” workflows use AI models and minimal human steering to apply labels to data at scale. The product comes with general-purpose AI models built in, which automatically segments objects in images and video, acting as a co-pilot for human annotators. After about 100 human-guided examples, V7’s platform can start identifying objects at scale on “autopilot”, routing edge-cases it doesn’t yet understand to human reviewers.

Sphere Technology bags $31m in Edison-led Series B

Sphere Technology Solutions, a New Jersey-based firm building tech to help defenders manage identities and access to sensitive data, has scored $31m in a Series B.

The round was headed by Edison Partners and saw backing from Forgepoint Capital, who also led Sphere’s Series A. Following this raise, Sphere has raised a total of $45m since inception.

Founded in 2009, Sphere is a woman-owned cybersecurity business focusing on improving security and enhancing compliance.

The company puts controls in place to secure sensitive data, create the right governance processes for systems and assets, and make sure companies are compliant with the regulations surrounding this space.

Ranging from strategic security advisory to SWAT-team remediation projects, Sphere provides solutions to help companies understand their risks, create policies for a target end state, and remediate major vulnerabilities.

The company previously released SPHEREboard, technology that allows customers to have deep analytics and rich metrics to help them better govern their environment.

Sphere plans to use the new financing to expand its SaaS product portfolio and ramp up work on channel ecosystem and alliances, and sales and marketing.

Singapore InsurTech Igloo bags extra $27m

Igloo, a Singapore-based InsurTech, has raised an additional $27m in a Series B extension round, bringing the total raised in the round to $46m.

According to a report from Technode Global, This round of investment comprised a consortium of impact investors including BlueOrchard, Women’s World Banking Asset Management (WAM)and Finnfund.

The InsuResilience Investment Fund II, initiated by German development bank KfW on behalf of the German Federal Ministry for Economic Cooperation and development (BMZ) and managed by impact investor BlueOrchard Finance Ltd., led the capital extension, along with WAM, Finnfund, La Maison, and Series B lead investor, Cathay Innovation.

Igloo closed its Series B funding round on $19m in March this year.

Singapore-based Igloo builds insurance infrastructure which is powered by artificial intelligence and big data to help customers find policies which best meet their lifestyle and needs.

It offers insurance solutions for auto, cybersecurity, electronic and personal goods, e-wallet, personal accident, single disease, transit and travel. The company will soon launch solutions for pet insurance.

Igloo recently launched a new app, Ignite by Igloo, to streamline the insurance sales journey for agents and direct intermediaries. It aims to enhance the sellers’ productivity by creating a smoother and efficient sales process.

The additional funds will help Igloo double down on attracting the best engineering, product, design and data talent across all geographies.

The company is also reportedly in the process of identifying and closing on various merger and acquisition opportunities to help it move swiftly towards its vision for ‘Insurance for All’.

Security services SaaS platform Pangea nabs $26m

Pangea Cyber, a security services provider for cloud and mobile app developers, has raised $26m for its Series B, as it looks to accelerate the delivery of its API-based services.

GV served as the lead investor, with commitments also coming from Decibel and Okta Ventures.

The one-year-old company has now raised a total of $52m in equity. The latest burst of funds will enable the CyberTech company to bolster its product development efforts, as well as drive greater developer and builder adoption.

Plans are to launch several dozen API-based security services over the next 12 months.

Pangea offers a security platform-as-a-Service framework and is available to builders who need to add security functions to their applications. Its services work similar to those offered by Amazon Web Services, but for cybersecurity.

Developers can use the technology to log security events, manage export restrictions, handle personally identifiable information, identify malicious files being shared and block users from risky internet domains.

TreeCard raises €23m to help consumers with planting trees

TreeCard, a FinTech platform that is aimed at planting trees and boosting sustainability, has reportedly collected €23m for its Series A funding round.

This capital injection will enable TreeCard to hire more staff, with the aim of doubling its team, according to a report from PYMNTS.

Valar Ventures served as the lead investor.

TreeCard launched the world’s first wooden payments card back in 2020. The sustainably sourced cherry wood card, which made merchants pay a small fee for each transaction. After $50 is spent through the card, TreeCard plants a new tree.

The card is a free top-up debit card that can be used alongside the user’s existing bank. It takes 90 seconds to sign up for the card.

In addition to planting trees, the card can be used to earn planet-friendly rewards, such as sustainable travel experiences and conscious clothing.

Shield secures $20m in Series B

Shield, an Israeli workplace intelligence platform, has snared $20m in a Series B round led by Macquarie Capital.

Also taking part in the round were investors UBS via UBS Next, OurCrowd and Mindset Ventures.

Established in 2018, Shield is a workplace intelligence platform focusing on communication compliance which automates the complete communications life cycle.

By utilising AI, natural language processing, and visualisation capabilities, Shield helps financial organisations mitigate risk and drive an efficient and ROI-positive surveillance process.

Shield claims it will use the fresh capital to fuel the further development of its platform and boost its growth in existing markets.

The firm also has plans to expand into new countries, including the US, and will soon open its second R&D facility in Lisbon, Portugal.

FrankieOne nets $15.5m for unified onboarding system

FrankieOne, a unified onboarding and fraud prevention platform, has reportedly raised $15.5m in its Series A+ funding round, bringing the round’s total to $30m.

Greycroft and AirTree Ventures served as the lead investors, according to a report from Crowdfund Insider. Binance Labs and Kraken Ventures also joined the round as first-time backers.

Existing FrankieOne investors, Tidal Ventures, Reinventure and Apex Capital Partners also joined the round.

This funding will help FrankieOne scale quicker and mirror its success in Australia across North America and Asia Pacific.

Founded in 2019 by Simon Costello and Aaron Chipper, the company is a unified onboarding and fraud prevention platform. It helps banks and FinTechs improve their decision making through a single API and dashboard to manage KYC, AML and fraud.

FrankieOne offers a cloud native, end-to-end platform that automates data capture and decision making for customer onboarding and ongoing monitoring. It handles orchestration of all third-party tools from biometrics, KYC, KYB, AML through to fraud.

This investment comes after a period of significant growth for FrankieOne. Over the past 12 months, the company experienced 4,700% revenue growth over the past 12 months. Its clients include Shopify, Afterpay, Westpac and Pointsbet.

Credit card provider X1 nets $15m

X1, a US-based smart credit card provider, has secured $15m in a Series B funding round led by Soma Capital.

The round also saw participation from individual angel investors such as Kyle Vogy and Brian Kelly.

X1 claims it is the ‘smartest credit card ever made’ and is built with 17g of stainless steel and laser etching technology.

The company said it harnesses the power of technology to offer smart credit limits, an ‘unparalleled’ rewards program and automated features that it believes will ‘transform the way you shop and spend’.

X1 is partnered with Visa Signature, allowing cardholders to use it at more than 46 million merchants around the world.

According to FinSMEs, the new trading platform will live within X1’s app and will be rolling out to a select number of cardholders in beta over the coming weeks. Cardholders with access will be able to buy stocks by using earned reward points.

X1 plans to use the newly raised capital to speed up growth and roll out new financial services for its members, beginning with a new investing platform allowing cardholders to buy stocks with their reward points.

ESG platform FigBytes nets $14.5m investment

FigBytes, a creator of an ESG insight platform for strategy, reporting, data and stakeholder engagement, has scored $14.5m in total funding.  

The company secured $10m in incremental funding from Quantum Innovation Fund and also landed a $4.5m debt facility from Silicon Valley Bank.

Companies can use FigBytes’ software platform to easily and cost-effectively manage, track and report on their ESG goals related to carbon accounting, water stewardship, philanthropy, and diversity, equity and inclusion.

FigBytes also helps firms report to regulators and shareholders, reduce their environmental impact and create a more diverse, equitable workplace.

Rather than offering siloed ‘point’ products for different ESG functions, FigBytes claims it combines best-of-class capabilities into a unified solution that automates data tracking and provides a holistic view of ESG activity in a single platform.

In 2022, FigBytes reported a 200% increase in annual recurring revenue and made several key hires.

The firm plans to use these funds to support its continued growth and expand its sales and marketing, customer success, and product development activities in North America, Europe, and India.

Buckzy Payments lands $14.5m Series A

Buckzy Payments, a Canada-based payments firm, has netted $14.5m in a Series A funding round.

Buckzy claims this round of financing is a validation of its vision to create an intelligent and automated international payment system

The company said it is on a mission to build the plumbing for real-time money movement globally, the same way high-speed internet fundamentally shifted the communications industry.

Founded in 2018, Buckzy has grown to become a global leader in enabling cross-border payments and financial services, empowering leading financial institutions and FinTechs worldwide to deliver innovative and modernized financial solutions and service offerings.

The company enables a real-time cross border payment network and Banking-as-a-Service on an embedded finance platform that is secure, scalable, modular and compliant. The firm’s platform offers over 200 APIs that can be utilised for any transaction banking use cases and customer journeys to deliver modernised and innovative financial products and solutions.

Buckzy stated that the cross-border payments market is approximately $150trn globally, and is still significantly underserved.

The Buckzy payment network currently disburses funds to over 80 countries, including the UK, India, the whole of the EU, the Philippines, the United Arab Emirates, and many more. The company recently expanded its network in Latin America, covering Argentina, Brazil, Chile, Colombia, Guatemala, Honduras, Mexico, and Uruguay.

Certemy lands $9.7m in Series B

California-based compliance platform provider Certemy has scored $9.7m in a Series B financing raise.

The round – which included the conversion of a prior series saw participation from Numeta Capital and Apis Holdings.

According to FinSMEs, Certemy provides a SaaS compliance platform that allows enterprises to track, manage, and verify the credentials of their employees.

For certification and licensing boards, its credentialing platform provides an end-to-end solution allowing those boards to manage their initial application and licence renewal workflows via a SaaS-based platform.

The Certemy Employee Compliance platform allows employees to track employee licence and certification expirations and renewals via real-time notifications, reports and dashboards.

It also eliminates the risks and costs of non-compliance, including fines, lawsuits and lost business.

The platform also guides employees and managers step-by-step through their credential applications and renewals via Certemy’s flexible compliance workflow engine.

Certemy’s primary source verification platform automatically checks thousands of data sources daily to verify employee credential status between renewals. Quickly detect when an employee licence or certificate has been revoked or suspended by a state licensing board or a professional certification board.

Certemy plans to use the funds to expand its sales, marketing and product development efforts targeted at this market opportunity.

Web3 security provider CyVers nets $8m

Web3 security provider CyVers has reportedly raised $8m in a funding round led by Elron Ventures.

Other commitments to the round came from Crescendo Venture Partners, Differential Ventures, HDI, Cyber Club London, and Cyber Future, according to a report from CTECH.

The RegTech company provides Web3 security through real-time detection and prevention of crypto attacks.

Its system analyses on-chain and off-chain data, and learns the current and historical behaviour of users on the fly. Following this, it automatically and proactively identifies suspicious behaviour through machine learning anomaly detection technology. Finally, the platform alerts the customer and takes corrective actions in real-time.

The platform is used by financial institutions, exchanges and DeFi protocols.

SafeGuard raises $7m to boost data protection

SafeGuard Privacy, a SaaS-based compliance platform focused on data protection, has raised $7m in funding.

TechOperators led the investment, following two years of hockey stick client and business growth at SafeGuard Privacy.

With the funds, the company plans to bolster its international growth.

SafeGuard Privacy was founded in 2019 to meet the rising demand for automated compliance. According to the Economic Times, 33 states have introduced some form of data protection regulation. Globally, 76% of countries have drafted or implemented data privacy regulation.

The RegTech company’s technology helps publishers, agencies, brands, data providers and tech platforms to assess, audit and comply with privacy laws. Its technology supports compliance with a selection of data protection regulations, including GDPR and CCPA.

Clients include Business Online, CafeMedia, Habu, Neustar, a TransUnion company, Publisher’s Clearing House and more.

t3rn nets $6.5m for its multichain technology

t3rn, a next-generation fail-safe multichain protocol, has raised $6.5m in a strategic funding round.

The round was led by Polychain Capital, a premier digital asset investment fund.

Blockchange, Lemniscap, D1 Ventures, Huobi Ventures, Figment Capital, Bware Labs, MEXC, Open Process Ventures, NetZero Capital and an array of industry-leading angel investors, also participated.

As the crypto market moves towards a multi-blockchain environment, interoperability across smart contracts is becoming more important.

t3rn is a multichain protocol that brings fail-safe, interoperable execution and smart contract composability to the Polkadot ecosystem and beyond.

The company’s ultimate goal is to enable trust-free collaboration between blockchains and to create an ecosystem in which anyone can utilise and deploy an interoperable smart contract, in an ecosystem where developers are fairly rewarded for their contributions.

AllWork secures $4.9m in Series A haul

AllWork, a New York-based freelance management and payments platform provider, has scored $4.9m in a Series A funding round.

The round was headed by Fintop Capital. Following the round, Rick Holton and Chris Haley will join the AllWork board of directors.

AllWork claims it is a total freelancer management and payments platform. The firm helps companies more efficiently manage and pay every type of freelancer they need for their business including all hourly, consulting, contract, and project-based workers for both short and long-term assignments across all job functions, departments, and roles.

The firm said that by providing one streamlined platform for total freelancer management, businesses can leverage the new ‘modern workforce’.

According to AllWork, it intends to use the newly raised capital to expand its software, team and payments services.

X1, a US-based smart credit card provider, has secured $15m in a Series B funding round led by Soma Capital.

The round also saw participation from individual angel investors such as Kyle Vogy and Brian Kelly.

X1 claims it is the ‘smartest credit card ever made’ and is built with 17g of stainless steel and laser etching technology.

The company said it harnesses the power of technology to offer smart credit limits, an ‘unparalleled’ rewards program and automated features that it believes will ‘transform the way you shop and spend’.

Daylight bags $3m in seed financing haul

Daylight, a company that offers an API that integrates Web3 perks in one place, has landed $3m in seed funding.

The round was headed by Framework Ventures and Chapter One and saw participation from Opensea, 6th Man Ventures, Seed Club Ventures, Eniac Ventures, Spice Capital, Very Serious Ventures, Tomahawk, Uncommon Projects and a number of angel investors.

Established in 2022, Daylight provides an API that aggregates all of the Web3 perks that users qualify for based on their wallet address.

According to FinSMEs, these abilities include minting derivative NFTs, claiming airdrops, and gaining access to token-gated experiences.

Wallet apps and NFT marketplaces use the API to tell users what they can do, boosting user delight, acquisition, and retention. Community tools use the API to distribute token-gated or allow listed mints, claims, or unlocks to relevant users.

Daylight recently demonstrated its API by launching a consumer web app in October, attracting around 14,000 closed beta users and a waitlist of 15,000 users.

Daylight intends to use the newly raised capital to further customise its API product to suit the needs of its wallet app customers and grow the Scout community.

Nine25 lands A$2.25m in crowdfunding raise

Nine25, a salary streaming and budgeting platform, has announced the launch of its capital raise with Equitise, kicking off a $2.25m raise.

Nine25 claims it is a first-of-its-kind software-as-a-service platform that actually budgets for its users by actively allocating funds to their bills using authorisation to live employment and banking data.

Nine25 allows its users to manage their bills, spend, and grow their wealth on a fixed-price subscription model, which is the first of its kind in a market that’s become accustomed to outdated revenue models like transactional fees, repayment fees and late payments.

The firm claims that what sets Nine25 apart from payday lending and high-interest models is that the firm is a first-to-market SaaS model.

Nine25 has developed a subscription model specifically to disrupt every other model that exists on the market today. Users are not charged interest or late fees and have predictable cost access to the platform which includes the real-time salary.

The company claims it is the first FinTech globally to solve budgeting and salary management in one app and is the brainchild of entrepreneur Leigh Dunsford who co-founded accounting software platform Waddle, a leading global lending enterprise SaaS platform.

Indian money management app Galgal has raised $1m

India-based Galgal Money, a money management app, has reportedly raised $1m in its seed funding round.

The capital was supplied by unnamed angel investors, according to a report from livemint.

These funds will help Galgal Money launch its app and accelerate its customer acquisition. Funds will also be put towards product development initiatives and building features that meet customer demands.

Galgal Money describes itself as the ‘feel-good’ banking app. Its mobile app, which is available on Android and iOS, enables users to better manage their savings, budgeting and other money management needs.

One of the features is automated savings. When money enters the account, it is automatically split into different groups, such as essentials, rainy day and spending money. As part of this, the user can set rules, establish recurring bills and track all their outgoings. Galgal offers a Visa card that can be accepted around the world.

Read the previous week’s funding rounds here.

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