Marketplace Lending leads the charge in this week’s 27 FinTech funding rounds

Marketplace Lending leads the charge in this week's 27 FinTech funding rounds

Marketplace Lending companies lead the charge for FinTech funding rounds this week, accounting for the four biggest deals.

A total of $711.8m was raised across 27 FinTech funding rounds this week,  slightly up from last week’s total of $700m. While the lion share of funding last week came from one $400m fundraise, this week was led by four marketplace lending companies that raised a total of $515m. Of these, MPOWER, 8fig and Lendbuzz are based in the US, while R2 is based in Mexico.

There were two other marketplace lending companies to secure funds this week, Italy’s Viceversa and US-based Setscale. The companies raised $10.9m and $9.5m, respectively.

Marketplace lending technology seems to be one of the hottest FinTech segments in 2023. Research from FinTech Global recently found that marketplace lending accounted for 10% of all global Fintech deals during Q1 2023. A total of 134 deals were completed in the quarter, raising a combined total of $2.2bn. Much like this week, the US accounted for most of the marketplace lending funding rounds during Q1 with 44 deals.

Despite marketplace lending’s domination over large deals, the most active sector this week was RegTech with seven deals. It was a good week for the US’ RegTech space, accounting for five of the seven deals. The other two companies (Prewave and ThreatFabric) are based in Austria and the Netherlands, respectively.

The US has dominated FinTech deal activity for many weeks, and this was no different. Over half (16) of deals were from US companies, however, only four of these made it into the ten biggest deals of the week. Interestingly, outside of the US no other country recorded more than one funding round this week.

Finishing off the top ten biggest deals were Mexico, Ireland, Austria, Israel, the Netherlands and Italy. The ten biggest deals of the week raised a collective of $649m. Other countries represented in this week’s funding rounds were Canada, Singapore, France, Spain and the UK.  

The final point to note from this week’s funding rounds is the most active sectors. Having already noted RegTech and marketplace lending, the next most busy was WealthTech and CyberTech. Each of these recorded four deals. They were followed by PayTech with two deals, and then InsurTech, infrastructure and enterprise software, and cryptocurrency, which each recorded one deal.

Here are this week’s 27 FinTech funding rounds.

MPOWER Financing secures $150m facility with Goldman Sachs

MPOWER Financing, a mission-driven FinTech company specializing in non-cosigned loans for promising international students, announced the closure of a $150m revolving asset-backed warehouse facility with Goldman Sachs.

The new funding will help expand MPOWER’s fast-growing portfolio of student loans for international and DACA students enrolled in over 400 top colleges and universities across the United States and Canada. This comes as both countries reached record levels of enrollment for new international students in 2022.

MPOWER Financing focuses on providing global education loans by analyzing overseas and domestic credit data as well as future earning potential to serve high-potential international and DACA students. Partnering with more than 400 renowned universities in the U.S. and Canada, MPOWER has offered financing to students from over 200 countries.

With the latest funding, the company plans to further democratize access to higher education, as 91% of MPOWER students report that their loans are instrumental in their ability to study abroad. In addition to financial support, MPOWER also provides personal financial education and career guidance to prepare students for life after graduation.

Funding and management platform 8fig nets $140m Series B

8fig, a continuous funding and management platform for ecommerce firms, has closed a Series B funding round on $140m.

The round included a combined equity and credit facility led by Koch Disruptive Technologies with participation from Battery Ventures, Localglobe, Hetz, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank. T

8fig is focused on directly contributing to the sustained success of the ecommerce businesses in its network. This includes delegating more capital to finance ecommerce businesses and enhancing its supply chain management platform for online sellers.

8fig provides ecommerce businesses with bespoke funding plans that it claims are optimised according to their supply chain and cash flow needs to accelerate growth. Online sellers can manage their funding and remittance schedules using the 8fig platform, which also offers tools for supply chain management, financial planning, and freight and logistics coordination.

The funds from 8fig are disbursed incrementally and on an ongoing basis, and is equity-free. Using insights from 8fig’s platform, online sellers can quickly and easily respond to real-time industry changes such as fluctuations in demand and shipment delays and can change their funding plans accordingly, if necessary. Since its founding, 8fig has delivered over $500m in funding to online sellers.

With this round of capital, 8fig will expand its growth efforts and scale its funding capabilities to support a widening number of ecommerce firms, helping them to continue growing amid economic uncertainty.

Additionally, the company plans to implement enhanced financial management capabilities with new banking solutions and cash flow prediction models that will include alerts and insights based on business performance, as part of its quest to become a one-stop shop for ecommerce business management.

8fig is also collaborating with ecommerce marketing agencies on a financial tool to evaluate their clients’ cash flow requirements and mitigate risks by providing alerts and actionable insights.

Lendbuzz, shaking up auto finance with AI, secures $125m from RBC

Lendbuzz, an AI-powered FinTech company revolutionising the automotive finance market, has recently made headlines.

The Boston-based firm has successfully closed a $125m credit facility deal with Royal Bank of Canada (RBC). This substantial cash injection is set to bolster the company’s loan origination growth, backed by the additional warehouse capacity.

At the heart of Lendbuzz’s operations lies a proprietary, AI-based auto finance platform. It empowers the company to efficiently evaluate the creditworthiness of a wide range of consumers. Lendbuzz caters to individuals with varying credit scores, from those with good scores to those with minimal or even no credit history. In the US, this underserved segment includes nearly 100 million people, including those with near-prime scores. The Lendbuzz platform has proven to be an innovative solution to address the historical shortcomings of the traditional credit system.

The freshly raised funds will enable Lendbuzz to further enhance its platform, thereby increasing its borrowing capacity. Ultimately, the aim is to serve an even broader spectrum of borrowers and continue the company’s growth trajectory.

Lending infrastructure firm R2 lands $100m warehouse facility

R2, an embedded lending infrastructure business based in Latin America, has recently closed a $100m warehouse facility.

The facility was provided by Community Investment Management, a global impact-focused investment manager.

The transaction, R2 claims, provides the funding capacity to heavily scale and strengthen R2’s lending capabilities and partnerships, spurring a new wave of innovation in the industry and positioning R2 to make a significant economic impact in Mexico and beyond.

Since its founding, R2 said it has emerged as a key player in the sector launching multiple embedded lending partnerships and originating over $20 million in Revenue-Based Financing and B2B BNPL to over 6,000 SMBs in Mexico, Colombia, Chile, and Ecuador.

Through its integration with leading technology companies in the payments and food delivery sectors, R2 claims it empowers SMB users across the region to access the capital they need to grow and thrive.

With this deal, the firm claims that it has consolidated its position as a market leader in the embedded lending industry.

Funderbeam secures $40m to shape future of venture markets

Angel investing and trading platform Funderbeam has secured $40m in an investment round led by Irish PE group VentureWave.

Other investors in the round include Mistletoe, Draper Associates, and Kaidi Ruusalepp, the founder of Funderbeam.

VentureWave said that they have agreed to enter into a transaction to create a leading global entity which will serve institutional and angel investors in venture deal execution and secondaries.

The Irish firm will take an active and strategic leadership role in scaling Funderbeam’s ground-breaking technology across venture assets. The Group now has an evolved US market entry strategy through Vestiver, the institutional venture platform.

Following the completion of the transaction, the group will target the entire life cycle of global venture investments and secondaries, from early-stage angel funding until pre-IPO secondaries.

Credit card FinTech Petal secures $35m

Petal, a credit card and financial technology company, has raised $35m in funding and spun off its B2B-focussed data infrastructure and analytics subsidiary, Prism Data.

Valar Ventures led this new investment, joined by Story Ventures, Core Innovation Capital, and RiverPark Ventures, among others. The funding includes strategic investments from Synchrony and Samsung Next. This new investment will be split between Petal and Prism Data.

Petal describes itself as a new kind of credit card company, built to help people financially succeed. The company claims to have pioneered cash flow underwriting as an alternative to traditional credit scores, in a bid to make credit more accessible.

The company offers a simple, modern digital experience that encourages members to build credit, avoid debt, and spend responsibly. The company is based in New York, NY, and Richmond, VA. Petal credit cards are issued by WebBank.

After years of developing, refining and advancing its proprietary CashScore technology in-market, Petal established Prism Data to give other financial providers the same infrastructure and intelligence to improve underwriting decisions and expand access to credit.

Cash flow underwriting measures creditworthiness based on banking history, such as consumer earning, saving and spending trends. According to Petal, this provides a more effective measure of creditworthiness for the millions of consumers without accurate credit scores.

The spin-off results in two independent FinTech companies that are leveraging cash flow underwriting and consumer-authorised financial information (also known as open banking data) to provide products that expand consumer access to financial services.

Prewave secures €18m ($19.6m) Series A+ to revolutionise supply chain risk management

Prewave, a supply chain risk management and compliance platform, has secured €18m in a Series A+ funding round led by European venture capital firm Creandum.

The platform serves hundreds of clients, including prominent companies such as BMW, PwC, and Lufthansa.

The recent funding round comes after a successful Series A investment in 2022, led by KOMPAS and Ventech. The new funds will help Prewave transition from a platform that identifies risks to one that proactively addresses and resolves risks within supply chains.

Prewave aims to be the all-in-one solution for managing supply chain risks, covering every phase of the risk lifecycle. The platform identifies, analyses, mitigates, and reports risks, ensuring a comprehensive end-to-end approach for a more transparent, resilient, and sustainable supply chain of the future.

In today’s competitive business landscape, supply chain risk management has evolved from a boardroom discussion to a strategic differentiator. Companies face mounting challenges in navigating complex supply chains, grappling with ESG concerns, disruptions, visibility, and compliance. Prewave delivers a dynamic supplier risk score, derived from big data supply chain analysis, enabling companies to monitor their entire supply chain and execute corrective and preventive measures, thereby minimizing risk and enhancing individual supplier performance.

Confidential computing pioneer HUB Security nets $16m from The Lind Partners

HUB Security, a developer of confidential computing cybersecurity solutions and services, has announced a significant growth investment.

The company has secured up to $16m in gross proceeds from Lind Global Asset Management VI LLC, an investment entity managed by The Lind Partners, a New York-based institutional fund manager.

The additional funding is expected to provide HUB Security with resources to fuel its rapid growth and development, enhance its financial stability, and enable the company to pursue future plans. HUB Security focuses on unique cybersecurity solutions that protect sensitive commercial and government information. They are a recognized leader in the rapidly evolving field of zero-trust confidential computing, an area of cybersecurity that provides protection to data even when computers are infected and administrators are compromised.

With the new funding, the company intends to position itself as a leading confidential computing cybersecurity solutions provider in the market. The investment will be used to enhance technology development and expand go-to-market strategies.

Under the terms of the agreement with Lind, HUB Security will have access to up to $16m in convertible debt financing in three tranches, which will mature over a two-year period. Upon closing the transaction, the company will have immediate access to the first tranche of $4.5m, and the remaining two tranches totaling $11.5m upon the fulfillment of certain conditions.

ThreatFabric secures €11.5m ($12.5m) seed round to boost fraud detection capabilities

ThreatFabric, a leading provider of fraud detection solutions and intelligence for the financial services sector, has successfully raised €11.5m in a seed round.

The funding round was co-led by ABN AMRO Ventures and Motive Ventures, with participation from 10xFounders and 14Peaks capital.

The Amsterdam-based start-up offers a Fraud Risk Suite, which uses advanced AI models to continuously model threat paths inside online sign-up and payment journeys. With online fraud increasing at an alarming rate, ThreatFabric’s solutions help banks and financial institutions protect their end-users from fraud and malware through a multi-layered approach, including on-device malware detection and behavioural analytics.

The new funding will be used to extend two separate protection layers of ThreatFabric’s Fraud Risk Suite: behaviour-based location intelligence and behavioural biometrics. By using advanced AI models, the company can forecast potential fraudsters’ online footprints inside payment journeys and proactively define attack paths through continuous threat modelling.

ThreatFabric was founded by Han Sahin and Yorick Koster, who have over two decades of experience in fighting cyber fraud. The company has grown rapidly since its inception in 2015 and now has a global presence with over 40 employees. It was recently named as a Sample Vendor in a Gartner Research Report, highlighting the importance of complementary multi-domain technologies and intelligence in improving fraud detection.

Italian FinTech startup Viceversa raises €10m ($10.9m) in Series A round for digital companies

Italian FinTech startup Viceversa, which focuses on providing revenue-based financing to support the growth of digital companies, has raised a €10m Series A funding round.

The round saw CDP Venture Capital as the lead investor. Other participants in the round included Azimut Libera Impresa, Kairos Partners, Italian Angels for Growth, and several co-investors.

Viceversa’s innovative financing model is designed for companies running online businesses, such as marketplaces, B2C and B2B e-commerce, or subscription services. By offering revenue-based financing, the startup helps businesses access fast and flexible capital while promoting sustainable growth. This alternative financing solution has gained significant popularity in recent years, with Viceversa being one of the first European companies to introduce it.

With the new funding, Viceversa plans to expand its operations and develop data-driven solutions to better support the growth of future digital companies. One such solution is a white-label product aimed at eCommerce and marketplace leaders seeking to generate more value for their customers during capital-raising challenges.

In less than 18 months since its launch, Viceversa has achieved a total portfolio value of over €25m, serving clients across six countries and recording an average growth rate exceeding 150%. The startup’s team comprises more than 30 professionals with backgrounds in finance, data science, software engineering, marketing, and risk management.

Embeddable payroll startup Salsa secures $10m in funding

Salsa, a rising FinTech star aiming to revolutionise payroll systems, has successfully raised $10m in a recent funding round.

The startup offers software platforms the ability to seamlessly embed payroll features into their own products, creating an integrated and streamlined experience for customers.

This funding was led by Greycroft, Better Tomorrow Ventures, and Definition, with participation from a wide array of investors. These include Cambrian’s Rex Salisbury, Forum Ventures, and notable founders from various industries such as Oz Alon (CEO, HoneyBook), Avlok Kohli (CEO, AngelList), and Jess Mah (co-founder, inDinero) among others.

Salsa’s innovative approach enables software platforms to integrate a revenue-generating payroll solution within their own products. This offers customers an all-inclusive platform for managing their businesses and employees. Salsa’s APIs can be integrated into various software applications, serving industries ranging from local cafes to small businesses, neobanks and trucking companies’ freight management systems.

The new funding will be channelled into further product development and team expansion. Salsa’s vision is to eliminate the complexity of payroll for software platforms, handling all aspects of compliance, calculations, tax filing, and money movement. This allows software applications to focus on creating an improved payroll product experience for business owners.

The Salsa team, composed of experts in financial software and led by former executives from HoneyBook and Intuit’s QuickBooks Payroll, has already achieved significant milestones. Over the past two years, they have been building a payroll infrastructure designed for the future of work, offering a more accessible solution for developers.

Setscale revolutionises purchase order financing for SMBs with $9.5m raise

Setscale, a FinTech startup aiming to revolutionise purchase order financing for small and medium-sized businesses (SMBs), has announced raising $9.5m in seed funding and securing up to $70m in debt.

The funding round saw participation from Fin Capital, Great Oaks, Mantis, WndrCo, Ethos, and Jaws, along with executives and founders from top FinTech and SaaS companies. Setscale was founded by CEO Daniel Fine, who identified the need for alternative financing options for SMBs after experiencing the challenges first-hand in his previous business.

The company’s mission is to provide flexible financing solutions to SMBs, which are often underserved by traditional banks. Setscale’s underwriting model is designed to help companies scale by fulfilling existing and forward demand through inventory and purchase order financing. This allows businesses to use Setscale independently or in partnership with existing capital sources.

Setscale’s leadership team includes Jesse Roth as Chief Business Officer and General Counsel, Tami Mohney as Chief Strategy Officer, Don Renyer as Chief Product Officer, and Tim Bjorkman as Chief Technology Officer.

The newly raised funds will be used to expand Setscale’s technology offerings, build out its team, and double down on marketing efforts. The debt facility will enable the company to deploy capital to its partners for financing product purchases from creditworthy end buyers.

Charlie: A new era in retirement banking with a $7.5m kickstart

Charlie, a ground-breaking startup that delivers banking services specifically for the 62+ demographic, has just launched, redefining retirement banking.

The firm’s innovative approach aims to address the financial challenges that retirees and those nearing retirement face, ensuring they get the most out of their limited resources.

In its initial funding round, Charlie secured $7.5m in investment, according to a report from TechCrunch. The round was led by Better Tomorrow Ventures, with participation from Expa, Carbon Health Chief Product Officer Ayokunle Omojola, and Gokul Rajaram.

Charlie’s primary mission is to offer banking services that cater to the unique needs of retirees. With features such as faster access to Social Security checks, a generous 3% earning rate on balances, and no monthly fees or minimums, Charlie seeks to make retirees’ financial lives easier. In addition, the company has plans to offer users “frictionless, embarrassment-free discounts” by using their debit cards. Charlie is not a bank itself, but partners with Sutton Bank to provide its services.

The newly raised funds will be employed to further develop Charlie’s innovative features and to enhance its user interface, making it even more accessible for those with visual or physical limitations. The company also aims to address the transition into the “deaccumulation mode” that retirees face by allowing customers to withdraw their Social Security benefit up to four weeks early.

Webb Protocol rakes in $7m in seed funding

Webb Protocol, a privacy system for cross-blockchain asset transfers, has raised $7m in a seed funding round co-led by Polychain and Lemniscap.

Also taking part in the raise were CMS Holdings and Zeeprime amongst other notable investors.

Webb said it is spearheading a new privacy standard on cross-chain applications through its private bridge protocol – an interoperable privacy network for cryptocurrency assets and data.

The Webb protocol is an interoperable zero-knowledge proof-based system for privately moving assets between blockchains. Webb plans to extend this capability into a cross-chain messaging system with zero-knowledge-based property testing for data stored in the system.

With offices in New York, Tel Aviv, Cairo and Miami, Webb said it has already established a strong global footprint, as it gears up for an extended phase of international growth.

The company will use the newly raised capital to expand its staff base, accelerating the development of innovative privacy tools and protocols – including Zero-Knowledge and Multi-Party Computation (MPC) solutions.

Software security firm Cybeats raises over $6.2m in funding

Cybeats Technologies, a cybersecurity firm specialising in software bill of materials (SBOM) management and software supply chain intelligence technology, has successfully closed its second and final tranche of a non-brokered private placement.

The funding round amassed over $6.2m, with the final tranche generating $4.1m from the issuance of 4,109,000 units at $1.00 per unit. Overall, a total of 6,221,000 units were issued across both tranches of the offering.

Cybeats offers a unique solution within the cybersecurity space, focusing on SBOM management and software supply chain intelligence. The firm enables organisations to manage risk, meet compliance requirements, and secure their software across all stages – from procurement to development and operation. It promises comprehensive visibility and transparency into the client’s software supply chain, boosting operational efficiency and revenue.

This fresh funding will primarily be used for general corporate purposes and to bolster working capital. Moreover, as Cybeats CEO Yoav Raiter said, “The capital raise will fuel the ongoing support of our overwhelming commercial demand within the growing SBOM management market. The additional working capital will also support the onboarding of recently announced enterprise clients.”

To comply with securities laws, the securities issued upon closing of the offering will be subject to a hold period of four months plus a day from the date of closing. The closing of the offering is also contingent on the receipt of all necessary regulatory and other approvals.

Cyber startup SquareX lands $6m after stealth period

SquareX, a Singaporean cyber firm, has scored $6m in a round led by Sequoia Capital Southeast Asia after exiting a period of stealth.

According to Security Week, the firm provides a cloud-based solution that integrates with the browser as an extension, and which can keep users safe from malware and allows them to remain private.

SquareX said the solution allows users to remain productive and safely check emails, create documents, manage files, stream content, or access banking and ecommerce accounts.

SquareX initially made its solution available in early March 2023 and plans to release a beta version for a limited number of users in May.

The company will invest the new funds in research and development and go-to-market operations.

Eco-focused neobank Green-Got lands €5m ($5.4m)

Green-Got, a France-based neobank that is focused on ecological transition, has scored €5m in a recent funding round. 

The round secured €1.9m from its community and another €3m in notable private equity funding.

According to FinSME, Green-Got offers an online payment and savings account to pay anywhere in the world with a card made of natural wood or recycled plastic.

Green-Got offers customers alternative and ecological bank accounts which, with each payment, contribute free of charge to the financing of the de-pollution of the oceans, the afforestation or the development of renewable energy with already more than 12 000 tons of CO2e stored or avoided.

In addition, Green-Got has engineered its own carbon calculator for users to measure and control the CO2e emissions linked to their spending.

Green-Got intends to use the newly raised capital and prepare for its expansion across the European market.

Pet health insurer Barkibu bags $4.5m

Barkibu, a pet health insurance and preventative coverage provider, has raised $4.5m in funding to take advantage of the “booming” pet insurance market.

According to a report from NovoBrief, the round was led by Kfund, with Mundi Ventures also participating. Barkibu is founded on the belief that most pet health related problems will soon be solved by automated consumer experiences, built on top of structured pet health data.

Each month, Barkibu said it received tens of thousands of pet health documents each month, which contain unstructured pet health data. The company is converting this unstructured data into structured data that allows it to build a number of tools to increase claim management efficiency and intelligence.

In addition to its pet health insurance offering, which involves coverage for 80% of the costs associated with illnesses and accidents, and 100% of the costs associated with prevention, such as vaccinations or annual check-ups, Barkibu has built an app that helps pet parents take care of their pet’s health.

This app includes a calendar, a telehealth service that enables clients to chat, call, or email Barkibu vets for advice, and an AI-based veterinary service that is currently serving thousands of consultations a month.

The company has a presence in both Spain and Germany, with Spain accounting for 67% of its business.

Vibe unveils NFT-to-product platform and bags $4m seed

Vibe has recently launched its NFT platform that sets to create a ‘paradigm shift’ in the NFT-to-product market alongside scoring $4m in funding.

The seed round was backed by Alchemy Ventures, Aglaé Ventures, global K-Pop Sensation Psy’s music label, P Nation and others.

Vibe claims it offers a first-of-its-kind, no-code platform that enables creatives to turn NFTs into fully fledged applications and products via NFT smart contracts and metadata. The goal is to turn static NFTs into evolving assets with real-world and digital utility. From building upgradable mechanics to plugins, creatives can embed features like loyalty points, physical redeemable, ticketing, and more directly into the smart contracts.

Any Vibe NFTs can be deployed on any chain, and bridge to any other. Vibe’s vision is to democratize NFT creation, making it as accessible and user friendly as launching a regular product. This encompasses the initial drop, holder acquisition, insights and KPI’s, continuous iteration, advanced features, and user engagement. This paradigm shift they define as NFT-to-Product, representing a transformational change in how NFTs are perceived and utilized.

Optery secures $2.7m seed funding to revolutionize personal data protection

Optery, a company focused on personal data removal services, has announced it has raised an additional $2.7m in seed funding.

The innovative firm is the first to offer a free service for finding your personal data on hundreds of data broker websites.

The funding round was led by Bayhouse Capital and included participation from Global Founders Capital, Goodwater Capital, Pioneer Fund, Soma Capital, TRAC, Y Combinator, and others. This brings Optery’s total funding to $6m to date.

Optery’s primary mission is to modernize and scale personal data protection for both consumers and businesses. Their automated opt-out software removes personal information from the internet, reducing the attack surface area for phishing, social engineering, harassment, fraud, and doxxing.

The company plans to use the new funding to accelerate product enhancements, expand its team, and scale its operations. Optery’s service is vital as phishing continues to be the most common threat faced by internet users, with an eleven-fold increase in complaints from 2018 to 2022.

Visa backs global payments giant TerraPay with strategic investment

TerraPay, a global payments infrastructure company headquartered in the UK, announced a strategic equity investment from Visa, a world leader in digital payments.

This partnership will allow TerraPay to connect its network with Visa’s solutions, with the aim of simplifying digital cross-border commerce for consumers and small-to-medium businesses (SMBs).

The financial details of the deal remain undisclosed. However, Visa’s involvement is a significant endorsement of TerraPay’s mission to create a seamless, efficient system for global digital payments. Among the first solutions to be connected to TerraPay’s network is Visa Direct, a service that facilitates the direct transfer of funds to cards, bank accounts, and wallets worldwide.

TerraPay partners with mobile wallets and bank accounts globally. With the integration of Visa Direct, individuals can experience faster and seamless person-to-person remittances, while SMBs can benefit from efficient business pay-outs across 108 recipient countries.

Cross-border trade, particularly in emerging markets, has seen steady growth and is expected to reach a value of $8tn by 2025. Despite the rise of digital payments, the process remains complicated and fraught with challenges such as delays, high costs, lack of standardisation, and inefficiency, especially for SMBs.

The collaboration between TerraPay and Visa aims to address these challenges, offering comprehensive pay-in and pay-out solutions to enhance the usage of eligible commercial cards for SMEs. These solutions will include added global money-movement capabilities for cards, accounts, and wallets. Merchants will also be able to utilise TerraPay’s Request-to-Pay wallet solution worldwide.

Strong market demand drives SnippetSentry to close extended Series A round

SnippetSentry, a Silicon Valley-based firm that empowers companies to tackle the significant challenge of unmonitored mobile communications data, is experiencing an unprecedented client demand for their fully programmable mobile enterprise data security platform, SnippetExchange.

The firm recently announced the closure of an extended Series A round to meet the high client and market demand. The funding round was led by Carolina Financial Group, who also led the previous investment round.

SnippetSentry’s unique product, SnippetExchange, is a fully customizable, scalable, mobile data security enterprise platform. Purpose-built with automation and global scalability in mind, the platform is designed for seamless deployment with minimal IT involvement and no changes to user behaviour.

The new funds will be used to expedite the market release cycle of SnippetExchange, in response to the immediate requests for licenses from existing clients and partners after the company’s roadmap was released earlier this year.

In addition to the funding news, SnippetSentry is set to showcase SnippetExchange at leading industry events this May in Washington, D.C., and San Francisco, CA.

Global cybersecurity vendor Netwrix bags strategic funding from Centerbridge

Cybersecurity firm Netwrix has today announced a strategic investment from Centerbridge Partners, a prominent private equity firm with a global footprint.

The exact amount raised remains undisclosed, but this significant investment includes participation from existing majority shareholder TA Associates, a leading global private equity firm. Also maintaining their minority stakes are members of Netwrix’s senior management team and Updata Partners.

Netwrix, known for its easy-to-use data security solutions, empowers more than 13,000 organizations worldwide. The company’s wide-ranging solutions include data access governance (DAG), identity and access management (IAM), privileged access management (PAM), Active Directory security and ransomware protection. These solutions aim to help organizations identify and protect sensitive data, reducing the likelihood of security breaches, and enabling swift detection, response, and recovery from threats.

The company intends to use the new funding to expand its market leadership in data security solutions. With the financial and technological backing of Centerbridge and TA, Netwrix aims to address its customers’ critical needs more effectively.

CMFG Ventures backs DataVisor, targeting fraud in the credit union sector

DataVisor, a global pioneer in online fraud detection and financial services risk management, has secured strategic funding from CMFG Ventures, the venture capital subsidiary of CUNA Mutual Group.

This strategic alliance will enable DataVisor to extend its services to the credit union market.

The company has secured an undisclosed investment from CMFG Ventures. This funding will bolster DataVisor’s expansion into the credit union market, targeting their increasing need for timely and proactive fraud solutions.

DataVisor specialises in providing an integrated platform that offers real-time fraud prevention and detection. The company’s solution is particularly appealing to credit unions, whose current fraud systems are often outdated, segmented, and costly to implement. Moreover, credit unions are facing diverse types of fraud, from transaction and application fraud to account takeovers.

The funding will be utilised to help credit unions adopt modern fraud solutions that deliver a high return on investment and swiftly detect and combat sophisticated fraudsters in a cost-effective manner. DataVisor’s solution, powered by advanced AI and machine learning, significantly outperforms traditional services, improving fraud detection rates by 40-90%.

The partnership with DataVisor has been enthusiastically welcomed by the credit union community. NASA Federal Credit Union, which launched DataVisor’s platform in 2021, has praised the company’s scalable infrastructure and its effectiveness in replacing previous vendor fraud solutions with improved models and significant cost savings.

GRC software platform Onspring secures investment from Capital IP

Onspring, a software as a service (SaaS) platform that specialises in governance, risk, and compliance (GRC), has successfully raised a strategic round of funding.

The automated SaaS GRC software platform delivers no-code connection across an enterprise, offering an innovative and integrated solution for businesses.

This round of investment was provided by Capital IP, a strategic partner set to bolster Onspring’s future growth. The funding is earmarked for various improvements, including platform enhancements in artificial intelligence (AI), integrations, and user experience, as well as new product development. The ultimate goal is to accelerate market share growth in the burgeoning GRC sector.

Onspring is a versatile platform that automates critical risk and compliance activities such as mapping policies to controls, findings, regulations, and governance frameworks. It also triggers workflows for remediation activities and provides real-time data visualisation for accurate reporting and faster, more informed decision-making.

The newly secured funding is planned to drive significant expansion, both in terms of product development and team growth. Onspring plans to add to its engineering, sales development, and customer success teams, all while maintaining its ongoing focus on product suite enhancement and optimal customer experience.

Summit Partners invests in Keeper Security, fuels expansion in cybersecurity solutions

Keeper Security, a leading provider of zero-trust and zero-knowledge cybersecurity software, announced today that global growth equity firm Summit Partners has completed a significant minority investment in the company.

This investment marks the second significant funding round from a leading technology growth equity firm.

Keeper Security, since raising its last funding round in August 2020, has witnessed strong growth in its global operations. The company has added several hundred new employees, acquired remote network access provider Glyptodon, and expanded its industry certifications, including earning FedRAMP and StateRAMP Authorization. Keeper has opened new data centers in Australia, Canada, and Japan, and expanded its partner ecosystem across the NorAm, EMEA, and APAC regions. The company doubled its revenue, maintained strong gross margins, and marked Q1 2023 as its strongest quarter on record.

This latest investment will accelerate Keeper’s growth and solidify its position as an innovator in enterprise password management, secrets management, privileged connection management, and privileged access management. The funds will be used to further enhance Keeper’s cybersecurity solutions, enabling organizations worldwide to benefit from best-in-class cybersecurity products.

Immuta secures strategic investment from Databricks Ventures for data security innovation

Immuta, a leader in data security, has announced a new strategic investment from Databricks Ventures, the investment arm of data and AI company Databricks.

The investment builds upon a long-standing partnership between the two companies and positions Immuta as one of Databricks’ trusted partners of choice for data security and access control.

The funding will be used to drive product innovation and strengthen the integration between both platforms. Additionally, the investment aims to bolster new go-to-market initiatives and increase enterprise adoption.

Immuta focuses on providing secure access to cloud data, offering sensitive data discovery, security and access control, data activity monitoring, and deep integrations with leading cloud data platforms. The company is trusted by Fortune 500 companies and government agencies around the world for securing their data.

With the new funding, Immuta plans to enhance its integration with Databricks Unity Catalog to improve data security and unlock more value for their customers. The partnership between Immuta and Databricks has already seen success, serving global enterprise customers like ADP, Swedbank, and many others.

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.