InsurTechs pull in strong funding in this week’s 32 funding rounds

InsurTechs pull in strong funding in this week’s 32 funding rounds

This week proved to be a red-letter week for InsurTechs, with two of the top three deals going to companies in the insurance space.

The companies who blazed a trail this week included Incline P&C Group – a premier insurance program market services firm – who secured funding from Braemont Capital. Elsewhere, Spinnaker Insurance company locked in $110m in funding.

The FinTech sector pulled in $920m in funding this week, this was up from last week’s modest raise of $543.3m.

This week saw the CyberTech sector pulling in the most deals with six in total, with PayTech and AI trailing in joint second with four and WealthTech, InsurTech and FinTech coming in joint third with three. Crypto firms secured two deals, while ESG, PropTech and RegTech firms all brought in one deal a piece.

The US once again led the way in the most deals recorded this week, with US-based firms bringing in 13 of the top deals, while the UK trailing just behind on 7. Three French firms pulled in funding, while Singapore, Israel, Germany, Sweden, India and the Netherlands all brought in one deal.

Here are this week’s funding rounds.

Bain Capital and Accel invest $190m in cybersecurity provider, Blackpoint Cyber

Bain Capital and Accel invest $190m in cybersecurity provider, Blackpoint Cyber

Blackpoint Cyber, a prominent technology-centric cybersecurity company that delivers its advanced security suite through managed service providers (MSPs), has announced that it successfully secured a considerable growth investment of $190m.

The funding round was led by Bain Capital Tech Opportunities, joined by Accel, and also saw participation from existing investors such as Adelphi Capital Partners, Telecom Ventures, Pelican Ventures, and WP Global Partners. The raised capital will bolster the further development of Blackpoint’s security technology, enabling its MSP partners to counteract an increasingly volatile threat environment.

Blackpoint Cyber is no ordinary cybersecurity company. Established in 2014 by Jon Murchison, a former National Security Agency computer operations expert, the firm’s mission is to help MSPs protect their clients from burgeoning cyber threats.

Braemont Capital injects $125m into Incline P&C Group

The premier insurance program market services firm, Incline P&C Group, has announced it has secured a significant investment of $125m.

This substantial financial injection comes from Braemont Capital, a relationship-focused investment firm known for partnering with growth-centric companies. The further financial terms of the transaction were not disclosed.

Incline P&C Group, based in Austin, Texas, brings over 75 years of combined industry experience. The firm excels in program management, disciplined underwriting process, risk management, reinsurance expertise and economic alignment. Their current programs cover a wide array of insurance lines including private passenger auto, cargo, commercial auto, flood, homeowners, motorcycle, pet and workers’ compensation insurance.

Hippo Holdings’ Spinnaker Insurance secures $110m

Spinnaker Insurance Company, a fully owned subsidiary of Hippo Holdings, has announced a significant stride in the insurance industry, unveiling the successful sponsorship of a catastrophe bond from Mountain Re Ltd.

The catastrophe bond, termed as the Series 2023-1, represents a value of $110m, exhibiting a 10% increase from the initial transaction target of $100m. GC Securities, a division of MMC Securities LLC, was instrumental in this transaction, acting as the sole structuring agent and bookrunner.

Delving into the specifics, Spinnaker Insurance provides diverse insurance solutions and offers access to the reinsurance market for MGA, program administration and InsurTech companies. As part of this sponsorship deal, Spinnaker will engage in a reinsurance contract with Mountain Re, offering protection against multiple perils including named storms, severe thunderstorms, winter storms, and even fires subsequent to earthquakes.

The freshly procured funding is earmarked to facilitate Spinnaker’s growth, directly benefiting from its geographic diversification efforts and serving as a crucial part of its reinsurance programme. Furthermore, the deal bestows upon Spinnaker diversified risk transfer capacity and capital market access.

Business planning innovator Pigment secures $88m

Pigment, an innovator in the field of business planning and analytics, recently announced its successful securing of $88m in a Series C funding round.

The funding round, led by ICONIQ Growth, boosts the total amount raised by the company to a staggering $248m since its inception in 2019.

The Paris-based start-up, Pigment, has been aiding business leaders to conquer numerous pressing challenges since its launch. The company assists its clients in navigating the economic uncertainties, amplifying efficiency in strategic decision-making, and preparing for a novel era of business planning. Pigment’s value proposition is becoming ever more critical as global conditions rapidly evolve, creating a ‘new, new normal’ where agile, instantaneous planning is vital.

This latest infusion of capital is expected to be channeled into various strategic areas, including expanding operations in North America, investing in AI capabilities, and enhancing its product offerings.

Thunes powers global money transfers with $60m

Thunes, a global B2B payment infrastructure platform, has closed its Series C funding round on $60m.

Founded in 2016, the company aims to tackle the global inefficiencies present in international money transfers.

The funding was led by London-based hedge fund Marshall Wace. Additional support came from prominent backers such as Bessemer Venture Partners and the recently formed Southeast Asian private equity firm 01Fintech.

The mission of Thunes revolves around developing a novel payment system that enables instantaneous, secure, and swift money transfers, equating to the simplicity of sending a text message. This revolutionary approach will unlock vast opportunities for businesses and individuals worldwide, facilitating seamless participation in global commerce.

Amplifi Capital accelerates credit union innovation with fresh £50m investment

Amplifi Capital has landed a significant investment of $50m from M&G to boost growth in the UK’s credit union sector.

The innovative technology deployed by Amplifi Capital has been a game-changer for the UK’s credit union sector, the firm claims. As a credit broker, Amplifi Capital has assisted credit unions in issuing savings and loan products to over 100,000 UK customers. These efforts have led to an impressive loan book of more than £350m.

Launched in 2018, Amplifi Capital’s FinTech platform, My Community Finance, has collaborated with two of the fastest-growing credit unions in the UK. It has enhanced thousands of credit union customer experiences with its superior technology platform. The mission of Amplifi Capital is clear: to facilitate access to credit products for the estimated 20 million consumers in the UK who are underserved by high-street banks.

Instabase achieves $2bn valuation post $45m Series C round

Instabase, the enterprise sector leader in Applied AI, today revealed the successful completion of its Series C funding round and the inauguration of its AI Hub. The firm specialises in crafting advanced AI applications and generative AI tools tailored for modern businesses.

The enterprise raised a substantial $45m in its recent Series C round which concluded at the tail end of 2022. This funding event saw Instabase’s valuation surge to a staggering $2bn. Tribe Capital helmed the investment, with significant contributions from Andreessen Horowitz, New Enterprise Associates, Greylock Partners, Spark Capital, K5 Global, and Standard Chartered Ventures.

Instabase’s primary innovation is the AI Hub platform, an exclusive, user-friendly solution that brings content understanding abilities within reach of the general public. The platform’s first application, Converse, allows individuals to hold interactive discussions, fetch answers to queries, summarise and extract more from a wide array of content, ranging from documents and spreadsheets to images. The AI Hub’s capabilities are diverse, addressing a variety of areas from insurance claims and tax files to invoices and customer data.

WaveBL fuels global digital trade expansion with $26m

Israel-based WaveBL, a pre-eminent provider of electronic Bills, has successfully clinched $26m in a recent funding round, cementing its standing as a global frontrunner in the digital trade document industry.

The Series B funding round was spearheaded by NewRoad Capital Partners, an investment firm centred on novel and growth-focused companies within supply chain and logistics, retail, and marketing technology sectors. Further backing was offered by incumbent investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars Central LLC, as well as a new investor, Reefknot Investments, supported by Temasek and Kuehne + Nagel.

WaveBL operates a leading-edge digital platform for the electronic transfer of trade documents. The FinTech company’s proprietary blockchain technology facilitates instantaneous, secure, and authenticated transfer of unique electronic trade documents, complying with universal processes and regulations.

WaveBL plans to utilise the newly acquired funding to hasten its growth, focusing on expanding its team primarily in sales, marketing, and R&D. The company aims to digitise and expedite global commerce, drastically reducing costs and the trade industry’s dependence on paper documents.

Mosaic garners $26m for AI-driven financial decision-making platform

 Mosaic, a strategic finance platform for real-time data analysis and collaborative financial planning, has recently raised $26m.

Mosaic has carved its niche in the FinTech sector by offering a unique platform, blending AI with strategic financial planning. This innovative approach addresses the challenges of balancing high growth with capital efficiency for companies. It particularly empowers SMB and mid-market finance leaders by enabling them with the latest AI-driven decision-making functionality.

The newly raised funds are set to bolster Mosaic’s investment in AI. The aim is to augment the strategic roles of high-growth SMB and mid-market finance leaders in their businesses. The finance leaders, armed with advanced AI tools, can fortify their contributions as strategic partners.

Hyro finalises $20m Series B funding

Hyro, a front-runner in the plug-and-play conversational artificial intelligence (AI) sphere, has announced the completion of a $20m Series B funding round.

Led by Macquarie Capital, the investment round also saw participation from new investors Liberty Mutual Strategic Ventures, Black Opal Ventures, and K20, along with existing backers Hanaco Ventures, Spero Ventures, and Mindset Ventures.

This latest funding haul, which brings Hyro’s total capital raised to $35m, enables the company to further meet the increasing demand for conversational AI and automation within the healthcare sector. It positions large organisations to improve access to digital services for patients and staff and dramatically enhance operational efficiencies.

Hyro offers plug-and-play chat and voice interfaces, powered by its proprietary natural language processing (NLP) and knowledge graph technologies, that resolve routine tasks and eases the strain on healthcare organisations. Leveraging AI, Hyro’s platform aids in patient registration, routing, scheduling, IT helpdesk ticketing, answering FAQs, and prescription refills, addressing about 60-70% of all inbound calls and messages from patient and staff populations.

With the fresh capital, Hyro plans to hire top talent across all departments and continue building its no-code platform for AI-powered call centre, web, and mobile solutions. Additionally, the firm aims to expand strategic partnerships, integrations and use cases across key industries where it is witnessing strong traction.

AI-driven FinTech firm Lendbuzz secures $20m credit facility

BHI, a comprehensive commercial bank, recently bestowed a $20m credit facility upon Lendbuzz, an innovative AI-based FinTech firm based in Boston, Massachusetts.

The credit facility is expected to bolster Lendbuzz’s working capital and support a range of general corporate purposes. The investors behind the financial injection are firmly rooted in BHI, illustrating their ongoing commitment to supporting technology companies.

Lendbuzz, founded in 2015, has earned a reputation as a leading disruptor in the auto lending industry. It leverages alternative data and machine learning to widen access to credit, particularly for segments of the market that have been traditionally underserved. In addition to aiding auto dealerships in serving a more diversified customer base, Lendbuzz’s approach is gradually reshaping the way the conventional credit system operates.

The FinTech firm aims to utilise this fresh funding to continue expanding its reach and increasing originations. The primary goal remains to provide advanced financial solutions to underserved groups with limited credit history.

Sourcemap secures $20m to enhance global supply chain mapping

Sourcemap, a key provider of supply chain mapping and monitoring software, recently celebrated the close of a substantial $20m Series B funding round.

This significant financial injection came from a funding round headed by Energize Ventures, with contributions also made by the E14 Fund. The impressive sum of $20m will be instrumental in helping Sourcemap to expand its international presence, while also developing additional, business-critical features for its supply chain mapping and monitoring software suite.

In essence, Sourcemap is the only company to offer a comprehensive enterprise solution that meets all global supply chain due diligence requirements. This includes a full package of services such as end-to-end supply chain mapping, transaction traceability and verification, real-time risk monitoring, business continuity planning, and consumer-facing transparency.

The raised funding is intended to be utilised for broadening the company’s global footprint and advancing the solutions offered in its supply chain mapping and monitoring software suite. This aligns with the increasing regulatory requirements in North America and Europe that mandate companies to map and monitor their end-to-end supply chains.

Meanwhile, the crypto-native life insurer, bags $19m seed funding

Meanwhile, a unique life insurer that operates solely in cryptocurrency, has announced that it has raised around $19m across two seed funding rounds.

This financing puts Meanwhile in an advantageous position, making it the first and only life insurer to operate exclusively in cryptocurrency.

The funding rounds have seen significant participation from high-profile investors. The first round was co-led by Sam Altman, CEO of OpenAI, and Lachy Groom, the former head of Stripe issuing. The second round saw Gradient Ventures, a Google venture, taking the lead. This substantial financial backing has allowed Meanwhile to secure licensing and regulation from the Bermuda Monetary Authority, a leading global insurance regulator. With this financial boost, Meanwhile is set to enhance its team, launch its Bitcoin-denominated whole life insurance product, and move the company forward.

Meanwhile, breaking new ground in the insurance industry, offers life insurance services wholly denominated in Bitcoin. Their ambition is to reach more than a billion people globally by combining Bitcoin with artificial intelligence and creating an innovative full-stack life insurance company. Their services are designed to resonate particularly with long-term Bitcoin holders.

Blumira makes big security leap with $15m raise

Blumira has made headlines by raising a $15m Series B funding round and simultaneously launching its XDR platform for SMEs.

The latest funding injection was spearheaded by Ten Eleven Ventures and saw participation from RPS Ventures, Mercury Fund, HPA, and Duo Security co-founder Jon Oberheide. The robust financial support showcases the industry’s trust in Blumira’s vision to democratise enterprise-level security.

At its core, Blumira’s XDR platform amalgamates SIEM, endpoint visibility, and automated response to facilitate the consolidation of tools, reduce complexity, and broaden insight across the entire business environment for lean IT teams. The ultimate goal is to quicken response times through automation.

In the wake of this fundraising announcement, Blumira has outlined plans to utilise the newfound capital to further streamline security for the SMB market. The aim is to alleviate the manual security burden on small teams, making security more accessible and efficient for businesses of all sizes.

Blumira’s XDR platform provides an invaluable service to IT teams by saving time and effort in threat response. Its host isolation feature enables immediate containment of an endpoint threat pending further investigation, thus ensuring a speedy and effective response to potential threats. 

Berlin-based FinTech Payrails lands $14.4m

Payrails, a Berlin-based FinTech firm providing a robust payment operating system for global platforms, announced today its successful fund-raising effort.

The firm, which was founded by the trio who built the FinTech arm of the world’s largest delivery platform, Delivery Hero, has raised $14.4m in a seed extension round.

The funding round was led by EQT Ventures, with participation from new investor General Catalyst and existing investors Andreessen Horowitz and HV Capital. The significant financial backing indicates trust in Payrails’ product that’s currently being adopted by sizeable international firms operating across different industries.

Payrails has developed an end-to-end operating system that streamlines the entire payment processing value chain. Recognising a market gap for a complete solution for high-growth firms, Payrails caters to businesses that require an enterprise-grade operating system to manage payments. The system can facilitate multi-processor setup for payments, route payments across different regions, and perform complex internal money movement tasks.

Marathon’s Bitcoin support services bag $14.25m investment

Marathon Digital, a digital asset technology company with a focus on Bitcoin, announced a private placement that resulted in a securities purchase agreement for the sale of 15,000 shares of Series A redeemable convertible preferred stock.

The company has managed to raise approximately $14.25m in gross proceeds from the offering, before deducting the placement agent’s fees and other estimated offering expenses.

Operating within the Bitcoin ecosystem, Marathon Digital Holdings provides support and security services. Currently, the company is working towards becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.

The new funding is expected to be used for general corporate purposes, especially if the Series A preferred stock is converted or otherwise not redeemed after 120 days from the closing of the placement.


UK BaaS platform Griffin secures $13.5m in Series A funding

Griffin, a BaaS platform from the UK, has recently successfully raised $13.5 million in its Series A fundraising event.

This funding round was spearheaded by MassMutual Ventures, a global venture capitalist firm. Existing investors also lent their support, with notable participation from Seedcamp, Notion Capital, and EQT Ventures. The $13.5m secured in this round illustrates the burgeoning confidence and trust placed in Griffin’s technological potential and strategic vision.

Griffin is a full-stack BaaS platform engineered to empower FinTech firms by offering them an exhaustive suite of banking services. Being an API-first bank, it showcases the potency of Software as a Service (SaaS) in the banking sector, serving an array of customer-focused financial products. Griffin, with its UK banking licence, supports innovative brands and FinTech firms in embedding finance by offering bank accounts, access to the UK’s payment rails, cards, an integrated ledger, and automated compliance technology.

The new funds will be used to transition out of the “mobilisation” period, or authorisation with restrictions, subject to regulatory approval. Griffin also plans to bolster its commercial activities and dedicate resources to enhance its embedded finance platform. This highlights Griffin’s commitment to consistently improve its service offerings and solidify its footprint in the FinTech arena.

Digital trade finance platform Mitigram bags $11m

Stockholm-based Mitigram, delineated as the pioneering force in the realm of digital platforms dedicated to global trade financing, has raised $11m in fresh funding.

The latest influx of funding originates from a diverse roster of committed investors, displaying avid confidence in Mitigram’s innovative business model and ambitious growth strategies.

Founded in 2014, Mitigram has been trailblazing the FinTech industry by offering the world’s first digital exchange dedicated to global trade financing. The platform is masterfully engineered to cater to the needs of both corporations and financial institutions, providing them with a versatile platform for pricing, risk cover and transaction execution in cross-border trade. Its illustrious clientele boasts notable names such as Louis Dreyfus Company, Bridgestone, Ericsson, and Siemens Healthineers, along with over 150 global banks.

With the fresh capital at its disposal, Mitigram plans to usher in a new phase of growth, focused on expanding its product capabilities and strengthening its Software as a Service (SaaS) offerings. By scaling its network, the firm aims to maintain a significant competitive advantage in the fast-paced FinTech landscape.

Amsterdam-based InsurTech Insify attracts $10.7m

Amsterdam-based InsurTech firm, Insify, has successfully sealed its Series A funding round by amassing an additional $10.7m.

Insify is an innovative startup aimed at transforming the business insurance landscape by making it more accessible for freelancers and small to medium enterprises (SMEs).

The latest round of funding, amounting to $10.7m, was led by Munich Re Ventures, the venture capital arm of the notable reinsurance firm, according to a report from TechCrunch. Insify had previously established a partnership with Munich Re for its range of insurance products.

Insify’s mission is to address the often-neglected segment of the business insurance market – freelancers and small firms. Large businesses typically have numerous insurance product options, however, freelancers and SMEs usually find the current offerings subpar. These smaller enterprises are often either underinsured or completely uninsured, despite the clear need and benefits of professional or corporate liability insurance.

The fresh injection of funds will be used to bolster Insify’s digital-friendly insurance solutions for SMEs. The company uses an online form and advanced analytics to gather detailed information about potential customers. The goal is to reduce customer acquisition costs and make business insurance more attractive and accessible for this underserved market segment.

Industrial cyber defence platform Galvanick secures $10m seed round

Galvanick, a solution renowned for protecting industrial infrastructure from cyber threats, has proudly announced a significant financial milestone in its journey.

The core function of Galvanick is to fortify the cybersecurity of industrial infrastructure. In a world that has witnessed a significant shift from manually-operated to computer-operated equipment over the past thirty years, such services are crucial. The vulnerabilities of industrial systems, now increasingly targeted by cyber attacks, can result in dire consequences such as compromising drug manufacturing processes, disabling safety systems at oil refineries, or causing large-scale spoilage in the food industry.

With the fresh capital in place, Galvanick plans to bolster its workforce by hiring additional key talents, and aims to expand the usage of its initial product – an industrial-first Extended Detection & Response (XDR) platform – to further advanced manufacturing and critical infrastructure facilities.

Galvanick was founded by a team of industry veterans, which includes co-founder Joshua Steinman, the ex-military and former Senior Director for Cyber on the National Security Council who masterminded the 2018 National Cyber Strategy, and co-founders Brandon Park and Feliks Pleszczynski, who possess rich experiences in Amazon’s global industrial cybersecurity program and as a former trader, economist, and White House staffer respectively.

£8.5m boost for LlamaIndex to enhance LLM capabilities

LlamaIndex, a data framework designed for large language models (LLMs), has announced that it has successfully raised £8.5m in a seed funding round.

This substantial investment was led by Greylock with additional participation from various angel investors.

LlamaIndex operates at the cutting edge of artificial intelligence, offering innovative solutions for LLMs. Despite the myriad potential uses for LLMs, their functionality is often constrained by the data on which they are trained. LlamaIndex was founded to address these limitations and facilitate the effective use of personal or enterprise data, be it from documents such as PDFs and Powerpoints, or databases such as Postgres and MongoDB.

The new funding will be channelled into developing an enterprise offering built upon LlamaIndex’s well-regarded open-source project. This popular initiative has seen widespread adoption among the AI community, earning plaudits from hackers, developers, and established companies alike.

LendingStandard accelerates with a $6.7m boost in funding

LendingStandard, a Kansas City-based startup, has secured $6.7m in a fresh funding round.

This initiative recently culminated in a successful equity funding round, where LendingStandard managed to raise $6.7m, according to a report from Startland News. This round was spearheaded by Naples Technology Ventures (NTV), alongside key contributions from Flyover Capital, and existing investors.

Established in 2015, LendingStandard offers a singular platform to commercial real estate (CRE) lenders. This platform streamlines the loan process across all products, improving operational efficiencies by up to 45%. It is particularly effective in handling complex loans, making it a highly valuable asset in the commercial real estate finance sector.

The firm has garnered significant recognition, with three of the top 10 U.S. lenders utilising its platform. With this fresh round of funding, LendingStandard intends to rapidly expand its market share, shared CEO Andy Kallenbach.

Atoa raises $6.5m and pledges to disrupt the UK payment market

UK payments FinTech Atoa, a rapidly emerging player set to challenge the status quo in the traditional finance sector, has bagged $6.5m.

This innovative startup seeks to disrupt the conventional methods of card payments prevalent in the high street retail business.

At its core, Atoa provides small to medium-sized retail businesses with a fairer, faster, cheaper and more secure alternative to accepting card payments. Its primary solution is account-to-account payments, a mechanism which aligns with the ‘Axe the Card Tax’ campaign’s goal to reduce the high card fees imposed by giants like Visa and Mastercard.

This newly acquired funding will be used to further Atoa’s ambitious objective. It aims to offer relief to UK SMBs, which have been hit hard by unfavourable economic conditions, the pandemic, and consistent rises in inflation.

Atoa claims that card programmes like Visa and Mastercard operate with profit margins as high as 67% and 75% respectively and states that the cost of payments has surged by up to 44% since 2016, according to the Coalition for a Digital Economy (COADEC).

API security firm, Escape, nets $3.9m in seed funding round

Tristan Kalos and Antoine Carossio’s venture, Escape, an API security company fresh from Y Combinator’s 2023 cohort, has just closed its seed round on $3.9m.

The investors backing Escape’s vision include lead investor IRIS, along with Frst, Y Combinator, Irregular Expressions, Tiny Supercomputers, Kima Ventures, and notable angel investors like Philippe Langlois, Mehdi Medjaoui, and Roxanne Varza.

Paris-based Escape is positioned to tackle a critical problem in the cyber landscape—securing APIs at every step of development. Given that a whopping 91% of APIs are currently susceptible to hacker activity, according to Gartner, this mission is both timely and vital. API vulnerabilities persist due to rapid and continual updates made by developers in the cloud, often outpacing security team assessments. Escape’s solution empowers security teams to constantly assess and resolve security breaches at any stage of the development process.

Boost for cybersecurity as Paris-based Elba raises €2.5m

Paris-based firm, Elba, a unique cybersecurity platform working towards empowering employees to tackle cyber threats, has successfully raised €2.5m in a seed round.

Founded under the umbrella of the French and Belgian startup studio eFounders in 2022, Elba stands apart by utilising a “user-focused security” approach. Originally pioneered by Netflix security teams, this innovative method motivates employees to review and resolve security issues instead of leaving the entire responsibility on the IT teams.

Elba’s technology integrates seamlessly with clients’ SaaS stacks, promptly identifies security flaws, and notifies teams to rectify the issue with a single click.

Texas-based Keep Aware secures $2.4m for next-level browser security

Keep Aware, a company that aims to shield web browsers from potential hacker threat, has successfully raised $2.4m in a seed funding round.

Operating from Austin, Keep Aware has been developing an innovative browser security platform with a human-centric approach. The platform’s main goal is to provide comprehensive protection against various browser-based threats such as credential phishing, email spoofing, social engineering, and malicious extensions. The company’s unique proposition is their mechanism which integrates security directly into the user interface, thus responding to the uncertainty within the online risk landscape.

Keep Aware has devised a system that involves both the employee and the security team whenever a threat is detected. By assessing intent and raising alarms for suspicious or dangerous actions, the company aims to effectively deal with any potential risks.

The funds from this round will be employed to expedite product development and establish solid go-to-market strategies. The company’s main focus will be to provide robust protection against threats such as username and password theft, social engineering, and malicious extensions. In addition, they plan to offer tools to aid in behaviour-based risk identification, automate investigations, and ensure thorough logging for auditing and compliance purposes.

Avaana Climate Fund spearheads $2m seed for ESG platform, an ESG SaaS platform, has secured $2m in a promising seed funding round headed by Avaana Capital.

The platform has managed to raise a substantial $2m in this funding round, thanks to the concerted efforts of Avaana Capital, RPG Ventures, and Golden Sparrow Ventures. Their collective belief in’s vision has made this possible., established by the dynamic duo Harsh Choudhry and Vikas Upadhyay, aims to empower businesses and foster ESG excellence with their ground-breaking Scope 3 solutions. Their innovative SaaS products, namely sentra.calculus,, and sentra.portfolio, have been instrumental in helping businesses to decarbonise their value chain. By this means, has made significant strides in promoting sustainability across the industrial sector.

The company plans to direct the newly raised funds towards advancing sectoral climate intelligence and enhancing product development. Additionally, it hopes to utilise the investment for expanding its team and cultivating strategic partnerships.

Community Capital secures investment from BHB Fund

Community Capital Technology, an enterprise loan marketplace and analytics platform has secured from the Bankers Helping Bankers Fund (BHB Fund), a venture capital fund that works “for community banks, by community banks.”

This company specialises in the provision of a comprehensive marketplace for loans, as well as an analytics platform, making it a central figure in the world of FinTech.

This investment round saw a significant contribution from the BHB Fund, managed by Latitude38 Venture Partners, in collaboration with the Independent Bankers Association of Texas (IBAT) and FedFis.

At the heart of Community Capital’s operations is the creation of a digital marketplace for loans, as well as providing robust analytics for its users. By offering a peer-to-peer platform for active, proprietary deal flow, Community Capital supports a vast range of institutions. These include regional banks, community banks, credit unions, RIAs, direct lenders, and others who support these entities.

The funding will be deployed to enhance Community Capital’s technological platform and develop operational teams. The ultimate goal is to foster new strategic partnerships and consolidate the company’s leadership in modernising the secondary loan market.

UK’s Trust & Safety titan Pasabi nets multi-million-dollar investment

Pasabi, the UK Trust & Safety platform, is primed to expand its global footprint, having successfully secured a multi-million-dollar investment.

The sizeable investment comes from global technology consultancy VeUP, who deployed funds from its €100m growth pot, specifically designed to back high-potential Independent Software Vendors (ISVs) using Amazon Web Services.

Specialising in the fight against online fraud, Pasabi uses AI-powered behavioural analytics to identify and counter fraudulent behaviour and fake reviews. With the World Economic Forum estimating the fake review epidemic to influence over $152bn of global online spending annually, the threat to both businesses and consumers is considerable, and Pasabi’s solutions are increasingly crucial.

With the newly acquired funding, the Edinburgh-based company, co-founded by Chris Downie and Martin Spinks, intends to set up a series of business hubs in the US, UK, and Portugal. Moreover, this investment will facilitate the hiring of specialist staff across critical roles, including engineering, product development, sales, and marketing. In addition, Pasabi plans to develop and launch a new product version on AWS Marketplace.

Payment platform fumopay completes seed funding

In a significant boost for the Open Banking landscape, British payment platform fumopay announced the successful conclusion of its first-ever seed funding round today.

A staunch proponent of Open Banking, fumopay has made waves as a transformative Pay by Bank platform.

Securing backing from three distinguished private investors, known for their exploits in the FinTech sector, the funding round sends a promising signal for the future trajectory of both fumopay and the wider industry. The round equips fumopay with the financial resources required to further unfold its launch plan, deeply rooted in promoting financial social impact.

 Logiq, UK’s cyber security leader, secures backing from Phoenix

Phoenix, a prominent investment firm, has proudly announced its recent financial backing of Logiq, a leading UK-based cyber security specialist.

Known for its strategic investments, Phoenix has shown its confidence in the rapidly growing cyber security sector with this latest move.

The details of the funding amount have not been disclosed in the press release. However, Phoenix’s involvement confirms Logiq as one of its significant investments. This investment marks the third commitment from Phoenix’s 2022 Fund, following stakes in risk analytics provider 4most and data solutions enterprise Dufrain.

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.