There were 33 funding rounds in the FinTech space this past week, with the biggest deal seeing a whopping £345m investment for business credit firm TP24.
Other key funding rounds this week were seen in the cryptocurrency space, with cryptonative investment firm CoinFund pulling in $158m in its seed funding. More than $1.3bn was raised in total funding this week.
Industry-wise, leading the way this week was FinTech, with eight deals in total. In joint second were CyberTech, PayTech, Cryptocurrency and Blockchain and WealthTech, while InsurTech brought in three, RegTech two and ESG one.
On geographic terms, leading the way this week was the US with 14 deals, followed by the UK on three, Australia and France on two, and then the Netherlands, Switzerland, Singapore, Latvia, Mexico, South Korea, Luxembourg, Nigeria and the Philippines on one each.
Here are this week’s deals.
Barclays and M&G Investments inject £345m into FinTech TP24
TP24, an innovative FinTech firm offering flexible revolving business credit, has successfully raised £345m in a debt funding round. The round was significantly bolstered by notable UK entities, Barclays Bank and M&G Investments.
The new funding, a colossal £345m, was exclusively provided by Barclays and M&G Investments, according to a report from Financial IT. Among the committed funds, Barclays has agreed to provide up to £200m in warehouse financing, while M&G has committed to a provision of up to £40m in mezzanine funding.
The main thrust of TP24’s operations involves providing small to medium-sized enterprises (SMEs) with flexible revolving business credit. This is cleverly achieved based on their outstanding invoices, negating the need to take over the debtor base.
Cryptonative investment firm CoinFund rakes in $158m funding
CoinFund, a cryptonative investment firm, has triumphantly closed a $158m funding round for its CoinFund Seed IV Fund LP.
This latest financial boost saw backing from a diverse range of sources including sophisticated institutional investors, family offices, and affluent individuals.
CoinFund, headquartered in Brooklyn and founded by Highbridge Capital Management and Amazon veteran Jake Brukhman, with later support from co-founder and American Capital luminary Alex Felix, has become a formidable force in the world of financial technology. The firm, now bolstered by a nearly 30-strong global team, specialises in supporting promising founding teams in the nascent web3 ecosystem, investing in the future of blockchain technology and its applications.
MODIFI powers ahead with $100m facility from HSBC
MODIFI, a global business payments firm specialising in cross-border B2B transactions, has announced a new funding round.
This fast-growing FinTech enterprise, established in 2018, is known for providing instant payment solutions to suppliers and offering payment deferment options to buyers for up to 180 days.
The firm has successfully secured a $100m debt facility in a deal struck with HSBC Innovation Banking UK. This financing agreement represents a significant milestone in MODIFI’s refinancing strategy, which seeks to diversify the firm’s funding sources by partnering with top-tier capital providers.
MODIFI’s innovative business model is built around facilitating international business for importers and exporters. The company’s digital platform removes traditional barriers to global trade, empowering small to midsize businesses with the tools they need to compete with larger corporations on an equal footing.
Global cybercrime disruptor Netcraft bags more than $100m in funding
Netcraft, the global titan in cybercrime detection, disruption, and takedowns, has recently become a focal point in the FinTech sector.
With its advanced technology platform capable of disrupting and eliminating cybercrime in an automated fashion, it serves financial institutions, governments, and corporations globally.
The company has raised an impressive sum of over $100m. This significant investment came from Spectrum Equity, a growth equity firm well-regarded for its focus on internet-enabled software and data services companies.
Altamont bolsters new reinsurance broker Augment with $100m funding
Augment, a newly launched reinsurance broker, is making waves with an inaugural investment.
The firm announced its official entrance into the market, fortified by a funding injection of up to $100m provided by private equity firm, Altamont Capital Partners.
The substantial capital support of up to $100m, afforded by Altamont Capital Partners, signals the strategic significance and promise of Augment’s approach to reinsurance. In a landscape of increasing macroeconomic volatility, evolving regulations, and complex risks, Augment argues that a general solution is simply not adequate.
Thunes secures $72m in Series C
Global B2B payment platform, Thunes, has successfully augmented its series C funding round. Established with a mission to tackle the challenges of international money transfers, Thunes is developing a new-generation payment system designed to be secure, instantaneous, and transparent.
The latest funding round has amassed a total of $72m. This impressive sum is backed by three notable investors: Visa, a leading force in digital payments; EDBI, a global investor based in Singapore; and Endeavor Catalyst, a co-investment fund hailing from San Francisco.
The core of Thunes’ business lies in its innovative B2B payment platform. By offering a send-to-wallet capability to 78 digital wallet providers worldwide, Thunes has effectively expanded Visa Direct’s reach to a staggering 1.5 billion digital wallets.
Karat Financial, pioneer of the creator economy, secures $70m
Karat Financial, described as a leader in financial services for creators, recently made headlines with two significant developments.
Karat Financial focuses on the burgeoning creator economy, valued currently at a whopping $250bn globally. The company provides a range of banking solutions specifically designed to meet the needs of content creators who are often sidelined by traditional banks due to their unique revenue streams.
With a Karat business card, creators can conveniently build a personal credit history, giving them improved access to capital whenever needed. Since its last Series A round, Karat has managed to grow its creator cardholder base by 5x.
Tractable secures $65m in Series E to revolutionise InsurTech with AI
Tractable, an established leader in the application of artificial intelligence (AI) to assess the condition of cars and properties, has just announced its latest fundraising success.
The London-based AI company successfully raised $65m in a Series E funding round. The funding was spearheaded by the SoftBank Vision Fund 2, and included contributions from existing investors, namely Insight Partners and Georgian. As part of the deal, Nahoko Hoshino from SoftBank Investment Advisers will join Tractable’s board.
Pioneering in the InsurTech industry, Tractable uses AI to streamline the insurance claims and damage assessment process. The AI technology allows for real-time assessment of conditions and provides accurate repair estimates based on images captured via smartphone. The system has been adopted by a variety of leading P&C insurers, as well as automotive and property companies.
Carbon data provider Sylvera harnesses $57m to fuel US expansion
London’s carbon data firm, Sylvera, has procured a significant $57m in a recent Series B funding round.
The innovative startup, nestled in the bustling heart of London, is set to make a major impact in the realm of carbon data.
The substantial funding round was led by venture capitalist firm Balderton and attracted a plethora of high-profile investors. These included the likes of Index Ventures, Insight Partners, Bain & Company, Salesforce Ventures, Speedinvest, Seedcamp, LocalGlobe, Fidelity Strategic Ventures, and 9Yards Capital.
Secure Code Warrior, bags $50m in Series C funding round
Secure Code Warrior, an industry-leading agile learning platform for developer-focused security leaders, has announced the completion of its Series C funding round.
The company specialises in giving developers the knowledge they need to write secure code, making it the go-to solution for over 600 enterprises aiming to instil a culture of developer-led security.
The round, raising a substantial $50m, has seen the most significant investment to date since the inception of the company. Paladin Capital Group led the funding round, contributing to the total company funding surpassing $100m.
€30m injection into DEAC and DLC boosts Baltic data centres
DEAC, a leading provider of IT infrastructure solutions based in Latvia, and Data Logistics Center, a Lithuanian carrier-neutral data centre operator, have been awarded a significant boost in funding.
The companies have secured a €30m 10-year loan from SEB Bank to bolster the telecommunication infrastructure in the Baltics. This investment is aimed at expanding the capacities of data centres and improving fibre-optic networks in the region.
DEAC and DLC are renowned operators of cloud computing and IT infrastructure solutions. They form a key part of Baltic Rezo, a company owned by Quaero European Infrastructure Fund II (QEIF II).
Data transformation leader Unstructured bags $25m
Unstructured, a pioneering firm in large language model (LLM) data preprocessing solutions, has successfully closed its Seed and Series A funding rounds, accumulating a total of $25m.
The funding round was spearheaded by Madrona, with active involvement from Bain Capital Ventures, the seed lead, alongside M12 Ventures, Mango Capital, MongoDB Ventures, and Shield Capital.
Unstructured, fast-becoming a leading name in data transformation, has made it effortless for enterprises to utilise their natural language data in conjunction with LLMs, irrespective of file type, document layout, or location.
Philippine FinTech, Salmon, attracts $20m in Series A
Salmon, a thriving consumer FinTech start-up based in the Philippines, has set a new funding record in the country’s technology sector.
The company recently secured a $20m debt facility from the US-based investment firm Argentem Creek Partners, focusing on emerging markets. This fresh injection of capital enables Salmon to scale its lending operations across the Philippines further.
Founded less than a year ago in July 2022, Salmon has been at the forefront of the financial technology revolution in Southeast Asia.
Latin American EdTech firm Mattilda bags $19m in Series A
Mattilda, a firm specialising in SaaS solutions for debt management and payment processing in private schools, has secured $19m in a Series A.
The round was led by GSV Ventures, with additional participation from Fintech Collective and Dila Capital.
The company, co-founded by a team of five including José Agote, Jesús Lanza, Juan Pablo Bravo, Adrián Garza, and Ileana Gómez, has developed a platform offering a comprehensive solution for educational institutions.
Cognaize secures $18m in Series A
New York-based Cognaize, an intelligent document processing (IDP) company harnessing proprietary hybrid intelligence technology, announced the closure of an $18m Series A funding round.
The funding round, spearheaded by Argonautic Ventures and featuring significant contribution from Metaplanet among other investors, seeks to fuel Cognaize’s rapid growth trajectory and consolidate its leading position in hybrid intelligence-driven AI solutions targeted at the global banking and insurance market leaders.
Cognaize operates by deploying an innovative hybrid intelligence approach to fulfil the promise of AI in financial services. Its advanced AI platform combines bespoke deep-learning AI technologies and financial models, informed by more than 1.3 million financial documents such as loan applications, SEC filings, and ESG-related documents.
Private markets FinTech Anduin scores $15m in Series B
Anduin, a trailblazing FinTech company revolutionising transactions in the private markets, takes centre stage.
In a game-changing move, Anduin recently secured an impressive $15m in series B funding. The round witnessed participation from investors who firmly believe in the vision Anduin represents, demonstrating a continued commitment to innovation and technological development in the private markets sector.
At its core, Anduin aims to transform investor onboarding, a process traditionally seen as a necessary evil for both GPs (General Partners) and LPs (Limited Partners). The company has been diligently closing the infrastructure gap between GPs and LPs, providing superior investor experiences and enabling GPs to onboard a significant number of investors.
Family First secures $11m Series A for tech-driven caregiver support
Family First, a leading caregiver solution provider that leverages expert knowledge and technology, has announced the successful close of its Series A funding round.
The firm managed to secure $11m in this round. The primary investors leading the funding were RPM Ventures and Eos Venture Partners. Participating in this round were also Wormhole Capital and Stephen Fromm, further boosting the raised amount.
Family First is driven by a mission to address the immense challenges faced by caregivers, a group that encompasses nearly 50 million Americans.
FinTech star 73 Strings pulls in $10m Series A round
73 Strings, a valuation and portfolio monitoring solutions provider, has achieved a remarkable success by securing its Series A funding round.
73 Strings has raised a robust sum of $10m in the Series A funding round. The significant investment was jointly spearheaded by Blackstone Innovations Investments, the early-stage strategic investment division of Blackstone, and Fidelity International Strategic Ventures (FISV). Additionally, Broadhaven Ventures also participated in this fundraising effort.
As a trusted partner to several of the world’s most prominent multi-strategy alternative investment firms across North America, Europe, and the Middle East, 73 Strings offers a robust platform for a variety of clients.
LDA Capital bets $10m on SKYPLAY’s blockchain gaming rise
SKYPLAY, a gaming platform provider, has successfully secured a sizeable investment of $10m from global investment firm LDA Capital Limited.
This substantial funding will be instrumental in speeding up the expansion of SKYPLAY’s platform, focusing on both the publication of new games and the acquisition of new users. Currently, SKYPLAY boasts an active and engaged blockchain community of over 300,000 users, all keen to explore and enjoy the company’s expanding gaming offerings.
At the heart of SKYPLAY’s platform is the unique use of SKP coins. These coins can be earned and then deployed by users throughout the platform’s ecosystem, making for a fully integrated gaming experience. The seamless connection between the platform’s content and SKP coins allows users to delve into a wide range of services, with SKP serving as the backbone of their transactions.
ABO Digital pledges $10m to Blocktrade’s innovative gamified asset platform
Blocktrade, a trailblazing platform that blends blockchain technology with gamification principles to deliver an enthralling digital asset trading experience, has announced securing a financial commitment of $10m.
The substantial investment pledge is led by ABO Digital, a Dubai-based strategic financing partner. The commitment signifies a significant boost for Blocktrade’s utility token, BTEX.
Blocktrade revolutionises the digital asset trading scene by gamifying the process, providing users with an interactive, immersive platform to buy and sell their digital assets. The platform employs advanced blockchain technology to facilitate seamless transactions while enhancing the user experience through gamification.
Efficient Capital Labs raises $7m to fuel B2B SaaS business growth
Efficient Capital Labs (ECL), a FinTech organisation providing non-dilutive capital to B2B SaaS enterprises operating along the South Asia-U.S. axis, recently secured a significant $7m in a Pre-Series A round.
The funds were raised through an investment round helmed by QED Investors. Notable participants included existing investors 645 Ventures, The Fund, Lorimer Ventures, and Riverside Ventures. In addition, Generalist also emerged as a new investor alongside QED in this funding round. The raise marks ECL’s second such event within a year.
ECL’s business model is centred around providing B2B SaaS firms a proportion of their ARR as immediate, 100% non-dilutive capital.
DeFi startup Ethena emerges from stealth with $6m funding
DeFi startup Ethena has successfully raised $6 million in a seed funding round, as it aims to revolutionize bond trading on the blockchain.
The funding round was led by blockchain-focused venture capital firm Dragonfly, with participation from BitMEX founder Arthur Hayes and his family office, Maelstrom. Additionally, major crypto derivatives exchanges Deribit, Bybit, OKX, Gemini, and Huobi, along with several venture capital and trading firms, also invested in the round.
Ethena, founded earlier this year, is focused on developing innovative financial solutions beyond traditional banking systems. The startup aims to address the global need for accessible, permissionless dollar-denominated savings instruments.
CapStack collects $6m in bid to revolutionise bank-to-bank marketplace
Founded by Pipe co-founder Michal Cieplinski, CapStack, a start-up on a mission to establish a unique operating system for banks, has successfully raised $6m in a recent funding round.
The round was led by Fin Capital, a previous lead investor in Pipe, and saw contributions from Alloy Labs, Cambrian Ventures, Cowboy Ventures, Future Perfect Ventures, Gaingels, Selah Ventures, Uncorrelated Ventures, and Valor Equity Partners, according to a report from TechCrunch.
In layman’s terms, Cieplinski envisions CapStack as the “first bank-to-bank marketplace”, a platform that promotes connectivity amongst banking institutions, giving them a clear view into each other’s portfolios.
Fraud prevention platform Bureau closes Series A with extra $4.5m boost
Bureau, an identity decisioning platform designed for fraud prevention and compliance management, has bagged an additional $4.5m.
The San Francisco-based company announced that it has raised the funding courtesy of GMO VenturePartners, GMO Payment Gateway, and its existing backers. This latest capital influx marks the completion of Bureau’s Series A funding round, taking the total to $16.5m. Overall, the start-up has accrued an impressive total of $20.5m in funding to date.
Bureau, founded by Ranjan Reddy in 2020, operates as an identity decisioning platform aimed at combating fraud and simplifying compliance. The platform is utilised by businesses across a range of sectors, including banking, FinTech, insurance, the gig economy, and real money gaming.
Narval clinches $4m seed round to reinvent web3 wallet use
French start-up, Narval, has proudly declared a successful $4m seed round to reinvent web3 wallet use.
Dedicated to the development of a novel solution to aid firms in managing and maximising web3 assets, Narval is poised to create a significant mark in the FinTech landscape.
The company successfully secured its funding from a variety of high-profile investors, led by BlockTower VC. Among those supporting the cause were Narval’s previous backers, Fabric Ventures and Frst Capital.
Colleen AI rakes in $3.5m in seed round for rent collections
Colleen AI, an AI platform specialising in optimising payment collections for the multifamily real estate sector, has bagged $3.5m.
Wilshire Lane Capital, a venture capital firm recognised for its early-stage investments, led this funding round. Their investment was bolstered by participation from Skybox Capital, Morgan Properties (the third-largest NMHC multifamily apartments owner in the U.S.), Magnolia Capital and National Home Rentals.
Colleen AI serves as an integrated platform, driven by AI, to optimise rent and debt collections for multifamily apartment managers and residents. Having already garnered a customer pipeline of over 2.5 million units, Colleen AI aims to use this funding to propel its go-to-market strategy and boost investments in product development, engineering and data science.
Cloud security startup PingSafe emerges with $3.3m
PingSafe, a cybersecurity company offering an intelligent cloud-native application protection platform (CNAPP), announced its public launch today.
The company secured $3.3m in a seed funding round to help businesses strengthen their cyber defence. The investment was led by Sequoia Capital India & Southeast Asia, now known as Peak XV Partners, along with contributions from renowned angel investors and Tanglin Ventures.
PingSafe is a comprehensive solution for all cloud security concerns within an organisation. It bridges the gap between the attacker’s tactics and the existing security measures. By consolidating intelligence from Cloud APIs and logs, PingSafe uses its graph database to map out a client’s cloud infrastructure, detecting vulnerabilities that could be exploited.
Cybersecurity leader Visium Technologies lands $2.5m credit agreement
Visium Technologies, a leading global cyber security and analytics company, has announced the signing of a 3-year $2.5m revolving credit line agreement.
The agreement, with Impact Capital Investments, aims to provide Visium with the necessary financial flexibility to undertake and execute multiple concurrent contracts.
The agreement offers Visium an ability to access capital based on its account receivables and, in certain scenarios, procure mobilisation advances even before the receivables are generated.
Nigerian InsurTech star MyCover.ai secures $1.25m funding for expansion
MyCover.ai, an innovative Nigerian start-up, is making waves in the African insurance market. The company provides an open insurance API, allowing businesses to seamlessly integrate insurance into their existing products and services.
MyCover.ai recently announced a successful $1.25m pre-seed funding round, according to a report from TechCrunch. This venture was led by Pan-African venture capital fund, Ventures Platform, with significant contributions from Founders Factory Africa and follow-on investor Techstars.
At its core, MyCover.ai aims to remedy some of the major issues plaguing Africa’s insurance market.
Digital private markets leader Netcapital secures $1.2m in public offering
Netcapital, a distinguished player in the digital private capital markets ecosystem, has made an important announcement today.
The Nasdaq-listed company declared that it had successfully priced an underwritten public offering of 1 million shares of its common stock. The shares were priced at $0.70 per share, translating into aggregate gross proceeds of $1.2m before deducting underwriting discounts and offering expenses payable by Netcapital.
As the sole issuer, the company plans to finalise the offering by July 24, 2023, subject to the fulfillment of customary closing conditions.
Claims management tech leader Snapsheet lands investment
Snapsheet, the Chicago-based firm leading the charge in claims management technology, has successfully secured a strategic investment. As an innovator in its sector, Snapsheet’s mission is to redefine the landscape of claims handling through its proprietary platform.
The investment has been made by State Farm Ventures, highlighting their commitment to fostering digital innovation within the insurance claims industry. However, the exact amount of funding raised has not been disclosed.
Snapsheet’s robust platform is designed to streamline the claims process, resulting in a smoother, user-friendly experience for both insurers and policyholders. Their product suite includes appraisal, claims, and payment solutions covering auto, property, and commercial insurance.
OKX Ventures underpins Aark Digital’s rise in the DeFi space with new funding
Aark Digital, a decentralised derivatives exchange constructed on the Arbitrum network, has recently piqued the interest of OKX Ventures, the investment arm of leading Web3 technology company OKX.
The specifics of the investment amount have not been disclosed, but the capital comes from the highly successful OKX Ventures, a globally recognised institution known for its strong portfolio of investments in blockchain innovation and Web3 projects.
Aark Digital has been fashioned for professional traders, boasting an array of innovative features. These include a groundbreaking automated market maker architecture known as parallel market maker (PMM).
Arsenal’s Jorginho invests in FinTech app Gather, holds a 10% stake
Arsenal football player Jorginho, known for his midfield prowess on the pitch, has turned his hand to financial investments, becoming a founding investor in Gather, a budding FinTech start-up, according to a report from the Evening Standard.
Gather, which Jorginho now holds a 10% stake in, is a trading app aimed at helping young people make more informed decisions about their financial futures. The app lets users buy into investment funds with as little as a £30 commitment, making investing an accessible prospect for a wider audience.
Offering an interface reminiscent of popular music streaming services, Gather employs a user-friendly design approach.
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