With summer in full swing, the FinTech industry has seen a quiet week on the frontlines, with a relatively small amount of $416.3m raised in total.
The biggest raise of the week came from cyber risk platform Resilience, who scored $100m in a Series D raise.
CyberTechs saw the biggest amount of raises this week, with seven cyber-focused firms bringing in funding. FinTechs brought in 3, WealthTechs brought in 2 and InsurTechs, RegTechs and AI-focused firms brought in 1 funding round.
Geographically, US firms brought in the most deals with six, while Israel pulled in two deals. There was one deal recorded a piece from firms based in the Netherlands, India, Singapore, Germany, Norway and the UK.
Here are this week’s deals.
Cyber risk platform Resilience secures $100m
Resilience, a cyber company focused on transforming the way enterprises assess and manage cyber risk, has bagged $100m in a Series D.
The investment was led by Intact Ventures, with participation from Lightspeed Venture Partners, General Catalyst, and Founders Fund.
Resilience is poised to change the way enterprises view cyber risk. With global cybercrime predicted to reach $10.5tn by 2025, the company’s holistic platform, the Resilience Solution, offers clients an innovative approach to assess, measure, and manage cyber risk. The platform, built on Resilience’s financially-proven AI system, empowers policyholders to quantify their risk and optimise security based on a detailed return-on-investment analysis of their controls.
The newly acquired funding is set to accelerate Resilience’s mission of transforming cyber risk management on a global scale.
Mobility FinTech Moove secures $76m in funding to expand globally
African-founded mobility FinTech Moove has announced a new funding round, securing a total amount of $76m.
The company secured $76m in new funding. This amount consists of $28m in equity from new and existing investors, led by Mubadala Investment Company, $10m in venture debt from funds managed by BlackRock, and $38m in previously undisclosed funds raised over the past year.
Moove is a response to the lack of vehicle financing available to over two million African mobility entrepreneurs.
Debt recovery SaaS leader Credgenics secures $50m in Series B
Credgenics, a debt collections SaaS platform specialising in digitising the loan collection process, has raised substantial funding of $50m.
The company has secured $50m in a Series B funding round. The investment was led by WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund, and other strategic players in the industry.
Launched in 2019, Credgenics has revolutionised the debt recovery process. The platform offers services such as analytics, litigation management, agent performance management, a field collection mobile app, and an AI-driven payments platform. With a clientele that includes over 100 private banks, NBFCs, FinTech firms, and asset reconstruction companies, Credgenics has successfully handled an overall loan book worth $60bn in FY23.
Horizon3.ai Raises $40M in Series C funding
Horizon3.ai has announced a $40M cash injection of Series C funding led by Craft Ventures.
Signal Fire also participated in the round, and it is expected that the capital will be used to build out Horizon3.ai’s enterprise-wide, proactive security platform, expand channel and partner presence and meet the growing demand of customers worldwide.
Since its inception in late 2019, Horizon’s NodeZero platform has quickly become a leading industry tool, helping customers quickly verify their security risks and reduce their chances of succumbing to cyberattacks.
Lula raises $35.5m in Series B funding round
InsurTech Lula has raised $35.5m in a Series B funding round following a massive surge in customers.
The startup, which aims to be the “Stripe for insurance,” has made the move following on from a signficant rise in their customer base.
The Miami-based organisation has reported that its number of users has increased from 99 businesses in February of 2022, to nearly 4,000 as of July 2023.
Singapore-based Endowus raise $35m in latest funding round
Singapore-based wealth management platform Endowus has raised $35m in a Series C funding round.
The capital was brought in by a raft of new investors, including Citi Ventures and MUFG Innovation Partners, as well as “four of Asia’s wealthiest families,” according to the firm’s press release.
The move is set to see the organisation reaffirm its position as Asia’s leading digital wealth platform and allow the company to scale further in its main markets of Singapore and Hong Kong, respectively.
German AI platform deepset secures $30m
German AI firm deepset, an enterprise platform focused on building applications with LLMs, has successfully raised $30m in a recent round.
The round was led by Balderton Capital. The round also included participation from existing investors such as GV (Google Ventures), and Harpoon Ventures.
deepset is a leading AI company that provides a robust platform for businesses to build applications using LLM technology. Its offerings allow companies to translate decades of machine learning research into production-ready applications without needing extensive knowledge of underlying microchip architecture or being an NLP or LLM scientific researcher.
40Seas’ seed funding swells to $17m in push for digital cross-border trade solutions
40Seas, an ‘Order Now, Pay Later’ cross-border digital financing platform, has declared its secured an extra $6m in its Seed funding.
This top-up brings their Seed funding tally from the earlier announced $11m in January to an impressive $17m.
The fresh injection of capital was contributed by new entrants in the form of Eminence Ventures and QED Investors. However, it wasn’t just the newcomers who showed faith in 40Seas’ promise; the company’s existing backers, Team8 and ZIM, were also part of this extended round.
Sweet Security raises $12m to innovate cloud runtime security
Sweet Security, a pioneering firm focused on cloud security, has announced its arrival with $12m in seed funding.
The company is spearheading efforts to bolster cloud defenses with its Cloud Runtime Security Suite.
The round was led by Glilot Capital Partners, and with significant participation from CyberArk Ventures and angel investors including Gerhard Eschelbeck, former CISO at Google, and Travis McPeak, who previously led product security at Databricks.
Sweet Security’s Cloud Runtime Security Suite is a game-changing solution to cloud defense. With a unique runtime sensor, it provides security teams with tools to halt cloud workload attacks swiftly and precisely.
SphereX bags $8.2m seed funding to revolutionise smart contract security
Web3 security company SphereX has announced $8.2 million in seed funding and the launch of its security solution, SphereX Protect.
The firm is renowned for its advanced security solutions for smart contracts and was founded by experts in the cyber, blockchain, and machine learning industries.
SphereX provides cutting-edge security for smart contracts. Integrating as an on-chain security module into smart contracts, it thwarts hackers from exploiting vulnerabilities in the code.
It operates without the need to pause the smart contract or implement circuit breakers, preventing malicious activity without hindering the normal operation of the contract. The company adheres to the principles of composability and anti-censorship, offering verifiable and continuous defence.
Cloud security innovator Kivera secures $3.5m as it enters US market
Kivera, a cloud security company that aims to prevent malicious attacks via cloud misconfigurations, has raised $3.5m in seed funding.
In tandem with this funding raise, the company is moving its headquarters from Sydney, Australia to New York City.
The round was led by General Advance, Round 13 Capital, and included several angel investors.
Kivera aims to disrupt the typical cycle of cloud misconfigurations by taking a proactive approach.
Oslo-based Pistachio raises €3.25m to counter AI security threats
Pistachio has secured €3.25m in funding, as they look to AI-driven security training platform designed to combat cyber security threats.
An investor group led by Signals Venture Capital raised the funds for the Danish company that now aims counter a wave of cyber security threats.
Pistachio’s platform uses artificial intelligence to assess each employee’s security strengths and weaknesses through various simulated cyber attacks that will not cease until the employee’s level is satisfactory.
Jericho Security nets $3m to battle generative AI-driven phishing threats
Jericho Security, an artificial intelligence cybersecurity startup founded earlier this year, announced that it has secured $3m in funding.
The company specialises in combating the growing menace of AI-powered phishing attacks through sophisticated simulations and education content for employees.
The pre-seed round was led by Era, and included investment from Lux Capital LP, FoundersXFund LLC, MetaLabs Inc, Alcove Inc., Textbook LLC, Alumni Venture Group, Thorntree Capital Partners LP, and Contrary Capital LLC.
Jericho Security focuses on aiding enterprises in defence against social engineering phishing attacks by using AI to create sophisticated simulations and educational materials.
Wealth Club invests £2.4m in Kore to aid regulatory transformation
Kore, a RegTech SaaS platform that enables large financial firms to accelerate regulatory compliance, has secured a significant financial boost.
The company raised just under £2.4m from Wealth Club members under the Enterprise Investment Scheme (EIS) in a heavily oversubscribed round.
Kore offers the first dedicated SaaS platform for end-to-end product lifecycle management in financial services. The platform allows financial firms to harness complex and fragmented data, creating a digital audit trail across all products and functions in one place.
Sharia-compliant investment platform Mnaara raises pre-seed funds
Mnaara, a FinTech that offers investors access to global private funds while complying with Islamic finance principles, has raised $500,000.
The London-based company plans to launch later this year and is set to offer an all-digital investment platform that will give users equitable access to Sharia-compliant global private markets.
The funds follow strict Sharia screening guidelines which limit and control non-ethical activities in Islamic finance, such as gambling, tobacco, alcohol, and arms.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
