USA dominates on slow week for FinTech – Here are the 16 deals from the week

USA dominated this weeks’ deals across the FinTech space, with half of the 16 deals going stateside, including $766m of the $788.3m total raised.

The most notable deal was Ramp’s (USA) $300M coup, which was snared by the FinTech despite a decrease in its overall valuation. Hot on its heels were a raft of other US FinTechs, namely, Hugging Face, who managed to secure $235m in its Series D funding round , that featured a litany of tech giants, most notably IBM. SpyCloud were the only other firm to secure over eight figures from this weeks’ funding round, as they led up an impressive week for the CyberTech space, landing $110m.

FinTech led the way in terms of sector deals with four, but the aforementioned CyberTech space matched them, luring four of their own in, with SpyCloud, SaaS identity risk management platform, Grip Security ($41m), Portuguese firm Relayz (undisclosed), and California-based access management startup, Cerby ($17m), all securing investment in their respective funding rounds.

Other sectors followed behind, with WealthTech, InsurTech, and PayTech, all landing two deals each. The most eye-catching of which was WealthTech Lem-Fi, who secured $33m in its Series A funding round. Behind the trio, RegTech, and Enterprise and Infrastructure software trailed behind with one deal, respectively.

Despite the stateside domination, there was still room for numerous other nations to make deals this week, albeit on a smaller scale. Including the USA, deals were made over four continents throughout the past seven days, with North America, Africa, Europe, and Asia all having deals feature throughout the round-up.

The UK was the only nation besides USA to score multiple deals (2), but Kenya, India, Denmark, Singapore, Turkey, and Portugal all had success, with each gaining representation this week.

There were two rounds that took place this week in which the capital raised hasn’t been disclosed to the public. The undisclosed figures came from US-based AI-integrated commercial insurance platform, NOW Insurance, and global CyberTech firm, Relayz.

Here are this weeks’ 16 funding rounds.

Ramp secures $300m in latest funding despite valuation dip

Ramp, the finance automation and corporate credit card FinTech, has successfully raised £300m in a recent Series D funding.

With this new injection of capital, the firm’s valuation now stands at $5.8bn, marking a decrease from its previous valuation of $8.1bn in March.

Delving into what Ramp does, the firm is pioneering solutions in the finance sector, particularly focusing on spend management platforms.

IBM among tech giants investing $235m in AI start-up Hugging Face

Artificial Intelligence (AI) start-up Hugging Face has secured $235m in a Series D funding round, that featured numerous tech giants.

Key technology players, including IBM, Amazon, Google, Qualcomm Ventures, and Intelwere all apart of the mammoth investment, which now sees New York-based firm’s value rise to $4.5b.

The additional funding will further strengthen Hugging Face’s position as the leading open-source and open science artificial intelligence platform.

SpyCloud secures $110m funding to bolster identity threat protection tech

SpyCloud, described as “the leader in operationalising identity analytics to automate the protection of digital identities”, has successfully closed a significant growth round. The Austin-based company managed to secure a whopping $110m.

This primary and secondary capital investment was spearheaded by Riverwood Capital, renowned for its support of high-growth technology companies.

It’s noteworthy that SpyCloud’s innovative solutions are trusted by more than 500 market leaders, including half of the esteemed Fortune 10, to counter various cyber threats.

Grip Security’s SaaS identity risk platform secures $41m Series B investment

Grip Security, a distinguished leader in SaaS identity risk management, is celebrating a major achievement as it announces the procurement of $41m in its Series B fundraising endeavour.

The financial support has been spearheaded by Third Point Ventures, and saw significant participation from YL Ventures, Intel Capital, and The Syndicate Group.

The substantial investment is set to take Grip Security’s cumulative funding to a noteworthy $66m. This marks a pivotal moment in the company’s journey, not only bolstering its market entry approach but also fuelling the enhancement of its product line.

LemFi raises $33m to transform financial services for immigrants

LemFi has raised $33m in its latest funding round, as the FinTech platform looks to transform financial services for immigrants all around the globe.

The California-based FinTech raised the capital through its Series A funding round, that was led by Left Lane Capital, and also featured investment from Y-Combinator, Zrosk, Global Founders Capital, and Olive Tree.

LemFi’s founders, Ridwan Olalere and Rian Cochran, first joined forces in 2020 to solve these challenges with a vision to build a platform that empowers the next generation of immigrants.

Now they believe this funding can help knock down the barriers that immigrants face when trying to access financial services.

Ghost raises $30m to grow B2B marketplace

Ghost has raised $30 million to grow its members-only B2B marketplace that helps brands and retailers move surplus inventory in its Series B funding round.

The capital, which was raised in conjuncture with round leader Cathay Innovation, is set to be used to enhance Ghost’s product, bolster its engineering and design team, and further develop the platform.

The Los Angeles – based organisation aims to provide brands and retailers with a new way to liquidate surplus inventory, allowing sellers to reach vetted buyers and monetise their surplus inventory discreetly and efficiently.

Cerby’s innovative access management gets a $17m boost in funding

Cerby, the California-based access management startup founded in 2020, has garnered significant attention in the financial sector.

The firm, notable for its dedication to ensuring application security beyond the support of conventional identity providers, has successfully raised $17m in its latest Series A funding round.

Steering this noteworthy investment was Two Sigma Ventures. However, Cerby also secured backing from a slew of other investors including Outpost Ventures, AV8, Bowery Capital, Founders Fund, Incubate Fund, Okta Ventures, Ridge Ventures, Salesforce Ventures, and Tau Ventures.

Kenyan FinTech Zanifu bags $11.2m for inventory financing expansion

Zanifu, a Kenyan FinTech that specialises in offering inventory financing to micro, small and medium-sized businesses, has successfully secured an impressive $11.2m in a recent funding round.

This funding round witnessed a contribution of $11.2m in debt-equity and was spearheaded by Beyond Capital Ventures and Variant Investments, according to a report from TechCrunch. Several other investors, such as Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa, also marked their presence in this round.

This financial boost has now escalated the total debt-equity funding amassed by the start-up to an impressive $12.7m.

Translucent bags €5.9m funding to revolutionise multi-entity financial management

Translucent, an accounting platform tailoring solutions for multi-entity and multi-national businesses, has garnered a substantial €5.9m seed round.

This fresh capital injection was jointly orchestrated by Chalfen Ventures and LocalGlobe. With this, the total fund standing tallies to an impressive €9.1m, factoring in their previous €3.2m pre-seed round from just half a year prior.

Translucent’s unique selling point lies in its capability to amalgamate financial data and workflows of multi-entity businesses.

Pi-xcels secures $1.7m in funding for interactive e-receipt technology

Pi-xcels has successfully managed to raise $1.7m in its seed funding round, and is now looking to revolutionise retail transactions with its interactive e-receipt technology.

The Singapore-based company raised the capital in the funding round led by Wavemaker Partners, with participation from other prominent venture capital firms such as Hustle Fund, Amand Ventures, and Black Kite Capital, as well as strategic angel investors.

The round marks a momentous step towards realising Pi-xcels’ vision of revolutionising the retail landscape and empowering merchants with its interactive Near Field Communication (NFC) receipt technology.

Danish FinTech Goodwings secures $1.5m to transform green travel for businesses

Goodwings, a Danish startup, is described as a “climate-focussed sustainable SaaS travel management platform” that calls Copenhagen its home.

The recent closing of Goodwings’ late seed investment round brought in $1.5m, according to a report from Tech Funding News.

Taking part in the funding were Global Cleantech Capital (GCC), well-known for its investments in Klimato and Tabby, JTB USA, which operates as a US offshoot of JTB Corp and stands among the foremost global travel agencies, and some returning investors.

Turkish FinTech Craftgate secures $1m to revamp payment solutions

Craftgate, an Istanbul-based FinTech company, announced a recent investment round that infuses $1m into the firm’s coffers.

The investment comes from D-MARKET Electronic Services & Trading, doing business as Hepsiburada, a leading Turkish e-commerce platform, and D4 Ventures, a UK-based venture capital company.

The company provides an integrated payment orchestration platform for e-commerce companies, facilitating seamless integration with virtual POS systems from multiple banks. The platform also supports various other payment and e-money institutions and offers alternative international payment methods.

Square Insurance joins Recur Club’s portfolio with $1m funding boost

India-based Square Insurance Brokers, a firm authorised by IRDA under the Insurance Brokers Regulations of 2002, has just added another feather to its cap.

The firm recently pocketed $1m in a funding round, with the investment led by Recur Club, a well-known revenue-based financier, according to a report from Startup Story Media.

The funds raised will be directed towards enhancing the FinTech’s technological backbone, ramping up its operational footprint, and rolling out significant marketing and advertising campaigns.

Relayz secures seed funding to revolutionise decentralised communication

Relayz Network, a leader in decentralised privacy communication, has successfully wrapped up its seed funding round, drawing in a diverse set of investors.

Noteworthy participants include the NEAR Foundation, Geekcartel, K24 Ventures, Galxe, Israel Blockchain Association, Cogitent Ventures, Bitscale Capital, and Lucidblue.

Placed at the cutting edge of decentralised communications, Relayz is carving out an infrastructure marked by its commitment to privacy, security, and resistance to censorship, particularly in the evolving Web3 space.

NOW Insurance garners fresh funding from Arch Capital Group

NOW Insurance, an AI-integrated commercial insurance platform focusing on medical professional liability coverage, has secured funding.

An investment has been secured from a subsidiary of Arch Capital Group Ltd., complemented by a strategic managing general agent partnership with Arch Insurance North America.

Offering a fresh perspective to the insurance sector, NOW Insurance stands out as a data-centric, AI-enhanced InsurTech. Challenging traditional norms, it promises a medley of tailor-made, pocket-friendly, and adaptable coverage solutions, perfectly catering to the dynamic requisites of today’s physicians and healthcare practitioners.

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