This week saw another quiet week in the FinTech sector, with only 12 funding rounds recorded by FinTech Global and a total funding amount of $107m.
Sector-wise, FinTech firms recorded the most deals with four in total, RegTech and PayTech pulled in three deals and WealthTech and CyberTech companies secured one deal each respectively.
By geographical location, the US pulled in the most deals with four, with Germany, Israel, Singapore, India, Vietnam, Canada, UAE and Kenya all recording one deal each.
Here are this week’s deals.
Hyperproof secures $40m investment boost led by Riverwood Capital
Hyperproof, an innovative SaaS-based risk and compliance management company, is making waves in the industry.
The firm has announced a close on a $40m growth investment. The round was led by Riverwood Capital, known for their keen interest in high-growth technology companies. Toba Capital, an existing investor, also participated.
With a global landscape that continues to evolve, companies are facing novel threats, risks, and regulations. Regulatory bodies are enhancing their scrutiny, and companies must adapt quickly. Enter Hyperproof. The company offers an answer by giving businesses a panoramic view of their risk and compliance postures.
German FinTech Ivy raises $20m in funding round
Open banking payments start-up Ivy, has managed to secure $20m in its Series A funding round, as it looks to take its expand its banking deals into more geographies.
The Berlin-based PayTech raised the capital through the support pre-eminent FinTech investment company, Valar Ventures, who led the round, which came only five weeks after Ivy made public a $7.7 million seed round led by VC Creandum.
The funds are planned to be utilised as part of the German start-ups ambition to create a “network of networks” for open banking payments globally, and to hasten the company’s move into new countries to help show-off its innovative API platform to fresh markets.
Cypago’s new GRC platform secures $13m in venture backing
Cypago, a GRC start-up headquartered in Tel Aviv, has announced the release of its much-anticipated Cyber GRC Automation platform.
Alongside this, the firm disclosed that it successfully secured $13m in venture funding.
This latest investment round for the company was spearheaded by Entrée Capital, Axon Ventures, and Jump Capital. The trio of investors recognised the potential of Cypago’s offering, choosing to back its vision for the future.
Delving deeper into Cypago’s platform, it is a cloud-based solution designed to facilitate advanced automation, ensuring that organisations can maintain visibility, enforce regulations, and ultimately decrease the costs and risks associated with their GRC operations.
Singapore-based Qashier secures $10m to take POS offerings worldwide
Qashier, a Singapore-based payments system provider, has impressively amassed US$10m in a series A funding round.
This strategic move is anticipated to significantly boost Qashier’s footprint in the global payments landscape.
Co-led by Delivery Hero Ventures and IFP Securities, the funds are pivotal to Qashier’s global aspirations. The firm, while rooted in Singapore, extends its top-notch services to several Southeast Asian nations, notably Malaysia, Thailand, and the Philippines.
Diving deeper into its operational model, Qashier serves as a linchpin for businesses aiming to streamline their functions. Their point-of-sale system stands out, giving clients a refined way to oversee inventory and personnel, seamlessly process payments, and pave the way for contactless QR dealings.
FinTech firm CredRight secures $9.7m in funding round
FinTech startup, CredRight, based in Hyderabad, has successfully raised approximately $9.7m, a combination of both equity and debt.
Leading the equity capital funding was the Michael & Susan Dell Foundation, according to a report from Entrackr. They were accompanied by existing investors such as YourNest, Spearhead Capital, 9Unicorns, and Accion Venture Lab. On the debt capital front, the funding was generously provided by Blacksoil, Caspian Debt, RevX Capital, and Westen Capital.
Exploring the core of what CredRight does, it operates as a data-driven lending platform. Its main aim is to facilitate credit for small businesses and MSMEs by collaborating with NBFCs and Banks. The startup has curated a unique distribution model, targeting India’s 10 million registered chit subscribers. These subscribers predominantly reside in the tier-III and tier-IV cities of the nation.
MFast boosts Vietnam’s financial inclusion with $6m
MFast, described as Vietnam’s prime financial services distribution network, has made headlines with its recent financial achievement.
The company has successfully raised $6m in its Series A fundraising round, according to a report from TechCrunch. Leading this investment was Wavemaker Partners, while other key players in the round included newcomers Finnoventure Fund I, managed by Krungsri Innovate, and Headline Asia. Also showing continued faith in the enterprise were previous investors Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures.
At its core, MFast operates with the mission to bridge the financial services gap experienced by many in Vietnam, primarily in rural locales. Their network currently boasts 160,000 active agents, these agents serve customers throughout tier 2 and tier 3 cities across Vietnam.
FlipGive nets CAD$5m to expand cashback rewards platform for sports
FlipGive, a platform that offers cashback rewards and an end-to-end fundraising solution for youth sports teams, has successfully secured CAD$5m.
This round was co-led by Thrive Venture Fund at BDC Capital and Framework Venture Partners.
Specialising in youth sports fundraising, FlipGive provides an innovative method for families to manage the costs associated with children’s sports activities. The platform collaborates with over 800 brand partners and offers cashback rewards for shopping, thereby turning everyday purchases into straightforward fundraising for sports teams.
Fianu Labs steps into the limelight with $2m seed funding
Fianu Labs, a company specialising in software governance automation, has announced its emergence from stealth mode.
The firm declared that it secured $2m in a seed funding round, generously backed by startup foundry DataTribe.
The company aims to resolve the disjunctions between various departments in software development such as engineering, quality assurance, security, risk, and audit. It accomplishes this by creating a continuous and immutable audit trail for every code modification. Fianu’s platform integrates seamlessly into the DevSecOps toolchain, generating an indelible ledger of attestations to ensure transparency and compliance.
Dubai-based FinTech MALY secures $1.6m pre-seed investment
MALY, the Dubai-based financial wellness platform, has recently wrapped up its pre-seed funding round, amassing an impressive investment of over $1.6m to boost its automated savings app and associated bank-linked card.
The funds were secured from a consortium of renowned GCC-based angel investors, reflecting their belief in the start-up’s vision to reshape financial wellness in the UAE and broaden its reach to other regional markets.
There’s an evident surge in demand for financial tools that promote healthier saving and investment habits in the MENA region. This is particularly true given that roughly 60% of residents in MALY’s primary target markets, namely the UAE and KSA, lack a pension or savings plan.
Threat intelligence giant Recorded Future backs Hunt.io with strategic funding
Recorded Future, described as the “largest threat intelligence company”, has today unveiled a strategic investment into Hunt.io, an advanced adversary hunting firm.
The investment, channelled through The Intelligence Fund, strengthens Recorded Future’s commitment to championing innovative data collection and analysis methods.
Hunt.io, distinguished for its relentless drive to detect malicious infrastructure, boasts the capability to monitor and organise hundreds of thousands of observations each second. This unique competence aids in actively unveiling attack schemes, solidifying their position as a game-changer in the cybersecurity landscape.
The cutting-edge platform provided by Hunt.io has already gained traction among early users. They have leveraged its capabilities to identify and thwart attacker-established infrastructures, halt active C2 servers, and source real-time context for threat intelligence.
Zanifu’s MSME finance model receives substantial investment
Beyond Capital Ventures (BCV), an esteemed venture capital firm focusing on emerging markets, has made a strategic investment in Zanifu. Zanifu is an innovative financial services platform that champions small retailers across Africa.
The exact investment amount remains undisclosed, but it’s clear that BCV sees great potential in Zanifu. This venture is a reflection of BCV’s enduring commitment to generating robust financial returns while also effecting positive social change in East Africa.
Delving into Zanifu’s operations, the platform addresses an urgent need within the African financial landscape. A staggering 51% of MSMEs (Micro, Small, and Medium Enterprises) in Africa grapple with the challenges of obtaining financing.
Instant Financial’s payday solutions attract fresh investment
Instant Financial, a FinTech firm, has celebrated a subsequent investment round, underpinning its stature in the financial world.
This round of funding was predominantly steered by TTV Capital, an eminent venture capital firm with a strong FinTech leaning and an early supporter of Instant. Additional investors who contributed to this round include ITC Holdings and InComm.
The continued reinvestment from existing stakeholders emphasises their trust in Instant’s robust business strategy and its undeterred dedication to its overarching goals.
Instant Financial is focused on reshaping the payday dynamics, bringing forth innovative solutions that revolutionise the traditional payday setup.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
