FinTech funding fell dramatically this week to $364.9m, but despite the lack of big deals, the USA continued to rule the roost, producing two-thirds of the total deals.
This week’s funding rounds were much less plentiful than seven days prior, with only 18 major deals, down eight from the the 26 reported by FinTech Global a week ago. But it wasn’t just the scarcity of deals that caused this round to be much shallower than normal. In fact, it was the magnitude of them.
Ascend Money’s major coup of $150m from a week ago, was almost triple the top honours figure from this round. Nirvana Insurance claimed the slightly lacklustre honour of having the biggest deal – netting an impressive $57m in their Series B funding round – with backing from Lightspeed Venture Partners, General Catalyst and Valor Equity Partners.
Other top deals this week included $50m raised by Procurify in their bid to introduce innovative payment methodologies and gift customers an enriched procure-to-pay experience powered by AI, and $45m for data analytics firm, Nova Credit, who is looking to offer an even broader product spectrum, catering to the intricate demands of today’s lenders.
As touched upon earlier, the USA continued its monopolisation of the top spot in our funding round-up, this week, 12 of the 18 deals went Stateside, in a dominant showing that only further highlights the US investor strength. Reinforcing this point, New York City itself, produced more deals than any other country this week – with four, double that of best-of-the-rest nation, Canada (2).
Despite the one-sided nature of this week’s investments, there was input from many countries globally. Outside of the USA, the aforementioned Canadian companies landed two deals, while Spain, New Zealand, the United Kingdom, and Ireland, all landed one deal respectively.
In terms of sectors, there was a fairly large mixture of deal activity, albeit with FinTech deals taking the top spot with six. Behind that, RegTech (5) and WealthTech (4) jostled for the position of bridesmaid, while the InsurTech and PayTech sectors lagged behind with only two, and one deal, respectively. However, it must be reaffirmed, that this week’s top deal did take place throughout the InsurTech space.
Here are this week’s deals:
Nirvana lands $57m to expand its IoT-based commercial insurance platform
Nirvana Insurance, a provider of modern insurance solutions, has announced the successful closure of a $57m Series B funding round.
Lightspeed Venture Partners, a prominent investor in the firm, led this round, with significant contributions from General Catalyst and Valor Equity Partners.
This substantial funding injection positions Nirvana Insurance to continue its mission of empowering fleets to harness the full potential of IoT and sensor data, unlocking cost savings and tailored risk management solutions.