No major deals despite lots of activity in this week’s funding rounds

November 10, 2023

This week was a busy week for FinTech deals, however it didn’t lead to a monstrous amount of capital brought in as no major coups were secured across the 23 funding rounds.

Despite an active week where the sector improved upon last week’s deal activity, the FinTech space failed to reel in any big fish this week. With Summer‘s relatively paltry haul of a $68m deal, the largest that was landed over the past seven days.

Moreover, only four deals actually squeaked past the $50m mark, in a poor turnout, despite the high amount of deals. Comparatively, nine out of this week’s 23 deals were for $5m or less. The striking figure highlighted what slim pickings it was for FinTechs looking to make top dollar, meaning that only only $450.3m was brought in.

The USA continued its dominant streak atop of the national rankings, being responsible for 16 out of the 23 deals – or just over two-thirds. The global superpower was responsible for the highest three deals this week, as it continued to position itself as the unofficial hub for FinTech investment.

Despite the monopoly at the top of the investment charts, there was still contribution from other nations around the globe. Germany performed strongly thanks to InsurTech heavyweight Weft, bagging them a $55m deal, and securing their position behind the states as the country which brought in the most capital.

Meanwhile, the United Kingdom was the only other country to land more than one deal, bringing home two. There was also contribution from Colombia, Italy, France, and Denmark.

In terms of sectors, the overall FinTech space regained their grasp at the top of the charts, having narrowly been bettered by the CyberTech space last week.

However, that upset was not to be repeated, as the FinTech sector dominated the charts this time around, bagging a sensational sixteen deals. Behind it, InsurTech, WealthTech, and PayTech all shone with two deals respectively, while RegTech took home the solitary deal for Myrror Security which amounted to $6m

Here are this week’s deals:

Summer secures $68m in Series A and debt facility to revolutionise vacation homeownership

Summer has recently announced a successful $18m funding round, bringing their total Series A capital raised to a mammoth $68m.

The investment into the firm, which is known for its innovative approach to short-term rentals and vacation home ownership, comes from a distinguished group of investors, including QED and Viola FinTech, along with a secured debt facility of up to $50m from Setpoint Capital.

Cloud payments leader Volante Technologies secures $66m investment

Volante Technologies, a cloud payments platform, has recently successfully closed a $66m investment round.

Spearheaded by Sixth Street Growth, the technology growth investing division of Sixth Street, this strategic round also saw contributions from Wavecrest Growth Partners and Wells Fargo Strategic Capital.

This funding surge is not the first for Volante Technologies. The company has previously garnered investments from notables such as BNY Mellon, Citi, Poste Italiane, and Visa Ventures.

Black Ore secures $60m for AI-driven revolution in financial services

Black Ore, an innovative artificial intelligence platform, today emerged from stealth mode, brandishing a significant $60m in funding.

This noteworthy financial milestone was spearheaded by the prestigious a16z and Oak HC/FT, marking a momentous start for the company.

German InsurTech heavyweight Wefox raises $55m

Wefox, the InsurTech powerhouse based in Germany, has successfully secured a substantial investment to the tune of $55m.

The fresh funds have been injected by notable financial institutions, Deutsche Bank and UniCredit, in a debt financing agreement, according to a report from CNBC, which cites two anonymous sources familiar with the deal.

Nowsta secures $35m Series C to revolutionise gig economy staffing

Nowsta, the pioneering technology company dedicated to developing operating systems for gig workforces, has successfully secured a substantial $35m in Series C funding.

This impressive capital boost was led by VMG Partners, with Builders VC also participating, alongside the existing Series B investors. This latest financial milestone brings Nowsta’s total capital raised to a striking $93m.

Nowsta stands at the forefront of the gig economy, providing innovative solutions that redefine how employers find, hire, and manage their contingent workers.

Qomodo bags €34.5m to empower physical retailers with smart payment solutions

Italian FinTech firm, Qomodo, has recently concluded a significant seed funding round, accumulating €34.5m to drive its mission.

According to FinTech Finance, this investment round was spearheaded by Fasanara Capital, marking a robust vote of confidence in the company’s innovative financial offerings.

Founded by the forward-thinking duo, Gianluca Cocco and Gaetano De Maio, who have an impressive track record of successful ventures in Europe, Qomodo is making strides in revolutionising the payment landscape for physical retailers.

Finkargo secures $20m to transform SMBs’ international trade operations

Latin America’s trailblazing international trade platform, Finkargo, has just concluded a significant $20m Series A financing round.

The investment was spearheaded by QED Investors, accompanied by new investor Nazca and continued support from previous backers Quona, Flybridge, Maya, and ONEVC.

Finkargo stands out for its dedication to empowering small and medium-sized businesses (SMBs) with a comprehensive suite of services including global sourcing, trade services, and embedded financing options.

Private investment admin platform Arch closes $20m Series A

Arch, a platform for private investment management, announced a significant milestone in its growth trajectory by closing a $20 million Series A.

This critical infusion of capital was led by Menlo Ventures, with Craft Ventures and Quiet Capital among the returning investors. New supporters, including Carta, Citi Ventures, GPS Investment Partners, and Focus Financial Partners, also contributed to this round.

Payroll Integrations secures $20m in Series A round

Payroll Integrations, a firm transforming employer support for employee financial wellness, has completed a $20 million Series A fundraising effort.

This notable investment was spearheaded by Arthur Ventures, a growth equity firm from Minneapolis renowned for its B2B software expertise.

This fresh injection of capital brings a significant boost to Payroll Integrations. The firm, which facilitates the integration of payroll providers and benefit platforms, has established a two-way connection that streamlines the process of enrolling employees in benefit programs.

Accelex secures $15m in Series A to revolutionise private market analytics

Accelex, an innovator in AI automation for private market data, has successfully closed a $15m Series A funding round.

The round was spearheaded by FactSet, a comprehensive financial digital platform and enterprise solutions provider, with additional backing from Illuminate Financial, AlbionVC, SixThirty Ventures, and Expon Capital.

The funding marks a significant milestone for Accelex, which is at a critical juncture of expansion. The fresh capital will be instrumental for the firm to broaden its operations, advance product features, and ensure outstanding client service.

Layr’s leap forward: securing $10m to modernise insurance tech for brokers

Layr, an Insurtech company for independent commercial insurance brokerages, has secured $10m in its recent funding round.

Cota Capital led this investment endeavour, with notable contributors such as The K Fund, HSCM Ventures, Sandbox Industries, and Flyover Capital, showing their support.

Layr has been at the forefront of revolutionising the insurance tech landscape. Their platform is designed to bring a digital and data-driven shift to the intricate manual workflows inherent in small business insurance.

Almond FinTech secures $7m funding to transform global financial transactions

Almond FinTech, a B2B technology company known for its innovative approach in connecting the fiat and digital currency worlds, has recently achieved a significant funding milestone.

The company, which is dedicated to making financial services affordable and accessible globally, has secured a $7m investment. This funding is poised to expand Almond’s rapidly growing network across Asia, the Americas, and Africa.

Myrror Security seals $6m in seed funding to tackle software supply chain threats

Myrror Security, a trailblazer in the realm of DevSecOps, has announced a successful emergence from stealth with a substantial seed investment.

The company, which specialises in fortifying the software development life cycle (SDLC) with its innovative AI-backed solutions, has secured $6m in funding. This financial backing comes from esteemed investors such as Blumberg Capital and Entrée Capital.

Copenhagen-based FinTech Performativ lands €5.5m in new investment

Performativ, a startup specialising in wealth management technologies, has secured a substantial €5.5 million in seed funding.

According to Tech EU, this financial boost is set to accelerate the company’s growth, broadening its offerings and expanding its client base significantly.

xUnlocked secures £5m for sustainability and finance learning platforms

xUnlocked, a UK education technology firm, has successfully raised £5m in a new funding round led by BPP Education Group.

The investment marks a significant partnership that will catalyze xUnlocked’s growth, including the recent launch of their Sustainability Unlocked platform, and bolster their commitment to high-quality customer experiences. This capital injection will expand xUnlocked’s specialized on-demand video education platforms, enhancing their offerings in sustainability and finance training.

Tidal Cyber secures $5m seed investment

Tidal Cyber, a company at the forefront of threat-informed defense, has made a significant leap forward with a $5m seed funding round.

This investment, led by Squadra Ventures and bolstered by the participation of existing investors, marks a pivotal moment for the firm.

Protecto secures $4m in seed funding to bolster enterprise AI data privacy

Protecto, a leading data privacy solution enabling safer AI, has announced the close of a $4 million seed funding round.

This significant financial milestone was spearheaded by Together Fund, with valuable contributions from Better Capital, FortyTwo VC, Arali Ventures, and Speciale Invest.

At the core of its operation, Protecto is dedicated to securing enterprise data. It plays a crucial role in the GenAI project lifecycle, ensuring the safe generation of synthetic data for model development and safeguarding sensitive information during interactions with large language models (LLMs).

Mogul Club’s innovative blockchain platform garners $3.6m in seed funding

Mogul Club, a Washington, D.C.-based startup, has made headlines by raising a significant $3.6m in a recent seed funding round.

The firm, established last year by two ex-Goldman Sachs real estate investors, is poised to make real estate investing more accessible to a broader audience.

The substantial investment was led by AY Ventures, with notable contributions from Tim Draper & Associates, Draper B1, InterVest, Draper Dragon, and Blizzard Fund, according to a report from TechCrunch.

Flitter’s innovative pay-by-mile insurance model drives €3.5m seed funding

Flitter, a Paris-based InsurTech startup, has successfully completed a €3.5m seed funding round, positioning itself for significant expansion.

The company, known for its innovative pay-by-mile car insurance, is gearing up to enhance its operations and achieve profitability by the year 2024, according to a report from tech.eu.

Prosper steps into WealthTech arena with £3.2m backing from FinTech veterans

The latest entrant into the WealthTech sector, Prosper, has announced a significant £3.2m pre-seed investment.

Co-founded by Tandem alumni Ricky Knox and Nick Perrett, along with Nutmeg’s former COO Phil Bungey, Prosper has drawn support from a stellar lineup of FinTech founders.

According to Finextra Research, this fresh capital injection includes contributions from an array of investors known for their successful ventures in the financial sector.

Northzone leads $3.1m seed round for pioneering WealthTech Era

Era, an AI-augmented WealthTech company, has successfully closed a seed funding round, raising $3.1 million.

According to Crowdfund Insider, the round was led by Northzone, with additional participation from Protagonist and Designer Fund, marking a significant milestone for the innovative startup.

Operating in the WealthTech sector, Era aims to disrupt traditional financial advisory services. Its unique approach combines human expertise with advanced artificial intelligence. This integration allows Era to offer expert-level financial advice to a broader audience, significantly democratising access to financial guidance.

FinTech startup Trips secures $2.5m in groundbreaking pre-seed

Trips, a platform aimed at revolutionising the way content creators manage and monetise their intellectual property, has bagged $2.5m.

The startup, which offers innovative tools for creators to protect and leverage their copyrights as financial assets, has successfully closed a $2.5m pre-seed funding round. Leading the investment were Shima Capital, Animal Capital, Blackwood Ventures, Serafund, and Calligraphy Digital, with contributions from Blizzard, the Avalanche Ecosystem Fund.

Diesta, the InsurTech startup, raises $1.9m to streamline insurance payments

Diesta, the London-based InsurTech startup, has successfully closed a seed funding round, raising $1.9m.

This fresh capital infusion comes from a consortium of high-profile international venture capitalists, including Restive, SixThirty, Antler, SystemaNova, and Westerly Ventures. These investors are renowned for their focus on fostering financial technology innovation globally, with a particular emphasis on FinTech and InsurTech enterprises.