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
Cloud payments leader Volante Technologies secures $66m investment
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
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
Myrror Security seals $6m in seed funding to tackle software supply chain threats
Prosper steps into WealthTech arena with £3.2m backing from FinTech veterans
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.