As the weeks start to count down until the end of the year, FinTech Global reported on 24 funding rounds in the FinTech sector this week.
A total of $762m was raised in the market this week, with PayTech firm Tamara pulling in an eyewatering $250m in debt financing.
The best performing sector this week was the CyberTech industry with seven deals, with FinTech trailing just behind on six. In third was WealthTech with five, RegTech just behind on three, PayTech with two and the ESG sector pulling in one deal.
Here are this week’s deals.
Tamara raises $250m in additional debt financing
Tamara, Saudi Arabia-based company, secured an additional up to $250m in debt financing, elevating its total warehouse facility to a staggering $400m.
This financing comprises up to $200m of senior debt, skilfully arranged by Goldman Sachs, which propels the senior warehouse facility to an impressive $350m, according to a report from Wamda. Additionally, a further up to $50m mezzanine tranche, spearheaded by Shorooq Partners, contributes to this financial boost.
At its core, Tamara is dedicated to revolutionising the shopping and payment experiences in the GCC. The company’s flagship Buy Now, Pay Later (BNPL) product stands at the forefront of its offerings, demonstrating its commitment to innovation and consumer convenience.
Fnality secures £77.7m in Series B
Fnality, a London-based FinTech startup, has announced a significant milestone in its journey, securing a £77.7 million Series B funding round.
Fnality stands out in the FinTech landscape with its innovative approach to financial transactions, employing blockchain technology to create a digital cash system. This system is designed to provide a more efficient and secure method of settling financial transactions, a move that resonates well with the ongoing digital transformation in the finance sector.
The newly acquired funds are earmarked for the development of a ground-breaking “global liquidity management ecosystem.” This ambitious project aims to bridge the gap between mainstream finance and the evolving world of digital finance. Fnality’s commitment to leveraging distributed ledger technology (DLT) is central to its strategy.
The company envisions its network revolutionising digital payments in both the wholesale financial markets and the burgeoning tokenised asset markets, promising enhancements in process efficiency, cost reduction, and regulatory compliance. Additionally, this initiative is poised to introduce new products and broaden market access.
Imprint lands $75m in round led by Ribbit Capital
Imprint, the FinTech venture focusing on co-branded credit card issuance, has secured a $75m equity investment led by Ribbit Capital.
The primary focus of this newly acquired capital is to bolster Imprint’s financial standing. By strengthening its balance sheet, the firm aims to amplify its loan portfolio significantly and position itself optimally to take over existing co-branded issuer programs.
The substantial investment is a testament to Imprint’s growth trajectory and its strategic approach to delivering a modern co-branded credit card experience.
Over the past year, the firm has witnessed substantial growth, marked by successful partnerships with H-E-B, Holiday Inn Club Vacations, and Westgate Resorts. These collaborations have translated into noticeable increases in customer loyalty within their respective programs, prompting Imprint to explore further partnerships in the travel and retail sectors.
InCred set to join unicorn club amidst $60m
InCred Holdings Limited has revealed that it is set to land INR 500 Cr ($60m) in its Series D funding round.
InCred is strategically directing the newly acquired capital towards its primary business verticals, focusing on consumer loans, student loans, and MSME lending. This injection of funds fortifies the company’s capacity to scale its operations and expand its market presence.
The investment includes support from a variety of investors, such as a global private equity fund, corporate treasuries, family offices, and UHNIs.
Cyber risk management leader Vulcan Cyber raises $55m
Vulcan Cyber, a pioneer in the field of cyber risk management, has recently concluded its Series B funding round, amassing $55m.
This round was led by Maor Investments and Ten Eleven Ventures, with notable contributions from existing investors Dawn Capital and Wipro Ventures. The completion of this round brings Vulcan Cyber’s total funding to date to $70m.
The company, renowned for its market-leading cyber risk management platform, has witnessed a doubling in its annual recurring revenue over the past year. This surge is attributed to the growing global demand for a SaaS solution that transcends traditional vulnerability scanning and management, aiding cybersecurity teams and asset owners in mitigating risks critical to their organizations.
The fresh infusion of funds will be channelled towards further product innovation, market expansion, accelerating revenue growth, and leveraging the company’s current market momentum. Vulcan Cyber’s strategic plan includes an entry into the cyber risk and attack path management markets.
Tenet raises $30m+ for ESG-driven growth
Tenet Energy Inc. has revealed that it has closed a funding round of over $30m, as it looks to grow its industry-leading EV financing platform.
TenetConnect, the company’s innovative suite of technology features available to enrolled customers at no extra cost, enables users to significantly lower their EV charging costs, potentially saving an additional estimated $40 per month. Moreover, it provides insights for financial and carbon emission savings, enhancing the value proposition for EV owners.
The Series A was led by Nyca Partners and also featured additional investors such as Assurant Ventures and Giant Ventures, who actively participated in the round.
Silicon Valley Bank (SVB) provided the substantial $20m warehouse debt facility, with both funds heavily bolstering Tenet’s capability to fund EV loans for consumers and businesses.
Cyble raises $30.2m in Series B
Cyble, a rapidly growing firm in the cybersecurity sector, recently announced the successful completion of its expanded Series B funding round.
The company, known for leveraging artificial intelligence (AI) and machine learning (ML) in cybersecurity, has secured an additional $6.2m in this round. This investment follows the $24m initially raised in July, bringing the total Series B funding to $30.2m.
Cyble is at the forefront of utilising AI and ML to transform cybersecurity. The company’s solutions, including Cyble Vision for AI-Powered Cyber Threat Intelligence and Cyble Hawk for AI-Powered Cyber Threat Investigation for federal bodies, are designed to provide precise, real-time threat intelligence.
This new funding will accelerate Cyble’s R&D efforts, further developing its threat intelligence portfolio. Additionally, Cyble aims to expand globally and strengthen partnerships with products like Cyble Odin, a Search Engine for Internet Scanned Assets, and AmIBreached, a tool for Dark Web Exposure Monitoring.
Puzzle secures $30m for revolutionary AI-powered accounting platform
Puzzle, an AI-powered accounting solution, has successfully secured $30m in new funding.
The raised capital of $30m reflects the growing confidence in Puzzle’s mission to reshape the accounting landscape. This investment is timely as the accounting sector is currently experiencing a shift, with AI advancements, like ChatGPT version 4 passing the CPA exam, creating new possibilities.
At its core, Puzzle is pioneering in transforming static accounting data into dynamic, real-time financial insights. The platform has seamlessly integrated with pivotal FinTech tools, including Stripe, Gusto, Rippling, Mercury, Brex, Ramp, and Pulley, to provide comprehensive support for rapidly growing companies.
The new funding is earmarked to propel Puzzle’s vision of automating and modernizing financial processes. This ambition is further reflected in the recent double-digit monthly growth since its launch in July, showing the market’s robust demand for innovative accounting solutions.
It has revolutionized core accounting processes, ensuring smarter, faster, and more integrated operations with modern FinTech platforms. The company has also reported a remarkable 15% customer growth month-over-month.
Data security firm ALTR bags $25m in latest raise
Data security firm ALTR, a Florida-based startup specializing in blockchain-based security tools, has successfully raised $25m.
Since coming out of stealth mode in 2018, ALTR has been on an upward trajectory, accumulating over $55 million in funding. The company’s mission is rooted in leveraging blockchain technology to develop cutting-edge data security tools. These tools are designed to revolutionize how organizations manage and protect their data.
ALTR’s latest funding round is earmarked for several strategic initiatives. Primarily, the company plans to accelerate its go-to-market strategy. This expansion will include broadening its reach across various data sources, strengthening partner integrations, and enhancing channel relations. Such moves are poised to solidify ALTR’s position in the data security landscape.
At its core, ALTR offers an innovative technology solution. The company’s product suite enables database administrators, data engineers, and architects to streamline their operations. Key features include reducing manual tasks, enhancing visibility into data usage, and automating data access controls. Furthermore, ALTR’s products bolster data security through rate-limiting and tokenization-as-a-service.
Lynx gets its paws on €17m in Series A
Lynx, which focuses on detecting and preventing fraud and financial crimes, has closed its Series A funding round on €17m.
As a result of this investment, Forgepoint managing director Leo Casusol is set to join Lynx’s Board of Directors.
The funding comes at a critical time, as digital fraud rapidly becomes the most prevalent form of fraud globally. Financial institutions are increasingly investing in combating financial crimes, with global spending in this area surpassing $206bn. Lynx’s role in this fight is more relevant than ever, given the enormous cost of money laundering and financial crime compliance, which heavily burdens economies worldwide.
Founded two decades ago by Dr. Carlos Santa Cruz, a computer scientist and AI expert, Lynx harnesses advanced AI and machine learning technologies. The company’s primary mission is to prevent digital fraud and combat money laundering by analysing behavioural patterns and providing real-time risk assessments at an enterprise scale. Recently, Lynx welcomed a new CEO, Dan Dica, an industry veteran, to guide the company’s growth and expansion.
Superstate secures $14m in Series A
Superstate, an asset management firm, has successfully closed its Series A financing with a significant $14m.
At its core, Superstate is redefining the asset management landscape. The firm is actively developing regulated, self-custodied on-chain funds. These innovative funds aim to offer traditional asset exposure through on-chain investment products, merging the realms of traditional finance and digital tokenization.
This pioneering approach offers several key advantages, including investor-directed ownership for quick, free fund movement, programmable and composable tokenized assets, and real-time, transparent, embedded compliance, ensuring transactions adhere to regulatory standards.
The newly acquired capital will fuel Superstate’s ambitious plans. It’s earmarked for expanding their team, launching private funds targeted at institutional investors, and crafting a compliant framework for tokenized, publicly registered investment funds. This strategic investment is poised to catapult Superstate into a new era of FinTech innovation.
Refine Intelligence secures $13m in seed round
Refine Intelligence has announced a successful $13m seed funding round that is set enable them to transform the Anti-Money Laundering (AML) space.
The cash injection is set to help the firm on their move to change the decor, as they boldly look to “catch the good guys” as part of the remarkable strategy to change the way in which we police AML.
The firm generated the capital through investment aims to alleviate the challenges faced by AML investigators swamped by transaction monitoring alerts.
These alerts often highlight legitimate life stories, such as property sales or international tuition payments, lacking context. The company’s unique approach involves digital inquiries and AI-trained capabilities, empowering banks to navigate genuinely suspicious activities while better understanding customer behaviour and transactions.
RADICL secures $12m in funding
RADICL, a cyber firm specializing in delivering enterprise-grade extended threat protection to SMBs, has raised an additional $9m in early-stage funding.
Operating in a domain where the American Defense Industrial Base (DIB) and critical infrastructure supply chain are constantly under siege from various cyber threats, RADICL aims to fortify the defenses of SMBs, a segment alarmingly vulnerable to cyber-attacks. A recent IBM report highlighted the severe impact of data breaches on organizations with fewer than 500 employees, averaging a staggering $3.3m. Despite this, SMBs have often been left under-protected due to the prohibitive costs and complexities of high-quality cybersecurity solutions.
The introduction of the Cybersecurity Maturity Model Certification (CMMC) by the Department of Defense in 2020 emphasized the need for stringent security compliance across approximately 220,000 organizations in the DIB. However, few SMBs have been able to comply due to the overwhelming complexity and costs involved, leaving them exposed to sophisticated cyber threats.
Apiture secures $10m to enhance digital banking
Apiture, a prominent digital banking solutions provider, has successfully closed a significant $10m fundraising round.
The new capital influx raises the firm’s total funding to an impressive $79 million since the company was founded in 2017. Specialising in offering advanced digital banking platforms, Apiture has made a notable impact in the financial sector, primarily serving over 300 banks and credit unions across the United States.
The firm plans to channel this fresh capital into accelerating its product development initiatives. The company also aims to expand its sales and marketing strategies, responding to the growing demand for its Apiture Digital Banking Platform. This move is expected to strengthen Apiture’s position in the competitive FinTech market.
VersiFi secures $10m in Series A
VersiFi, a burgeoning name in the digital assets sector, recently celebrated a significant milestone in its financial journey.
The company, founded just a year ago in 2022, has swiftly risen to prominence with its innovative approach to digital asset trading and lending.
The recent Series A funding round saw VersiFi raising a substantial $10m. This financial injection was led by Hunting Hill Global Capital, marking a strong vote of confidence in the company’s future.
At its core, VersiFi operates in the digital assets sphere, offering advanced trading and lending services. Their platform is designed to cater to the nuanced needs of the digital assets market, backed by robust institutional-grade technology. This innovative approach is poised to reshape how digital assets are traded and lent.
The primary aim for this new capital is to launch VersiFi’s digital assets trading and lending business. The company plans to leverage the funds to build a state-of-the-art platform, combining low latency technology with high-end trading and lending services, thus offering a unique proposition in the market.
SwiftConnect secures $10m in oversubscribed equity round
SwiftConnect, a leader in connected access enablement, has recently closed an oversubscribed equity fundraising round, amassing $10m.
The company, known for its innovative solutions in connected access, facilitates elegant interactions between users and their environments. Its platform supplies connected access experiences for commercial real estate owners and enterprises across financial and professional services, life sciences, technology, and other leading organisations.
This new investment of $10m will be pivotal for SwiftConnect’s ambitious plans. They intend to expand their global footprint and enhance customer experience teams. This move aligns with the rapid growth of their portfolio, which currently spans over 80 million square feet of commercial real estate and includes an impressive client base with potential access to over 750 million square feet of office space.
Solvimon secures €9m seed investment
Solvimon, an emerging name in the FinTech sector, has successfully closed a significant seed funding round.
Solvimon is pioneering the billing industry with its advanced platform. Co-founded by former Adyen executives Kim Verkooij and Etienne Gerts, the company is designed to aid mid to large businesses in adopting and operationalising modern pricing strategies. This includes usage-based models, where customers are billed based on consumption, and hybrid models blending usage-based and traditional subscription approaches.
Solvimon’s dedication to simplifying and automating billing processes positions it as a game-changer in the FinTech world. Its low-code, real-time platform enables businesses to implement diverse pricing models easily, oversee invoices in real-time, and glean insights into product usage. This comprehensive approach sets Solvimon apart from competitors by managing the entire monetisation process, from sales to revenue reporting.
Solvimon’s launch comes at a time when the shift from user-based to usage-based billing is gaining momentum. Research indicates that this transition is complex and requires significant cross-functional transformation. Solvimon addresses these challenges, providing a solution that mitigates revenue leakage and reduces manual error rectification, a common issue in traditional billing systems.
CFX Labs bags $9.5m in seed funding
CFX Labs has finalised the closing of a $9.5m seed funding round, and is now aiming to use the capital to transform global payment processing.
The firm raised the funds in a heavily oversubscribed round from a host of strategic partners, including Shima Capital, Decasonic, Antalpha, CMT Digital, Corazon Capital, Hard Yaka, Kraken Ventures, New Form Capital, Metropolitan Capital Bank & Trust.
With this tranche secured, CFX Labs is looking to provide support for more than one billion people globally, who are looking to efficient and effective international and domestic remittance payments.
The funding round signifies a pivotal moment for CFX Labs, which operates at the nexus of financial services, point-of-sale solutions, and digital assets, allowing nationwide payment network, and aiding its ongoing development of pioneering technologies supporting international payments.
Levenue Raises €8m in Series A
Levenue, Europe’s biggest revenue-based financing marketplace, has announced a significant leap in its growth trajectory.
According to Financial IT, What sets Levenue apart is its unique approach to financing subscription-based companies. Unlike traditional models, Levenue doesn’t seek equity, thereby preserving founders’ control. Instead, it utilizes forecasted cash flows from existing subscriptions as collateral. This innovative model has garnered over €300 million in deployment to various subscription-based businesses since its 2021 inception.
Further enhancing its capabilities, Levenue recently acquired Cake, a pioneer in open banking and data enrichment technologies. This strategic move aims to refine underwriting processes, enabling Levenue to generate more accurate risk profiles and expedite financing decisions.
Fuelling its pan-European expansion, Levenue operates profitably across 12 countries. In just a year, it has expanded its team by 200%, integrating artificial intelligence and machine learning into its operations for efficient scaling.
Zip Security clinches $7.7m
Zip Security, a dynamic cybersecurity firm, recently announced the closure of a significant funding round at $7.7m.
This fresh injection of capital will fuel Zip Security’s mission to expand its innovative software product. Currently focusing on cloud-based identity management, device management, and endpoint threat detection, the funding will enable the integration of advanced features such as device trust, automated patch management, and identity threat detection.
Zip Security has carved a niche in protecting businesses across various sectors, including defense, health, software, and finance. In an era where smaller businesses face increasing cyber threats, Zip’s solutions are more relevant than ever. The FBI’s 2022 Internet Crime Report highlighted the stark reality: losses due to cybercrime exceeded $10.3bn, underlining the critical need for robust cybersecurity measures, especially for smaller, tech-forward companies.
Aikido Security secures €5m
Aikido Security, a trailblazer in software security for SaaS companies, has successfully closed a €5m seed funding round.
This significant investment was co-led by Notion Capital and Connect Ventures, with contributions from Inovia Capital Precede Fund I, headed by Raif Jacobs and ex-Google CFO Patrick Pichette. Additionally, the round saw participation from renowned angel investors, including Vanta CEO Christina Cacioppo.
The €5m investment marks a pivotal step for Aikido Security. Known for its developer-first approach, Aikido Security provides a comprehensive security solution tailored to the unique needs of growing SaaS businesses. Amidst a digital environment where data breaches can cost companies millions, Aikido Security stands out with its all-in-one platform, consolidating various application security facets into a single, streamlined tool. This integration not only offers enhanced control but also significantly cuts down on false positives in security checks.
CyberTech company Intrusion secures $2.4m in funding
Intrusion, a frontrunner in the field of cyber-attack prevention, including zero-days, has secured $2.4m in a private offering.
The company entered into a Securities Purchase Agreement, a strategic move involving the sale of 4,359,374 common stock shares. This sale was coupled with a warrant allowing the purchase of two additional shares per stock at an aggregate price of $0.60 per share. This arrangement was part of a Private Offering, indicating a new phase in the company’s financial journey.
The Private Offering proved fruitful for Intrusion, culminating in net proceeds of $2.4m. These funds are earmarked for various essential needs. The primary areas of allocation include working capital, general corporate purposes, and potentially reducing the outstanding debt owed to Streeterville Capital, LLC. This influx of capital is poised to bolster Intrusion’s financial health and operational capabilities.
Remarkably, this financial exercise saw active participation from Intrusion’s top-tier management and board members. CEO Tony Scott, CFO Kimberly Pinson, Chairman Anthony LeVecchio, and Directors Gregory Wilson, James Gero, and Katrinka McCallum all contributed to the Private Offering. Their involvement underlines a strong internal belief in the company’s direction and potential.
COGNNA secures $2.25m in seed funding
COGNNA, a trailblazer in cybersecurity within the Middle East and North Africa region, has completed a seed funding round, amassing over $2.25m.
This significant financial boost was led by IMPACT46, joined by notable investors including Vision Ventures, Faith Capital, and a consortium of strategic investors, according to a report from Wamda. This marks COGNNA as the first cybersecurity startup in the MENA region to gain such a level of investment in this field.
Delving into the company’s core operations, COGNNA specialises in cutting-edge cyber threat detection and response. Founded in 2022 by Ibrahim Alshamrani and Ziyad Alshehri, the firm has developed innovative solutions that are uniquely tailored to the cybersecurity challenges specific to the MENA region.
Kroo surpasses £1m crowdfunding goal
Kroo, a fully licenced UK bank known for its digital banking services, surpassed its crowdfunding target, amassing over £1 million in investments.
This achievement comes from the support of more than 1,400 investors, with an average of £1,329 invested each minute.
The funds were raised in a swift and impressive manner, with Kroo reaching its £1m goal in just a few hours. This reflects the bank’s growing popularity and the strong confidence investors have in its vision and business model. The round was managed by Crowdcube and saw participation from people across 60 countries.
Kroo operates with a clear mission: to transform the banking experience for its customers. Since launching its current account, the bank has paid a significant £15.6m in interest to its customers. Its approach to banking, emphasising transparency and fairness, has resonated well with the public, especially those seeking a more rewarding banking experience.
The purpose of this new funding is clear and ambitious. Kroo intends to use the investment to continue its mission of changing banking for good. By placing power and financial benefits directly into the hands of customers, Kroo is creating a new, customer-focused banking model.
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