As we enter the new year of 2024, there are new possibilities and opportunities in the FinTech space for firms to attract new funding. The first week of the year remained quiet, however, with only 11 deals reported by FinTech Global.
The top deal this week was seen in the data space, with VNET Group, a data centre services provider, pulling in $299m.
In total across the week, FinTech Global found that $447.5m was raised across all funding rounds recorded by the publication.
Here are this week’s deals.
Data centre leader VNET announces $299m strategic investment
VNET Group, a carrier- and cloud-neutral internet data centre services provider in China, recently announced the completion of a significant strategic investment.
The investment, totalling an impressive $299m, was made by Success Flow International Investment Limited and Choice Faith Group Holdings Limited. Both investors are under the umbrella of Shandong Hi-Speed Holdings Group Limited (SDHG), a company listed on the Hong Kong Stock Exchange.
The investment resulted in Success Flow and Choice Faith acquiring substantial shares in VNET, with their respective holdings now standing at approximately 29.5% and 12.6% of the total issued and outstanding shares of the company.
Cloud-native security firm Aqua Security raises $60m
Aqua Security, a trailblazer in cloud-native security, today announced a significant financial milestone, securing $60m in additional funding.
This investment, an extension of its Series E round, was led by new investor Evolution Equity Partners, complemented by contributions from existing backers Insight Partners, Lightspeed Venture Partners, and StepStone Group. This latest financial injection propels Aqua’s valuation above the $1bn mark.
Specialising in cloud security, Aqua Security has established itself as a pivotal player in the industry. Since its inception in 2015, Aqua has been at the forefront of safeguarding digital assets in the cloud.
Bumper secures $48m
Bumper, a leading FinTech firm specialising in automotive payments, has successfully closed a significant $48 million Series B funding round.
The company, renowned for its innovative approach to car repair payments, has made strides in simplifying how drivers manage repair bills.
At its core, Bumper is revolutionising the automotive repair industry. It offers a unique solution allowing car owners to split their repair bills into interest-free payments. This model not only eases financial pressure on car owners but also empowers dealerships and garages with digital payment methods, aiding them in business acquisition and profitability.
CyberTech WISe.ART secures investment from The Hashgraph Association
WISeKey International, a global leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions, announced its subsidiary, WISe.ART, has successfully closed a strategic investment round with The Hashgraph Association (THA), a Swiss-based non-profit accelerating the global adoption of the Hedera network.
This investment marks a significant step forward in the utilization and expansion of the Hedera network, as well as the development of WISe.Art and SEALCOIN digital assets. Hedera, distinguished for its ultra-low transaction fees and high scalability, is set to revolutionize digital finance with its real-time settlement and network speeds.
SEALCOIN, developed by SEALSQ Corp, a WISeKey subsidiary, is an advanced digital token protocol designed for the burgeoning internet-driven device economy. This innovative protocol aims to facilitate seamless currency and data exchanges among billions of devices.
Revfin secures $14m for expanding EV loans
Revfin, an Indian FinTech in the electric vehicle (EV) loan sector, has raised $14m in a series B funding round.
This significant injection of capital was led by Omidyar Network and was joined by the Asian Development Bank, Companion Capital Limited, a group of angel investors, and existing investors such as Green Frontier Capital and LC Nueva Investment Partners, according to a report from TechinAsia.
Revfin’s approach to lending is innovative and inclusive, leveraging non-traditional methods such as biometrics, psychometrics, and gamification to evaluate and manage consumer loans.
Software Group’s digital finance revolution bolstered with €9.5m investment
Software Group, a prominent global provider of technology solutions for the finance sector, has successfully secured a substantial investment to bolster its growth and innovation.
The combined investment of up to €9.5m comes from INVENIO Partners and PostScriptum Ventures. INVENIO Partners has committed up to €6m, while PostScriptum Ventures, an existing investor, contributes an additional €3.5m. This funding is a testament to the confidence these investors have in Software Group’s potential and future prospects.
Established in 2009, Software Group has carved out a niche in the $100bn digital financial services industry. The company boasts an impressive clientele, including over 200 banks, government bodies, central banks, telecoms, FinTechs, and other financial institutions spanning more than 70 countries. Its leading product, DigiWave, is an award-winning digital banking platform, accompanied by a suite of prebuilt solutions designed to enhance the digital financial ecosystem.
Digital Escrow services leader Escrowpay raises $6m in extended Series A
Escrowpay has raised an additional $4m in funding bringing the Series A to a total of $6m.
The fundraise is a part of Escrowpay’s extended Series A round, where the firm aims to accumulate a capital of $15m, according to a report from inc42.
The company, founded in 2015 by Ashwin Chawwla and Subhrangshu Neogi, has revolutionised the traditional concept of escrow services. Escrowpay utilises cutting-edge technology to offer digital escrow services, making transactions transparent, efficient, and accessible for businesses and individuals. With a clientele of over 3,000, including MSMEs, unicorns, and listed companies.
Fimple completes $5.5m bridge investment
Fimple, a pioneering technology company in the finance sector, has successfully completed its latest investment endeavour, known as the Bridge Investment Tour.
The company has impressively secured an additional $3.5m, bringing its total investment to $5.5m. This round of funding was led by Apy Ventures, with notable contributions from KT Portfolio, Tera Portfolio, and several angel investors.
This new capital injection of $5.5m will bolster Fimple’s mission to redefine the finance industry.
Komunal, Indonesia’s pioneering FinTech, secures $5.5m
Jakarta-based Komunal, an innovative player in the FinTech sector, has successfully raised an additional $5.5m in its extended Series A funding round.
This significant financial boost came from prominent investors, including Sumitomo Corporation, and was supported by existing backers such as AlphaTrio Sustainable Technology Fund, Skystar Capital, Sovereign’s Capital, Ozora, Gobi Partners, and JAFCO Asia, according to a LinkedIn post.
Founded in 2019, Komunal has made remarkable strides in the FinTech landscape. The company has set itself apart by being the first in Indonesia to introduce a rural bank product deposit app, a significant step in its mission to enhance financial inclusion in the region.
Komunal’s revolutionary approach has transformed the traditional banking model, connecting Micro, Small and Medium Enterprises (MSMEs) with potential funders, thereby fostering economic growth in Indonesia.
iFlock Security Consulting secures funding
iFlock Security Consulting, a leading boutique cybersecurity company, has announced a significant milestone in its growth journey.
The company, known for its cutting-edge cybersecurity solutions, completed its first private funding round, signalling a major step in its development.
The private funding, an affirmation of investor confidence, is a crucial development for iFlock Security Consulting, particularly amidst the global rise in cybercrime. With cyberattacks expected to inflict damages totalling $10.5 trillion by 2025, this funding represents a strong vote of confidence in iFlock’s vision and capabilities.
Funding Societies raises major funding
Funding Societies, a leading Southeast Asian FinTech company, has recently secured a substantial investment from Khazanah Nasional Berhad and CGC Digital Sdn Bhd.
This financial support aims to bolster Funding Societies’ efforts in providing accessible financing to MSMEs, a sector often overlooked by traditional financial institutions.
Funding Societies operates as a digital finance platform, focusing on underserved MSMEs across Southeast Asia. Since its establishment, it has made a profound impact, disbursing over $3.5bn in business financing through five million transactions. The company has a significant presence in Malaysia, Singapore, Indonesia, Thailand, and Vietnam, addressing critical funding gaps and supporting over 100,000 businesses.
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