$73m hyperexponential deal headlines this week’s FinTech funding rounds

January 12, 2024

The FinTech sector bounced back after a slow start to 2024, with 17 deals getting over the line, the highlight of those was a $73m tranche secured by hyperexponential.

However, despite this, only the paltry sum of $289.4m was secured in the deals covered by FinTech Global.

Despite the buzz of activity, which saw the total amount of deals rise from a lowly 11 last week, to 19 this time around, the space actually saw a significant drop-off in their capital raised over the last seven days.

In the opening roundup of the year, VNET Group, a data centre services provider, pulled in a whopping $299m, which was shockingly more than the overall total for this week’s 17 tranches combined – reinforcing the small nature of these deals.

At the top of the charts this week was the aforementioned deal from prominent pricing decision intelligence (PDI) specialists hyperexponential. The British firm secured a substantial $73m tranche which was enough to lead the way.

Behind them, Brazilian FinTech Conta Simples soared to a strong 41.5m Series B, as it looks to expand throughout its domestic market. The cash is expected to be utilised to expand the team, with plans to create and fill approximately 100 new roles in 2024.

Completing the top three for this week’s big deals were compliance specialists Anecdotes, who’s breakthrough in GRC (Governance, Risk and Compliance) technology managed to land them many plaudits as well as $25m in Series B funding.

In terms of sectors, it was a positive week around the board, with a vast diversity in terms of what area was attracting the funds. FinTech led the way, in their usual fashion, securing eight of the deals.

Behind them, and still impressing, was the InsurTech space, who bagged four deals of their own, including the highest round of the week though hyperexponential’s $73m.

WealthTech and RegTech completed the contingent, bagging three and four deals respectively to highlight their significance in the sector.

Nationally, USA kept their position at the head of the ranks landing five deals, but the UK was hot on their heels, led by hyperexponential’s massive tranche, with four deals.

Behind them, it was an incredibly positive week for Indian FinTech, who saw two deals get over the line, in the form of Grip Invest and Riskcovry. The two deals managed to see the Indian subcontinent end this week as the best-of-the-rest in the national ranks, behind the two usual FinTech forerunners.

Other nations who secured a solitary deal were Switzerland, Brazil, Belgium, Kazakhstan, Austria, and the United Arab Emirates.

Here is a recap of this week’s FinTech funding rounds:

hyperexponential lands $73m in Series B backed by major US VCs

hyperexponential, a global leader in pricing decision intelligence (PDI) software, has concluded a $73m Series B funding round which was funded by a host of major US Venture Capitalists (VCs).

The impressive tranche was spearheaded by Battery Ventures, a prominent global technology-focused investment firm, and also featured renowned Silicon Valley investor a16z and existing Series A supporter Highland Europe, which increased its investment in the firm.

The funds are set to fuel the expansion of the company’s mission-critical insurance pricing platform, and support its strategic expansion into the United States, as it looks to open a New York office later this year.

Conta Simples gains $41.5m boost for Brazilian market expansion

Conta Simples, a Brazilian company specialising in expense management and corporate card services, has recently closed its Series B funding round on $41.5m.

The investment round was led by Base10 Partners, with substantial contributions from previous Series A investors, including Valor Capital, Jam Fund, Y Combinator, Big Bets, Broadhaven, and DOMO, according to a report from TechCrunch.

As a strategic move accompanying this investment, Base10 managing partner TJ Nahigian has been appointed to the board of Conta Simples.

WaveBL raises $37m in Series B funding, advancing digital trade technology

WaveBL, the innovative leader in the digital trade document sector, has successfully secured an additional $11m in funding from new investors, specializing in the bulk-liquid and smart logistics sectors.

This significant influx of capital builds upon the previous Series B funding round led by NewRoad Capital Partners, bringing the total to a substantial $37 million.

This latest investment is earmarked to bolster WaveBL’s position at the forefront of the digital trade sector. By expanding its offerings and supporting innovative scenarios, WaveBL aims to establish new benchmarks in trust and efficiency within international trade.

Anecdotes’ breakthrough in GRC tech attracts $25m Series B funding

Anecdotes, a pioneering force in enterprise GRC (Governance, Risk and Compliance) technology, has recently celebrated a significant financial achievement by closing a $25m Series B funding round.

This latest investment brings the total capital raised by the company to $55 million. New investors Vertex and DTCP have demonstrated their confidence in Anecdotes’ unique enterprise offering and its global expansion strategy by joining the round.

The funding round was led by Glilot Capital Partners and received substantial support from existing investors, including Red Dot Capital Partners, Vintage Investment Partners, and Shasta Ventures.

ZILO secures £25m funding to transform asset management

ZILO, a UK-based company specialising in asset and wealth management software, has successfully completed a significant Series A fundraising round, securing £25m.

This major financial milestone was co-led by Fidelity International Strategic Ventures (FISV) and Portage, with noteworthy participation from State Street and Citi. This strong backing underscores a collective confidence in ZILO’s vision and commitment to innovating in the financial services software sector.

ZILO’s primary focus is on providing modern, digital solutions to financial service institutions. These solutions are designed to replace outdated legacy technologies, thereby improving operational cost efficiencies. ZILO’s software supports existing fund structures and new digital assets while enhancing client experiences.

Solva bags $20m to spearhead banking services in Central Asia

Solva, a FinTech company based in Almaty, Kazakhstan, recently made headlines with a significant financial boost of $20m.

The company has successfully secured an equity investment of $20m from Neo Crystal Holdings, a firm supported by the influential Sawiris family, and ZCP. This investment marks a significant milestone in Solva’s journey.

Solva, established in 2017 by former investment bankers Boris Batine and Alexander Dunaev, has rapidly risen to the forefront of the FinTech industry in Central Asia.

Rainbow secures $12m for small business insurance innovation

Rainbow, a digital managing general underwriter specialising in small business insurance, has recently secured a significant $12 million in seed funding.

According to FinTech Finance, this funding round saw the participation of notable investors including Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners, and Arch Capital Group Ltd.

This substantial investment underscores Rainbow’s unique approach to small business insurance.

Unbox, a pioneer in value exchange infrastructure, bags €12m Series A investment

Unbox, an innovative FinTech company, has recently announced the closure of its Series A funding round, amassing a significant €12m.

The round was spearheaded by HSBC Asset Management (HSBC AM) with notable support from SFPIM Relaunch, an arm of the Belgian Sovereign Wealth Fund.

This FinTech firm is revolutionising the way we think about asset exchange. Unbox’s proprietary technology allows for the embedding of memory, conscience, and forward vision into a wide array of assets, from financial resources to physical products.

Alternative investment pioneer Grip Invest raises $10m led by Stride Ventures

Grip Invest, an alternative investment platform, has successfully raised $10m in its latest funding round. The round was a mix of equity and debt, spearheaded by Stride Ventures.

The investment comprised $1.5m in venture debt and $8.5m in fresh equity and convertible notes, according to report The Economic Times. Notable new investors like LC Nueva and Multiply Ventures joined the round, alongside existing investors such as Venture Highway, Anicut Capital, and AdvantEdge.

Founded in June 2020 by Nikhil Aggarwal and Vivek Gulati, Grip offers an online platform for alternative investments.

Swiss FinTech Rivero secures $7m in Series A for payment solutions expansion

Rivero, a Swiss FinTech specialising in digital payment processing solutions, has successfully closed a $7 million Series A funding round.

According to IBS Intelligence, the round witnessed significant interest, led by 6 Degrees Capital and Inference Partners, and saw contributions from Kraken Ventures, Seed X Liechtenstein, the venture arm of PostFinance, alongside numerous prominent payment executives.

AbbeyCross secures $6.5m in seed funding raise for FX platform

AbbeyCross, a pioneering company in the foreign exchange (FX) sector, announced today a significant boost in its journey and secured $6.5m.

The world’s first wholesale FX platform, AbbeyCross has made headlines by securing a substantial seed funding of US$6.5M. This financial injection was led by Valar Ventures, a name synonymous with foresighted investments in transformative technologies.

Vienna-based InsurTech hi.health secures €6m as it looks to expand across Europe

Vienna-based InsurTech hi.health has bagged €6m in a pre-Series A financing round, as it looks to expand across Europe.

The round successfully secured investment interest from notable existing investors such as SpeedInvest and Calm/Storm, while also welcoming new international investors Haymaker Ventures, Fin VC, and Nina Capital, signifying growing confidence in the lucrative health insurance market, according to EU Startups.

The newly acquired funding marks a pivotal moment for the team at hi.health, poised to scale its workforce, diversify its product line, and bolster its footprint in the market.

Mumbai’s InsurTech pioneer Riskcovry secures $4.5m in latest funding round

Riskcovry, a Mumbai-based InsurTech startup, has raised around $4.5m in a bridge funding round.

Leading the investment was Morphosis Venture Capital, joined by IIFL, marking a crucial step in Riskcovry’s path towards profitability and setting the stage for a Series B funding round, according to a report from Startup Story Media.

UAE agri-trade FinTech innovator Maalexi secures $3m in pre-Series A

Maalexi, a dynamic risk management platform for SME agri-businesses, has successfully completed a $3 million pre-Series A fundraising round.

According to FinTech Finance, this significant investment was led exclusively by Global Ventures, MENA’s leading venture capital firm. The round also saw participation from existing venture capital investors Rockstart (Amsterdam) and Ankurit Capital (New Delhi).

Pier secures $2.4m for revolutionary ‘Stripe for credit’ platform

Pier, a cutting-edge FinTech company, has successfully raised $2.4 million in seed funding.

This financial injection comes from a mix of prestigious investors, including Y Combinator, Liquid 2 Ventures, ACME, Horizon Ventures, and an array of angel investors, according to a report from TechCrunch. Notable amongst these are Brian Neer from Morgan Stanley, Seth Weinstein, former CEO of Morgan Stanley Fund Services, and YC partner Divya Bhat.

DataTribe fuels Vigilant Ops with $2m investment for cybersecurity innovation

Vigilant Ops, an emerging leader in the automation of Software Bill of Materials (SBOM), has secured a $2 million seed investment from DataTribe.

DataTribe, known for its global influence in co-building and investing in cutting-edge cybersecurity and data science startups, has recognized Vigilant Ops for its innovative approach in the cybersecurity domain.

Karma Wallet secures over $2M in funding to drive sustainable finance

Karma Wallet, a pioneering company in sustainable finance, announces the launch of their Karma Wallet Card and has bagged over $2m.

This new product is a significant step in combining financial technology and environmental responsibility. With a substantial backing of over $2 million, Karma Wallet is making strides in the world of FinTech.

This funding was made possible through the contributions of socially conscious investors, including the forward-thinking Tweener Fund.

Smart contract security firm AuditOne clinches €800k seed investment

AuditOne, a force in the realm of smart contract security, has recently celebrated a significant milestone in its journey of bagging €800k.

According to High Tech Grundefonds, the Cologne-based startup, co-founded by Adrien Resch, Raja Sekhar Thota, and David Velek, has successfully closed a seed funding round, amassing more than €800k. This financial boost is set to propel the company’s growth, especially in expanding its workforce and broadening its product offerings.

Mylapay, Indian FinTech pioneer, secures $550k in seed funding

Mylapay, a PayTech company based in India, recently announced a successful seed funding round.

In this recent financial milestone, Mylapay secured INR 4.6 crore ($550K), according to a report from IBS Intelligence. The seed round was led by CDM Capital and also saw contributions from Saison Capital and 77 Capital.

Sunrise AI secures pre-seed funding led by Andrew Ng’s AI Fund

Sunrise AI, a ground-breaking AI-powered FinTech has successfully concluded its pre-seed funding round, which was led by Andrew Ng’s AI Fund.

The newly acquired funds will empower Sunrise AI to accelerate the development of its AI-driven solutions. The company aims to reach more underserved communities, fostering financial inclusion through fair and accessible financial services.

Keep up with all the latest FinTech news here.