CyberTech led the charge for FinTech funding this week, accounting for six of the deals and $386m of the total capital raised.
FinTech Global covered a total of 24 FinTech funding rounds this week, a small increase on the total of last week. This week showed the sector was starting to get back up to speed after the slowdown of the start of the year, with a total of $988m raised across the deals – last week just $289m was raised through 17 deals.
The biggest sector for the week was CyberTech, which accounted for more deals than any other sector. It was also responsible for the largest deal, a $300m investment raised by Quantinuum. The company claims to be the world’s leading integrated quantum computing company, which is used to bolster the cybersecurity capabilities of companies by leveraging cryptographic keys to stop advanced threats.
Oleria was another CyberTech to raised a sizable amount this week. The company pulled in $33m for its Series A funding round, which will be used to further the development of its identity security platform. Other CyberTechs to raise funds this week were Vicarius, Secret Double Octopus, Kusari and Searchlight Cyber.
PayTech followed as the second most active sector, with four deals in the space. Despite recording two less deals, the total capital raised by PayTechs ($463m) was larger than that of CyberTechs ($386m). This was speared on by DailyPay and Pliant, which both recorded funding rounds over $100m. The other two PayTech deals this week were with Pomelo and Billink.
In terms of the other FinTech sectors represented in this week’s deals, there were three deals in each of the following sectors: marketplace lending (Kashable, Panacea Financial and Carmoola), PropTech (PredictAP, CollateralEdge and Downpayments), and Infrastructure & Enterprise Software (Vertice, Prometeo and 10x Banking).
Finally, two InsurTechs raised funds (Korr and Bharatsure), and one Data & Analytics (Ortec), RegTech (Digital Onboarding) and WealthTech (BankingON).
In terms of countries, it was business as usual for the US. The country accounted for over half of all FinTech deals (13). These were: Quantinuum, DailyPay, Digital Onboarding, Oleria, Downpayments, Vicarius, Kashable, Panacea Financial, PredictAP, Kusari, Korr, BankingON and CollateralEdge.
It was followed by the UK with four (Vertice, Carmoola, 10x Banking and Searchlight Cyber) and the Netherlands with two (Billink and Ortec). Each of the following countries recorded one deal each: Germany (Pliant), Uruguay (Prometeo), Argentina (Pomelo), India (Bharatsure), and Israel (Secret Double Octopus).
Here are this week’s 24 FinTech funding rounds.
Quantinuum secures $300m in groundbreaking quantum tech equity funding
Quantinuum, the world’s leading integrated quantum computing company, has successfully closed a significant $300m equity funding round.
This monumental financial boost was achieved at a pre-money valuation of $5bn, marking a significant milestone in the company’s journey. The funding round was led by Quantinuum’s strategic partner, JPMorgan Chase, with considerable investments from notable entities including Mitsui & Co., Amgen, and Honeywell, which continues to be the majority shareholder. With this recent capital infusion, Quantinuum’s total raised funds have impressively reached approximately $625m since its inception.
Quantinuum’s core operation revolves around pioneering quantum computing technology. The company stands at the forefront of integrating and developing quantum computers, harnessing their immense potential to drive advancements in various fields. Quantinuum’s technology is instrumental in material discovery, cybersecurity, and spearheading the next wave of quantum AI. By amalgamating Cambridge Quantum Computing and Honeywell Quantum Solutions, Quantinuum has solidified its position as a global quantum computing leader, employing a robust workforce that includes over 370 scientists and engineers.
The capital raised in this round is earmarked for a strategic acceleration towards achieving the world’s first universal fault-tolerant quantum computers. Additionally, the funds will be instrumental in expanding Quantinuum’s software offerings, significantly enhancing their commercial applicability. This strategic financial move underscores Quantinuum’s commitment to remaining at the quantum technology vanguard, continually pushing the boundaries of what’s possible.
DailyPay secures $175m in latest funding round, valuation soars
Pliant reinvents credit solutions: secures €33m Series A and €100m debt facility ($144.4m)
Pliant, a trailblazing FinTech company, has closed a €33m Series A extension from a syndicate of investors including Molten Ventures, who joins the ranks of previous Series A backers such as SBI Investment, Alstin Capital, and Motive Ventures.
In a strategic move to bolster its financial standing, Pliant has also secured a €100m debt facility, setting a firm foundation for the year ahead.
Since its inception in 2020, Pliant has been at the forefront of redefining the credit card landscape. The company’s innovative approach focuses on offering smart, scalable payment solutions to businesses. With a suite of app and API-based services, Pliant enables companies to issue both physical and virtual credit cards, streamline payment processes, monitor expenditures, and integrate these functionalities seamlessly into their existing financial systems. This holistic approach has positioned Pliant as a leader in the FinTech space, offering a versatile and comprehensive financial toolset for growing businesses.
The recent funding will be instrumental for Pliant in expanding its operational reach and enhancing its product offerings. Having already made significant strides in 2023, such as the acquisition of the EMI license in Finland and the subsequent expansion to 25 countries within the European Economic Area (EEA), Pliant is geared to further its mission. The company’s ability to provide multi-currency transaction capabilities across 11 different currencies signifies a pivotal step towards catering to a diverse clientele with varied financial needs and preferences.
Digital Onboarding secures $58m from Volition Capital for FinTech growth
Pomelo bags $40m to bolster Latin American payment infrastructure
Pomelo, an innovative Argentinian payments infrastructure firm, has successfully closed a substantial funding round.
The company, known for its robust financial solutions, recently secured $40m in a Series B funding round.
According to Finextra Research, this significant financial injection was led by VC Kaszek, with notable contributions from an array of investors including Monashees, Index Ventures, Insight Partners, Endeavor Catalyst, S32, TQ Ventures, and Alter Global. This recent round elevates Pomelo’s total funding to an impressive $103m since its inception in 2021.
At its core, Pomelo is revolutionising the FinTech space. Founded by veterans from Mastercard, Mercado Pago, and Naranja X, the company is redefining how clients launch and manage credit, debit, or prepaid card businesses. Remarkably, Pomelo enables this across multiple countries within a matter of weeks through a single technological integration. Currently, its operations span across key Latin American markets including Colombia, Argentina, Brazil, Chile, Mexico, and Peru. The firm boasts a robust client portfolio featuring hundreds of corporate entities ranging from banks and multinational corporations to innovative technology startups like Rappi, Bitso, Stori, Lulobank, Nomad, Payjoy, Ripio, and AstroPay.
Oleria rakes in $33m for autonomous identity security advancements
Oleria, an adaptive and autonomous identity security firm, has announced the successful closure of a substantial $33.1m Series A funding round.
This latest financial infusion, spearheaded by Evolution Equity Partners, also drew notable participation from Salesforce Ventures, Tapestry VC, and Zscaler, catapulting the company’s total capital raised to a robust figure surpassing $40m.
Established as a beacon in the FinTech sector, Oleria is dedicated to redefining the landscape of identity security. With a firm focus on providing organizations with unparalleled visibility into their access posture, Oleria’s unique platform proactively identifies and mitigates access-related risks before they manifest into significant threats.
This proactive stance is deeply embedded in the company’s DNA, with a founding team that brings together decades of seasoned experience in constructing and managing large-scale security programs at tech giants such as Salesforce, Amazon, and Microsoft. This rich background affords Oleria a unique vantage point to comprehend and address the intricate challenges faced by Chief Information Security Officers (CISOs) in today’s rapidly evolving digital landscape.
In light of alarming industry statistics indicating that 80% of security breaches exploit compromised identities, Oleria’s mission has never been more critical. The company’s innovative approach to access management and identity security is a direct response to the growing complexities faced by organizations globally.
As these entities increasingly integrate a myriad of interconnected SaaS applications and cloud infrastructures to fuel their operations and innovations, Oleria’s solutions stand out as an indispensable ally in their quest to safeguard digital assets and maintain operational continuity.
The newly secured funds are earmarked to propel Oleria forward on multiple fronts. The company is poised to significantly ramp up its hiring efforts, aiming to enrich its team with top-tier talent. This strategic expansion is pivotal in accelerating Oleria’s product innovation journey, with a particular emphasis on enhancing AI capabilities.
Additionally, the financial boost will be instrumental in fortifying the company’s go-to-market strategy, ensuring that Oleria’s cutting-edge solutions are effectively delivered to a broader spectrum of clients, thereby reinforcing their digital fortresses against the ever-evolving threat landscape.
Downpayments raises $32.8m to bolster property investment in Florida
Downpayments, a pioneering FinTech company in the property sector, has recently made headlines with its impressive capital raise.
The company announced an initial capital infusion of $32.8 million, comprising both debt and equity funding. This significant financial backing comes from Partners for Growth and Second Century Ventures, the latter being supported by the National Association of Realtors.
Downpayments is known for offering interest-free down payments to property investors. This innovative approach is particularly relevant as mortgage rates soar, posing challenges for investors wanting to refinance without losing their favorable fixed rates. By leveraging advancements in open banking and AI, Downpayments simplifies the complexities of managing multiple mortgages and related expenses.
The new funding is earmarked to fuel over $200 million in investment property transactions. This bold move is set to significantly impact the property investment landscape, offering a more accessible path to property acquisition and financial independence.
Founded by Godfrey Dinh, also the CEO of Australia-based Futurerent, Downpayments shares its roots with a company that revolutionised the Australian real estate market. Futurerent, known for granting property investors on-demand access to rental income, has already advanced over $25 million AUD in down payments.
Billink secures €29.5m ($32m) boost, eyes expansion in Benelux and Germany
Gouda-based Billink, a key player in Netherlands’ BNPL sector, has successfully secured a substantial €29.5 million in funding.
According to EU Startups, this financial injection comes courtesy of the German Varengold Bank, marking a significant milestone for the FinTech company.
Since its inception, Billink has revolutionized the online payment landscape. The company offers a BNPL solution, allowing customers the convenience of paying only after the receipt of their purchases. This innovative approach has resonated with the market, amassing a user base of 3 million and partnering with over 3,000 webshops. Notably, the company has also made significant inroads in the business sector, with 20% of companies registered in the Dutch Chamber of Commerce utilizing its payment services.
The injection of €29.5 million is poised to further catapult Billink’s growth and market presence. Specifically, the funds are earmarked for an ambitious expansion plan. Billink aims to extend its services to the top 50 largest Benelux webshops, penetrate the German market, and continue enhancing its platform to ensure fairness and reliability in online transactions, reminiscent of the assurance found in offline shopping.
This funding round not only highlights Billink’s financial success but also underscores its commitment to innovation and customer satisfaction. The company is actively developing Billink Check-out 2.0, aiming to personalize the customer experience even further. This involves direct engagement with leading webshops in Benelux to understand their challenges and needs, as well as the integration of cutting-edge AI technology to optimize webshop conversion rates.
Cybersecurity innovator Vicarius clinches $30m in Series B for AI growth
Vicarius, a pioneer in the cybersecurity sector, has secured a substantial $30m in Series B funding.
This financial injection is spearheaded by the cybersecurity-focused investment firm Bright Pixel, previously known as Sonae IM. Noteworthy contributors to this round include AllegisCyber Capital, AlleyCorp, and Strait, marking a robust vote of confidence in Vicarius’s vision and capabilities. To date, Vicarius’s total capital raised, encompassing contributions from prior backers such as JVP, has surpassed the $56m mark.
At its core, Vicarius is dedicated to transforming the landscape of cybersecurity. The company is the brain behind vRx, the industry’s first fully autonomous end-to-end vulnerability remediation platform. This groundbreaking solution is tailored to proactively mitigate cyber risks for businesses by automating the complex process of vulnerability remediation. Vicarius’s platform is celebrated for its user-friendly interface, catering to both novices and seasoned professionals in cybersecurity. This ease of use, combined with the platform’s advanced capabilities, sets Vicarius apart in an increasingly digital and risk-prone business world.
The newly acquired funds are earmarked for a dual purpose: fuelling Vicarius’s global expansion ambitions and accelerating the evolution of its AI capabilities. In a rapidly growing vulnerability management market, projected to reach upwards of $21bn by 2028, Vicarius aims to stand at the forefront, driving innovation and offering solutions that resonate with the pressing needs of modern enterprises.
Further embellishing Vicarius’s narrative of growth and innovation is the introduction of vuln_GPT, the company’s proprietary LLM technology. This advanced feature is designed to craft detection and remediation scripts, thereby heralding a new era of assistive technology for security teams. Vicarius’s journey since its last funding round in 2022 is nothing short of impressive, marked by a record-setting 5x growth, driven by surging customer demand for a comprehensive, personalised, and scalable vulnerability remediation process. Today, the company boasts a robust customer base exceeding 400, including prominent global entities like PepsiCo, Hewlett Packard Enterprise (HPE), Bupa, and Equinix, along with a significant presence in the Fortune 500 realm.
Kashable’s innovative financial platform attracts $25.6m in Series B funding
Kashable, a pioneering FinTech company based in New York City, has successfully concluded a significant Series B funding round, securing $25.6m.
The investment round was co-led by Revolution Ventures and Moneta Ventures, with additional funds coming from EJF Capital and Krillion Ventures.
Specialising in socially responsible credit and financial wellness solutions, Kashable offers a unique service as an employer-sponsored voluntary benefit. The platform is acclaimed for its innovative approach to providing affordable credit and essential financial education to employees, thereby enhancing their financial stability and wellbeing.
The newly acquired funds are earmarked for several strategic initiatives. Kashable intends to utilise the investment to fuel its rapid expansion and accelerate the development of new financial wellness services. Furthermore, the capital will bolster the company’s ability to offer affordable credit to a broader spectrum of employees. Investing in research and development is also on the agenda, with plans to enhance Kashable’s sophisticated underwriting model and expand its suite of financial products.
Kashable’s platform is distinguished by its comprehensive approach to addressing employee needs while simultaneously serving as a potent retention tool for employers. The company boasts of providing access to low-cost loans to over 2.5 million employees, with many using these funds to consolidate existing debt, thereby benefiting from lower APRs and reasonable loan amounts averaging between $3,500 and $4,000. Kashable’s innovative underwriting model is a game-changer, leveraging real-time employment data, income stability, and other critical factors to offer fully automated credit decisions.
Moreover, Kashable is not just a credit provider but a holistic financial wellness facilitator. The company places significant emphasis on financial education, offering a wealth of resources including credit monitoring, individual financial coaching, and budgeting tools. Since its inception in 2013, Kashable has profoundly impacted the financial lives of countless individuals through partnerships with over 250 employers, including notable names like Cigna and Alight Solutions.
FinTech innovator Vertice secures $25m in Series B for global expansion
Panacea Financial bags $24.5m to bolster financial solutions for healthcare professionals
Panacea Financial, a distinguished FinTech firm, has completed a $24.5m Series B funding round, marking a significant milestone in its journey.
The round was notably led by Valar Ventures, a globally recognized venture capital fund, solidifying a partnership aimed at strategic growth within the doctor community.
At its core, Panacea Financial is dedicated to delivering superior financial services specifically tailored for doctors and their practices. The company’s unique approach combines the expertise of seasoned professionals in technology, financial services, and healthcare. This synergy is aimed at introducing innovative products and services, ultimately crafting a more comprehensive financial platform for healthcare professionals.
The newly acquired $24.5m funding is set to catalyze Panacea’s strategic expansion. Plans are underway to grow the team, diversify the product offerings, and fortify the company’s position as a comprehensive financial ally for the doctor community. This move comes on the heels of Panacea’s remarkable growth trajectory since its inception in November 2020. The company has not only doubled its revenues in the past year but also proudly maintains an impressive credit quality, having provided over $450m in total financing to doctors and their practices.
Moreover, Panacea’s influence stretches beyond financial metrics, as it’s the preferred financial partner for an array of national and state medical, dental, and veterinary associations. These partnerships, representing approximately 40% of all active doctors in the U.S., underscore Panacea’s deep integration and commitment to the healthcare sector.
UK FinTech Carmoola raises £15.5m ($19.6m) to transform car financing
Carmoola, a UK-based car finance FinTech, has successfully closed a £15.5m equity round to aid the transformation of car financing.
According to Alt Fi, this significant financial milestone follows closely on the heels of their £8.5m Series A round and a substantial £95m debt facility from NatWest last February. The British-Ukrainian startup, distinguished for facilitating over £46m worth of car purchases, is poised to extend its reach to more car buyers with this latest funding.
The investors demonstrating confidence in Carmoola’s vision include QED Investors, known for backing Remitly and NuBank, VentureFriends, InMotion Ventures (part of Jaguar Land Rover), AlleyCorp, and Kyiv-based u.ventures. This diverse group of backers reflects the startup’s strong market potential and innovative approach to car financing.
Carmoola is redefining the car finance industry with its consumer-centric solutions. The company emerged from a need to address the inefficiencies and customer challenges in the used car finance market, which were being overlooked by traditional lenders.
The funds will be channelled towards expanding Carmoola’s market reach, aiming to make car financing more user-friendly and hassle-free. Aidan Rushby envisions a future where car financing is devoid of unnecessary complications, aligning with the company’s ethos of prioritising consumer needs.
Secret Double Octopus revolutionises enterprise security with $15m Series C
Secret Double Octopus, a renowned leader in enterprise workforce authentication, has successfully closed a Series C funding round.
The company, known for its innovative approach to Passwordless authentication solutions, has recently added another $15m to its capital, thanks to the recent equity round led by BGV. The funding round also saw participation from both new and returning strategic investors, including JVP, SCV & KDDI, highlighting the robust confidence in the company’s vision and market potential.
Secret Double Octopus is carving a niche in the Passwordless space, offering a highly secure and user-friendly authentication platform for the enterprise workforce. The company’s state-of-the-art solution is designed to facilitate a seamless Passwordless reality across organisations, catering to a diverse range of industries such as financial firms, defense contractors, and industrial manufacturing, among others. Leveraging patented technologies, the Octopus platform promises to revolutionise the traditional authentication processes, thereby enhancing the overall cybersecurity stance of enterprises.
The infusion of fresh capital is earmarked for accelerating revenue growth and expanding the company’s global partnership network. Secret Double Octopus is strategically positioned to tap into the burgeoning demand for robust, phishing-resistant authentication solutions, especially in sectors that heavily rely on on-premises and hybrid infrastructure.
Since its last funding round, Secret Double Octopus has seen exponential growth, marking its presence in numerous Fortune 500 companies worldwide. Currently, the company facilitates over 750 million authentications annually, serving hundreds of thousands of employees each day. This remarkable scale of operations underscores the company’s dedication to addressing cybersecurity challenges with innovative, user-centric technologies.
Uruguay’s Prometeo secures $13m for open banking expansion in Latin America
Prometeo, an innovative startup based in Uruguay, recently announced a significant milestone in its journey to revolutionise open banking across Latin America.
The startup has successfully secured $13m in a funding round led by Antler Elevate, with notable contributions from PayPal Ventures, Samsung Next, DN Capital, Cometa, and Magma Partners, according to a report from TechCrunch. This influx of capital marks a significant step forward for Prometeo, indicating strong confidence from some of the most influential names in the financial and technological sectors.
At its core, Prometeo is dedicated to pioneering open banking in Latin America. By leveraging a unique API, the company has established over 350 channels across 283 financial institutions in 10 countries, including Brazil and Mexico, the largest FinTech markets in the region. The services provided by Prometeo, such as account-to-account payments, account validation, and cash management for businesses, are crucial for the evolving digital financial landscape.
The new funding will be strategically used to expand Prometeo’s user base, introduce additional services, and extend its reach into new geographical areas. This plan aligns with the company’s vision of increasing financial inclusivity and bringing banking services into the digital era. In the past two years alone, Prometeo has seen a tenfold increase in revenue, demonstrating its potential and the growing demand for its services.
Boston’s PredictAP garners $8m for expansion of real estate FinTech solution
PredictAP, a company specializing in real estate financial technology, has successfully closed its Series A financing round, amassing $8m.
According to FinSME, this noteworthy investment was spearheaded by RET Ventures, accompanied by valuable contributions from Wise Ventures.
In the dynamic realm of FinTech, PredictAP stands out with its innovative solution tailored for real estate accounts payable (AP). The firm, established in 2020 by the forward-thinking duo David Stifter and Russell Franks, offers a groundbreaking machine-learning-powered invoice ingestion and coding system.
This system not only automates but also enhances the precision and consistency of invoice coding within real estate accounting departments. Its compatibility with Yardi, a prominent property management software, further amplifies its utility and reach.
The influx of $8m in funding is earmarked for an ambitious expansion, with PredictAP setting its sights on broadening its footprint across both the U.S. and international markets. The company’s trajectory since its inception is a testament to its impact and potential. PredictAP has experienced rapid growth, now supporting over 50 distinguished real estate companies.
Kusari secures $8m boost to fortify software supply chain security
New York-based InsurTech Korr lands $3.2m in seed round led by Motive Ventures
Korr, a New York City-based InsurTech startup, has successfully bagged $3.2m in their seed funding round.
The tranche was secured in a round led by Motive Ventures along with Tokio Marine Future Fund. The company has also landed a noteworthy early investor, in the form of Plug and Play Ventures.
The financial injection will fortify Korr’s capability to drive innovation and execute its vision of reshaping the insurance landscape.
Founded in 2021, Korr is at the forefront of insurance technology, boasting a cloud-native core operating system. The company specialises in migrating on-premise legacy systems to the cloud, enhancing customer experiences and drastically reducing operational expenditure.
The firm’s unique platform is strategically designed to minimise switching costs, allowing carriers to seamlessly transition their historical data to the cloud. The company addresses the challenges faced by insurance carriers, offering a flexible and efficient solution to modernise their existing infrastructure.
Mumbai-based InsurTech Bharatsure bags $1m in latest funding round
BankingON bags funding to introduce Boucoup for family finance in credit unions
Searchlight Cyber secures strategic investment to illuminate dark web dangers
Searchlight Cyber, a prominent U.K.-based dark web intelligence company, has received an investment from Charlesbank Capital Partners, a reputable middle-market private investment firm with bases in Boston and New York.
Searchlight Cyber’s state-of-the-art platform is widely utilised by enterprise cybersecurity, managed security service providers, as well as government and law enforcement agencies across Europe and North America. Searchlight Cyber’s unique offering includes a comprehensive dataset that spans marketplaces, forums, and hidden sites, all underpinned by more than 15 years of leading academic research in dark web technologies.
The company’s strategic move to secure investment from Charlesbank is driven by its commitment to innovation and expansion. The funds will primarily be channelled towards accelerating research and development, which will propel the company to introduce first-to-market features and integrate advanced AI capabilities into its platform. This forward-looking approach aims to ensure that clients can swiftly and effectively counteract emerging cyber threats.
Dutch firm Ortec secures strategic investment from Battery Ventures
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