CyberTech leads the path in this week’s 24 FinTech funding rounds

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

DailyPay, the trailblazer in the on-demand pay sector, has secured a staggering $175m. This financial infusion is a blend of a $75m equity round and a $100m increase in an existing secured credit facility, with the additional financing generously provided by banking giant Citi.

At the forefront of pay solutions, DailyPay offers an innovative platform that enables employees to access their earned wages instantly. The service, highly praised for its user-friendly interface and practicality, has revolutionized the traditional pay cycle, providing flexibility and financial control to workers across the United States.

The freshly acquired funds are earmarked for a strategic push towards accelerated growth. DailyPay aims to channel this investment into expanding its product offerings and exploring new market territories. This move is poised to solidify DailyPay’s standing in the FinTech industry and broaden its impact on the future of pay.

In addition to the recent funding, DailyPay’s financial architecture has been further strengthened. The company’s revolving secured debt facility has ballooned to an impressive $660m, thanks to contributions from other prestigious financial institutions including Barclays and TPG Angelo Gordon, alongside the latest boost from Citi.

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

Digital Onboarding, a pioneering SaaS company known for enhancing customer relations for over 100 financial institutions, has successfully closed a significant funding round.

The firm announced a substantial $58m growth investment secured from the Boston-based growth equity firm, Volition Capital. This investment comes at a time when Digital Onboarding is witnessing a sharp upturn in demand, as banks and credit unions increasingly turn to digital solutions to augment customer engagement and further product adoption.

Operating in the heart of the FinTech industry, Digital Onboarding specialises in offering a unique digital engagement platform tailored for banks and credit unions. This platform is revolutionising the way financial institutions interact with their customers, focusing on deepening relationships post-account opening. Traditional onboarding processes, often hindered by analog methods such as paper welcome kits and generic emails, are being replaced. Digital Onboarding’s solution stands out by enabling institutions to effectively engage customers through journey-based communication and action-oriented microsites, ultimately driving account primacy and member profitability.

The fresh influx of $58m is earmarked to bolster Digital Onboarding’s ambitious objectives. The company plans to use this investment to accelerate its product roadmap, enhance support for existing clientele, and significantly increase its market visibility among potential customers. Furthermore, the firm intends to expand its team substantially, aiming to nearly double its headcount by the conclusion of 2024. This expansion will include advanced features such as increased segmentation and profile management, marketing attribution, and the integration of cutting-edge technologies like machine learning and embedded FinTech functionalities.

At the helm of Digital Onboarding is CEO Ted Brown, who, along with co-founder Jonathan Crossman, has been steering the company since its pivot in 2017. Initially founded as SalesBrief, the firm underwent a significant transformation after participating in the FinTech Accelerator of DCU, one of the nation’s largest credit unions. This pivot marked the beginning of their journey in the FinTech space, leading to the launch of their innovative platform with DCU and subsequent expansion to other financial institutions.

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

Vertice, an integrated SaaS and cloud spend management platform, has announced a milestone in its growth journey by raising $25m.

The Series B round marks a new chapter in its rapid revenue expansion. This recent financial injection elevates Vertice’s total funds raised to $51m since January 2022, placing its valuation firmly in the hundreds of millions.

The funding round saw the return of 83North and Bessemer Venture Partners, the lead investors from the company’s Series A. Their renewed commitment, totalling $25m, comes on the heels of Vertice’s impressive 7x growth in Annual Recurring Revenue (ARR) in 2023. Notably, the company’s growth trajectory has been characterised by remarkable capital efficiency, a testament to the strategic foresight of serial entrepreneurs Roy and Eldar Tuvey.

Vertice stands out in the FinTech landscape through its unique proposition. It is the sole platform globally addressing the intricacies of both SaaS and cloud spending. In 2023, the company fortified its market leadership by unveiling a suite of product modules, including its Cloud Cost Optimization offering. These innovations are designed to simplify enterprise spending visualisation and control, offering detailed spending breakdowns and streamlined procurement workflows.

The fresh capital is earmarked for accelerating Vertice’s ambitious product innovation pipeline and supporting its global expansion ambitions. The company is poised to bolster its workforce significantly, creating over 150 new positions worldwide. This expansion aligns with Vertice’s commitment to continuously enhancing its platform and supporting a growing customer base.

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 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

Kusari, a startup in the software supply chain security sector, has recently announced a significant boost in funding.

The company successfully raised $8 million, a sum amassed through a combination of Pre-Seed and Seed Round investments. J2 Ventures took the lead in this funding round, with Glasswing Ventures also playing a pivotal co-leading role. Unusual Ventures, having previously contributed $2 million in Pre-Seed funding, was among the participating investors.

Established in June 2022, Kusari addresses a critical and increasingly costly issue within the tech industry: the lack of transparency in the software supply chain and development lifecycle.

This opaqueness can lead to severe security vulnerabilities, with Cybersecurity Ventures projecting the global annual cost of software supply chain attacks to soar to $60 billion by 2025, and further escalating to a staggering $138 billion by 2031. Kusari’s mission is clear – to bring much-needed transparency to the software supply chain, enabling organizations to swiftly identify and rectify potential weak spots, thereby maintaining robust partnerships and minimising risk exposure.

The founding team at Kusari, comprising Tim Miller, Michael Lieberman, and Parth Patel, brings a wealth of experience to the table, having navigated the complexities of supply chain security and cloud engineering at esteemed institutions like Citi, Mitsubishi UFJ Financial Group (MUFG), Bridgewater Associates, and Raytheon.

Their leadership extends to the Open Source Security Foundation (OpenSSF), which amalgamates the most pivotal open-source security initiatives and the corporations and individuals backing them. Kusari is not just about leadership but also about innovation, as evidenced by their development of GUAC (Graph for Understanding Artifact Composition), a tool supported by tech giants such as Yahoo!, Guidewire, and Google.

The heart of Kusari’s technology lies in addressing the intricacies of the modern software supply chain. With most contemporary software relying on a myriad of open-source libraries, understanding the intricate web of dependencies is paramount. Kusari’s GUAC, introduced and validated in the market in 2023, confronts this challenge head-on. By organising software supply chain information into a comprehensive knowledge graph, GUAC has quickly garnered a vibrant community of contributors and significant recognition in the tech world.

The infusion of $8m will fuel Kusari’s ambition to further innovate and refine their software supply chain security solutions. These solutions are designed to empower organisations with actionable insights, reduce incident response times, and alleviate the pressures on security and developer teams.

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

Bharatsure, a Mumbai-based Insurtech startup specialising in Infrastructure-as-a-Service (IaaS) solutions, has secured $1m in its latest funding round.

This latest tranche was led by Capital-A and also featured participation from Grip Invest, along with contributions from existing investors Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle, according to InsurTech Insights.

The newly acquired funds have been earmarked for product development, team expansion, and extensive marketing efforts.

Bharatsure’s offerings extend beyond IaaS solutions, providing robust support for insurance partner identification, product pricing, payments, operations, and claims processing. The infrastructure also facilitates embedded insurance and healthcare use cases, with a specific focus on group health insurance.

This financial injection follows Bharatsure’s earlier funding round in February 2022, where it raised $1.2m, predominantly led by existing investors.

BankingON bags funding to introduce Boucoup for family finance in credit unions

BankingON, a prominent name in the FinTech sector, has recently successfully concluded its Series A funding round.

The round, spearheaded by Eagle Venture Fund, marks a significant milestone for the company known for its cutting-edge digital banking solutions. The exact figure raised remains undisclosed, but the involvement of such a notable investor underscores the potential and industry confidence in BankingON’s innovative approach.

At its core, BankingON stands out for its commitment to enhancing digital banking experiences. With its latest offering, Boucoup, the company is set to revolutionise how credit unions engage with the younger demographic. Boucoup is not just a banking platform; it’s a comprehensive educational ecosystem designed to introduce teenagers to the world of finance.

By integrating seamlessly with credit unions’ existing infrastructure and branded debit cards, Boucoup offers a suite of tools that facilitate financial learning and engagement, such as instant allowances and chore-based rewards.

The aspirations for the newly secured funding are clear. BankingON intends to utilise these resources to further refine and expand the capabilities of Boucoup.

The platform’s unique selling point lies in its interactive learning environment, which not only promotes financial literacy among the youth but also ensures a smooth transition into adult financial products, courtesy of its intuitive graduation feature.

10x Banking secures strategic investment, forging ahead in core banking innovation

10x Banking, a transformational player in the FinTech industry, has closed a fresh round of investment.

Founded by former Barclays CEO Antony Jenkins, this innovative cloud-native SaaS core bank operating system is at the forefront of revolutionising the banking sector.

This significant financial boost comes courtesy of leading investors BlackRock and JPMorgan Chase, marking another milestone in 10x Banking’s ambitious journey. Their commitment underscores the industry’s confidence in 10x Banking’s mission to redefine banking through state-of-the-art technology and groundbreaking financial solutions.

At the core of this exciting development is Matt Mills, the newly appointed Chief Revenue Officer of 10x Banking. Mills, who has just transitioned from Featurespace, joins the leadership team with a wealth of experience and a clear vision. He is poised to play a pivotal role in steering 10x Banking through its next growth phase.

The vision for 2024 is clear and ambitious. As Mills puts it, “There has never been a more exciting time for banking transformation and core modernization, as banks across the world embark on this journey.

CollateralEdge empowers middle market with Phalanx Impact Partners’ significant FinTech funding

Phalanx Impact Partners, a pioneering investment firm with a focus on fostering positive environmental and community change, has recently announced a significant investment in CollateralEdge.

The amount invested, though undisclosed, has been gathered from several investors with Phalanx Impact Partners leading the round. This infusion of capital is set to further propel CollateralEdge’s mission of providing competitive commercial loans to small and middle market businesses, addressing a critical need in the financial landscape.

CollateralEdge operates at the intersection of technology and finance, offering a revolutionary platform that provides hard collateral support instantly. This aids community banks in mitigating short-term underwriting concerns and minimising policy exceptions on commercial loans. The company’s industry-agnostic platform is particularly beneficial to community banks in rural and urban underserved areas, enabling them to close more deals efficiently and bolster local economies through quality lending.

The newly acquired funds are earmarked for enhancing CollateralEdge’s proprietary Portal technology, which automates the entire loan process, delivering high-quality collateral enhancement solutions directly to banks. This innovation allows banks to maintain autonomy over the loan process and customer relationships.

CollateralEdge, co-founded by Joe Beard and Joe Radtke amidst the COVID-19 pandemic in 2020, has since been on an upward trajectory. The company prides itself on being minority and veteran-founded, with leadership bringing over four decades of experience in investment banking, private equity, and entrepreneurship.

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

Ortec, a Zoetermeer, the Netherlands-based leader in decision support software and data science capabilities, has recently secured investment. 

According to FinSME, the company has garnered an investment from the renowned firm Battery Ventures, although the exact amount remains undisclosed. The strategic partnership is further solidified with Zak Ewen, a partner at Battery Ventures based in London, joining Ortec’s board of directors.

Ortec is distinguished for offering a robust software platform coupled with advanced data science capabilities, significantly enhancing business outcomes for its clientele. The company’s impressive global footprint extends to 13 countries, boasting a dedicated workforce of 1,000 employees. This formidable team diligently serves over 1,200 customers, including industry titans such as ASML, Heineken, Coca-Cola Enterprises, Procter & Gamble, Shell, Waitrose, Albert Heijn, G4S, Sodexo, and Tesco.

The freshly infused capital from Battery Ventures is earmarked for fortifying Ortec’s leadership status, particularly in the US and European markets, across pivotal sectors like supply chain management, workforce management, and data science & consulting.

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