Up to 17 deals were recorded by FinTech Global this week in the FinTech sector, with a total of $225m being raised across all the deals.
Sector-wise, the deals were spread fairly evenly around different markets, with FinTechs accounting for seven deals, InsurTech for three, RegTech for two and ESG, CyberTech, PayTech and PropTech accounting for one.
Here are this week’s deals.
Duetti raises $90m to revolutionize music financing services
Duetti, a music financing platform, has successfully closed a new funding round amounting to $90m.
This latest injection of capital comprises $15m in new equity, led by Nyca Partners, with participation from Viola Ventures, Duetti’s lead seed equity investor, and Cohen Circle. Additionally, a $75m credit facility has been provided by Northleaf Capital Partners, marking a significant step forward in Duetti’s mission to acquire catalog tracks at scale and reinforcing the positive long-term financial outlook of the independent music market.
At its core, Duetti is dedicated to transforming the music industry by offering new, savvy ways for independent artists to approach their careers.
Napier AI secures £45m investment from Crestline
Napier AI has announced a substantial £45m investment from Crestline Investors, a US-based, credit-focused institutional alternative asset manager.
This significant funding marks a transformative period in the financial crime compliance sector, particularly in areas such as Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions.
Founded in 2015, Napier AI has emerged as a key player in the provision of AI-enhanced financial crime and regulation technology compliance software. The company offers cutting-edge AML solutions across banking, payments, and wealth & asset management industries.
Climate Impact X secures notable S$30m funding
Climate Impact X (CIX), a pioneering global marketplace and exchange for quality carbon credits, has successfully secured an additional S$30 million (US$22.3 million) in funding, according to regulatory filings accessed by DealStreetAsia.
This significant funding round was led by Mizuho with a contribution of S$20 million, and saw participation from existing investors including Standard Chartered Bank, DBS Bank, and the Singapore Exchange (SGX), according to a report from FinTech News.
At the heart of CIX’s operations is its mission to promote market confidence in carbon credits.
Montreal’s Zūm Rails raises $10.5m
Zūm Rails, a Montreal-based company at the forefront of integrating open banking with instant payments, has successfully concluded its Series A funding round, securing $10.5m CAD.
This significant financial injection was led by Arthur Ventures, a Minneapolis-based growth equity firm known for its focus on B2B software.
The company is uniquely positioned in the financial technology sector, offering an all-encompassing payments gateway that combines open banking and instant payments into a single, streamlined service.
Moove secures $10m in first external debt funding
Mobility FinTech firm, Moove, has successfully raised $10m in a debt round from Stride Ventures.
The newly acquired funds will be instrumental in Moove’s strategic plan to broaden its reach within India, according to a report from Entrackr. The company intends to use the investment to expand into new cities, including Delhi, Pune, and Kolkata. This expansion is not just geographical but also operational, as Moove aims to increase its fleet size to over 5,000 vehicles.
Moove, founded in 2020 by Ladi Delano and Jide Odunsi, is revolutionising the global mobility sector. By integrating alternative credit-scoring technology onto ride-hailing platforms, Moove is addressing a critical gap in financial services.
Permit.io secures $8m in Series A
Permit.io, a full-stack authorisation-as-a-service provider, has successfully closed a Series A funding round, amassing $8m.
This significant financial injection was spearheaded by Scale Venture Partners, with contributions from NFX, Verissimo Ventures, Roosh Ventures, Firestreak, 92712, and other incumbent investors. Notably, Scale Partner Eric Anderson is set to join Permit.io’s board of directors, further solidifying the partnership.
The company distinguishes itself by offering a no-code, future-proof solution aimed at streamlining the complex process of managing permissions and approvals across applications.
Pulsate secures $7.75m in Series A for digital banking engagement tools
Pulsate, a mobile-first engagement solutions firm, has recently announced a significant milestone in its journey to redefine digital banking relationships.
The company, known for its innovative approach to enhancing consumer engagement through personalized and timely digital interactions, has successfully secured $7.75m in Series A funding.
This financial injection comes courtesy of leading investors TruStage Ventures and Curql Collective, marking a pivotal moment in Pulsate’s quest to deepen the connection between financial institutions and their customers.
API-first FinTech Monite secures $6m top-up
Monite, a FinTech company offering finance automation for B2B platforms, has secured a $6m top-up to its seed funding.
The funding round was co-led by Valar Ventures and Third Prime, with continued support from existing investors. Monite’s ambition is to solidify its status as a leader in European embedded finance while extending its footprint into the lucrative US market.
Monite addresses a critical inefficiency in the B2B payment landscape, where the majority of the US’ $27 trillion transaction volume in 2022 relied on outdated methods like cash or checks. The company aims to revolutionize this space by enabling automated financial operations within B2B platforms, including banks, neobanks, payment providers, and verticalized SaaS.
Spektr exits stealth with €5m seed funding
Spektr, a pioneering company in the compliance technology sector, has officially emerged from stealth mode, heralding a new era in ongoing due diligence.
The firm, renowned for its innovative approach to compliance, has secured a significant €5m in seed funding. This financial injection comes courtesy of leading investors Northzone, Seedcamp, and PreSeed Ventures, marking a pivotal moment in Spektr’s journey towards transforming compliance into a dynamic, revenue-generating function.
At its core, Spektr is dedicated to redefining the compliance landscape. Originating from the minds behind HelloFlow, a no-code platform for secure global customer onboarding, Spektr has evolved under the auspices of Trulioo, a global leader in identity verification.
Berlin-based InsurTech Embea secures €4m
Berlin-based Embea has successfully concluded its seed funding round, securing a remarkable €4m.
This round saw the participation of leading investors including Atlantic Labs, a Berlin-based seed fund renowned for its strategic investments, and astorya.vc, known for its focus on European InsurTech startups, according to a report from EU-Startups.
Additionally, the funding round attracted attention from notable figures in the tech industry such as Jamie Hale, the pioneering CEO of Ladder, Daniel Khachab of Choco, and Michael Cassau from Grover, marking a milestone in Embea’s journey.
Embea stands out as an innovator in the realm of embedded insurance, distinguishing itself by extending this burgeoning trend beyond gadget coverage to include life insurance protection.
Privy secures $4m to scale its real estate investment solution
Privy, a pioneering prop-tech company, has successfully raised $4m in non-dilutive growth capital from Cypress Growth Capital.
Established in 2019, Privy has distinguished itself in the real estate market by delivering a software platform that simplifies finding and analyzing residential investment opportunities for individual investors and real estate agents. This funding marks a significant milestone in the company’s mission to democratise real estate investing through technology.
The investment will fuel Privy’s continued innovation and expansion. The platform leverages a mix of open and exclusive data, including Multiple Listing Service (MLS) data, combined with proprietary algorithms to pinpoint low-risk, high-potential investment properties.
Device Authority clinches $2m from Mercato Partners
Device Authority, a global leader in identity and access management for Enterprise IoT ecosystems, has recently bolstered its financial backing with an additional $2m investment from Prelude, the venture practice of Mercato Partners.
This US-based venture capital firm is renowned for its focus on high-growth cyber technology companies and has identified Device Authority as a prime candidate for investment, owing to its robust team, innovative SaaS KeyScaler platform, and the platform’s ability to deliver zero trust for IoT across expanding use cases that address real market needs.
InsurTech Juniper raises £1.5m
Juniper, a groundbreaking reproductive healthcare insurance provider, has successfully secured £1.5m in pre-seed funding.
The round was spearheaded by InsurTech Gateway, with significant contributions from 2100 Ventures, Exceptional Ventures, Heartfelt, and distinguished European angel investors including Vera Baker, Charles Delingpole, Matt Cooper, Tara Reeves, among others.
This capital injection is earmarked to catalyze Juniper’s growth by enhancing product development, expanding the team, and facilitating the pilot phase with customers in anticipation of its formal debut.
Levr.ai clinches $1m
Canada-based Levr.ai, the cutting-edge intelligent loans software platform, has successfully raised an additional $1m in seed funding, building on its previous fundraising efforts which have now totalled over $2.5m.
This new round of investment comes from follow-on investments by Weave VC and Sprout VC, alongside several new investors, underlining the confidence in Levr.ai’s mission and its commitment to providing small businesses with the innovative financial tools and AI support they need to flourish in today’s challenging economy.
Levr.ai is pioneering the field of artificial intelligence (AI) in small business financing. Utilising cutting-edge AI and machine learning algorithms, Levr.ai’s proprietary recommendation engine simplifies the lending process, making it faster, more accessible, and transparent.
UK-based CyberTech ExactTrak secures £1m in funding
ExactTrak, a UK-based cybersecurity firm known for its innovative approach to protecting data and devices, has successfully raised £1m in funding.
This impressive round of funding was jointly contributed by the Ministry of Defence-backed UKI2S defence and security fund, which provided £500,000, and a group of angel investors along with existing backers, according to a report from UKTN.
At its core, ExactTrak is revolutionising the cybersecurity landscape. The company’s flagship product, SmartSafe, offers unparalleled security features including remote physical memory destruction, cyber surveillance, location tracking, and remote data encryption.
Nigerian FinTech Mamamoni secures €250,000
Mamamoni, a Nigerian FinTech social enterprise, has recently been awarded a significant grant of €250,000.
This investment, courtesy of the Challenge For Youth Employment (CFYE), is earmarked to bolster the company’s mission over the next two years, according to a report from Empower Africa. Specifically, it aims to expand Mamamoni’s network of female agents, thereby enhancing financial inclusion across Nigeria.
Founded in 2014 by Nkem Okocha, Mamamoni began its journey by providing microloans sourced from individuals and investment clubs. Recognizing the need to scale its impact amidst growing demand, the enterprise shifted to an agency banking model in 2022.
CLARA Analytics raises fresh funding from Nationwide Ventures
CLARA Analytics, a leading AI as a service (AIaaS) provider focused on transforming casualty claims outcomes, has recently announced a significant financial boost.
This investment, drawn from Nationwide’s $350m investment fund, brings CLARA Analytics’ total funding to $64m.
The California-based company stands out for its advanced AI platform, CLARAty.ai, which leverages both structured and unstructured data to perform contextual analysis.
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