FinTech funding fails to surpass $500m on down week for the sector

March 15, 2024

The total raised from FinTech funding rounds this week failed to surpass $500m on a down week for the sector.

Overall, there were 16 deals this week, less than half of that from the seven days prior (34). Similarly, investment blew past $1.3bn a week ago, which is almost triple the amount raised this time around.

A respectable, yet comparatively paltry sum of $441.24m was raised this week, as the sector took a step back.

Despite the negatives, there were positives across the space. Nozomi Networks, a front-runner in operational technology and IoT security, bagged $100m in their Series E round.

The tranche, which was contributed to by Mitsubishi Electric and Schneider Electric alongside other OT original equipment manufacturers (OEMs), was the largest round of the last week – and a major achievement.

Other big deals were secured by PPRO ($85m) and Perfios ($80m), meaning that the USA failed to have a deal in the top three largest.

Despite this, the global FinTech hub still managed to secure the most deals this week, bagging six. Lagging behind them, the UK impressed with four deals.

No other nation managed to land more than a solitary deal, however tranche’s were secured all across the globe with El Salvador, The Netherlands, Brazil, Estonia, Indonesia, and India all having a company which completing a funding raise

On the sector front, PayTech led the week with five deals, as investors showed faith in the space. Behind the, RegTech (4) and FinTech (3) completed the top three most active sectors.

However, it was a positive week across the entire realm, as deals were secured across the InsurTech (2), CyberTech (1), and WealthTech (1) space’s respectively.

Here are the 16 funding rounds that were covered on FinTech Global this week.

Nozomi Networks clinches $100m in Series E funding

Nozomi Networks, a front-runner in operational technology and IoT security, has successfully closed a $100m Series E investment round.

This significant capital influx, contributed by Mitsubishi Electric and Schneider Electric alongside other OT original equipment manufacturers (OEMs), marks a strategic move to advance Nozomi Networks’ mission in safeguarding global critical infrastructure against increasing cyber threats.

PPRO secures €85m in landmark funding to expand global payment solutions

PPRO, a prominent local payments platform, has successfully completed a dual tranche funding round, raising a substantial €85m.

This financial injection aims to fuel the company’s growth in pivotal markets and further augment its extensive global network of local payment methods. The funding round saw contributions from an impressive roster of new and existing investors, including Eurazeo, HPE Growth, Sprints, PayPal Ventures, J.P. Morgan, Citi Ventures, and funds managed by BlackRock.

Perfios, India’s premier FinTech SaaS innovator, secures $80m investment

Perfios, India’s leading B2B SaaS FinTech company, has successfully raised $80m in a funding round led by Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the Ontario Teachers’ Pension Plan.

This investment marks a significant endorsement of Perfios’ market leadership in India and its expanding influence across South-East Asia, the Middle East, and Africa.

Eye Security bags €36m in Series B funding to bolster cybersecurity in Europe

Eye Security, a Netherlands-based cybersecurity firm, has successfully closed a €36m Series B funding round.

This significant financial milestone was led by J.P. Morgan Growth Equity Partners, with contributions from existing investors including Bessemer Venture Partners and TIN Capital.

AwanTunai secures $27.5m in Series B funding to transform Indonesia’s cash economy

AwanTunai, an Indonesian FinTech startup, has recently made headlines by closing its Series B funding round with a significant $27.5m.

The Jakarta-based firm, known for its innovative point-of-sale financing solutions, has successfully exceeded its initial $25m target, according to a report from FinTech News Singapore.

Vouch secures $25m in funding round led by Ribbit Capital

Vouch, a prominent provider of business insurance tailored for high-growth companies, has secured a notable $25m in its Series C-1 funding round.

The tranche was spearheaded by Ribbit Capital, a distinguished investor in the financial technology sector.

Griffin launches as UK’s latest full-stack BaaS platform with $24m boost

Griffin, a groundbreaking full-stack Banking as a Service (BaaS) platform, has officially announced its transition to a fully operational bank.

This significant milestone was achieved following the approval of Griffin’s application by the UK’s financial services regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), to lift restrictions and exit mobilisation.

Payments innovator Baanx secures $20m in Series A investment

Baanx, a cryptocurrency payments platform, has recently completed a successful $20 million Series A funding round.

According to Financial IT, the investment was led by an impressive consortium including Ledger, the Tezos Foundation, Chiron, and the British Business Bank. This strategic influx of capital boosts Baanx’s total funding to more than $35.3 million, setting a new precedent for growth and innovation within the FinTech sector.

SquareDash secures over $20m to transform payment processes for US contractors

SquareDash, a pioneering payment advance platform dedicated to the property insurance restoration industry, has successfully secured a significant investment to fuel its growth.

With its innovative approach to managing billing services, SquareDash has become a key player in enabling roofing and restoration companies to streamline their operations and receive payments immediately upon completing work on approved property insurance claims.

Estonia’s BotGuard OÜ secures €12m for cybersecurity expansion

BotGuard OÜ, a cyber firm based in Tallinn, Estonia, has announced a €12 million Series A funding round led by MMC Ventures.

According to EU Startups, joining the round were existing investors Tera Ventures and Expeditions Fund, alongside notable angel investors like Stefan Lindeberg. This injection of capital is poised to fuel the company’s technological advancement, bolster its tech development team, and enhance its global sales and marketing efforts.

Redcoat AI secures $4.24m from Pear VC & others to combat AI threats in cybersecurity

Redcoat AI, a pioneering cybersecurity company emerging from stealth mode, announced today its successful funding round, securing $4.24m.

The funding round was led by Pear VC, with significant contributions from Leonis Capital, Sancus Ventures, Kyber Knight, among others. Redcoat AI’s foundation took place within the supportive environment of Inception Studio, a non-profit accelerator dedicated to nurturing experienced founders.

Salvadoran InsurTech Sostengo secures $3.8m in funding round

Sostengo, a Salvadoran InsurTech, has secured $3.8m in its latest funding round as it looks to expand its digital insurance solutions to underserved markets.

Following the tranche, the company is poised for significant growth and has earmarked an additional $1m allocated for entering the U.S. market, according to Contxto.

WealthFeed secures $2m to launch its direct-to-advisor AI-powered money-in-motion platform

WealthFeed, a pioneering AI-powered organic growth platform for financial advisors, has announced the closure of a $2m funding round which is set to help drive the platform’s growth initiatives.

The capital injection is poised to enable WealthFeed to further enhance its use of predictive analytics and artificial intelligence to assist financial advisors in expanding their market footprint.

CyberQ Group’s global expansion fuels with £1m MEIF investment in cybersecurity sector

CyberQ Group, a cybersecurity firm based in Birmingham, has recently announced a significant financial boost, having secured £1m in venture capital investment.

This funding round was led by the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund, which is managed by Midven, a component of the Future Planet Capital Group.

AuthPay secures $450k in groundbreaking pre-seed funding led by SCOPE VC

AuthPay, a promising FinTech startup, has successfully secured $450k in a pre-seed round of funding.

The round was led by SCOPE VC, a prestigious investor known for its strategic support to innovative startups, according to a report from Entrackr. This financial injection is set to propel AuthPay’s growth ambitions, enabling the company to leverage cutting-edge technologies and transformative business models within the FinTech sector.

FinTech startup Trampay gains $250K boost to empower Brazil’s gig economy

Trampay, a pioneering FinTech dedicated to serving gig workers, has successfully secured a $250K pre-seed investment from Potencia Ventures.

The investment was sourced from Potencia Ventures, a firm known for its commitment to fostering innovative solutions within the gig economy, according to a report from Latam List.

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