There was a climb in investment in the FinTech sector this week, with FinTech Global reporting on a total of $399m being raised across the 18 deals reported.
The biggest funding round this week was found in the cybersecurity sector, with Coro pulling in an impressive $100m to reinforce cybersecurity amongst small and medium sized firms.
Here are this week’s deals.
Coro bags $100m to reinforce cybersecurity for SMEs
Coro, the pioneering cybersecurity platform specifically designed for small and medium-sized enterprises (SMEs), announced today that it has secured $100m in a Series D funding round.
The funding is earmarked to bolster Coro’s market position and fast-track its mission to provide SMEs and their service providers with top-notch cybersecurity that’s both accessible and affordable.
The company has carved a niche for itself by offering an all-in-one security software platform that addresses endpoint protection, email & user protection, and network & cloud protection.
Greenly elevates carbon management with $52m Series B windfall
Greenly, a pioneer in carbon management, has successfully secured a $52 million Series B funding round.
This round was led by Fidelity International Strategic Ventures, marking a significant endorsement of Greenly’s mission to embed environmental accountability into global business practices.
Founded in 2019 by Alexis Normand, Matthieu Vegreville, and Arnaud Delubac, Greenly was born out of a pressing need to tackle global warming through accessible carbon management for businesses of all sizes.
ELEMENT secures €50m in latest funding round
ELEMENT, a trailblazing InsurTech startup based in Germany, has successfully closed a funding round, securing €50m.
The investment comes from notable entities including Versorgungswerk der Zahnärztekammer Berlin K.d.ö.R. and Alma Mundi, marking a significant milestone for the company, according to a report from Coverager.
Founded just a few years ago in 2017, ELEMENT has quickly distinguished itself in the InsurTech arena. Operating under a cloud-based model, the company has earned a reputation for its innovative white-label insurance products.
London RegTech GSS secures $47m
Global Screening Services (GSS), headquartered in London, has announced a fresh infusion of $47m.
This significant financial boost is led by a noteworthy investment from the Commonwealth Bank of Australia (CBA), with additional support from Cynosure Group and AlixPartner, according to a report from TechCrunch.
At its core, GSS offers a cutting-edge sanctions-screening platform dedicated to aiding banks and other financial entities in adhering to global regulatory mandates. This cloud-based solution meticulously analyzes transaction data, issuing alerts whenever it identifies a potential match within a comprehensive and standardized array of global sanctions lists.
Leasy secures $28m in Series A funding to fuel expansion
Leasy, a Peruvian FinTech, has successfully raised $28m in a Series A round that combines both equity and debt financing.
The round saw participation from an impressive array of investors, including Magma Partners leading the charge, and support from Entangle Group, DeBa Ventures, Noa Capital, and Grupo CAPEM, according to a report from LatamList.
Additional investments came from various parties across Latin America, the United States, and Europe, showcasing a broad international interest in Leasy’s business model and potential.
AI-powered HR innovation by Borderless AI with $27m funding
Borderless AI, a revolutionary startup at the forefront of the Employer of Record (EOR) industry, has secured $27m in seed funding, the company is set to redefine the global HR landscape with its cutting-edge AI technology.
Founded by the visionary Willson Cross and Sean Aggarwal, known for his early investment in Lyft, Borderless AI emerges during a pivotal time of growing investment and interest in sector-specific AI technologies.
At its core, Borderless AI is dedicated to transforming the HR industry by automating the complexities of managing international teams.
NewRetirement clinches $20m in Series A
NewRetirement, a financial planning platform for consumers and enterprise partners, has successfully closed its Series A funding round.
Founded by Stephen Chen, who holds the position of CEO, NewRetirement stands out as a pioneering financial planning platform.
It empowers users to discover, design, and manage personalized pathways towards a secure future.
Finite State secures $20m growth round
Finite State, a leader in comprehensive software risk management, has announced a $20m growth round led by Energy Impact Partners (EIP).
This investment highlights Finite State’s crucial role in tackling the cybersecurity challenges that plague organisations across the globe, focusing on the security of connected devices and critical infrastructure.
The company, known for its innovative solutions, provides essential visibility, transparency, and risk management capabilities.
Binarly secures $10.5m to bolster software supply chain security efforts
Binarly, an LA-based startup with a focus on firmware and software supply chain security, has secured $10.5m in venture capital funding.
According to Security Week, the investment round was led by Two Bear Capital and saw participation from several high-profile investors including Cisco Investments, Blu Ventures, Canaan Partners, and Liquid 2 Ventures. Additionally, early backers such as Westwave Capital and Acrobator Ventures reaffirmed their support by joining this oversubscribed seed-stage round.
At its core, Binarly is pioneering the development of an AI-powered solution aimed at enabling security teams to effectively identify and mitigate a range of security issues plaguing the firmware and software supply chain.
Bedrock Security secures $10m in seed funding
Bedrock Security, a promising newcomer in the data security domain, recently announced a significant milestone in its journey.
According to Silicon Angle, the startup, aiming to redefine how businesses protect their sensitive information, has successfully closed a seed funding round of $10 million. The financial injection was spearheaded by Greylock, a notable figure in the venture capital landscape.
At its core, Bedrock Security is revolutionising the data security industry through its cutting-edge platform.
ValidMind raises $8.1m in seed funding
ValidMind, a trailblazer in next-generation AI and model risk management for the FinTech sector, has secured $8.1m in seed funding.
This influx of capital propels ValidMind’s go-to-market strategy and cements its role as a trusted partner in the financial services industry. Following this round, ValidMind has amassed a total of $11.1m in funding.
The company is at the forefront of providing advanced AI risk management solutions tailored for financial services.
Scaleup Finance secures $8m
Scaleup Finance, a pioneering company in the FinTech sector, has successfully closed an $8m (£6.4m) pre-Series A funding round.
This significant financial boost is aimed at addressing the challenges of financial management faced by startup and scale-up companies.
The round was spearheaded by Inveready, with contributions from Crowberry Capital, Seed X, PROfounders, Fin Capital, and CircleRock Capital. The funds are earmarked for fuelling Scaleup Finance’s ongoing growth within the UK, while also laying the groundwork for an ambitious expansion into the US market.
Copilot Money secures $6m in Series A funding
Copilot Money, a burgeoning FinTech startup, has announced a significant milestone in its growth journey, securing $6m in Series A funding.
The investment round was led by Adjacent, with notable contributions from a coalition of early-stage funds and prominent figures in the technology and finance sectors. This fresh influx of capital marks a pivotal moment for Copilot Money as it seeks to expand its reach and refine its product offerings.
Established in 2020 by a former Google engineer disillusioned with existing personal finance tools, Copilot Money has swiftly carved out a niche for itself in the crowded FinTech landscape.
Swiss FinTech nSave secures $4m in seed funding
nsave, a Swiss FinTech company, has successfully closed its first round of seed funding, securing a significant $4m investment.
This funding round was co-led by Sequoia Capital and TQ Ventures, with notable participation from a consortium of investors including Y Combinator, SV Angel, ACE Ventures, and FONGIT, a State of Geneva organization dedicated to supporting tech startups.
Founded by Amer Baroudi and Abdallah AbuHashem, both Rhodes Scholars with profound experience in the banking and FinTech sectors, nsave aims to democratize the accessibility of safe financial services. The duo met at the University of Oxford and has since been committed to addressing the financial challenges faced by those in unstable economies through innovative solutions.
Think Cyber bags $3.8m
Think Cyber, has successfully completed a late seed funding round, securing £3 million (approximately $3.8 million).
The round was led by Fuel Ventures, with the total funds raised by the company now reaching £3.6 million ($4.5 million).
According to Security Week, Think Cyber specialises in mitigating risky behaviour among staff members. This approach extends beyond traditional security measures to combat phishing and other scams.
Belong pioneers new era in WealthTech with £2.95m pre-seed
Belong, a pioneering wealth-building platform, has emerged from stealth mode, setting a new precedent for startups in the sector.
Founded by the formidable duo of investment banker Avion Gray and behavioural economist Samantha Rosenberg, Belong is poised to democratise access to wealth-building for a broader audience, with a keen focus on the millennial generation.
The startup has announced a staggering £2.95m in pre-seed funding, marking the largest such round ever secured by female founders in Europe.
Bavest secures €1.1m in pre-seed funding
Bavest, a pioneering B2B FinTech company based in Germany, has announced a significant milestone in its journey with the closure of a €1.1m pre-seed funding round.
The investment was led by an impressive consortium of investors, showcasing the industry’s confidence in Bavest’s innovative approach and potential for growth.
Founded in 2019 by Pedram Babaei, William Todt, and Ramtin Babaei, Bavest initially ventured into the market as a B2C entity. However, the company’s strategic pivot to a B2B model towards the end of 2022 has positioned it as a leading provider of AI-based financial infrastructure for businesses.
Instant loan provider Yenmo raises $500,000
Yenmo, a FinTech startup providing instant loans against mutual funds, has successfully completed its latest funding round, securing $500,000 from the Silicon Valley-based startup accelerator, Y Combinator, according to a report from Business Standard.
Specialising in offering loans against mutual funds and stocks, Yenmo empowers Indian investors by enabling them to borrow at a flat interest rate of 10.5% in less than five minutes.
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