The FinTech sector saw only 17 deals in total this week, as the industry continues to record stable but slow growth overall.
The top deal this week was in the area of debt financing, with Scayl pulling in €100m in total funding.
Here are this week’s deals.
Debt financing platform Scayl secures €100m funding
Scayl, a pioneering debt financing platform, has successfully secured €100m in funding to empower European FinTech lenders.
This significant financial injection marks a crucial milestone for the company, which operates at the intersection of technology and finance, facilitating the growth of loan books for FinTech entities across Europe.
Founded by a seasoned team comprising Medjit Yalmaz, Patrik Blomdahl, and Jatin Goyal—veterans in venture capital, private credit, and FinTech lending—Scayl steps into the limelight with a clear mission. The founders, drawing from their extensive experience in sourcing, investing, and raising capital for SME and consumer loans, aim to revolutionize how FinTech lenders access debt financing. Their innovative platform offers transparent, flexible funding solutions, enabling lenders to bypass traditional, time-consuming negotiation processes with banks and credit funds.
Brim Financial gears up for global leap with $85m Series C boost
Brim Financial, a frontrunner in the FinTech infrastructure arena, has recently successfully clinched $85m Series C funding.
The infusion of capital is set to propel Brim’s ambitious strategy to conquer the U.S. market, enhance its product development pace, and establish key strategic partnerships.
At the heart of Brim’s success is its modular platform and comprehensive product suite that enables financial institutions, FinTechs, and prominent international brands to dynamically adapt and enhance their product offerings. This capability ensures partners can swiftly navigate market demands while minimising the time and expenditure traditionally required for developing and maintaining sophisticated technological capabilities.
The fresh injection of funds is earmarked for accelerating Brim’s growth trajectory and facilitating its push into new international territories.
Summit Partners backs Netgain with $35m investment
Netgain, a software solutions firm for finance and accounting teams, has announced a $35m minority investment from Summit Partners.
This strategic financial boost is set to propel product development, team expansion, and support Netgain’s mission of automating routine tasks for accountants, thereby optimizing their daily operations.
Founded in 2018 by Nathan Smart and Adam Riches, Netgain embarked on a journey to modernize the Office of the CFO. Drawing from their extensive experience as auditors, controllers, and finance managers, Smart and Riches understood the intricate challenges that professionals in the finance and accounting sector confront.
Their solution was to develop NetSuite-native software that streamlines and automates critical accounting processes, including lease accounting, fixed asset management, advanced revenue recognition, month-end close, loan management, and enhancing financial workflows, all within the NetSuite ERP system.
Ellipsis Labs secures $20m for DeFi innovation
Ellipsis Labs, the pioneering force behind the esteemed on-chain Phoenix exchange, has recently secured $20m in Series A funding.
At the heart of Ellipsis Labs’ mission is the creation of a new financial ecosystem, designed to marry the accessibility and transparency inherent in decentralised infrastructure with the efficiency traditionally only found in conventional markets. This bold vision is exemplified by their flagship product, Phoenix, which stands as a beacon of innovation among on-chain exchanges.
Phoenix distinguishes itself through a robust on-chain limit order book that enables professional market makers to vie for the quality of liquidity without the need for incentives. This unique approach has not only positioned Phoenix among the top five on-chain exchanges by trading volume but has also ensured its market makers remain profitable and its end users enjoy superior outcomes.
Aidium’s innovative leap in mortgage tech with $19m Series A
Aidium, a trailblazer in the mortgage technology sector, has proudly announced a significant milestone with the completion of its $19m Series A funding round, spearheaded by PeakSpan Capital.
At the core of the evolving mortgage market, loan officers are at a crossroads: either adapt by adopting advanced technological solutions or risk losing competitiveness. Recognising the critical role of next-generation CRM platforms integrated with sales and marketing automation in boosting origination volumes and enhancing borrower engagement, PeakSpan Capital’s PropTech team has identified Aidium as a frontrunner in providing comprehensive solutions for mortgage lenders.
Guided by the visionary leadership of CEO Spencer Dusebout, Aidium is dedicated to equipping mortgage lenders with a unified platform that streamlines the entire process of engaging, converting, closing, and nurturing borrowers. The platform’s standout features include business intelligence/reporting, data warehousing, pipeline management, and enterprise-grade permissioning, designed to fill critical market gaps with an intuitive user interface and robust integration capabilities.
Permiso secures $18.5m in Series A
Permiso Security, a startup in identity threat detection and response, has successfully secured $18.5 million in its latest funding round.
At its core, Permiso is revolutionising the way cloud infrastructures are secured. By deploying an identity-based cloud detection and response service, the company stands at the forefront of protecting modern digital enterprises.
Its innovative approach creates a unified view across various identity providers, cloud service providers, software-as-a-service (SaaS) apps, and infrastructure as code solutions. This comprehensive visibility allows for the pinpointing of the riskiest actors within any given environment, addressing a crucial need in today’s complex digital landscape.
The company’s mission is clear: to tackle the formidable challenges security teams face in monitoring threat actor activity across authentication boundaries. Through its sophisticated runtime graph and activity analysis engine, Permiso generates high-fidelity alerts, providing immediate attribution and context. This capability is crucial in a digital age where tracking all entities with access to an environment, whether via federation, role assumption, access tokens, or direct logins, is more important than ever.
Compliance tech leader Formalize announces €15m Series A
Formalize, the company formerly known as Whistleblower Software, has announced a significant milestone by securing €15m in Series A funding.
The funding marks a pivotal step in its rebranding and expansion efforts. This financial injection is led by BlackFin Tech, a key player in the investment community with a keen eye on the burgeoning compliance tech sector.
Dedicated to easing the compliance burdens faced by businesses across the European Union, Formalize offers an innovative compliance operations platform. The stringent EU regulatory environment has made compliance a complex and time-consuming necessity, diverting resources from core business objectives. Formalize’s solution automates and streamlines compliance processes, facilitating a more efficient and secure approach to meeting regulatory demands.
The newly acquired funds are earmarked for broadening the platform’s capabilities and reach. By automating significant portions of the compliance workflow, Formalize aims to mitigate the labor-intensive aspects of regulatory adherence. This move not only promises enhanced security and customization options for its users but also positions the company to lead the charge in transforming compliance into a less daunting task for businesses.
Lloyds Banking Group leads £10m investment in PropTech firm Coadjute
Coadjute, a FinTech start-up, has recently raised an impressive £10m in funding, with Lloyds Banking Group taking the lead via a £3m investment.
This interconnectivity ensures greater transparency and speed for all parties involved, from estate agents and brokers to banks and conveyancers. Utilising distributed ledger technology, Coadjute’s platform operates behind the scenes, seamlessly integrating various stakeholders into a unified network.
The fresh injection of funds will be channelled towards further developing Coadjute’s platform and expanding its reach. The ultimate goal is to make the home-buying process not only faster but also more straightforward and accessible for everyone involved. This ambition aligns with the broader mission of the company’s strategic investors, particularly Lloyds Banking Group, which aims to leverage its substantial influence to enhance the UK housing market’s efficiency and accessibility.
In addition to accelerating the property transaction process, Coadjute’s innovative approach could also make it significantly cheaper and easier for individuals to purchase homes. This is particularly beneficial for first-time buyers and those looking to move, addressing common concerns about the complexity and opacity of the current system.
FinTech FlexM Global AS welcomes $12.5m investment from 6G Digital
6G Digital Private has entered a significant partnership by acquiring a 25% stake in FlexM Global, a trailblazing FinTech firm based in Singapore, for an impressive sum of $12.5m, according to a report from IBS Intelligence.
FlexM Global AS, under the visionary leadership of entrepreneur Rune Wahl Nilsson, is redefining the parameters of digital banking. Emphasising accessibility, efficiency, and affordability, FlexM stands at the forefront of the FinTech revolution. Nilsson’s innovative approach and focus on market trends have positioned the company as a key player in disrupting traditional banking norms.
The collaboration between 6G Digital and FlexM is poised to set a new standard in financial services delivery. Leveraging 6G Digital’s extensive global network and resources alongside FlexM’s cutting-edge technology and expertise, this partnership aims to reshape the global financial services landscape, making it more inclusive and efficient.
Iceberg Data Lab clinches $10m Series A for ESG data expansion
Iceberg Data Lab, a frontrunner in climate and biodiversity data solutions for financial institutions, has successfully completed the initial close of its Series A funding, securing US$10m (£8m).
Specialising in the provision of critical environmental data, IDL caters to the increasing demand within the financial sector for comprehensive insights into climate, nature, and biodiversity impacts.
This demand is driven by a surge in environmental regulation globally, including significant frameworks such as the European Union’s Corporate Sustainability Reporting Directive (CSRD) and the EU Deforestation Regulation (EUDR). IDL’s datasets and products are designed to aid financial institutions in navigating these complex regulatory landscapes, offering science-based solutions that enhance the quality and accessibility of environmental risk reporting.
With the new funds, IDL is poised to extend its global reach, with a particular focus on expanding its operations in the UK and further developing its product offerings. The investment will also facilitate the incorporation of cutting-edge technologies to bolster IDL’s suite of client solutions, enhancing the company’s ability to support financial institutions in their sustainability efforts.
Oka secures $10m in groundbreaking funding for carbon credit InsurTech
Oka, a pioneering force in the carbon credit insurance market, has recently heralded the successful closure of a substantial $10m funding round.
The investment was spearheaded by Aquiline Capital Partners and firstminute capital, alongside other strategic partners, according to a report from InsurTech Insights. This financial infusion is earmarked to enhance Oka’s risk-based capital requirements and facilitate its operational expansion, particularly through its innovative Lloyd’s syndicate-in-a-box, Oka Syndicate 1922.
Oka, The Carbon Insurance Company, is revolutionizing the voluntary carbon market (VCM) by mitigating risks for both sellers and buyers of carbon credits. Introducing an innovative carbon credit insurance solution, Oka ensures financial compensation for buyers against unforeseeable risks such as invalidation and reversal that may occur after the issuance of the credits.
Digital lending leader KreditBee boosts Series D with $9.4m
KreditBee, a leading digital lending platform, has recently announced a successful $9.4m extension to its Series D funding round.
The infusion of capital, contributed by a consortium of existing investors such as Premji Invest, Motilal Oswal Private Equity, and Mirae Asset among others, according to a report from Startup Story.
The funding round was led by Wiseanya, while Motilal Oswal PE and Mirae Asset also contributed to the round. Other notable investors including Premji Invest, MUFG Bank Limited, and NewQuest Capital also participated, rounding off the investment.
Benjamin app’s $5.5m seed round fuels expansion
Emerging as a vibrant new player in the FinTech industry, Benjamin Capital Partners has recently closed a significant seed funding round.
The company, which is making waves with its innovative approach to consumer cash rewards, has successfully raised $5.5m. The round saw participation from prominent venture capital funds such as Play Ventures and F4 Fund. Additional investment came from a notable group of individual investors including Anton Gauffin, Shane Happach, and Ilkka Teppo, showcasing the broad industry support for Benjamin’s market-disrupting potential.
The recent injection of $5.5m will primarily be channelled towards aggressive user acquisition and product development initiatives.
RTP Global and Picus Capital invest $2.5m in SydeLabs
SydeLabs, a startup specialising in security and risk management for Generative AI, has announced a significant milestone in its journey.
The emergence of GenAI technology has introduced a novel vector for cybersecurity threats, a challenge that SydeLabs is poised to tackle. The firm is committed to identifying and mitigating vulnerabilities within enterprise AI systems through its innovative solutions. This proactive approach enables the real-time prevention of potential cyber attacks and abuses.
At its core, SydeLabs aims to safeguard AI applications, ensuring they are secure and resistant to malicious exploitation. The company was founded by Ruchir Patwa and Ankita Kumari, two professionals with a wealth of experience in the cybersecurity and risk management domains.
Patwa brings over a decade of expertise from leading security initiatives at Google and Mobile Premier League, while Kumari’s background in fraud and risk management solutions from her time at McKinsey & Company, Mobile Premier League, and CRED complements the duo’s objectives.
CrashBay raises $1.25m boost for collision repair network
CrashBay, the first digital marketplace dedicated to transforming the collision repair industry, has successfully closed a funding round of $1.25m.
This significant financial injection was led by the venture capital firm Markd, with additional investments from seasoned professionals in both the collision and insurance sectors. This funding round represents a significant step forward for CrashBay in its mission to innovate the traditional processes of connecting car owners, insurance companies, and repair shops.
At its core, CrashBay is reshaping the landscape of the automotive industry. By offering a seamless online platform, it enables car owners and insurance carriers to easily find and book services with trusted repair shops across North America. Conversely, these shops gain access to a comprehensive suite of tools designed to optimize their operations and elevate the level of service they provide. This symbiotic ecosystem not only enhances efficiency but also promotes a higher degree of trust and transparency among all parties involved.
FinTech innovator Hello Alice closes Series C
Hello Alice, a leading FinTech platform known for connecting 1.5 million small businesses to essential resources such as capital, connections, and opportunities, has successfully closed a Series C funding round.
This latest financial injection has propelled the company’s valuation to an impressive $130m.
The essence of Hello Alice lies in its commitment to democratizing access to financial resources for small business owners across the United States. Under the leadership of Elizabeth Gore, Carolyn Rodz, and Kelsey Ruger, the company provides an array of services tailored for entrepreneurs. These include access to credit, loans, grants, and comprehensive business planning services. Moreover, Hello Alice’s enterprise SaaS offerings furnish banks and business services with engagement and data analytics tools to facilitate transactions for their SMB customers.
Industrial Thought bolsters WealthTech offerings with Integrum ESG investment
Industrial Thought, a conglomerate known for its investment in taxation, financial data, and consultancy for the financial sector, has recently announced a strategic investment of £100K in Integrum ESG.
This investment comes alongside a partnership agreement aimed at enhancing the WealthTech sector, particularly by addressing the challenges of greenwashing in wealth management through comprehensive ESG data solutions.
Integrum ESG, standing out with its innovative ‘glass-box’ approach to ESG analysis, offers a clear and validated pathway for wealth managers to align investment portfolios with the growing investor demand for sustainable and ethical investing. This unique SaaS platform is set to transform how ESG risks are assessed and communicated, making it an essential tool for wealth managers in the context of increasingly stringent regulatory frameworks, such as the FCA’s new anti-greenwashing rules.
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