FinTech funding flourishes amid diverse week for deal activity

April 19, 2024

FinTech funding activity flourished this week as deals were completed on all corners of the globe, with a total of $694.5m raised over 19 tranches.

The United States retained its spot as the key player in the global funding landscape, with 10 deals recorded, highlighting its position as a hub for FinTech innovation. Other countries which secured notable tranches this week included the UAE, Germany, Israel, Denmark, Chile, and Kenya, showcasing the global reach and impact of the FinTech industry.

Overall, the diverse range of investments and the participation of companies from around the world underscored the robust growth and innovation within the FinTech sector, setting the stage for continued expansion and advancement in the weeks and months to come.

The company’s which led the way this week were ICEYE, a Finland-based InsurTech firm, who secured a remarkable $93m investment, which put them just ahead of Auradine, a CyberTech company based in the USA which bagged an impressive $80m in investment.

In addition to these standout companies, the funding landscape was characterised by a diverse array of deals across various sub-sectors. FinTech led the pack with 7 deals, followed by RegTech with 5 deals, PayTech with 3 deals, and InsurTech and CyberTech with 2 deals each.

Here is this week’s FinTech funding roundup:

ICEYE secures $93m growth funding round led by Solidium Oy

ICEYE, a pioneer in satellite-powered disaster management solutions, has concluded a significant funding round, raising $93m in growth capital.

Solidium Oy spearheaded the investment, with support from Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors, bringing ICEYE’s total raised capital to an impressive $438m, according to InsurTech Insights.

Auradine secures $80m in Series B to enhance blockchain and AI infrastructure

Auradine, a pioneering force in web infrastructure solutions, has successfully closed its Series B funding round, amassing over $80m.

This significant financial boost was contributed to by several new stakeholders including StepStone Group, Top Tier Capital Partners, MVP Ventures, and Maverick Capital, alongside notable strategic and angel investors. Existing investors such as Celesta Capital, Mayfield Fund, and Marathon Digital reaffirmed their confidence in Auradine by participating again.

Document AI startup Upstage raises $72m for global expansion

Upstage, an AI startup known for developing advanced document processing technologies, announced today a significant funding boost.

According to Silicon ANGLE, The company successfully secured $72m in its latest Series B funding round, which nearly triples the amount it raised back in 2021. This new influx of capital brings the total investment in Upstage to $100m.

Danish FinTech firm Flatpay secures $47m to enhance simple payment solutions for SMEs

Flatpay, a Danish company focusing on payment solutions, has successfully secured $47m.

The investment was led prominently by Dawn Capital alongside participation from Seed Capital and several unnamed investors, according to a report from TechCrunch.

Anvilogic raises $45m to expand generative AI capabilities across SOC lifecycle

Anvilogic, a Palo Alto-based pioneer in multi-data platform SIEM, announced today the successful closure of a $45m Series C funding round.

The funding round was spearheaded by Evolution Equity Partners and saw contributions from a consortium of returning investors including Foundation Capital, Cervin Ventures, Myriad Ventures, Point72 Ventures, Outpost Ventures, Stepstone Group, and G Squared. This round brings Anvilogic’s total raised funds to $85m since its inception in 2019, highlighting a robust growth trajectory backed by strategic venture capital.

Finmid secures €35m to revolutionise embedded financing for B2B platforms across Europe

Finmid, the Berlin-based FinTech innovator, has announced a significant €35m funding round as it emerges from stealth mode.

The company, which specialises in creating seamless embedded financing solutions, is set to enhance how small and medium-sized businesses (SMBs) across Europe can access financial services through B2B platforms.

Bridgewise raises $21m in new funding to expand its AI financial intelligence platform globally

Bridgewise, the pioneering AI-based analytics platform for global securities, has successfully completed a new funding round, securing $21m.

This investment pushes the total capital raised by the company to $35m. The funding round was led by SIX Group, featuring contributions from Group11 and L4 Venture Builder along with other top-tier global financial institutions. These investors were specifically selected for their ability to serve as strategic partners as Bridgewise expands its presence worldwide.

Cynomi secures $20m to expand vCISO platform for MSPs globally

Cynomi, the trailblazer in virtual Chief Information Security Officer (vCISO) platforms, has successfully secured $20m in a new funding round.

The investment was spearheaded by Canaan and supported by Flint Capital, s16vc, and Aloniq, who are returning to reinvest, demonstrating strong confidence in Cynomi’s strategic direction and market potential. This round of funding is expected to catalyse the company’s next phase of international growth.

Kenyan InsurTech Pula secures $20m in Series B

Pula, a Kenyan-based InsurTech firm, has successfully concluded a Series B funding round, securing $20m.

The Series B funding round was led by global investment manager BlueOrchard, under its InsuResilience strategy, which focuses on providing climate insurance access to vulnerable populations in emerging markets, according to InsurTech Insights.

Pliant secures over €18m in Series A extension led by PayPal Ventures

Pliant, a burgeoning business-to-business (B2B) credit card platform, has recently closed a significant funding milestone.

This round of Series A extension financing exceeded €18m and was spearheaded by PayPal Ventures. Joining the lead were stalwart supporters including SBI Investment, Motive Ventures, and Alstin Capital, culminating in a total Series A haul exceeding €50m.

Dot Compliance’s $17.5m funding round fuels AI innovation in life sciences compliance

Dot Compliance, a pioneering RegTech company, announced today that it has raised $17.5m in a Series B extension funding round.

This funding marks a significant up-round and brings the total investment in the company to $50m. The investment round was co-led by existing investors IGP Capital and Vertex Ventures, with additional participation from TPY Capital.

Wagestream raises £17.5m to enhance financial services for frontline workers

Wagestream, a pioneering FinTech company, has successfully secured a £17.5m investment in a recent funding round.

According to Business Cloud, this significant financial infusion features contributions from British Patient Capital, a major domestic investor in venture opportunities and a subsidiary of the British Business Bank, Lombard Odier Investment Managers, and Northzone, an existing investor.

Vorlon secures $15.7m in Series A funding led by Accel for advanced API security

Vorlon, a trailblazer in third-party API security, has successfully secured $15.7m in Series A funding.

The round was led by Accel, a notable investor in the company’s earlier seed funding phase, with additional backing from Shield Capital and several prominent cybersecurity experts.

GovDash secures $10m in Series A to revolutionise GovCon business development

GovDash, a pioneering generative AI platform for government contractors, has successfully closed a $10m Series A funding round.

This significant financial milestone was led by Northzone and saw contributions from earlier supporter Y Combinator, along with a unique cohort of customers and experts in government contracting. This latest investment brings GovDash’s total raised funds to $12m.

Toku’s Series A infusion of $9.3m to bolster digital collections in Latin America

Toku, a Chilean FinTech platform, has successfully closed its Series A funding round, raising a substantial $9.3m.

The investment round was led by Gradient Ventures, Google’s premier fund that focuses on nurturing cutting-edge companies utilising Artificial Intelligence.

Miggo Security’s innovative ADR platform attracts $7.5m seed investment

Miggo Security, an Israeli cybersecurity firm, today unveiled a successful seed funding round, raising $7.5m.

According to Silicon ANGLE, the investment was led by YL Ventures Ltd., with significant contributions from Cyber Club London and several private investors, including personnel from Elastic N.V., Everon LLC, Google LLC, Zscaler Inc., and notably, Nike Inc.

BreachRx raises $6.5m to protect C-level executives from cyber liability

BreachRx, a RegTech firm specialising in intelligent incident response, today announced the closure of its $6.5m seed funding round.

This round was led by SYN Ventures and saw participation from Overline. Additionally, the company has made significant appointments, including former Uber CSO Joe Sullivan as a senior advisor, and former SAP CSO and SYN Ventures partner Tim McKnight to the Board of Directors. Former RSA CEO and SYN Ventures managing partner Art Coviello will serve as a Board Observer.

NightVision’s fresh $5.4m injection to fortify app security testing

NightVision, a startup entrenched in the application security testing industry, announced on Monday that it has successfully raised $5.4m in seed funding.

According to Security Week, the fresh capital influx comes from a cadre of angel investors eager to back innovative cybersecurity solutions.

UAE’s F&B sector set to transform as DocsInBox raises $500k for e-invoicing tech

DocsInBox, an international e-invoicing and procurement company, has made a strategic entry into the UAE’s F&B sector with a recent capital injection of $500k aimed at digitalising procurement processes and reducing operational costs for restaurants by 5%.

The initiative is supported by undisclosed investors who are keen on fostering technological advancements in the HoReCa (Hotel, Restaurant, Cafe) sector.

Keep up with all the latest FinTech news here.