This week saw a rip-roaring collection of deals in the FinTech sector, with FinTech Global recording a complete total of 31 deals.
The biggest raise this week was recorded by workforce management company Rippling, who were able to rake in a highly impressive $200m in a funding round.
Here are this week’s deals.
Workforce management leader Rippling raises $200m
Rippling, a renowned player in the workforce management software sector, has successfully closed a substantial $200m funding round.
The company, valued at a staggering $13.5bn, announced this financial milestone with Coatue leading the charge.
At its core, Rippling offers a dynamic cloud platform tailored to streamline human resources operations. This flagship product simplifies complex tasks such as payroll administration, employee onboarding, and daily HR activities. Its cutting-edge automation feature allows the creation of workflows that autonomously manage repetitive tasks, enhancing efficiency across human resources teams.
ThreatLocker bags $115m in Series D to bolster cybersecurity offerings
ThreatLocker, an Orlando, Florida-headquartered cybersecurity firm, has successfully completed a $115m Series D funding round.
The round was spearheaded by existing investor General Atlantic, a prominent global growth equity firm, with additional backing from StepStone Group and the D. E. Shaw group. This new capital injection is earmarked for driving product innovation and accelerating the company’s global expansion efforts.
ThreatLocker is committed to enhancing IT security for organisations by implementing a robust Zero Trust cybersecurity approach.
Northern Arc secures $80m boost from IFC
Northern Arc, a diversified non-banking financial company (NBFC), proudly announces securing an investment of $80m from the International Finance Corporation (IFC), a member of the World Bank Group.
This significant funding is composed of an equal split of equity and debt, with each contributing approximately $40m. This substantial investment underscores IFC’s confidence in Northern Arc’s robust and sustainable business model, alongside the promising expansion of India’s credit market.
Northern Arc operates as a pivotal entity within the Indian financial landscape, facilitating over INR 1.5 trillion in credit through its advanced technological platform.
Tines secures $50m in Series B extension
Tines, a leading provider of smart, secure workflow solutions, today announced an impressive $50m in new financing.
This capital injection marks an extension to its Series B round, which was prominently led by Accel and Felicis, with additional participation from Addition, CrowdStrike Falcon Fund, and SVCI—all of whom are pre-existing investors in the company. To date, this funding escalates Tines’ total capital raised to $146.2m.
The company has been on a strong growth trajectory, with its Annual Recurring Revenue (ARR) for the fiscal year 2024 soaring by over 100 percent—an increase of more than 200 percent since its last funding round in October 2022. This growth has been accompanied by a 30 percent increase in employee headcount. Tines is a pivotal player in the FinTech sector, facilitating significant advancements in workflow automation for companies ranging from startups to Fortune 10 giants.
Midas secures record $45m in Series A funding
Midas, a trailblazing FinTech startup from Turkey, has recently completed a monumental equity funding round, raising $45m.
This significant investment marks the largest Series A funding round in the Turkish FinTech sector to date. Midas has achieved this milestone less than three years since its inception, with the round being spearheaded by Portage.
Founded in 2021, Midas has revolutionised the Turkish retail investment landscape by offering accessible, low-fee trading to over two million users. This innovative platform is the first in Turkey to provide seamless trading of both Turkish and US equities, significantly lowering the barriers that once restricted access to international markets, such as exorbitant transaction fees and high minimum balance requirements.
Pomelo secures $35m in Series A funding
Pomelo, a FinTech company, has recently announced a significant boost to its finances of $35m in a Series A round.
The firm, known for integrating consumer credit with international money transfers, successfully closed a Series A funding round, amassing $35m in venture capital. Additionally, it secured a $75m expansion of its warehouse facility, both milestones further cementing its reputation in the financial technology sector.
The Series A was led by Vy Capital, Founders Fund, and A* Capital, highlighting strong investor confidence in Pomelo’s unique business model and future prospects. These funds are set to propel the company forward, providing a solid foundation for future growth and innovation.
Nagomi Security unveils $30m boost in proactive cybersecurity management
Nagomi Security, a key player in the cyber sector, announced today its emergence from stealth mode with a substantial $30m in funding.
This major financial injection is set to redefine how security teams enhance their operational efficacy using existing tools. The financing round was spearheaded by TCV and saw contributions from CrowdStrike Falcon Fund and Okta Ventures. Additionally, Nagomi enjoys support from distinguished angel investors such as Shlomo Kramer and Nir Polak.
The company, having operated quietly with initial seed funding from Team8, is pioneering in the proactive security and threat exposure management space. Their advanced Proactive Defense Platform is designed to optimize the security measures of various organizations, transforming fragmented tools into comprehensive security solutions.
Payflows secures €25m from Balderton Capital
Payflows, a FinTech startup, has recently raised €25m in a Series A funding round. This financial injection is spearheaded by Balderton Capital with substantial contributions from existing investors such as Ribbit Capital, Headline, and 20VC.
Founded by Airbnb and Luko alumni, Payflows is transforming the functionality of finance teams by mirroring the simplicity and intuitiveness found in consumer applications. Initially focusing on procurement and treasury sectors, the company has established itself as a pivotal platform in modernising financial operations.
The company plans to utilise the €25m funding to further develop its platform, which integrates various finance workflows into a single, cohesive operating system.
FinQuery secures $25m investment to boost AI solutions for CFOs
FinQuery, formerly known as LeaseQuery, has secured a significant minority investment to the tune of $25m, led by Periphas Capital and supported by Lavelle Capital.
The company is renowned for its AI-driven SaaS platform that integrates functions across finance, accounting, and IT departments. FinQuery helps manage significant financial contracts, including leases, software subscriptions, and other related agreements.
This enables companies to gain comprehensive insights into their spending patterns, software usage, and financial forecasting, ultimately facilitating more informed decision-making and streamlining complex accounting tasks.
Sublime Security secures $20m in Series A funding
Sublime Security, an AI-powered, programmable email security platform, has successfully raised $20m in a Series A funding round.
This significant financial boost was led by Index Ventures, with contributions from earlier investors including Decibel Partners and Slow Ventures. Additionally, cybersecurity luminary Dmitri Alperovitch, co-founder and former CTO of Crowdstrike, has joined the investment and will serve on the Board of Directors.
The raised capital will be strategically invested back into Sublime Security’s platform to enhance customer experience and expand its capabilities. In a world where email threats pose a constant risk, Sublime Security offers a robust defence mechanism for businesses.
Canadian FinTech firm Qohash secures $17.4m
Qohash, a leader in data security software, today announced it has secured $17.4m in Series B funding.
This latest financial injection will help Qohash further develop its innovative Qostodian platform. The platform utilises artificial intelligence to manage and secure high-risk data across various sectors including financial services, the public sector, and high technology industries.
Qohash’s Qostodian is designed to be quickly deployable, offering immediate visibility and management over the riskiest data sources within an organisation.
Dropzone AI secures $16.85m in Series A
Dropzone AI, a pioneering cybersecurity company, has successfully secured $16.85m in Series A funding round.
This financial boost was spearheaded by Theory Ventures, accompanied by a strong lineup of existing investors including Decibel Partners, Pioneer Square Ventures, and In-Q-Tel (IQT).
The company, which positions itself as the first AI SOC analyst replicating elite human analysts’ techniques, is poised to revolutionize how security operations centers function. Dropzone AI leverages generative AI to autonomously investigate security alerts around the clock, encompassing cloud, network, identity, endpoint, and phishing alerts.
BforeAI announces $15m boost for advancing cybersecurity predictiveness
BforeAI, a leader in predictive security solutions, has successfully closed its Series A funding round, securing a substantial $15m.
The round was led by SYN Ventures, accompanied by renewed commitments from earlier backers Karma Ventures, Karista, and Addendum Capital, along with a fresh investment from the Partnership Fund for New York City.
This funding boost is aimed at advancing BforeAI’s cutting-edge technology, which focuses on autonomously mapping and predicting malicious infrastructure.
401GO secures $12m in Series A funding
401GO, a leading FinTech company dedicated to modernising retirement planning, announced today that it has successfully secured a $12m Series A funding round.
The investment was led by Next Frontier Capital with additional contributions from Rally Ventures, and supported by existing investors Impression Ventures and Stout Street Capital.
This fresh capital will be used to expand 401GO’s suite of products, which aims to bring the future of retirement planning to today’s workforce.
Prophet Security launches with $11m from Bain Capital
Prophet Security, a company that has just stepped out of stealth mode, has announced securing $11m in seed funding.
This round of financing was led by Bain Capital Ventures (BCV) with notable participation from various security leaders and angel investors.
The new investment will boost Prophet Security’s mission to automate and enhance security operations with its flagship solution, Prophet AI for Security Operations. This AI-driven platform is designed to triage, investigate, and respond to security alerts rapidly, often in seconds, which substantially reduces the mean time to response (MTTR) for organisations.
Dripos raises $11m to revolutionize coffee shop management
Dripos, a trailblazer in the FinTech sector focused on coffee shops, has announced a significant financial milestone, securing an $11m Series A raise.
The company, which has carved a niche in the FinTech landscape, offers a robust software solution designed to streamline the operational complexities of coffee shops. Through its integrated platform, Dripos facilitates a range of functions including point-of-sale (POS) systems, mobile payment processing, and comprehensive workforce management.
The influx of funds is earmarked for further technological advancements and market expansion. Dripos aims to solidify its footprint in the coffee shop industry by enhancing its existing services and extending its reach to new markets.
VulnCheck announces $7.95m seed investment
VulnCheck, the exploit intelligence company, has successfully completed its seed funding round, securing a total of $7.95m.
This recent financial infusion includes $4.75m in new capital primarily contributed by Sorenson Capital, a noteworthy participant in this funding round.
The company, which specialises in providing next-generation exploit intelligence solutions, has raised $7.95m to further its mission. The investment was led by Sorenson Capital, marking a significant milestone in VulnCheck’s financial journey.
Chilean FinTech pioneer Fintoc secures $7m
Chilean FinTech startup Fintoc, which specialises in instant payments via APIs, has successfully raised $7m in a Series A funding round.
The investment is earmarked for consolidating Fintoc’s foothold in its native Chile and in Mexico, where the company launched operations last year, according to a report from TechCrunch.
Fintoc offers an API that enables online businesses to accept payments directly from customers’ bank accounts, a method known as accounts to accounts (A2A). This technology provides an economical alternative to traditional credit card transactions by reducing the number of intermediaries and lowering commission costs for businesses.
Cairo-based FinTech Bokra secures $4.6m
Bokra, a Cairo-based FinTech, has recently announced a successful $4.6m pre-seed funding round.
The company has successfully raised $4.6m, marking a significant milestone in its journey. This round of funding was led by DisrupTech Ventures and SS Capital, among others, who have shown great confidence in Bokra’s potential to transform the WealthTech landscape.
Founded by Ayman El-Sawy, a veteran with 21 years of experience in non-banking financial services and debt instruments, Bokra aims to democratise wealth management. The platform uniquely combines goal-based investment strategies with asset-backed securities, catering to both retail and SME investors.
Unwritten secures $3.5m seed funding
Unwritten, formerly known as Dovetail Finance, has successfully completed a seed funding round, securing $3.5m.
According to Tech EU, this London-based startup is carving out a niche in the burgeoning field of climate risk intelligence.
The funding was spearheaded by Connect Ventures, a software-focused venture capital firm based in London. They were joined by Planet A Ventures, a climate-centric VC, along with other notable participants including Sand River, Adapt Nation Capital, and a mix of academic and industry angel investors.
PeppercornAI bags £3.25m for AI-driven insurance solutions
PeppercornAI, an InsurTech specialising in conversational artificial intelligence, has successfully raised £3.25m.
The latest funding was spearheaded by Wealth Club, which contributed £1.9m, alongside existing investors EHE Capital and Angels Invest Wales, and featured contributions from several high net worth individuals. Despite a general downturn in investment into the UK’s FinTech and InsurTech sectors—reported at a decline of 34% last year—this round was notably oversubscribed.
PeppercornAI uses cutting-edge conversational AI technology to streamline operations, enhance risk protection, and improve customer experiences in the insurance sector.
WealthTech startup Bump raises $3m
Bump, a Los Angeles-based WealthTech and FinTech platform, has successfully closed a $3m seed funding round.
The investment was spearheaded by a consortium of influential investors such as Impact X Capital, Capitalize VC, Serac Ventures, Tristan Walker’s Heirloom Ventures, Plug and Play, Symphonic Capital, Gaingels, and Mana Ventures.
Additionally, existing investors Snap Inc, H/L Ventures, Connetic Ventures, and Sixty8 Capital have also contributed, further solidifying their commitment to Bump’s vision.
Paris-based RockFi secures €3m
RockFi, a Paris-based FinTech company, has successfully raised €3m in a fundraising round.
The investment round saw contributions from tech and private management business angels, including figures such as Kerala founding partner Antoine Freysz, Hexa co-founders Amaury Sepulchre, and Tractable founder Alexandre Dalyac.
RockFi is poised to establish itself as a leader in private wealth management, aiming to make the high standards of family offices available to investor clients. The company focuses on delivering advice, performance, and simplicity, blending human expertise with technological innovation to serve its clients better.
FilmChain boosts global footprint with £2.8m raise
FilmChain, an innovator in digital financial management for the screen industry, has successfully completed a funding round, securing £2.8m.
According to FinSMEs, this financial boost was led by the Holt IntersXion fund, complemented by contributions from Roca X, DeBa Ventures, TechAngels Romania, and HearstLab. Notably, this round also included the conversion of previous notes into the current funding structure.
At its core, FilmChain offers a pioneering Collection Account Management (CAM) platform tailored for the global screen industries. This platform revolutionises how revenues are collected and distributed, ensuring transparency and efficiency. The system is designed to handle transactions and allocations in near real-time, a significant upgrade over traditional methods.
WealthTech Fundpath secures an additional £2m
Fundpath, a pivotal player in the WealthTech sector, recently confirmed a new investment milestone with a £2m funding round.
Fuel Ventures has demonstrated its continued faith in Fundpath through its ‘Follow-On EIS Fund’ and the newly introduced ‘VCT Fund’. These investment vehicles are tailored to support high performers from the ‘Scale-Up EIS Fund’, a testament to Fundpath’s solid performance and potential within the tech industry.
Fundpath operates as a critical data and business intelligence provider tailored to the wealth and asset management industry.
Lithuanian FinTech Softloans secures €1m
Softloans, a promising FinTech startup based in Vilnius, has successfully raised €1m in a pre-seed funding round.
The funding round was spearheaded by Firstpick, accompanied by several business angels who contributed towards the €1m capital injection, according to a report from Tech Funding News.
At its core, Softloans provides an innovative lending framework designed specifically for the e-commerce sector. By integrating financial services directly into digital platforms — including marketplaces, payment solution providers, and aggregators — Softloans facilitates seamless loan offerings to SMEs.
Faura secures $500k pre-seed funding
Faura, a startup dedicated to enhancing resilience in the property insurance sector, has secured $500k in its pre-seed funding round.
Founded with the vision of transforming the property insurance landscape, Faura aims to address the evolving challenges faced by homeowners and insurance agencies.
The company’s platform facilitates streamlined processes and enhanced risk assessment methodologies, enabling stakeholders to navigate the complexities of the insurance industry more effectively.
Manchester’s FinTech startup Lemon bags £500k
Manchester-based FinTech, Lemon, which specialises in subscription management for SMBs, has secured £500k in a pre-seed funding round.
The round was bolstered by angel investors including Nick Dodd, former Partner of Debt Advisory at KPMG, and a Co-Founder of FinTech communications agency SkyParlour.
Lemon has secured £500k to propel its early development stages. This funding round included contributions from SFC Capital, Pitchdrive, and notable angel investors who now join Lemon’s advisory board. This diverse group of investors not only brings financial support but also a wealth of strategic advice to guide Lemon through its nascent growth phase.
QI Tech raises fresh funds months after Series B
QI Tech, a leading financial services infrastructure provider based in Brazil, has announced an extension to its Series B funding round, securing additional equity from current investor General Atlantic, a renowned global growth investor, along with Across Capital.
This extension comes just six months after the company’s significant $200m Series B raise in October 2023.
Founded in 2018, QI Tech operates a robust financial infrastructure platform that offers a range of services including financial, credit, banking, and anti-fraud solutions aimed at decentralising these services away from major banks. The platform enables any business to offer financial products to its customers through an extensive set of APIs.
Apax Digital Funds backs IANS Research with new investment
IANS Research, a leading provider of independent research and advisory services for the information security industry, has just secured a significant investment from Apax Digital Fund II.
The investment, made by Apax Digital Funds, will support IANS in its efforts to assist more CISOs in safeguarding their organisations amidst a rapidly evolving cybersecurity landscape.
IANS Research is a respected entity in the cybersecurity field, offering a suite of subscription-based decision support content, professional development resources, and consulting services. These include security assessments and penetration testing. The firm is particularly noted for its practitioner-led model, which delivers actionable, vendor-neutral guidance to its clients.
Twill Payments secures pre-seed funding
Twill Payments secures pre-seed funding to advance AI-driven data analytics
Twill Payments, a pioneering startup in the payments sector, has closed its pre-seed funding round on an undisclosed amount.
The funding round will be instrumental in advancing the development of Twill’s platform, which is designed to aggregate and interpret business data through a secure, user-friendly interface. Founded by a seasoned team of designers, data experts, and payments veterans, Twill AI is poised to fill a crucial gap in the market by making sophisticated data analysis accessible to all business owners.
Twill’s platform boasts a vast API library that allows for the secure connection of business applications to a centralized database.
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