Overall there were three new FinTech unicorns in April 2024, no change from March 2024. Despite no change, this remains the highest amount of new FinTech unicorn announcements in 2024. The general market saw its highest levels in the past 12 months and 2024 at 14 new unicorn announcements which a positive sign for 2024. The three FinTech unicorns in April 2024 were Pigment, QI Tech and Cyera.
Pigment, a business planning and forecasting software focused on HR, finance, and sales and revenue, is France’s newest FinTech unicorn after raising $145m in their latest venture round, giving Pigment a $1bn valuation. The funding was once again led by investment firm ICONIQ Growth, but saw new investors in, among others Sandberg Bernthal Venture Partners, an investment fund of former Meta executive Sheryl Sandberg and her husband.
QI Tech, which provides APIs enabling businesses to offer financial products to their customers, reached $1bn+ valuation after a new investment round led by equity investor General Atlantic. QI Tech, which provides anti-fraud and banking services for other firms, said that existing shareholders General Atlantic and Across Capital made an extra capital injection related to a $200 million investment round announced last October. The company is likely to prepare for an IPO following this funding.
Cyera, a holistic data security provider for financial institutions, raised $300m at a $1.4bn valuation. New investors Spark Capital, Georgian and AT&T Ventures, alongside existing investors Sequoia Capital, Accel, Redpoint Ventures, and Cyberstarts also participated in the round. Cyera provides a platform designed to assist corporate security teams in comprehending their data landscape, its utilization, and implementing effective security measures. This service is particularly crucial as businesses increasingly leverage data for AI-driven ventures. Employing AI technology, Cyera evaluates the risks associated with a company’s data, encompassing security, privacy, and regulatory compliance concerns.
