Staggering $1bn Wiz deal headlines this week’s FinTech funding rounds

May 10, 2024

A staggering $1bn tranche secured by Wiz headlined this week’s FinTech funding rounds, which topped out at a mammoth $1.448.8bn.

Wiz cemented itself as a major player in the cyber sector with the deal, which saw the company’s valuation soar to $12bn.

But there were other big deals throughout the space, with Monzo landing $190m from notable investors such as Hedosophia and Qonto.

In terms of the national spread, USA asserted its authority once more, securing 13 of the total 21 deals. Behind them, the UK cemented its position as the perennial bridesmaid of the FinTech funding world with four deals. Notably, firm’s from Saudi Arabia, Taiwan, Luxembourg, and Israel all bagged a solitary deal as FinTech strengthened its global presence.

As for sectors, CyberTech dominated the week’s proceedings, with 8 deals headlined by the aforementioned Wiz capital injection. Behind it, FinTech (7) followed closely, ahead of WealthTech (3), InsurTech (2), and PayTech (1).

Here are this week’s FinTech funding rounds:

Wiz surges to $12bn valuation following staggering $1bn funding raise

Wiz has cemented its position as a major player in the cyber sector, raising a huge $1bn in its latest funding round, valuing the company at $12bn.

Wiz, led by Co-founder and CEO Assaf Rappaport, intends to utilise this substantial funding to drive acquisitions and bolster both product development and talent acquisition.

Monzo secures $190m investment and hits $610m funding milestone

UK-based digital bank Monzo has successfully secured an additional $190m in funding, bringing its total funding to an impressive $610m.

According to the Paypers, the recent funding round saw participation from notable investors including Hedosophia and Qonto, alongside CapitalG, Alphabet’s independent growth fund. This recent raise values the company now at roughly $5.2bn.

TXOne Networks bolsters industrial cybersecurity with $51M Series B extension

TXOne Networks, a startup specializing in safeguarding ICS and OT environments, has secured a significant boost of $51 million in early-stage financing.

According to Security Week, the funding comes from new investors based in Taiwan and adds to the $70 million Series B round initially announced in August 2022.

Linnovate Partners secures $40m from SeaTown to bolster alternative investment services

Linnovate Partners, an asset servicing pioneer and a leader in FinTech for the alternative investment sector, has announced a significant funding boost.

The company confirmed a $40m funding commitment led by SeaTown Private Capital Master Fund, a prominent Asia-focused alternative investments firm managed by SeaTown Holdings International, part of Seviora, Temasek’s asset management arm.

Honeycomb secures $36m to expand its insurance offerings

Honeycomb, a leading digital insurer, has raised $36m in a Series B funding round in a bid to expand its insurance offerings.

The tranche will enable Honeycomb to enhance the end-user experience, drive profitability for its broker partners, deepen its technological advantage with proprietary AI models and leverage unique first-party data to expand into new insurance markets.

Saudi Arabia’s Abyan Capital closes $18m Series A round, led by STV

Abyan Capital, a pioneering robo-advisory firm in Saudi Arabia, has closed an impressive $18m Series A funding round, with STV taking the lead alongside Wa’ed Ventures and RZM Investment, according to wamda.

Since its inception in 2022, Abyan Capital has reshaped Saudi Arabia’s financial advisory landscape, offering automated, user-friendly, and Shariah-compliant investment and savings solutions.

Nudge Security secures $16.5m funding to tackle SaaS security challenges

Nudge Security has recently announced the successful closure of its seed funding round, bringing in a total of $16.5m.

The investment comes from Forgepoint Capital, joining Ballistic Ventures in supporting the rapid growth of this innovative startup.

Anetac emerges from stealth, raises $16m to revolutionise enterprise security

Anetac, a Silicon Valley startup specialising in cybersecurity, has raised $16m in its latest funding round.

The investment was led by Liberty Global and saw participation from Shield Capital, GP Ventures, Anetac CEO Tim Eades, and cybersecurity expert Jason Witty.

AI-powered Panax raises $15m to reshape cash flow management

Panax, an innovative FinTech, has successfully raised $15 million in its latest funding round. The investment was led by Team8 and TLV Partners.

The company, founded by Noam Mills, CEO; Sefi Itzkovich, CTO; and Niv Yaar, CBO, offers an AI-driven cash flow management platform designed to empower mid-market and large companies with complex treasury management needs. Panax’s solution consolidates data directly from banks and ERP systems into a unified platform, providing real-time access to cash positions and critical insights.

CoverTree secures $13m in Series A to reshape home insurance sector

CoverTree, a pioneering InsurTech firm specialising in manufactured home insurance solutions, has announced the completion of a $13m Series A funding round.

The capital injection, led by Portage, saw participation from prominent investors including AV8, Distributed Ventures, Detroit Venture Partners, Ludlow Ventures, Annox Capital, and others, taking CoverTree’s total raise $23m.

Blackwell Security secures $13m for cybersecurity enhancements

Blackwell Security, a provider of specialized cybersecurity solutions tailored for the healthcare sector, announced today a significant boost to their operations with a new $13m funding round.

The investment was co-led by General Catalyst and Rally Ventures, marking a substantial commitment to enhancing healthcare cybersecurity.

Numeric secures $10m in Seed funding to revolutionise accounting automation

Numeric, an AI-powered accounting automation firm based in San Francisco and New York, has successfully secured $10m in a Seed funding round.

The investment was led by Founders Fund and included contributions from Menlo Ventures, 8VC, Long Journey, Friends & Family Capital, among others.

Machine identity startup Token Security raises $7m in seed round

Token Security, a machine identity startup, has secured $7 million in seed funding, signalling a step forward in its mission.

According to Silicon ANGLE, the funding round was led by TLV Partners, with participation from SNR and notable angel investors including Shlolo Kramer, a prominent figure in Israel’s cybersecurity landscape.

Plenty Makes splash in WealthTech with $5m seed funding to reinvent couple’s finance

Plenty, a WealthTech platform designed to facilitate investment and financial planning for couples, has successfully raised $5m in seed funding.

The round was led by Inovia Capital, with significant contributions from Garage Capital, Otherwise Fund, and Interplay, as well as pre-seed investments from Kevin Durant and Rich Kleiman’s 35 Ventures, Charge Ventures, Phenomenal Ventures, Xtripe Angels, and strategic angels such as Adam Nash and Mark Goines.

Fundcraft secures €5m Series A to transform asset management infrastructure

Fundcraft, a provider of digital infrastructure for asset management, has successfully closed a €5 million Series A funding round.

The round was led by Aperture Capital, with significant participation from SIX Fintech Ventures, the CVC arm of SIX Group, along with early supporters.

Base10 partners leads $4.5M funding round in Greenboard

Greenboard, a compliance and operations software company for financial services, has announced the completion of its seed funding round, raising $4.5m.

The round was led by Base 10 Partners, with participation from notable investors including Y Combinator, General Catalyst, Wayfinder Ventures, Liquid2 Ventures, Twenty Two Ventures, Rogue Capital, Transpose Platform, and others.

London-based InsurTech Eleos raises $4m to propel US expansion plans

London-based InsurTech firm Eleos has successfully raised $4m in a seed funding round, as it eyes an expansion into the US market.

The seed funding round garnered support from Fuel Ventures and Indico Capital but also saw continued backing from previous investors, including Founders Factory, Insurtech NY, Magic Fund, and Indico Capital Partners, according to InsurTech Insights.

Bleach Cyber secures $2m pre-seed investment for startup cybersecurity solutions

Bleach Cyber, a burgeoning force in the cybersecurity space for startups and small businesses, has successfully closed a $2m pre-seed funding round.

Established in 2022 by cybersecurity expert and former CISO Craig Goodwin, alongside Head of Product & Technology Steve Daniels, this new capital injection is set to propel Bleach Cyber towards substantial growth.

Archive Intel bags $1M to enhance wealth firm communication solutions

Archive Intel, a firm specializing in communications archiving and compliance solutions for wealth firms, has achieved a significant milestone.

According to Investment News, the company announced today that it has successfully raised $1 million in seed funding, with Social Leverage leading the investment round.

AI investment solutions innovator Stratiphy secures £1m grant

Stratiphy, a technology firm specializing in investment strategy building, has secured a grant of £1 million from Innovate UK for its consortium.

The consortium, led by Stratiphy, aims to accelerate the development and adoption of trustworthy AI solutions within the financial services sector. Alongside Stratiphy, the consortium includes academic and commercial partners such as the University of Bristol and Chenavari Investment Managers.

CyberNut unveils K-12 cybersecurity awareness, bags $800k pre-seed

CyberNut, a Miami, Florida-based startup, recently stepped out of stealth mode. The company has introduced a novel security awareness training platform specifically designed for the K-12 education sector.

According to Security Week, the firm announced the closure of an $800,000 pre-seed funding round. The investment was led by the Charter School Growth Fund, Avalanche VC, and the Transcend Network.