FinTech funding slows with $332.65m raised this week

May 31, 2024

FinTech funding slowed throughout this week’s funding rounds as only $332.65m was raised, despite a solid 21 deals being completed.

The last seven days has seen a large drop in funding compared to previous weeks which have been headlined by a $1bn Wiz deal, and 26 deal showing a fortnight ago.

However this all came crashing down, with a little over $300m raked in this week.

Despite this, there was still success throughout the sector, the pick of the bunch was FinTech platform FintechOS – who secured a $60m Series B+ led by Molten Ventures – following their reported 170% increase in operating margins.

Behind them data privacy specialists Transcend also raked in big figures, landing $40m in a Series B round of their own.

While FinTech continued to be at the epicentre of the deals, landing seven of the 22 completed, it was a superb week for the RegTech space – headlined by the aforementioned Transcend deal.

RegTech Analyst, FinTech Global’s sister publication, covered 4 deals across the space, which made it the third most popular sector behind Fintech (7) and WealthTech (5), while InsurTech and PayTech racked up a hat trick of deals each.

Internationally, it will come as little surprise that USA continued its tyrannical reign as the hub of FinTech investment. 12 of the week’s deals were completed by firms headquartered in the land of the free, over half of this week’s total.

The UK maintained its second position with five deals, while Sweden, Israel, Canada, France, and Denmark all saw their companies land a solitary big investment.

Here are this week’s FinTech funding rounds:

FinTech platform FintechOS secures $60m Series B+ led by Molten Ventures

Molten Ventures, a prominent venture capital firm specialising in high-growth technology businesses, has led a $60m Series B+ funding round in FintechOS, a leading end-to-end financial product management platform.

The extension of the Series B funding round comes as FintechOS celebrates notable business milestones, including a 40% year-over-year growth and a reported 170% increase in operating margins.

Data privacy platform Transcend secures $40m in Series B funding

Transcend, a next-generation data privacy platform, has announced the successful raising of $40m in Series B funding.

The funding round was led by new investor StepStone Group, with participation from HighlandX and existing investors Accel, Index Ventures, 01 Advisors, Script Capital, and South Park Commons. This brings Transcend’s total raised to nearly $90m.

Old Well Labs secures $36m Series A funding led by Nellore Capital

Old Well Labs (OWL), a leading software platform for finding and monitoring investment managers and allocators, has announced the completion of its Series A funding round, led by Nellore Capital.

Notable investors in this round include Ted Seides, Founder of Capital Allocators; Mike and Tom Elnick, Co-Founders of Tegus; Shubham Goel, Founder of Affinity; Brian Bares, Founder of Bares Capital Management; and several other prominent fund managers and endowment CIOs.

Doconomy bags €34m funding to enhance climate action capabilities

Impact FinTech company Doconomy has secured €34m in a Series B funding round, aimed at enhancing its sustainability capabilities in the financial services sector.

The investment round was co-led by UBS Next, the venture arm of UBS, and CommerzVentures, a climate FinTech specialist, with additional support from S&P Global.

Small business banking platform Relay secures $32.2m in Series B

Relay, the business banking platform that offers cash flow clarity to small businesses, has announced the close of its $32.2m Series B.

The round was led by Bain Capital Ventures, bringing Relay’s total funding to $51.6m. Existing investors BTV, Garage, and Tapestry, along with new participant Industry Ventures, also contributed to this round.

Orca AI secures $23m investment boost after North Standard collaboration

Orca AI, a Tel-Aviv based AI shipping specialty company, has secured a significant investment boost of $23m following a strategic partnership with marine insurer North Standard.

This latest funding round, led by OCV Partners and Mizma Ventures, with participation from Santa Barbara Venture Partners and Playfair Capital, brings Orca’s total raised capital to $38.6 million, according to InsurTech Insights.

Supervizor bags $22m funding led by Orange Ventures for global expansion

Supervizor, a leading plug and play Quality Assurance platform for finance teams, has announced a successful funding round.

The company raised $22 million, with Orange Ventures taking the lead, alongside investments from Wille Finance, La Maison Partners, New Alpha Asset Management, Adelie Capital, and ISAI.

Novel secures $15m funding to expand Capital Intelligence platform

Novel, a FinTech platform dedicated to providing non-dilutive capital and strategic tools to tech founders, has announced a successful $15m oversubscribed pre-Series A funding round.

The investment round was co-led by IGNIA Partners and Ulu Ventures, with additional participation from MatterScale, Gaingels, and previous investors.

Aperture Finance raises $12m Series A for AI-powered DeFi platform

Aperture Finance, a decentralized finance (DeFi) platform pioneering AI-powered intents, has raised $12m in a Series A funding round.

Aperture Finance is at the forefront of integrating AI-powered intents into DeFi, introducing a revolutionary way for users to streamline complex transactions.

Averlon emerges from stealth with $10M fund to fortify cloud security

Averlon, a pioneering cloud security company, has secured $10m in funding to advance its AI-powered cloud security solutions.

The investment round, led by Voyager Capital and joined by Salesforce Ventures and Outpost Ventures, along with several prominent CISOs and industry leaders, marks a significant milestone for the company.

FinTech firm Fortunafi raises $9.5m for RWA and stablecoin expansion

Fortunafi, a FinTech company specializing in RWA and stablecoin products, has announced the successful completion of its $9.5m funding raise.

The funding round saw participation from key investors, including Shima Capital, Manifold, Cobie, Evanss6, Scott Lewis, Ari Litan, and Austin Green, among others.

Swiipr raises $7.6m to modernise airline disruption compensation

Swiipr has announced it secured $7.6m in funding to advance its platform designed to revolutionise airline disruption payments.

This Series A funding round was led by prominent UK venture capital firm Octopus Ventures, with additional investment from TX Ventures and Solano Partners, according to InsurTech Insights.

Tax automation platform Kintsugi AI secures $6m Series A funding

Kintsugi AI, a cutting-edge tax automation platform, announced today that it has secured $6m in a Series A funding round.

This round, which values the company at $40m, was led by Link Ventures, Venture Highway, KyberKnight, Plug and Play, and DeVC, along with notable angel investors.

Braavo Capital bags $5m to accelerate growth in subscription app market

Braavo Capital, the leading financing partner for consumer subscription apps, has successfully closed a $5m Series B funding round.

This round was led by existing insiders with participation from Series A lead investor Headline and supplemented by a new $30m debt fund from Upper90, marking a significant milestone for Braavo’s expansion plans.

CIBC Innovation Banking funds £5m to FinTech firm Landytech for growth

Landytech, a next-generation investment management platform, has secured £5m in corporate debt financing from CIBC Innovation Banking.

The funding will support the company’s strategic expansion across European markets and enhance its Sesame platform.

InsurTech startup CoverSure secures $4m to enhance insurance customisation

CoverSure, a consumer-focused InsurTech startup, has successfully raised $4m in its pre-series A funding round.

The investment was led by Enam Holdings, a prominent investor in private and listed firms, according to a report from Financial Express.

ZTLment eyes European payments transformation with €2.4m pre-seed

Danish fintech startup, ZTLment, is making waves in the financial technology sector with its pioneering approach to compliant wallet infrastructure.

Founded in Copenhagen, ZTLment has secured €2.4 million in a pre-seed funding round, marking a significant milestone in its journey to revolutionize European payments.

Coinflow Labs secures $2.25M seed round led by CMT Digital

Coinflow Labs, an instant settlement payment provider, has successfully closed its latest funding round, securing $2.25m.

The round was led by CMT Digital, with participation from Reciprocal Ventures, Jump Crypto, Draper Dragon, Digital Currency Group, and various angel investors.

Zendata secures $2m seed funding to transform AI governance

Zendata, an AI governance and data privacy solutions provider, has emerged from stealth mode with a significant boost of $2 million in seed funding.

The round was led by PayPal Ventures, First-hand Alliance (operated by Salesforce Alumni), Geek Ventures, and Altari Ventures.

11thEstate, investment recovery FinTech, bags $2m seed funding from Social Leverage

11thEstate, the first-to-market platform for investors to effortlessly receive entitlements from securities class action settlements and shareholder compensations, has announced the successful closing of a $2m seed round.

The round was led by top-tier FinTech fund Social Leverage, known for backing successful FinTech giants such as Robinhood, Alpaca, and Stocktwits. Joining the round were Outside Ventures, Blank Ventures, and notable angel investors Evan Rapoport and Chris Camillo.

FinTech firm Light Frame raises $1.7m in pre-seed funding round

Light Frame, a pioneering Swiss-American FinTech company, has successfully completed its pre-seed financing round, raising $1.7m.

The funding round was co-led by ATX Venture Partners and New Stack Ventures, with additional investments from Rogue Venture Partners, Half Court Ventures, Underdog Labs, and Studio Alpha.

PayPoint invests £1m in Open Banking innovator Aperidata

PayPoint, a prominent multichannel payments provider, has announced a £1m investment in Aperidata, an innovative consumer and business credit reporting and Open Banking platform.

The investment aims to enhance its multichannel payments offering by incorporating Open Banking services. This collaboration builds on an existing partnership between the two companies, which delivers Open Banking solutions across various sectors, including government, local authorities, charities, and housing associations.

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