Over $1.4bn raised on superb week for FinTech funding

June 28, 2024

The FinTech sector closed 39 funding rounds this week on a strong week for the sector.

Overall, throughout the plethora of tranches, just over a mammoth $1.4bn was raised on a superb week for the space – even edging out last week’s $1.2bn success.

In the top deals of the week charts, HSBC led the way with a $250m private loan for Hong Kong’s FundPark, with $200m from HSBC itself and $50 million from partners. This funding will help FundPark support SMEs in China’s eCommerce sector.

Boston-based Hometap announced a groundbreaking $217 million securitisation of home equity investment (HEI) assets. The transaction included two tranches, enhancing liquidity for homeowners seeking alternative financing amid economic challenges.

Furthermore, Slide Insurance secured a $175m senior credit facility led by Regions Bank, with Synovus Bank and Texas Capital Bank participating. This funding will aid Slide Insurance in refinancing existing debt and driving both organic and inorganic growth initiatives.

In terms of sector-by-sector statistics, FinTech led the way as usual, bagging 19 of the deals, but there was plenty of representation from all corners of the space. RegTech, InsurTech, and WealthTech all saw fruitful weeks, with six, five, and five deals respectively being secured in the relevant spaces.

CyberTech and PayTech also saw success, with each subsector seeing a pair of deals land each.

On the international scene, USA continued its monopoly of the funding stakes, with another impressive week, with 15 of the deals coming from the land of the free.

But despite this there was a plethora of deals from all corners of the globe on a truly worldwide week for the sector.

The UK continued its position as the perennial bridesmaid of FinTech funding with eight deals, but it was also a strong week for Canadian FinTech as they saw two firms bag deals.

A host of other nations secured a solitary deal, highlighted by the surprise inclusion of Luxembourg.

The other nations to land funding deals this week were: Mexico, India, Romania, The Phillipines, France, Israel, Puerto Rico, Singapore, Ireland, Hong Kong, UAE and Germany.

HSBC leads $250m private loan in Hong Kong FinTech FundPark

Hong Kong-based FinTech company, FundPark, has secured a $250m private loan led by HSBC.

The $250m loan was spearheaded by HSBC, with $200m coming directly from HSBC and the remaining $50m from other partners, according to a report from PYMNTS. This funding follows another $250m loan FundPark received earlier this year from senior lender Goldman Sachs and other partners.

FundPark’s core business is centred on offering working capital solutions to small- and medium-sized enterprises (SMEs) in the eCommerce sector in China. This new funding will enable the company to further support these businesses by providing them with the necessary capital to meet their day-to-day operational needs and facilitate long-term growth.

Hometap secures $217m in groundbreaking home equity securitization

Hometap, a FinTech leader based in Boston, has proudly announced its first successful securitization, named HTAP 2024-1.

This pivotal financial maneuver was supported solely by home equity investment (HEI) assets originated by Hometap itself. The transaction closed on June 27, 2024, featuring two tranches: a Class A tranche valued at $146m and rated BBB(sf) by Morningstar DBRS, and a Class B tranche worth $13m with a BBB(low)(sf) rating.

Hometap’s flagship HEI product allows homeowners to tap into their home equity without the need for additional monthly payments or selling their property. By partnering with homeowners, Hometap provides liquidity in exchange for a stake in the future value of the homes. The product has gained traction, especially in the current economic climate, where more homeowners are exploring alternative financing options amid high inflation and rising debt levels.

Slide Insurance raises $175m to boost hurricane preparedness and growth

Slide Insurance, an InsurTech company specialising in homeowners insurance, has secured a $175m senior credit facility.

The facility was led by Regions Bank, which acted as the administrative agent, joint lead arranger, and joint bookrunner. Synovus Bank and Texas Capital Bank, through its TCBI Securities Inc. division, also participated as joint lead arrangers and joint bookrunners, according to InsurTech Insights.

Slide Insurance, known for its innovative approach to homeowners insurance, plans to use the newly acquired funds to refinance a previous bilateral senior credit facility from Regions Bank and to support various organic and inorganic growth initiatives.

GXS Bank secures S$229.5m in new funding from Singtel and Grab

GXS Bank, a prominent digital banking entity, has reportedly received a S$229.5m ($169m) capital injection from notable backers Singtel and Grab, according to a report from Tech in Asia.

Tech in Asia reported the funds from a new regulatory filing with the Accounting and Corporate Regulatory Authority of Singapore.

Bank of America backs Simply Asset Finance with £120m to expand asset financing

Simply Asset Finance, a specialist business lending provider based in the UK, has inked a significant financial agreement with Bank of America.

According to FinTech Finance, the deal involves a substantial £120 million loan facility that includes an initial £60 million facility with an expansion option up to the total amount. This financial injection is set to revolutionise Simply Asset Finance’s approach to supporting UK businesses.

The funds provided by Bank of America will propel Simply Asset Finance’s ability to extend hire purchases, finance leases, and refinancing options to its clients. This strategic partnership underscores Bank of America’s confidence in Simply Asset Finance as a credible and valuable partner within the Asset Finance sector, owing to its experienced management team and robust growth potential. The facility aims to bolster Simply Asset Finance’s lending capacity to UK businesses by 30% and aims to increase its loan origination by approximately £100 million within the first year.

FinTech security leader PortSwigger secures $112m investment from Brighton Park Capital

PortSwigger, a distinguished leader in the cybersecurity realm, has successfully secured a substantial $112m investment from Brighton Park Capital.

This landmark funding is poised to fuel innovation and scale operations globally, marking PortSwigger’s inaugural external financial backing since its inception in 2008 by Dafydd Stuttard, also known affectionately as “Chief Swig.”

Atome Financial announces $100m debt facility with EvolutionX for regional growth

Atome Financial, a Singapore-based FinTech firm, announced that it has secured a debt facility of up to $100m.

The funding includes significant contributions from EvolutionX, a debt financing platform established jointly by DBS and Temasek, according to a report from Reuters.

The company revealed that it is collaborating with a syndicate of investors to maximise the potential of the accordion feature of the three-year term loan, which could elevate the total financing to $100m. However, the specifics of the financial commitment from EvolutionX or the identities of the investors in the syndicate were not disclosed.

Accord Financial secures $100m in new funding to propel growth

Accord Financial, a prominent North American commercial finance company, announced today the establishment of two new strategic funding facilities aimed at bolstering its small business and media financing arms.

The company has successfully secured a total of $100m from two distinct sources to enhance its financing capabilities.

Odaseva secures $54m in Series C to bolster salesforce data security

Odaseva, the enterprise data security leader for Salesforce platforms, announced today that it has secured a substantial $54 million in Series C funding.

This latest round of funding was spearheaded by Silver Lake Waterman and saw contributions from a mix of previous investors including F-Prime, Eight Roads, and Serena Capital, alongside new participants Eurazeo and Crescent Cove. The financing boosts Odaseva’s total capital raised to over $90 million.

FinVolution receives $47.5m boost from Maya Bank

FinVolution Group, a trailblazer in the FinTech industry, announced a significant development in its Philippines operations.

The company’s financial subsidiaries in the region, Wefund Lending Corporation and Lightning Financing Company, have struck a substantial loan facilitation deal valued at 2.75 billion Peso ($47.5m) with Maya Bank, a leading digital bank committed to enhancing the financial landscape for consumers and businesses alike.

Trinity Capital invests $40m in Gravie to reinvent health benefits

Trinity Capital, known for its diversified financial solutions for growth-oriented companies, has pledged a significant $40m debt facility to Gravie, one of America’s rapidly expanding health benefits innovators.

The $40m investment will be channeled into Gravie’s core offerings, particularly its self-funded health plans named Comfort. Designed for small to mid-size employers, these plans eliminate deductibles and copays for the most commonly used healthcare services, including virtual care.

Norm Ai secures $27m Series A to revolutionise RegTech with AI

Norm Ai, an emerging leader in the RegTech arena, has successfully completed a significant Series A fundraising initiative, amassing $27m.

This funding round was led by Coatue, a notable player in the investment field, with contributions from several prestigious firms including Bain Capital Ventures, Blackstone Innovations Investments, New York Life Ventures, Citi Ventures, TIAA Ventures, and Jefferson River Capital.

Healthcare AI firm Humata Health secures $25m funding round

Humata Health, a healthcare company specialising in frictionless prior authorisation payments for payers and providers through AI and automation, has successfully raised $25m.

The funding round was led by Blue Venture Fund and LVRHealth, with additional participation from Optum Ventures, 406 Ventures, Highmark Ventures, and VentureforGood, according to InsurTech Insights.

Rainforest raises $20m to boost software platform payments

Rainforest, a payment provider purpose-built for software platforms, has announced it has raised an oversubscribed $20m Series A funding round.

The investment was led by Matrix Partners, with additional participation from Accel, Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, and Ardent Venture Partners, all of whom were involved in Rainforest’s seed round in 2023. This new capital brings Rainforest’s total funding to $31.75m.

Verituity secures $18.8m to enhance verified payout solutions

Verituity, a prominent innovator in the realm of intelligent, verified payouts, has successfully closed a significant funding round of $18.8m.

The investment was spearheaded by Sandbox Industries and Forgepoint Capital, with additional support from Ardent Venture Partners and MTech Capital. As part of this funding round, Chris Zock, Managing Partner and Co-CEO of Sandbox Industries, will take a seat on Verituity’s board of directors.

This latest capital injection is earmarked to accelerate Verituity’s expansion across banking and insurance sectors and into new domains such as mortgage servicing and the energy sector. The funds will also support the ongoing enhancement of Verituity’s machine learning and artificial intelligence capabilities, which underpin their Zero Trust Payout VerificationTM and intelligent payment systems.

Climate X secures $18m to enhance global climate risk analysis

Climate X has secured $18m to fuel its growth and support leading financial entities in assessing climate impacts on their asset portfolios.

This substantial funding was spearheaded by GV (Google Ventures), with contributions from Pale blue dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and Western Technology Investment (WTI).

Supercede elevates ReinsurTech with a robust $15m Series A investment

Supercede, a London-based reinsurance technology company, has successfully completed a $15m Series A funding round.

According to Reinsurance News, the investment was spearheaded by Alven, with contributions from Mundi Ventures and support from existing investors including Outward, Seedcamp, MMC Ventures, and AFG Partners.

Hub Security secures $15m in combined debt refinancing and capital raising

Hub Security, a prominent player in the cybersecurity domain, has announced a successful financial restructuring and capital raising effort, amounting to $15m.

This significant financial move includes the restructuring of $8m in debt due this month and the securing of an additional $2m in debt financing. Furthermore, key shareholders exercised warrants at a price of $0.90 per share, injecting an additional $5m into the company’s capital.

AuthZed secures $12m in Series A to expand permission management services

AuthZed, a leader in the development of permissions systems, has successfully closed a $12m Series A funding round.

This significant financial boost was led by General Catalyst, with additional support from existing investors Work-Bench, Y Combinator, and Amplify Partners.

Bling secures $12m in Series A to expand its pioneering family Super-App

Bling, the Europe-based startup known for its innovative digital solutions for families, has successfully secured $12m in its latest Series A funding round.

This substantial financial boost was led by U.S. fund Owl Ventures, with additional support from neosfer and contributions from existing investors Peak and Angel Invest.

Hero’s fresh €11.3m funding to revolutionize SME banking operations

Hero, the Paris-based FinTech startup, has recently bolstered its financial reserves with €11.3m in funding.

The latest investment was spearheaded by Valar Ventures in an all-equity financing round, according to a report from The Paypers.

authID secures $11m in funding to bolster biometric security solutions

authID, a leader in biometric identity verification and authentication, announced today that it has secured $11m through a registered direct offering.

The Nasdaq-listed company (AUID) is set to sell 1,464,965 shares, with each share priced at $7.50, or $8.16 for company directors.

AnchorZero secures $8m seed funding to revolutionize tax strategies for founders

AnchorZero, a trailblazer in the FinTech space, recently announced an impressive $8m seed funding round.

The investment was led by Bain Capital Crypto and Spark Capital, with contributions from Ethereal Ventures, Mischief Capital, Pascal Capital, and Robot Ventures. Notably, multidisciplinary visual artist and angel investor Sarah Meyohas also backed the venture.

Cadana bags $7.4m to streamline payroll for global hiring platforms

Cadana, a global payroll technology company specialising in emerging markets, has announced it raised $7.4m in funding.

The round was led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Startups.

Clean transport FinTech Zeti lands £5m Series A investment from HYCAP Group

Zeti, an ESGFinTech100 company, has announced a £5m investment from HYCAP Group, a UK-based net zero energy transition investor, as part of its Series A financing.

The £5m investment from HYCAP Group, which focuses on net zero energy transition, is a significant milestone for Zeti. HYCAP’s portfolio already includes companies such as Wrightbus, Ryze, Hygen, and Yamna.

UAE FinTech startup Comfi secures $5m debt facility to boost B2B payments

Comfi, a UAE-based FinTech company founded in 2023 by Alisher Akbarov, Amal Abdullaev, and Sanjar Samiev, has recently secured a substantial $5m debt facility from an undisclosed Abu Dhabi-based private family office.

This strategic financial boost is aimed at enhancing Comfi’s operations within the B2B payments sector, specifically catering to manufacturers and suppliers, according to a report from Wamda.

The investment of $5m is set to empower Comfi as it continues the deployment of its innovative payment solutions tailored for B2B transactions. These solutions, including embedded pay-later and pay-now options, are designed to facilitate seamless financial interactions along the supply chain, allowing business owners to offer extended credit terms of up to 90 days to their buyers.

Micruity secures $5m in funding to revolutionize retirement planning

Micruity, a pioneering financial technology firm, recently announced the successful closure of a strategic funding round, amassing $5m.

This significant financial boost was contributed by notable investors including Prudential, State Street Global Advisors, and TIAA Ventures, with additional support from existing partners Pacific Life and Western & Southern Financial Group. To date, Micruity has garnered over $11m in investment from key players in the retirement sector.

Investment tech innovator BlueFlame raises $5m to advance AI capabilities

BlueFlame AI, a generative AI platform tailored for alternative investment managers, has successfully closed its Series A funding round, raising $5m.

This round was notably oversubscribed by 25%, signalling strong investor confidence. The capital injection was sourced from a mix of BlueFlame’s industry-leading network, strategic partners, and a significant contribution from the management team, culminating in an updated company valuation of $50 million.

TrackLight bags $3m seed funding to boost AI-driven fraud prevention technology

TrackLight, a pioneering firm in AI-assisted fraud detection and prevention, recently secured a $3m seed investment.

This financial injection was spearheaded by BarronKent and Growth Factory, who are now pivotal in TrackLight’s next phase of development.

IBISA secures $3m to expand parametric climate insurance in Asia and Africa

IBISA, a global leader in the Climate InsurTech sector, has successfully raised $3m to enhance its parametric insurance offerings aimed at mitigating weather-related risks across Asia and Africa.

This funding round saw significant contributions from The Acumen Resilient Agriculture Fund (ARAF) and Equator, alongside the Asian Development Bank Ventures (ADBV) and returning investors including Ankur Capital.

Mexican FinTech startup Ximple secures $2.7m to revolutionize credit access

Ximple, a pioneering digital credit distribution firm, has successfully garnered $2.7m in a recent funding round.

Investors in this round include BoostCapital Partners, Clocktower Technology Ventures, Graph Ventures, 99 Startups, and Lotux.VC, according to a report from Contxto.

LoopFX secures £2.6m from Augmentum Fintech to innovate FX market trading

LoopFX, an independent platform for large spot FX trades, has recently announced a significant financial boost. Augmentum Fintech, renowned as Europe’s leading FinTech-focused fund, has invested £2.6m in the firm.

LoopFX specialises in providing a unique matching solution that allows traders to sync with Asset Managers and Banks in real time, without the risk of information leakage. This innovative approach has positioned LoopFX as a promising venue for substantial FX transactions.

CheQ raises $2.2m in latest seed round to boost credit management technology

CheQ, a FinTech startup based in Bengaluru, has announced the successful acquisition of an additional $2.2m in its ongoing seed funding round.

The company secured this amount by issuing 6,855 Seed 1 Compulsorily Convertible Preference Shares at a price of Rs 26,988.91 each, totaling around Rs 18.5 crore, according to a report from Startup Story.

Invoicing solution Dealflow announces €1.1m funding boost

Dealflow, a burgeoning FinTech company, has successfully topped up its pre-seed investment round, achieving a new funding milestone of approximately €1.1m.

This additional capital was sourced from a mix of new and returning investors.

Instant Factoring IFN enhances lending in Romania with €1m EIF investment

Instant Factoring IFN, a pioneering Romanian FinTech firm, has recently secured a significant financial boost.

The European Investment Fund (EIF) has extended a subordinated loan worth €1m to facilitate the expansion of Instant Factoring’s lending services to the nation’s micro and small enterprises.

MarketSizer secures €1m pre-seed funding to revolutionise SaaS market intelligence

MarketSizer, the Dublin-based company founded by Niall O’Gorman, has successfully raised €1m in pre-seed funding.

This significant financial boost was led by Delta Partners, with additional support from Enterprise Ireland and various angel investors.

Raincoat, pioneering AI climate insurance in Puerto Rico, clinches $150k

Raincoat, a startup based in Puerto Rico, has received a significant financial boost with a $150k award from Google.

This funding forms part of the Google for Startups Founders Funds program, according to a report from News is my Business.

Hamilton Lane backs Daphne in a move to digitize private market investments

Hamilton Lane, a prominent private markets investment management firm, recently announced a strategic partnership and investment in Daphne Technologies.

Daphne, a cutting-edge platform, is designed to enhance the distribution of alternative assets and streamline the fundraising process.

Curve secures significant funding from Samsung Next to enhance its innovative payment solutions

Curve, a leading innovator in the digital wallet space, today announced a significant boost in its funding with a strategic investment from Samsung Next.

This infusion elevates Curve’s total capital raised to over $250m, marking a significant milestone in its journey to reshape financial transactions.

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