This week saw a relatively quiet week for the FinTech sector, with FinTech Global only reporting on a total of 16 deals this week.
Leading the way this week in funding rounds was Ascend Money, who managed to secure a powerful $195m in investment to drive financial inclusion in the Thai market.
Here are the full review of this week’s deals.
Ascend Money raises $195m to drive financial inclusion
Ascend Money, Southeast Asia’s homegrown FinTech company, has successfully secured a significant investment totalling $195m.
This strategic funding marks a pivotal step in strengthening the digital financial landscape in Thailand.
Ascend Money is a pioneer in the FinTech sector within Southeast Asia and stands as the FinTech arm of the Charoen Pokphand Group (C.P. Group), its major shareholder. It earned the title of Thailand’s first FinTech unicorn in 2021, showcasing its significant impact and growth within the digital financial services sector.
Health insurance disruptor Sidecar Health secures $165m
Sidecar Health, a transformative health insurance company providing major medical coverage to businesses, announced today the closure of $165m in Series D financing.
Sidecar Health aims to revolutionise the health insurance industry by offering a free-market approach that prioritises consumer control over care decisions.
The company’s model provides transparency and flexibility, eliminating the need for prior authorisations and restrictive formularies, thus promoting accessible and affordable healthcare.
The new capital will be utilised to expand Sidecar Health’s employer plans into Florida, which has a competitive provider market and a substantial number of individuals covered by large employers. Additionally, the funding will support Sidecar Health’s partnership with Koch Industries to design insurance coverage tailored to jumbo employers.
Netevia secures $120m from WhiteHorse Capital
Netevia, a FinTech leader known for its cutting-edge payment solutions, has successfully secured up to $120m in funding from WhiteHorse Capital, a renowned private investment firm.
This financial infusion is composed of various debt facilities aimed at supporting key acquisitions and the rollout of new products, as well as advancing strategic initiatives.
Established as a trailblazer in the FinTech sector, Netevia offers an extensive array of payment services tailored to accommodate the diverse needs of businesses across different industries.
By integrating state-of-the-art technology with a customer-centric approach, Netevia ensures smooth, secure, and efficient transaction processing. This commitment to innovation and growth positions Netevia to empower businesses in the evolving digital marketplace.
KarmaCheck clinches $45m in Series B
KarmaCheck, a trailblazer in technology-driven background checks and credentialing, announced a major milestone today.
KarmaCheck is renowned for its innovative approach to simplifying and enhancing the background check process. Founded in 2019 by Eric Ly, a LinkedIn co-founder, the company has consistently aimed to dismantle the barriers that obstruct the path between talent and professional opportunities.
Through its state-of-the-art technology platform, KarmaCheck has redefined the standards for background checks and credentialing services.
Bailador invests $20m in Dash
Dash Technology Group (DASH), a burgeoning name in the FinTech sector, has just completed a significant funding round, securing a $20m investment from Bailador Technology Investments.
This financial injection will be directed towards accelerating DASH’s software and platform technology. It will also support a targeted expansion of the company’s workforce.
DASH helps users build their wealth. Its Super Simplifier is a personal superannuation account with a range of investment choice, as well as three insurance cover options.
Over the next six to twelve months, DASH plans to bolster its team by 20 members. These new hires will predominantly support technology, sales, client transitions, and software divisions, enhancing the platform to align with the evolving needs of next-generation advisers.
Natcap raises $10m to enhance nature-related risk management
Natural Capital Research (Natcap), a nature and biodiversity intelligence company, has raised $10m in a Series A funding round.
The funds will be used to scale its technology aimed at helping companies quantify and embed nature-related risks and opportunities into their business strategies, according to ESG Today.
Founded in 2018, Natcap’s platform assists businesses in measuring, reporting, and acting on nature-related risks, dependencies, and opportunities within their operations, products, and supply chains. This helps build resilient nature strategies.
SendBlocks emerges with $8.2m
SendBlocks, a trailblazer in the blockchain data management sector, has successfully secured $8.2m in seed funding.
The company specialises in simplifying the access to blockchain data. SendBlocks offers a fully customizable platform, enabling various blockchain enterprises, ecosystems, protocols, and applications to specify their data requirements. It is SendBlocks’ responsibility to efficiently mine through blockchain layers to extract relevant information for their clients.
As the blockchain technology evolves, particularly with the advent of high throughput blockchains, there are increasing opportunities for blockchain-based applications.
Feather bags €6m to enhance health insurance options
German InsurTech startup Feather, which aims to simplify health insurance for expatriates, has successfully raised €6m.
Feather focuses on providing tailored insurance solutions to the over 40 million expatriates living and working in Europe.
The company offers a range of insurance products, including health, life, pet, automotive, and personal liability insurance, all designed to meet the specific needs of expats.
Watch Your Health raises $5m
Watch Your Health, a pioneering health-tech startup, has successfully raised $5m in a Series A investment round.
Established in 2015, Watch Your Health collaborates closely with insurers and pharmaceutical companies to enhance customer interactions and improve engagement.
Watch Your Health is at the forefront of integrating advanced analytics into health management. The platform offers personalised recommendations aimed at improving individual health outcomes. These include tailored diet plans, exercise regimes, and lifestyle modifications to support overall well-being.
Italian InsurTech Wopta Assicurazioni secures €4.1m
Wopta Assicurazioni, an InsurTech MGA established to support businesses and professionals against everyday risks, has successfully closed a €4.1m Series A funding round.
This raise brings the total amount raised by the company since its inception to approximately €8m, according to InsurTech Insights.
The newly raised funds will be used to expand the Italian firm’s range of products, extend its distribution network, and launch new solutions for personal lines, including car insurance. Additionally, Wopta plans to expand its presence through targeted acquisitions in the Italian and European insurance markets.
Rent2Cash secures €3m
Rent2Cash, the pioneering Italian startup, has successfully closed a pre-seed funding round, securing €3m.
The investment is set to bolster the startup’s operations in Italy, which include purchasing the first rental contracts. These contracts are part of a novel approach to securitization, facilitated by Banca Finint. The firm plays a critical role, acting as an advisor, investor, and servicer, leveraging its expertise in structured finance to support Rent2Cash’s launch and growth.
At the core of Rent2Cash’s operation is its proprietary algorithm, VAULT. This technology is designed to optimize the valuation of properties and rental agreements by analyzing over 50 different criteria. This algorithm is not only a testament to Rent2Cash’s commitment to technological innovation but also underpins their service of advancing up to 3 years of rent to property owners.
Lithuania’s FreeBnk captures $3m
Lithuania-based FreeBnk has recently concluded a significant funding round, securing $3m to advance its crypto investment technologies.
FreeBnk is dedicated to simplifying the crypto investment process for its users. It focuses on tokenizing real-world assets (RWAs), such as property, stocks, and gold, allowing for fractional ownership through its innovative platform.
The company’s suite of features includes gas fee-less cross-chain transfers, low-cost merchant payments, competitive rates for mortgages and lending, and robust crypto portfolio insurance.
Singapore’s Heymax.ai raises $2.6m
Heymax.ai, a pioneering open loop loyalty platform based in Singapore, has recently completed a significant seed funding round, securing US$2.6m.
The company, which was founded in 2023 by a team of four former Meta engineers, specializes in optimizing personal finance and shopping experiences. Heymax.ai enables consumers to accumulate Max Miles from over 500 partnering businesses, which can then be redeemed for flights or transferred to various airline and hotel loyalty programs.
The new funds are earmarked for enhancing Heymax.ai’s technological infrastructure and expanding its service offerings.
TRIVER boosts UK SME growth with fresh £2.5m
TRIVER, a leading SME working capital provider, has successfully secured £2.5m from existing investors to fuel its ongoing expansion.
This innovative FinTech firm is known for transforming the way small and medium enterprises (SMEs) in the UK access short-term working capital.
TRIVER is revolutionising the SME finance landscape by leveraging Open Banking data and sophisticated AI technologies. Its platform enables instant and automatic underwriting of small business borrowing risks. This system allows for a much quicker provision of funds, compared to the lengthy processes typical of traditional banks.
Trever secures €2.4m to enhance digital asset infrastructure
Trever, an institutional operating system provider for digital assets, has recently announced a significant boost to its growth with a €2.4m seed investment.
At its core, Trever provides a sophisticated infrastructure that supports trading, transfer, and bookkeeping of digital assets. Its software is designed to seamlessly integrate into the systems of banks, brokers, and funds, offering a robust platform for managing digital assets.
The newly acquired funds will be used to expand the availability of Trever’s systems to banks across Europe.
Currensea smashes £1.7m crowdfunding target
Currensea, a British FinTech company, has exceeded its crowdfunding target in a mere four hours.
The latest fundraising round on Seedrs brought in over £1.7m from 760 investors, surpassing the initial £1m goal.
This impressive financial backing values the company at £28.5m, and due to overwhelming investor interest, the funding round has been extended to accommodate additional investments. This initiative marks a strategic step forward in Currensea’s growth plans, particularly in enhancing customer acquisition efforts and further developing its co-brand offerings.
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