The USA dominated the FinTech funding market this week, as overall, the sector surpassed $800m in total capital raised.
Headlined by an eye-watering $250m tranche from US-firm Forward Financing, the space saw the USA demonstrate total control, landing 13 of the 24 deals and bringing in a monstrous $662.87m.
The UK followed with 3 deals totalling $65.9m, continuing its position as the perennial bridesmaid of the FinTech space.
All other nations secured a solitary deal: India raised $21 million, France made waves with $120 million, and Israel brought in $33 million. Sweden saw one deal with an undisclosed amount, while the Netherlands landed $10 million. Canada secured $6.4 million, Mexico raised $7.3 million, and Spain closed out with a modest $0.4 million.
On the sector front, RegTech led the way with 6 deals, raising $116m. InsurTech followed with 5 deals, bringing in $180.5m. FinTech raised the most funding, securing $543.57m across 5 deals. PayTech saw 4 deals, raising $51.4,, while CyberTech had 2 deals, totalling $22m. WealthTech closed with 1 deal, raising $30m.
In terms of other leading deals, AtoB, the leading provider of modern payment solutions for the transportation industry, managed to secure an impressive $130m in its Series C fundraising.
The firm aims to leverage the capital to boost the trucking industry through innovative payment solutions.
Parisian InsurTech Akur8 received a similarly sizeable $120m capital injection, as it looks to enhance its next-generation actuarial platform.
The firm plans to introduce two new modules to its platform: “Optim,” which helps insurers determine optimal pricing strategies, and “Deploy,” a new rating engine designed to bring pricing into production efficiently.
The raise was doubly significant as it was the largest InsurTech funding round of 2024 so far, surpassing hyperexponential’s $73m raise from earlier this year.
Here are this week’s FinTech funding rounds:
Forward Financing boosts credit facility to $450m, empowering more US small businesses
Forward Financing, a prominent FinTech company based in Boston, has announced an increase in its existing credit facility from $250m to $450m.
The additional capital marks a substantial rise, aimed at empowering a broader spectrum of small businesses. Investors have shown confidence in Forward’s robust financial health and its strategic position in the revenue-based financing market, enabling this significant increase in their credit facility.
Forward Financing specializes in providing working capital to small businesses that typically struggle to secure traditional financing, such as bank loans. Over 27% of Forward’s clientele operates in Low-to-Moderate Income (LMI) areas, highlighting the company’s focus on accessibility and inclusivity in business financing.
AtoB secures $130m to boost trucking industry with innovative payment solutions
AtoB, the leading provider of modern payment solutions for the transportation industry, today announced it has raised a substantial $130m in combined Series C equity and debt funding.
This financial injection marks a significant step for the company, founded in 2019 with a mission to overhaul the financial systems of trucking businesses, which are crucial yet often overlooked components of the U.S. economy.
The funding round was led by General Catalyst and Bloomberg Beta, with additional contributions from Mastercard and notable figures in the trucking and logistics industry. This capital will bolster AtoB’s ongoing efforts to innovate and expand its product offerings and team.
Akur8 lands $120m in Series C to enhance its next-gen actuarial platform
Kasisto hits $90m in total funding, elevates FinTech with new executive chairman
Kasisto, the innovator behind KAI, the premier conversational AI platform for the financial services sector, has recently strengthened its leadership team by appointing Don Layden as Executive Chairman of its Board of Directors.
This strategic appointment coincides with Kasisto’s successful closure of its Series D funding round, cumulatively raising the company’s funding to $90m.
This fresh influx of capital, combined with robust leadership, is set to reinforce Kasisto’s status as a frontrunner in providing conversational and generative AI solutions that enhance engagement and operational capabilities across financial institutions.
Picus Security secures $45m to redefine cybersecurity with adversarial exposure validation
Picus Security, a trailblazer in cybersecurity validation, announced today that it has secured a $45m growth investment.
The funding round was led by Riverwood Capital and saw participation from Earlybird Digital East Fund, bringing Picus’ total raised funds to $80m. The company serves over 500 enterprise customers globally and plans to use the new investment to further its product innovation and enhance customer support, sales, and marketing efforts.
The firm has distinguished itself by developing the only Adversarial Exposure Validation solution that integrates Automated Penetration Testing, Breach and Attack Simulation (BAS), and Rule Validation capabilities on an open platform.
This innovative approach helps cybersecurity teams prioritize, validate, and address critical vulnerabilities efficiently. Picus has emerged as a leader in this newly established category, leveraging its unique Picus Exposure Data Fabric™ and Picus Risk Dashboard to provide a comprehensive view of cyber risks.
Intezer secures $33m in Series C to boost AI-driven cybersecurity capabilities
Cherre raises $30m to enhance real estate data management capabilities
Cherre, a prominent real estate data management and intelligence platform, recently announced a successful completion of a $30m Series C funding round.
This significant financial injection was led by HighSage Ventures, a firm backed by permanent capital.
The round saw contributions from major names in real estate investment including Nuveen Real Estate, RXR (RADV), and certain principals of TA Realty. Cherre’s funding landscape is further enriched by the continued support from existing investors such as Trustbridge Partners, Glilot Capital Partners, Intel Capital, and Carthona Capital.
Wealth.com secures $30m in Series A funding to enhance AI-driven estate planning
Orb secures $25m Series B funding to revolutionise software billing
Orb, the trailblazing billing platform, announced today it has secured $25m in Series B funding, orchestrated by Mayfield and supported by previous investors Menlo Ventures, Greylock Partners, South Park Commons, Basecase, and Scribble Ventures, along with new contributor Uncorrelated Ventures.
This injection raises Orb’s total funding to $44.1m and will propel the company’s growth as it provides businesses with the infrastructure to adapt to evolving software landscapes and AI-driven business models.
Unlike traditional seat-based billing solutions that dominated the early cloud era, the rise of generative AI and increasingly intelligent, adaptive, and personalized products are pushing software access models towards pricing aligned with product usage or outcomes.
This shift has made it challenging for businesses using legacy billing systems to match pricing with the value delivered, often diverting engineering resources from product innovation to monetization strategy optimization. In an era where macroeconomic conditions compel end users to prioritize impactful software applications, these businesses face a disadvantage.
Yonder bags £23.4m to boost expansion of its rewards credit platform
Yonder, a London-based rewards credit card company, has recently successfully closed a significant funding round.
According to IBS Intelligence, the company has secured a new investment of £23.4m, led by investor Dan Jones through his venture firm Repeat, along with Gareth Jefferies through RTP Global and Remus Brett through Latitude, the sister fund of LocalGlobe. This fresh injection of capital has propelled Yonder to a post-money valuation surpassing £100m.
Yonder operates in the competitive FinTech sector, offering a rewards credit card aimed primarily at enhancing travel, socialising, and city exploration experiences for its users. The company distinguishes itself through unique offerings like Flights and Stays, which enable members to use points towards flights and hotels worldwide, promising no restrictions on airline choice, destination, or time.
Roots Automation bags $22.2m in Series B to drive AI innovation in insurance
Indian InsurTech Onsurity raises $21m to fuel expansion plans
Ferovinum secures £17.5m in Series A
Amsterdam-based CarePay International, a health insurance platform dedicated to making healthcare more affordable and accessible, has announced it has raised €10m in funding.
The tranche saw participation from both existing and new investors, including the Reinsurance Group of America (RGA), a Fortune 500 company that joins as a new long-term strategic investor, according to Silicon Canals.
The company intends to utilise the new capital to accelerate its global expansion and innovation. This will allow CarePay to extend its platform to new regions and markets, reduce healthcare costs, and improve direct connections with individuals.
Mexican InsurTech Koltin secures $7.3m Series A
Koltin, a Mexico-based InsurTech, has successfully raised $7.3m in a Series A funding round led by Left Lane Capital.
This investment round, led by Left Lane Capital, was spearheaded by Rachel Schow, the firm’s vice president, who will now join Koltin’s board of directors, according to InsurTech Insights.
The newly secured funds will be used to expand Koltin’s operations and continue enhancing its healthcare services for Mexico’s elderly population.
Loop Financial raises $6.4m CAD, pioneering solutions for international business finance
Edera secures $5m seed investment to pioneer secure kubernetes and AI technologies
Edera, the only company worldwide offering a secure-by-design Kubernetes and AI solution, announced today it has secured a $5m seed investment.
The funding round was spearheaded by 645 Ventures and Eniac Ventures, featuring contributions from FPV Ventures, Generationship, Precursor Ventures, and Rosecliff Ventures, with additional backing from angel investors including Joe Beda, Filippo Valsorda, Mandy Andress, Jeff Behl, and Nikitha Suryadevara from Kleiner Perkins.
The enterprise infrastructure company is set to transform container security. Edera leverages a type 1 hypervisor technology to ensure isolation at the container level, fundamentally altering how containers operate and eliminating the possibility of container escapes—a breakthrough in the tech industry.
Sitewire secures $3.17m to boost construction finance operations
Upfront secures $2.5m to revolutionize real estate agent payments
Upfront, a new real estate finance platform, today announced it has raised $2.5m in a funding round combining $1.5m in equity and $1m in debt.
The investment was led by Diagram Ventures with ROC Venture Group also participating. This financial injection enables Upfront to officially launch and begin its mission to transform the financial dynamics between real estate brokers and agents.
Upfront aims to reinvent how real estate agents manage their finances, particularly how they receive payments. Traditionally, agents face significant delays in commission payouts, often waiting up to three months, which can impose substantial financial strains.
FinTech startup Colibid raises €400,000 to expand mortgage solutions
Colibid, the Spanish FinTech platform that pioneered the country’s first mortgage auction system, has successfully raised €400,000 in a Seed Round.
The funding round included follow-on investments from Demium Capital and business angel Andreas Mihalovits, reflecting their continued faith in Colibid’s potential and future prospects.
Joining the existing investors, OK Ventures, the venture capital arm of the OK Group, along with numerous private investors through StartupExplorer’s public investment platform, contributed to this round. This financial injection cements Colibid’s foothold in the Spanish mortgage market and underpins its ambitious plans for expansion.
Colibid operates an innovative marketplace that has connected over 100,000 clients with 17 major banks and more than 100 brokers across Spain since its launch in 2022. This platform allows Spanish families to access the best mortgage rates seamlessly, facilitating a competitive bidding environment among lenders.
The new funds will be employed to grow the Colibid marketplace further and support the company’s international ambitions, including a new partnership in Mexico marking the beginning of its overseas expansion.
Savr and Incore Invest partner up to revolutionize Nordic equities trading
