FinTech Global reported that $748m was raised across 21 funding rounds this week, representing a maintained and steady interest in the sector.
The top funding rounds this week were headed by construction FinTech Constrafor, who pulled in $264m in a Series A raise. Meanwhile, Halcyon, a CyberTech, pulled in $100m in a Series C raise.
Here are this week’s deals.
Constrafor secures $264m Series A
Constrafor, a financial software provider for the construction sector, has announced the completion of its $264m Series A funding round.
The funding includes $14m in equity investment led by NFX and a $250m credit facility supported by Wafra and Crestline Investors.
The New York-based company develops technology and financial solutions to address key challenges in the construction industry, including tight margins, cash flow issues, and labour shortages. Constrafor’s innovative platform enhances the relationship between subcontractors and general contractors (GCs), offering digital tools that simplify procurement, invoicing, and payment processes.
Halcyon secures $100m Series C
Halcyon, a prominent cybersecurity firm, recently announced the closure of its $100m Series C funding round.
The funding round was led by Evolution Equity Partners and saw contributions from Bain Capital Ventures, SYN Ventures, Harmony Group, Corner Capital Management, Dropbox Ventures, ServiceNow Ventures, and existing investors. This significant financial injection raises Halcyon’s total funding to $190m and boosts its valuation to $1bn.
The company is dedicated to providing cutting-edge solutions to defend against ransomware attacks, a growing threat that cost victims over $1bn in payments in 2023. Halcyon’s approach combines prevention with resilience, employing a proprietary technology that captures encryption keys, enabling quick recovery from attacks without the need to pay ransoms.
Partior secures $80m in Series B funding
Partior, a blockchain fintech for real-time clearing and settlement, has completed its Series B funding round, raising a substantial $80m.
This round saw significant participation from a consortium of investors including Deutsche Bank, which joined as a strategic investor, alongside other notable entities such as Peak XV Partners, J.P. Morgan, Jump Trading Group, Standard Chartered, Temasek, and Valor Capital Group.
Partior operates a cutting-edge platform that enables real-time, atomic clearing and settlement of transactions. This system not only provides instant liquidity and transparency but also offers enhanced security and efficiency by overcoming the limitations of sequential processing found in traditional payment systems.
Digital identity wallet ID.me raises $67m
ID.me has announced the successful closure of a $67m secondary tender investment, bolstered by new investor Ribbit Capital and existing stakeholders Viking Global Investors and CapitalG.
Blake Hall, founder and CEO of ID.me, emphasised the importance of the investment, stating, “Our rapid growth trajectory and user adoption have been recognized by esteemed institutional investors, and this transaction highlights the differentiation our market-leading outcomes of expanding digital access, protecting privacy, fighting fraud, and ensuring frictionless user experience are receiving in the market.”
ID.me aims to simplify identity verification with its digital identity wallet, providing a seamless login experience for users to access websites and share verified credentials securely.
Treasury management leader Agicap raises €45m
Agicap, a leading treasury management platform for SMB and midmarket firms, has secured €45m in a Series C funding round led by AVP.
The investment round was led by AVP, marking its first European investment from its new €1.5bn late-stage fund, and signifies strong confidence in Agicap’s technology and growth potential.
Founded in 2016, Agicap offers a comprehensive suite of treasury management tools, integrating real-time cash flow visibility, banking connectivity, and ERP solutions. The platform helps finance teams streamline cash management and forecasting, critical in today’s unpredictable economic landscape.
AI-driven InsurTech Federato secures $40m
Federato, an InsurTech startup specialising in AI-driven underwriting solutions, has announced the close of a $40m Series C funding round.
This latest injection of funds brings Federato’s total raised since its 2020 founding to $80m, and the firm plans to use the fresh funding to expand its global footprint, with a focus on key markets in the UK, Europe, Latin America (LATAM), and Asia-Pacific (APAC).
Federato is known for its innovative underwriting platform that leverages artificial intelligence to streamline processes for insurers, including global carriers, managing general agents (MGAs), and mutuals.
Blockchain innovator WadzPay secures $36.7m
WadzPay, a blockchain technology and financial services company, has secured a significant funding commitment from GEM Global Yield (GEM).
Founded in 2018 in Singapore, WadzPay aims to drive financial inclusion and transform the virtual asset financial services industry.
WadzPay provides a SaaS-based blockchain platform offering secure and efficient solutions for businesses and consumers. Its services include virtual asset transaction processing, custody, and settlement, with operations spanning Asia Pacific, the Middle East, Africa, Europe, and the Americas. The company collaborates with international firms, banks, and FinTechs to deliver virtual asset-based financial solutions.
Cardless secures $30m
Cardless, an embedded credit card platform, has successfully raised $30m in growth equity funding.
According to Finextra, this funding marks a significant milestone, underpinned by a tenfold increase in revenue since the beginning of 2023. Cardless specializes in creating co-branded credit cards for major brands, seamlessly integrated across the three largest card networks: Visa, Mastercard, and American Express.
The recent financial infusion was spearheaded by Activant Capital, with contributions from both new and existing investors, including Mischief (the fund co-founded by Plaid’s Zach Perret), Industry Ventures, Thayer Ventures, Assurant, and American Express. This latest round brings the total equity funding for Cardless to over $90m.
AI WealthTech Range raises $28m
Range, an innovative AI WealthTech company, has raised $28m in a Series B funding round.
The investment was led by Cathay Innovation, with participation from Gradient Ventures and other investors. This latest round brings the company’s total funding to $40m.
The company, co-founded by Fahad Hassan and David Cusatis in 2021, provides a comprehensive wealth management solution powered by artificial intelligence. Its proprietary AI engine, Rai, delivers personalised financial advice 10-20 times faster than traditional advisors while significantly reducing fees for clients.
Prompt Security secures $18m in Series A
Prompt Security, a pioneering firm in GenAI security, announced today that it has successfully secured $18 million in Series A funding.
The round was spearheaded by Jump Capital, with significant contributions from Hetz Ventures, Ridge Ventures, and notable tech giants Okta and F5.
The substantial investment underlines the urgency and necessity of bolstering GenAI security within corporate environments. Prompt Security has committed to deploying these new funds to enhance its security framework, aimed at safeguarding enterprises from the burgeoning threats posed by GenAI technologies.
Generative AI pioneer Boosted.ai bags $15m
Boosted.ai, a generative AI company serving investment managers globally, has closed a $15m financing round.
The investment round included participation from funds managed by Fidelity Investments Canada ULC, alongside existing investors such as Ten Coves Capital, Spark Capital, Portage Ventures, Royal Bank of Canada (RBC), and HarbourVest Partners. Inclusive of seed capital, the total funding raised by Boosted.ai now stands at $61m.
Boosted.ai’s platform, Alfa, is at the core of its operations. Alfa leverages “agentic AI” technology, an AI coworker concept that enables users to customise the AI to mirror their thought processes. This innovation reduces complex tasks, such as financial analysis, from 40 hours to just 20 minutes.
Munich-based Predium bags €13m
Munich-based Predium, a leading Proptech company, has successfully secured €13m in a Series A funding round.
According to Tech EU, this round was spearheaded by Norrsken VC, a prominent impact investor, with additional contributions from UVC Partners, b2venture, and Mutschler Ventures.
Predium is known for its innovative platform that streamlines compliance for real estate and financial companies. Among its notable clients are Deutsche Investment Group, Colliers, Soravia, and Baloise, underscoring its impact and necessity in the evolving real estate sector.
B.P. Marsh invests $12.6m in XPT Group
B.P. Marsh & Partners, a specialist private equity investor in early-stage financial services firms, has made a $12.6m investment in XPT Group, a leading US-based insurance distribution platform.
The funding is a mix of equity purchase and a new loan facility. Alongside this, XPT has expanded its banking facilities, now benefiting from a $122m total loan facility provided by Apogem Capital, including $55m in additional loans, according to InsurTech Insights.
The new funding will support XPT’s strategic initiatives, including organic growth, talent acquisition, and further mergers and acquisitions. The company aims to achieve nearly $1bn in Gross Written Premiums (GWP) in 2024, a substantial rise from $675m in 2023.
Grey Market Labs secures $8m
Grey Market Labs, a growing cybersecurity firm, has successfully raised $8m in a Series A funding round.
This significant financial boost, led by Capri Ventures with contributions from Blu Ventures and AFG, marks a pivotal moment for the company renowned for its innovative Replica Platform.
The funding is earmarked to propel the adoption of Replica, a first-of-its-kind platform offering Secure Environments-as-a-Service. This unique service is designed to enhance privacy and security across the digital sphere, addressing the pressing vulnerabilities that organizations face today.
Hybrid payment platform Rise secures $6.3m
Rise, a hybrid payments platform specialising in payroll and compliance solutions, has raised $6.3m in its Series A funding round.
The company, which launched in 2022, provides businesses with the tools to manage payments for contractors and employees globally using both fiat and digital currencies.
Rise’s platform bridges traditional finance and blockchain, offering infrastructure that supports fiat currencies and digital assets. It automates domestic and cross-border transactions through its proprietary on-chain smart contracts, enabling businesses to pay contractors in their preferred currency, regardless of the treasury type.
Aevi secures €5m from Salica Investments
Aevi, a pioneer in in-person payment orchestration, has received a significant financial boost from Salica Investments.
This recent venture debt investment, amounting to €5m, was facilitated through Salica’s Growth Debt Fund, marking it as their fifteenth venture debt investment.
The funding will fuel Aevi’s ambition to revolutionize the in-person payments landscape on a global scale. As the only independent provider in this niche, Aevi introduces the simplicity and efficiency of eCommerce into physical retail environments. Their platform offers stakeholders digital flexibility, choice, and comprehensive access to data throughout the payment process, enhancing the shopping experience significantly.
OpenTrade secures $4m
OpenTrade, a London-based platform specialising in real-world asset-backed stablecoin yield products, has raised $4m in a seed extension round led by AlbionVC. Returning investors a16z and CMCC Global also participated in the funding.
Founded in late 2022, OpenTrade enables FinTechs, neobanks, and payment companies to create stablecoin-based financial services. Its platform provides seamless access to stable returns, ranging from 3% to 6% APR, backed by high-quality financial assets such as U.S. Treasury Bills.
These solutions eliminate the complexity and cost of moving funds into the traditional banking system, allowing businesses to integrate yield products directly into their platforms.
NORBr raises €3m in funding
NORBr, a Dutch Payment Infrastructure as a Service (IaaS) provider, has successfully secured €3 million in a funding round.
The company is at the forefront of addressing the evolving needs of the global payments market, which is anticipated to grow to a whopping €2.1 trillion by 2027.
NORBr specializes in creating no-code, flexible platforms that enable rapid deployment and provide cost-effective payment infrastructure solutions. Their integration with payment service providers (PSPs) and acquirers allows clients to efficiently manage multiple payment channels, both online and in-store.
Weather InsurTech Poncho secures $617k
Poncho, a Swiss startup specialising in weather-based refunds for outdoor experiences, has raised $617,000 in seed funding.
The new funding will be used to enhance Poncho’s product offering and expand its footprint across the Swiss travel and leisure industry. The company is also focused on making weather insurance accessible and user-friendly, as it builds partnerships with businesses to integrate its solutions more widely.
This marks a major milestone for Poncho, which was founded in 2023 and currently operates with a small team of three.
Wahed receives funding from Qatar Development Bank
Qatar Development Bank (QDB) has announced a strategic investment in Wahed, a global Islamic FinTech dedicated to providing Shariah-compliant investment solutions.
Wahed, founded in 2015, has rapidly grown into a leader in Shariah-compliant investing, with a platform that offers affordable and accessible financial services. The company currently manages over $1bn in assets and serves a global customer base of over 400,000 individuals.
Built on the principle of democratising access to sophisticated financial services, Wahed offers an app-based platform providing managed portfolios, as well as venture and real estate investment opportunities, all designed to comply with Islamic financial principles.
Capitolis boosts growth with multi-million investments
Capitolis has recently announced a significant boost in funding, marking another milestone in its ambitious growth trajectory.
The company, which specializes in capital markets technology, aims to redefine how capital markets operate by offering innovative solutions that optimize financial resource allocation and enable more efficient transaction processes.
Capitolis operates primarily in the FinTech space with a focus on creating a scalable platform that helps financial institutions free up capital and enhance their transactional capabilities.
