A massive $12.5bn was raised across all FinTech deals reported on by FinTech Global this week, as the year of 2024 comes to a close.
The large total was predominantly driven by Databricks’ eye-watering $10bn Series J investment, as well as a $1bn haul from Best Egg.
Here are all of this week’s deals.
Databricks secures monumental $10bn Series J
Databricks, a leader in data and AI technology, today announced a substantial increase in its financial standing through a Series J funding round.
The company, known for its robust Data Intelligence Platform, is raising a remarkable $10bn in expected non-dilutive financing. To date, $8.6bn has been secured, valuing Databricks at an impressive $62bn.
Databricks has been at the forefront of the AI and data revolution, experiencing accelerated growth—over 60% year-over-year—due to soaring demand in artificial intelligence.
Best Egg secures $1bn funding
Best Egg, a prominent FinTech focused on financial confidence, has announced a significant milestone with the successful arrangement of a $1bn purchase facility.
The funding, led by funds managed by AB CarVal affiliates, aims to bolster the company’s ability to offer vehicle equity loans. These loans allow individuals to use their car’s value as collateral, providing a practical solution for accessing funds.
Litigation FinTech Sandfield Capital secures £600m
Sandfield Capital, a Liverpool-based litigation FinTech company specialising in loans for legal claims, has secured a £600m facility from Perspective Investments.
The funding will be deployed over the next three to five years to support the company’s strategic expansion.
The facility is conditional on identifying suitable claims for funding. It will enable Sandfield Capital to expand its legal panel and diversify the range of claims it handles. This announcement follows three fundraises over the past 12 months, during which the company raised £30.5m.
Founded in 2020, Sandfield Capital provides disbursement loans to individuals and law firms pursuing litigation. These loans are repaid only if the case is won, democratising access to justice by helping claimants manage the growing costs of litigation.
SandboxAQ secures over $300m
SandboxAQ, a leader in the development of artificial intelligence applications, announced today a significant funding achievement, securing over $300m.
The company specializes in pioneering Large Quantitative Models (LQMs) and other AI technologies applicable across diverse fields such as drug discovery, materials science, chemistry, cybersecurity, navigation, and medical devices.
These innovations aim to address complex challenges across several critical sectors, including aerospace, biopharma, chemicals, defense, energy, and finance.
FinTech platform Current raises $200m
Current has revealed an exceptional growth trajectory in 2024, including a remarkable revenue increase of over 90%.
Following this outstanding performance, the company has successfully secured $200m in new capital to accelerate growth and advance its journey towards profitability by 2025.
Current specialises in transforming financial access for everyday Americans, offering a suite of integrated financial solutions. These include faster paycheck access, savings pods, a secured charge card linked directly to members’ spending balances, and earned wage access. These services collectively address critical financial needs, providing essential flexibility for millions across the United States.
bolttech raises $100m in Series C
bolttech, a global InsurTech provider focused on building a technology-enabled ecosystem for protection and insurance, has announced the successful closure of its Series C funding round.
The funding round, led by Dragon Fund—a collaboration between Liquidity and MUFG—alongside Baillie Gifford and Generali’s Lion River, raised over $100m. The investment brings bolttech’s valuation to $2.1bn.
The company, operating across more than 35 markets in Asia, Europe, North America, and Africa, powers connections between insurers, distributors, and customers. Its digital and data-driven capabilities simplify and streamline the purchase and distribution of insurance products globally.
Parafin bags $100m Series C
Parafin, a pioneer in embedded finance infrastructure, recently announced the close of its $100m Series C financing.
This company specializes in powering financial services for marketplaces, vertical SaaS, and payment platforms. High-profile clients include global giants like Amazon, Walmart, DoorDash, TikTok, and Worldpay.
Parafin’s infrastructure allows platforms to rapidly deploy a comprehensive suite of financial products for their small business clients, encompassing capital access, spend management, and savings solutions.
UAE’s CredibleX raises $55m
CredibleX, the UAE-based startup, has carved a niche for itself in the embedded SME lending landscape.
Known for its innovative approach, the company is revolutionizing how small to medium enterprises (SMEs) access working capital in the region. Since its inception, CredibleX has disbursed a substantial AED 100 million in loans, significantly impacting the local business ecosystem.
The company recently announced a successful US$55m (AED 200m) seed funding round comprising both equity and debt.
Keepit secures $50m funding round
SaaS data protection provider Keepit, renowned as the world’s only independent cloud-native backup provider, has raised $50m in its latest funding round.
This funding marks the third equity investment for Keepit in the past four years, bringing its total capital raised to $90m. The company plans to use the funds to expand its global presence and enhance its innovative product offerings.
Keepit delivers vendor-independent infrastructure dedicated to protecting SaaS data. Its solutions already support 5 million users globally, empowering enterprises to secure critical data across various workloads.
Basis raises $34m to transform accounting
Basis, officially known as Essex Labs Inc., has recently announced a substantial boost in funding.
According to Silicon ANGLE, the startup, which specializes in AI-driven software solutions for the accounting sector, has successfully closed its Series A funding round, amassing an impressive $34m.
At its core, Basis is revolutionizing the accounting landscape. The company provides a sophisticated AI platform designed to enhance productivity within accounting firms by automating the mundane and repetitive aspects of their work. Its technology is underpinned by advanced language models crafted specifically for high-performance accounting tasks.
Risk intelligence platform Bureau secures $30m
Bureau, a risk intelligence platform focused on fraud prevention and identity decisioning, has raised $30m in its Series B funding round.
The investment round was led by Sorenson Capital, with participation from PayPal Ventures, and existing backers including Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures.
Bureau specialises in delivering AI-driven solutions to prevent fraud, ensure compliance, and enhance user experiences. Its platform integrates device intelligence, behavioural AI, identity data, and predictive modelling to tackle challenges like money mule accounts, account takeovers, and synthetic identity fraud.
Silicon Valley veterans unveil Stand with $30m
Stand, a new insurance company focused on climate-impacted properties, has officially launched its first product: California homeowners insurance, which is aimed at protecting and fortifying properties against wildfire risks.
The launch comes alongside $30m in funding secured from Inspired Capital, Lowercarbon, Equal Ventures, and Convective Capital. Backed by top-tier reinsurers and an A- rating from AM Best, Stand aims to provide over $2bn in home coverage within its first year.
The insurance market is facing a climate crisis, with insurers increasingly withdrawing from high-risk regions, particularly in California.
Jiko secures $29m Series C funding
Jiko, a technology platform and bank focused on transforming treasury management, has completed a $29m Series C funding round.
Jiko’s platform provides seamless access to U.S. Treasury bills, enabling corporate clients to manage their cash with security and flexibility.
Through its core product, Jiko Pockets, the platform allows users to programmatically purchase and sell T-bills 24/7, offering a safer and more flexible alternative to traditional money market funds or leveraged bank deposits.
Chargezoom secures $11.5m Series A
Chargezoom, a leading AI-powered billing and integrated payments platform, has announced it raised $11.5m in a Series A funding round led by Salt Lake City-based Kickstart Fund.
The funding marks Chargezoom’s strategic entry into Utah’s thriving tech ecosystem, supported by Kickstart Fund, a prominent early-stage venture capital firm.
Chargezoom simplifies accounts receivable (AR) processes for businesses by leveraging artificial intelligence and machine learning to automate invoicing, payments, and cash flow.
Volume secures $6m in fresh capital
Volume, a rising star in the FinTech space, has successfully closed a $6m funding round led by United Ventures.
Volume is making waves by tackling the inefficiencies of traditional payment methods, which often see businesses and consumers saddled with fees ranging from 2% to 8%.
Through their innovative account-to-account (A2A) payment technology, Volume offers a compelling alternative that sidesteps these exorbitant charges.
GAIB secures $5m in pre-seed funding
GAIB, a pioneering platform creating the financial infrastructure for AI computing, today announced a successful $5m pre-seed funding round.
The raised capital will be utilized to expand GAIB’s research and development and operations teams, accelerate product iteration, and enhance the robustness of the platform’s infrastructure to meet growing market demands.
This investment aims to further GAIB’s objective of pioneering a liquid, decentralized market for enterprise-grade GPUs, a critical move addressing significant gaps in GPU financing and investor accessibility.
InvoiceQ secures $1.2m pre-Series A funding
InvoiceQ, a Jordan-based SaaS company specialising in e-invoicing and integration solutions, has successfully raised $1.2m in its pre-Series A funding round.
The investment saw participation from notable Jordanian investors, including Oasis 500, Orange VC, Flat6Labs, Natej Soft, and several angel investors, according to a report from Entrepreneur.
The company finalised this funding round with legal guidance from Kassim Legal, a boutique law firm focused on startups and entrepreneurs.
Edinburgh’s Workpro raises £500k
Edinburgh-based tech company Workpro, the market-facing brand of Computer Application Services Ltd (CAS), has secured an equity injection of £500,000.
Workpro, established as a spin-out from Heriot-Watt University in 1969, has been delivering case management solutions since 2000. Its software is widely recognised for streamlining and supporting the management of complex caseloads in sectors such as government, finance, legal services, and retail.
The company plans to utilise the fresh funding to capitalise on its recent growth, which has seen revenues rise by 20% over the past year. The employee-owned business aims to expand its proactive marketing initiatives, further establishing its software as an essential tool for managing customer grievances and employee relations issues.
FinCrime Dynamics raises seed round
FinCrime Dynamics, a UK-based FinTech specialising in criminal behavioural intelligence and data-driven solutions, has secured seed funding to advance its AI-powered platform.
The investment round was led by Oxford Capital, with participation from Twin Path Ventures and Syndicate Room. The funding also received support from angel investors, including Robert Sansom, and new backers like Ascension.
FinCrime Dynamics has developed a proprietary platform, Synthetizor, which enables financial institutions to simulate complex fraudulent behaviours and generate synthetic data.
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