FinTech Global reported on 17 deals last week in the FinTech sector, with up to $336m raised across all investments reported on.
The biggest funding round this week was seen in the PayTech sector, where payroll software firm OnPay was able to pull in $100m to expand its offerings.
Find all deals below.
Payroll software provider OnPay secures $100m
Payroll software provider OnPay secures $100m funding to expand offerings
OnPay, a leading provider of payroll, HR, and benefits solutions, has announced it has raised over $100m in new funding.
The funding includes a $63m Series B round led by Carrick Capital Partners, with additional contributions from AB Private Credit Investors, the middle market private capital platform of AllianceBernstein, and existing investors. A debt facility was also secured from MC Credit Partners.
Based in Atlanta, OnPay offers payroll, HR, and benefits solutions to over 25,000 small and medium-sized businesses (SMBs) across the US. Its platform combines user-friendly functionality with advanced features traditionally available only to larger organisations.
ICEYE raises $65m to bolster natural catastrophe solutions
Finnish technology company ICEYE has secured $65m in an extension to its growth funding round to bolster its natural catastrophe solutions.
The funding round, which utilised a mix of debt and equity financing, saw participation from Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. This latest injection brings ICEYE’s total fundraising in 2024 to $158m, according to the Coverager.
Founded in 2014, ICEYE specialises in SAR satellite technology, offering high-resolution Earth observation data and near real-time insights to insurance clients such as Swiss Re, Juniper Re, and Insurity.
Nomupay raises $37m
Dublin-headquartered Nomupay has closed a $37m funding round, achieving a $200m valuation.
The final $12m tranche of the September fundraising was led by Endeit Capital, with participation from Uneti Ventures, a backer associated with early Adyen employees, according to Finextra.
Existing investors contributed $25m over the past 18 months, demonstrating continued confidence in the firm.
Nomupay operates its Unified Payments (UP) platform, which enables seamless online, point-of-sale (POS), and payout capabilities across multiple Asian, European, and Middle Eastern markets through a single API.
Matic Insurance lands $30m
Matic Insurance, a provider of embedded insurance solutions, has announced it secured $30m in growth funding from Vistara Growth.
The funding will enable Matic to expand its operations, develop its advanced technology platform, and form new partnerships, according to InsurTech Insights.
Founded in 2017, Matic empowers mortgage servicers, originators, banks, and other financial institutions to seamlessly offer insurance products such as home, auto, and other personal lines coverage.
ThreatMark secures $23m
ThreatMark, a cybersecurity company focused on fraud prevention for financial institutions, has secured $23m in a funding round led by Octopus Ventures, Riverside Acceleration Capital, and Springtide Ventures.
The funding demonstrates investor confidence in ThreatMark’s mission to combat online fraud, which caused global losses amounting to $486bn in 2023.
ThreatMark is known for its Behavioural Intelligence Platform, which combines transactional monitoring, threat detection, and behaviour-based authentication. The platform enables banks to detect and stop sophisticated fraud attempts in real time while ensuring a seamless experience for legitimate users
Cargo insurance provider Parsyl secures $20m
Parsyl, a cargo insurance provider operating in the US and London, has announced it raised $20m in a Series C funding round.
The Lightsmith Group led the round, with participation from HSCM Ventures, GLP Capital Partners, Lineage Ventures, and FirstTracks Ventures.
Founded in 2017, Parsyl combines technology and insurance solutions to provide marine cargo coverage for goods in storage and transit. The company operates as a managing general underwriter (MGU) and runs its own managed syndicate at Lloyd’s of London, leading one of the largest marine cargo consortia in the London market.
Endowus secures $17.5m
Endowus, a leading digital wealth advisory platform in Asia, has bolstered its funding with a $52.5m round, increasing its total funding to over $110m.
The funding round was led by existing investors Prosus Ventures, UBS, and MUFG, with participation from new investors OSK Ventures, JLIN LLC, and Asia Companion Fund (ACF), the latter backed by professional basketball player Jeremy Lin.
The additional $17.5m in funding builds on the $35m raised last year. Endowus aims to use this capital to enhance its offerings, expand its services across Asia’s wealth hubs, and drive innovation in its WealthTech solutions. The company is recognised for its commitment to providing conflict-free advice and access to institutional-grade financial solutions at fair fees.
AI-driven InsurTech Jones secures $15m
Jones, an InsurTech company revolutionising insurance verification through AI, has secured $15m in a Series B funding round to advance its innovative solutions for the real estate and construction sectors.
Jones specialises in simplifying the collection and verification of insurance certificates (COIs), endorsements, and policies, ensuring compliance with precision.
It integrates seamlessly with key ERP systems, enabling real estate and construction clients to manage over 25,000 projects across 2.5bn square feet in the United States.
Dataships raises $7m in Series A
Dataships, an Irish RegTech specializing in automating GDPR and CCPA compliance for eCommerce platforms, has closed a $7m Series A funding round.
According to TechEU, this significant financial boost was led by Osage Venture Partners, alongside contributions from Lavrock Ventures and the Urban Innovation Fund, marking a pivotal step in the company’s journey since its founding in 2019.
Originally established as a compliance technology enterprise, Dataships has evolved to focus more broadly on compliance management amid growing customer acquisition costs and stringent privacy regulations. This pivot reflects an increasing demand from eCommerce merchants for scalable and effective growth strategies that also ensure rigorous compliance with privacy laws.
JeelPay secures $6.6m
Saudi BNPL company JeelPay, a specialist in education-focused financing solutions, has successfully raised SAR 25m ($6.6m) in a Pre-Series A investment round.
JeelPay offers a digital platform designed to ease the financial burden of education by allowing people to pay tuition fees in interest-free instalments.
The company collaborates with educational institutions to provide flexible payment plans that empower families to access high-quality education.
Abstract gains $4.8m to propel AI solutions
Abstract, an AI company known for its pioneering work in regulatory intelligence, today announced a successful $4.8m seed funding round.
The seed funding will primarily support Abstract’s innovative platform that integrates AI to analyze and synthesize disparate regulatory data—from draft legislation to public comments and regulatory discussions. This integration creates a superintelligence platform that acts like a team of analysts, providing businesses with proactive insights into risks and opportunities that are relevant to their operations.
Abstract leverages cutting-edge technologies such as Large Language Models (LLMs) and Retrieval-Augmented Generation (RAG) to build its regulatory intelligence platform. It processes millions of data points from over 145,000 government bodies along with social media and news trends, offering real-time insights that help companies understand how regulatory changes could affect them.
AI-driven AR automation platform Fazeshift raises $4m
Fazeshift, an AI-driven platform for automating accounts receivable (AR) processes, has raised $4m in seed funding.
The company, which leverages AI agents to streamline financial workflows, aims to eliminate manual tasks bogging down AR operations.
Fazeshift specialises in transforming manual AR processes such as invoice creation, payment reconciliation, and overdue payment management into fully automated workflows. Unlike traditional robotic process automation (RPA), Fazeshift employs advanced large language models (LLMs) to navigate complex workflows with greater accuracy and flexibility, catering to the unique needs of enterprise finance teams.
Nevermined secures $4m
Nevermined, a company specialising in AI payment infrastructure for AI-to-AI transactions, has raised $4m in funding to accelerate the adoption of its AI-Commerce payment protocol.
The funding round was led by Generative Ventures, with contributions from Polymorphic Capital, NEAR, Halo Capital, Factor Capital, Lyrik Ventures, and Arca.
The round also saw participation from notable AI experts, including David Minarsch and Oak from Valory, Richard Blythman and Mark Schmidt from Naptha, and Ben Fielding from Gensyn.
Deep Vector secures $1.5m seed funding
Deep Vector, an AI platform specialising in the analysis of underwriting documents, has successfully completed its seed funding round, raising $1.5m.
The company focuses on helping insurers and brokers translate complex analog documents, such as claims loss runs, Acord forms, and motor vehicle records, into actionable digital data. Its proprietary algorithms and machine learning technology can identify and process over 5,600 document format types specific to various insurance carriers.
RegTech innovator RZOLUT secures $1.25m
RZOLUT, a leading RegTech company specialising in financial crime and compliance solutions, has announced a successful funding round, raising $1.25m.
This angel funding round was led by Green Trunk Ventures (GTV), with participation from several global angel investors.
The company leverages advanced AI-driven platforms to help organisations mitigate risks and ensure compliance in the ever-evolving regulatory landscape. RZOLUT serves clients across diverse industries, including banking, private equity, gaming, and retail, with a presence in North America, Europe, and Asia.
360 Advanced secures strategic growth investment
360 Advanced, a leading consulting firm specialising in cybersecurity and compliance frameworks, has received a minority growth investment from Bregal Sagemount’s Basecamp fund.
Founded in 2009 and headquartered in St. Petersburg, FL, 360 Advanced provides a range of audit and attestation services, including SOC, PCI, ISO, HITRUST, FedRAMP, CMMC, and HIPAA. The company is known for delivering tailored solutions to clients across sectors such as healthcare, financial services, technology, government, and business services.
Catalyst partners with Aquiline for major growth funding
Catalyst recently announced a significant investment from Aquiline, a private investment firm managing assets worth $11.3bn.
Aquiline specializes in investments across financial services and technology sectors.
The investment amount, while not disclosed, marks a pivotal step for Catalyst in scaling its innovative financial services.
