USA maintains spot as FinTech’s central hub in this week’s funding rounds

May 24, 2024

USA maintained its position as FinTech’s central hub for deals this week, on a solid week for FinTech funding.

Over the past seven days a respectable 370.7m was raised over a total of 22 deals, with the land of the free playing host to an impressive 10 tranches. The news continued the nation’s streak of dominating the funding activity scene – with investors from Silicon Valley – and across the country showing support to their domestic firms.

Behind the States, the UK continued its run as FinTech’s perennial bridesmaid, with five deals. However behind the usual suspects, it was a diverse week for the space.

Canada was best of the rest with two deals, while Chile, Norway, Australia, South Africa, Turkey and Singapore all secured a solitary deal to underscore FinTech’s burgeoning global presence.

In terms of sectors, FinTech reigned supreme with seven deals, ahead of RegTech (6), WealthTech (4), InsurTech (4) and CyberTech (2).

The top deal of the week was secured by British InsurTech innovator Vitesse. The firm bagged the funds to position itself to grow in key markets – including the United States.

Another big fish secured was by Turkish wealth firm Colendi, who secured a $65m funding round led by Citi Ventures.

Here are this week’s FinTech funding rounds.

InsurTech innovator Vitesse secures $93m Series C for US expansion

Vitesse, a leading provider of treasury and payment solutions tailored for the insurance industry, has announced the completion of a substantial $93m Series C funding round.

The investment was spearheaded by global investment firm KKR, with participation from existing backers, including Hannover Digital Investments.

Turkish FinTech Colendi secures $65m funding round led by Citi Ventures

Turkish FinTech startup, Colendi, has successfully raised $65m in fresh funding.

This latest funding round saw participation from a diverse group of investors, including Citigroup Inc.’s venture capital arm, Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, according to a report from Bloomberg.

Cover Whale lands $27.5m investment from Morgan Stanley Expansion Capital

Cover Whale, a pioneering InsurTech specialising in connected insurance for commercial auto, has secured $27.5m in debt and equity from investment funds managed by Morgan Stanley Expansion Capital.

The substantial investment will bolster Cover Whale’s growth trajectory and expedite its mission to revolutionise trucking insurance while enhancing road safety across America.

SOCRadar’s $25.2M funding boost targets cybersecurity expansion

SOCRadar, a provider of enterprise-grade, end-to-end threat intelligence and brand protection, has concluded its Series B funding round on $25.2m.

The investment was led by PeakSpan Capital, with participation from Oxx, underscoring investor confidence in SOCRadar’s innovative cybersecurity solutions.

Majority’s migrant banking platform secures $20m funding boost

Majority, a platform catering to migrants in the US with mobile banking services and international offerings, has raised $20m.

This comes after a year of remarkable growth for the company, defying challenges within the FinTech sector.

Ndustrial secures $18.5m Series B funding for energy optimisation solutions

Ndustrial, a company specialising in industrial energy optimisation, has announced the successful initial close of its Series B funding round, securing an impressive $18.5m.

The funds raised in this round are earmarked to fuel the company’s growth initiatives and further its mission of driving down energy intensity at industrial facilities, according to ESG Today.

Patronus AI bags $17M investment to fortify LLM reliability platform

Patronus AI, a startup that specialises in aiding companies in identifying and rectifying reliability issues within their large language models, has raised $17m.

According to Silicon ANGLE, the company recently closed a significant investment round, securing $17 million. Notable Capital spearheaded the Series A round, accompanied by Datadog Inc., Lightspeed Venture Partners, Factorial Capital, and various angel investors from the technology sector.

Osome secures $17m to enhance SMB finance solutions

Osome, a prominent finance admin platform for founders and small and medium-sized businesses (SMBs), has successfully closed its Series B funding round, securing over $17m in capital.

The funding, a mix of equity and debt, comes from both new and existing investors.

Bolster raises $14m to enhance AI-driven threat protection with M12 backing

Bolster, a leader in multi-channel phishing protection, has announced the successful closure of a $14m Series B financing round.

The funding round was led by M12, Microsoft’s venture fund, with additional support from existing investors including Thomvest Ventures, Crosslink Capital, Liberty Global Ventures, Cheyenne Ventures, Cervin Ventures, and Transform Capital. This latest investment brings Bolster’s total funding to over $40m.

Watershed Health secures $13.6m funding round to revolutionise healthcare coordination

Watershed Health, a company dedicated to transforming patient care coordination in the healthcare sector, has successfully closed a funding round, raising $13.6m.

The investment was led by First Trust Capital Partners, with participation from prominent investors such as FCA Venture Partners, Create Health Ventures, Impact Engine, 450 Ventures, LDH Ventures II/Launchpad Digital Health, MassMutual Ventures, Capstar Partners, and Wanxiang Healthcare Investments.

Footprint secures $13m Series A to revolutionise identity verification

Footprint, a firm specializing in identity verification and fraud prevention, has announced a successful Series A funding round, raising $13m.

The investment was led by QED Investors, with participation from existing investors Index Ventures, Lerer Hippeau, Operator Partners, BoxGroup, Palm Tree Capital, and Definition. Additionally, new investors Neo and Animal Capital joined the funding round.

Kudos raises $10.2m to boost AI-powered smart wallet services

Kudos, a Los Angeles, a provider of an AI-powered smart wallet service, has secured $10.2 million in Series A funding.

According to Silicon Valley Journals, the investment round was led by QED Investors, with participation from Patron, The Points Guy founder Brian Kelly, Samsung Next, SV Angel, Precursor Ventures, The Mini Fund, Newtype Ventures, and the Four Cities Fund.

Teal secures $8M seed funding for groundbreaking accounting solution

Teal has announced a significant milestone in its journey to transform SMB accounting with the closure of an $8 million seed funding round.

According to TechFundingNews, the company, which focuses on providing accounting infrastructure for Vertical SaaS businesses, aims to address the critical need for integrated financial solutions within various platforms.

Userfront secures $5.3m to enhance SaaS identity solutions

Userfront, a transformative auth and identity platform for SaaS businesses, has successfully concluded its latest funding round, raising $5.3m.

The investment was led by Heavybit, a notable player in the venture capital scene. The platform, designed to cater to the evolving needs of Software-as-a-Service (SaaS) companies, provides comprehensive authentication and access control solutions.

Beacon launches with CAD $5.25m to ease Canadian immigrant transitions

Beacon, a Toronto and Montreal-based startup, has officially launched in the Canadian market with a CAD $5.25m seed funding round.

The company, founded by Stuart Szabo and Aditya Mhatre in 2023, aims to simplify the process for immigrants settling in Canada through its innovative Super App.

Norwegian flood risk startup 7Analytics secures €4m in funding from Scale Capital

Norwegian flood risk startup, 7Analytics has announced a successful funding round of €4m from Scale Capital, a prominent investment firm.

This funding injection signifies a significant milestone for the startup as it continues to grow and innovate in the field of flood risk management, according to InsurTech Insights.

HoundDog.ai raises $3.1m to enhance AI-driven data security and privacy compliance

HoundDog.ai, the company implementing data security and privacy controls at the code level, has completed a $3.1m seed round.

The funding was led by E14, Mozilla Ventures, and ex/ante, with additional participation from angel investors.

Financial wellness platform WeMoney secures $3m, plans $10m+ fundraise

Australian financial wellness platform, WeMoney, has successfully completed a $3m fundraising round, further cementing its position as one of the country’s leading Open Banking players, according to FinTech Australia.

The latest funding round, predominantly backed by existing investors, follows a $7m raise in June 2022 and a $2m seed round in late 2020 that brought in Timothy Poskitt, former APAC Head of Envestnet Yodlee, as an investor.

Ayan Capital drives Islamic finance forward with £2.3m seed raise

Islamic car finance platform Ayan Capital, a London-based fintech startup, has successfully closed a £2.3m debt and equity seed round.

The funding round was led by a consortium of investors including prominent names in the Islamic finance sector and venture capital firms committed to supporting innovative solutions in the financial industry.

Blossom Social secures $2.1m to expand US investing network

Blossom Social, a Vancouver-based FinTech startup, has successfully secured more than $2.1m CAD in seed funding. The funds were raised to support the expansion of its investing social network into the US.

Nearly $1m of the funding came from Blossom users through a recent equity crowdfunding campaign, according to a report from Betakit. The remaining $1.1m was provided by LOI Venture, Goodwater Capital, and angel investors through simple agreements for future equity.

IoT cybersecurity firm Qomodo raises $1.6m to tackle cyber threats

IoT cybersecurity firm, Qomodo, has announced it raised $1.6m in a pre-seed funding round.

The investment was led by Expeditions Fund with participation from Amadeus Capital Partners, Auriga Cyber Ventures, Nio Advisors, McNally Capital, Ventures Together, and Techstars.

Chilean FinTech BTrust secures $1.5m in seed funding led by Invexor

Chilean FinTech company BTrust, founded in 2023, has successfully raised $1.5m in a seed round led by Invexor.

This funding round also saw participation from three other angel investors, according to a report from Contxto.

Orca secures €550K to combat fraud in emerging markets

Orca, a startup based in South Africa dedicated to combating fraud in emerging markets, has successfully raised €550K in an oversubscribed pre-seed funding round, according to a report from Tech Funding News.

The investment was led by Norrsken22, with additional participation from First Circle Capital, Musha Ventures, Kara Ventures, as well as several strategic business angels, family, and friends.

Keep up with all the latest FinTech news here.