Two companies reach unicorn status in this week’s FinTech funding rounds
The FinTech sector saw a pair of new unicorn’s emerge following a host of successful tranches across the space, as $827.5m was raised throughout this week’s FinTech funding rounds.
The sector saw much success throughout the past seven days – with Egypt’s premier FinTech firm MNT-Halen – bagging an astronomical $157.5m to become the nation’s first-ever FinTech unicorn.
However, the success didn’t stop there, as in the second largest deal of the week, Aven, a cutting-edge FinTech firm also reached the coveted $1bn valuation mark, following the completion of a monumental $142m Series D.
These two unicorn announcements match the total amount of companies that reached the $1bn mark in May alone – perhaps highlighting a resurgence of FinTech investment.
While those two enormous achievements naturally took the headlines and lavish praise, there was also a host of major deals which crossed the magical eight figure mark and bridged into the 100m dollar region.
Brazilian firm Matera was at the forefront of this group, landing $100 from Warburg Pincus to fuel their growth strategy.
On top of this, RegTech pioneer Pindrop also raised $100m. As they look to fortify voice security against the rising threat of cyber crime.
In the sector space, FinTech led the way bagging seven deals, but behind it, lay vast competition as the overall space showed great fluidity in terms of deal activity.
RegTech and InsurTech were level for second in the deal stakes, with four apiece, only one ahead of WealthTech and PayTech who both landed three each – to complete the 21 total deals over the past seven days.
In terms of nationality, USA continued its reign at the top of the ranks – doubling the UK (its nearest challenger) as the country which produced the most deals (10).
No other nation managed to see a company headquartered their land more than a solitary deal. But they were far reaching across the globe, with Egypt, Brazil, Finland, Latvia, Mexico, and Spain all landing tranches.
In fact, it was the week for the FinTech minnows on the whole. With Egypt, Brazil and Mexico having companies make up three of the top five largest deals.
Here are this week’s FinTech funding rounds:
MNT-Halan secures $157.5m to fuel expansion beyond Egypt
MNT-Halan, a standout in Egypt’s FinTech landscape and the country’s first unicorn, has recently completed a significant funding round, securing a total of $157.5m.
This latest capital injection featured contributions of $40m from the International Finance Corporation (IFC), with the remaining funds supplied by Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. This round follows previous raises totaling $520m over the last two years, underscoring MNT-Halan’s robust position for regional expansion.
Aven hits unicorn status with $142m funding for home equity credit solutions
Aven, a cutting-edge FinTech company, has successfully closed its Series D funding round, amassing a notable $142m.
The investment was spearheaded by Khosla Ventures and General Catalyst, alongside contributions from previous investors such as Caffeinated Capital, Electric Capital, Founders Fund, and The General Partnership.
Aven, established in 2019 by former executives from Facebook and Square—Sadi Khan, Collin Wikman, and Murtada Shah—has swiftly become a beacon of innovation in the consumer credit market. The company’s flagship product, the Aven Home Card, revolutionizes how homeowners leverage their equity, combining the flexibility of a credit card with the benefits of secured funding.
Warburg Pincus invests $100m in Matera to fuel growth in North America
Matera, a leading banking software provider, has announced a $100m investment from Warburg Pincus, a prominent global growth investor.
The funding will support Matera’s expansion into the North American market and further product development.
Founded in Brazil, Matera offers core banking, instant payment, and QR code payment solutions to financial institutions. The company boasts over 30 years of experience and serves more than 250 banks, credit unions, and financial institutions worldwide, including two of the top three banks globally and over one-third of all banks in Brazil.
Pindrop secures $100m to fortify voice security against rising cyber threats
Pindrop, a pioneer in voice security and fraud detection, has announced a significant milestone, securing $100m in debt financing from Hercules Capital.
This infusion of funds is earmarked for enhancing Pindrop’s innovative audio, voice, and AI technologies. These advancements aim to bolster the company’s offerings across a variety of sectors including banking, finance, contact centers, insurance, utilities, healthcare, retail, and more.
Mexican FinTech startup OCN raises $86m to expand car rental services for gig workers
Mexican FinTech OCN, formerly known as OneCarNow, has successfully secured $86m in a Series A funding round, according to a report form Bloomberg.
This significant financial boost will support the company’s growth initiatives both locally and internationally.
The funding, a mix of equity and debt, saw participation from prominent investors. Brazil’s Caravela Capital, Collide Capital, and Great North Ventures were the main players in the equity segment, while the debt portion was led by New York-based i80 Group.
Managing general underwriter SageSure closes $60m Gateway Re catastrophe bond
SageSure, a leading managing general underwriter specialising in catastrophe-exposed markets, has successfully closed the Gateway Re 2024-4 county-weighted wind cover catastrophe bond at $60m.
The amount raised, reflecting a 20% increase from the original $50m target, marks the eighth transaction in the Gateway Re series, according to InsurTech Insights.
The move was completed alongside Anchor Re, a captive reinsurance vehicle, and SureChoice Underwriters Reciprocal Exchange (SURE).
Coast accelerates fleet payment solutions with $40m Series B funding
Coast, a New York-based company, has announced a $40m investment in its Series B funding round, spearheaded by ICONIQ Growth.
This financial injection saw contributions from prior backers such as Accel, Insight Partners, Vesey Ventures, and Avid Ventures, alongside new participant Thomvest. A strategic investment was also made by Synchrony, further bolstering Coast’s financial stance.
The company, specialised in fleet payment solutions, aims to simplify how companies across the United States manage their fuel and fleet expenditures. Coast is carving a niche in an industry ripe with traditional payment methods by integrating modern technology into every aspect of fleet transactions.
Gradient AI raises $36m to advance AI solutions in insurance
Gradient AI, an independent provider of artificial intelligence (AI) solutions for the insurance industry, has successfully raised $36m.
The latest funding round, as per Insurance Digital, brings Gradient AI’s total funding to $67m. The investors in this round remain undisclosed.
Established in 2018, Gradient AI focuses on leveraging machine learning and AI to optimise and enhance various processes across the insurance sector.
Mundi Ventures receives €25m boost from AECID for InsurTech startups
This investment, approved by FONPRODE, aims to contribute to sustainable development and poverty alleviation in Latin America, a priority region for the Cooperación Española.
Mundi Ventures already has a presence and investments in this region, making it a strategic partner for AECID’s goals.
Enterprise blockchain innovator Allium raises $16.5m led by Theory Ventures
Allium Inc, an enterprise in blockchain data delivery, today announced a successful early-stage funding round of $16.5m.
According to Silicon ANGLE, this significant investment will enable the company to expand its infrastructure and enhance service offerings to a broader array of financial institutions in the burgeoning digital asset space.
Joining Theory Ventures in this financial endorsement were existing investors Kleiner Perkins and Amplify Partners. The Series A funding round brings Allium’s total raised funds to $21.5m, following a seed round in 2022.
Allium’s platform is expertly designed to provide enterprise-grade data solutions that cater to financial institutions and companies. This platform allows for the seamless analysis and interaction of blockchain data, making it as accessible and usable as traditional databases for applications and reporting purposes.
Dopay secures $13.5m in Series A extension to expand digital payroll in emerging markets
Dopay, an innovative FinTech player, has recently completed a strategic $13.5m Series A extension round.
The funding round was led by Argentem Creek Partners, with continued support from existing investors, according to a report from Wamda. This additional capital aims to accelerate Dopay’s rapid expansion within Egypt, its initial market.
Dopay operates a virtual banking platform that is transforming the way employers pay their workers. By digitising cash payments, the company directly addresses one of the most pressing FinTech challenges in emerging markets.
Xapien secures $10m to transform compliance with AI-driven research
Xapien, a pioneering AI due diligence provider, announced today its successful $10m Series A funding round, led by YFM Equity Partners.
With this new capital, Xapien is set to continue revolutionizing the way businesses conduct due diligence. The company’s plans include accelerating the development of its advanced entity resolution engine featuring native language processing and integrations with leading data suppliers. Additionally, Xapien aims to enhance enterprise features and introduce a perpetual Know Your Customer (KYC) monitoring solution.
Xapien’s technology is designed to streamline the due diligence process, enabling organizations to carry out comprehensive checks on third parties quickly.
Boosting cybersecurity, CultureAI raises $10m from top investors
CultureAI, a leading Human Risk Management Platform, announced today that it has closed a $10m Series A funding round.
The investment was co-led by Mercia Ventures and Smedvig Ventures, with continued participation from existing investors Passion Capital and Senovo.
The company is renowned for its pioneering Human Risk Management Platform, which uses data to help organisations monitor, reduce, and address human cyber risks. By leveraging real-time analytics, CultureAI enables security teams to pinpoint employee-related security risks, provide immediate coaching, and implement automated solutions.
Child disability insurance pioneer Juno raises $8.5m in Series A funding
Juno, the first company in the U.S. to provide child disability insurance, has announced the successful closure of an $8.5m Series A funding round.
The round was led by Spero Ventures, with participation from Floating Point, Newark Ventures, and WVV Capital, bringing Juno’s total capital raised to $12.5m.
Juno is pioneering the child disability insurance sector in the United States, filling a critical gap in employer-provided benefits.
Haruko secures $6m to bolster digital asset management in Southeast Asia
Haruko, a pioneering digital asset investment management platform, announced today a significant $6m funding round as part of its strategic expansion into Southeast Asia.
This move aims to further consolidate Haruko’s global presence, building on its industry-leading portfolio and risk management solutions tailored for digital asset investment professionals.
The series A funding round, pivotal in Haruko’s growth trajectory, was co-led by White Star Capital’s Digital Asset Fund and MMC Ventures.
Established in 2021, Haruko has rapidly expanded its operations across North America and Europe. The platform currently serves over 50 investment management institutions and maintains offices in London and Singapore.
SME-focused FinTech Wamo bags $5m and broadens European operations
Wamo, a pioneering digital business account provider, has recently announced a significant development in its funding and regulatory status.
The company has successfully closed a bridge to Series A funding round, amassing $5m. This round welcomed Turkish VC firm Logo Ventures as a new investor, alongside returning investors such as Finberg and Re-Pie Asset Management. This new influx of capital raises wamo’s total funding to $11.8m.
The company is dedicated to serving small and medium-sized enterprises (SMEs) by offering digital business accounts that are notably underserved by traditional banks. With a remarkable 300% year-over-year revenue growth and more than €2.5bn in transactions processed since its inception in 2021, Wamo is setting a new standard in the FinTech industry.
Instinct Digital secures £5m from AlbionVC to enhance investment reporting tools
Instinct Digital, a leading SaaS provider known for its advanced investor reporting solutions, has successfully closed a £5m Series A funding round.
This financial boost comes with strong backing from AlbionVC, a prominent venture capital firm in London, according to a report from Business Cloud.
The funds will be instrumental in helping Instinct Digital onboard new clients, deepen existing partner integrations, and expand its geographic footprint, particularly into the United States.
At its core, Instinct Digital specialises in providing a cloud-based investment reporting and communication platform.
PEXX’s new $4.5m investment boosts its stablecoin payment innovations
PEXX, a FinTech startup specializing in stablecoin-to-fiat payment platform, announced today that it has closed a $4.5m seed funding round.
The funding round, which amassed $4.5m, was led by TNB Aura and saw participation from global early-stage VC Antler, as well as strategic investment from EMO Capital, early backers of Filecoin and other notable VC and crypto investors.
PEXX’s innovative platform enables users holding stablecoins such as Tether (USDT) and Circle (USDC) to transfer their assets directly to a bank account anywhere in the world. The platform is designed to facilitate seamless cross-border transactions without the need for intermediaries, making it easier for individuals and businesses to transfer value globally.
Jeff App secures $2m to propel financial inclusion in emerging markets
Jeff App, a pioneering marketplace for financial inclusion based in Latvia, has successfully raised $2m in late-Seed financing.
The investment round was led by Presto Ventures, with significant contributions from existing investors, including the specialist data and AI fund J12, according to a report from Tech.eu.
Notable industry veterans and angel investors such as Jean Pascal Duvieusart, Ladislav Bartonicek, and Printify founder James Berdigans also participated.
The company operates a unique platform that enables populations traditionally underserved by financial services to access various credit solutions.
ReceiptHero raises funding to eliminate paper receipts
ReceiptHero, a pioneering company in the digital receipts sector, has successfully secured new funding to accelerate its innovative technology.
Spearheaded by angel investor Asko Schrey and supported by SuperHero VC, SeedX VC, LifeLine VC, along with other angel investors and team members, this financial boost marks a significant milestone in the company’s expansion strategy.
The fresh capital injection is poised to propel ReceiptHero’s mission forward, focusing on the elimination of paper receipts. This move not only promotes environmental sustainability but also enhances data utility through real-time receipt delivery.
Endor Labs secures strategic investment from Citi Ventures to bolster software security
Endor Labs, a trailblazer in software supply chain security, recently announced a strategic investment from Citi Ventures.
This investment marks another significant milestone for Endor Labs, following a $70m oversubscribed Series A financing round less than a year ago, featuring prominent investors such as Lightspeed Venture Partners (LSVP), Coatue, and Dell Technologies Capital among others.
Founded in 2022 by Varun Badhwar and Dimitri Stiliadis, Endor Labs aims to address a critical, yet often overlooked, need in application security. The company’s core mission revolves around helping development teams manage and secure the myriad of dependencies used in application development, from Open Source Software (OSS) and LLMs to containers and tools in CI/CD pipelines.
