Over $1.06bn was raised in all the FinTech deals reporting by FinTech Global this week, as the sector continues to drive home big raises as 2024 goes on.
Leading the way in raises this week was Kiteworks, a firm specialising in data sharing, that was able to raise a whopping $456m investment from a variety of backers.
Here are this week’s funding deals.
Kiteworks bags $456m to bolster secure data sharing capabilities
Kiteworks, a California-based company specialising in secure data sharing, has announced a substantial new investment.
The company is dedicated to preventing unauthorised data access, a critical issue for enterprises today. Kiteworks operates primarily through its robust platform known as the Private Content Network.
This system effectively prevents data leaks by monitoring and controlling the flow of information outside the corporate environment. It employs advanced features like the CISO Dashboard to track and manage data sharing activities meticulously.
PayZen secures $232m in Series B
PayZen, a prominent name in the healthcare affordability sector, has successfully closed an oversubscribed Series B funding round.
The round culminated at a substantial $232m, led by NEA with contributions from stalwarts like 7wireVentures, SignalFire, Viola Ventures, and more. The funding includes $32m in equity and a noteworthy $200m credit warehouse facilitated by Viola Credit alongside a consortium of insurance firms.
Specialising in AI-driven solutions, PayZen revolutionises how health systems manage and facilitate patient payments. By integrating seamlessly with EMR/EHR systems, the company employs advanced AI/ML models and automation to simplify payment processes and enhance financial outcomes for health systems.
PayTech company Cents raises $40m
Cents, a pioneering business management platform in the garment care sector, has successfully completed a $40m Series B funding round.
This significant financial boost brings the total investment in the company to over $77m, underscoring its commitment to revolutionizing small and medium-sized businesses (SMBs) within the $60bn garment care and repair industry.
The latest funding round was spearheaded by Camber Creek and saw contributions from previous investors such as Bessemer Venture Partners and Tiger Global. The round also welcomed new strategic investments from Tech Pioneer Fund, RXR (RADV), Derive Ventures, Alumni Ventures, and top executives from leading SaaS companies including Toast, Jobber, Squarespace, and Stripe.
Setpoint raises $31m in funding
Setpoint, a leading infrastructure provider for the credit industry, has successfully completed a significant $31m Series B funding round.
This new injection of capital increases Setpoint’s total funding to $76m, consolidating its position as the technology partner of choice for global financial institutions and capital users.
The company is renowned for its revolutionary approach to automating debt facility management, which has quickly set a new industry standard. Setpoint’s software solutions transform the outdated systems that have long governed credit facilities, introducing error-free, streamlined operations that meet a vital market need.
Amount gains $30m boost
Amount, a leading digital origination and decisioning SaaS platform, has successfully closed a $30m equity capital raise.
Amount is renowned for its robust platform that supports both consumer and small business banking needs by streamlining deposit account openings and loan origination processes.
With the new funds, Amount plans to further invest in its cutting-edge technology, particularly enhancing its artificial intelligence and machine learning capabilities. The goal is to accelerate its progress within the credit union industry, building on its proven track record of facilitating simple and efficient banking solutions.
UAE FinTech Yuze secures $30m to fuel international expansion
UAE-based FinTech Yuze, which specialises in providing financial services to small and medium-sized enterprises (SMEs), has secured $30m in a recent funding round.
The investment was led by Osten Investments, according to Finextra.
Yuze offers a digital platform designed to meet the needs of SMEs, e-traders, and freelancers by providing business accounts and card programmes.
These services are delivered through strategic partnerships with banks and other financial institutions, making it easier for smaller businesses and independent professionals to access essential financial tools.
Syfe secures $27m Series C
Singapore-based investment platform Syfe, established in 2017, has successfully raised $27m in a Series C funding round.
The recent capital injection was led by two U.K.-based family offices, with participation from existing investors Valar Ventures and Unbound, according to a report from TechCrunch.
Syfe has carved a niche in the WealthTech landscape by democratizing access to a variety of investment products through its user-friendly smartphone app.
Vayana secures $20.5m in Series D
Vayana, a trade credit infrastructure platform based in Pune, India, has successfully raised $20.5m in an ongoing Series D funding round.
According to FinSMEs, the investment was spearheaded by SMBC’s Asia Rising Fund, with significant contributions from existing investors such as the International Finance Corporation (IFC), Chiratae Ventures, and Jungle Ventures. Notable family offices like Quantum State Investment Fund and Emerald Company Pvt. Ltd also participated.
This fresh infusion of capital underscores the robust confidence investors have in Vayana’s business model and growth trajectory. The company stands out as a pivotal provider of supply chain finance solutions, facilitating over $30bn in financing across more than 3,000 supply chains and supporting 300,000+ enterprises across 600 cities and 2000+ pin codes in India.
Pet insurance firm Companion Protect raises $20.25m
Companion Protect, a Kansas City-based pet insurance and pet wellness administration company, has secured $20.25m in an extension of its Series A funding.
Founded in 2015, Companion Protect offers pet insurance programs tailored for major insurers such as Liberty Mutual, Safeco, and CSAA Insurance Group.
Additionally, the company develops custom insurance programs for animal shelters, retailers, and benefit providers, aiming to provide comprehensive coverage and wellness solutions for pets.
Capitalize boosts digital rollover capabilities with $19m Series B
Capitalize, a pioneering platform designed to assist consumers and financial institutions with digital transfers of retirement assets, has successfully secured $19m in Series B funding.
The funds are earmarked to propel the adoption of Capitalize’s digital rollover solutions, enhancing the ability to locate and transfer legacy retirement accounts efficiently.
Capitalize has been instrumental in addressing the cumbersome traditional 401(k) rollover processes, offering a suite of enterprise-grade APIs, including the newly launched Embedded Rollover API.
Archera bags $17m funding round and gains $100m in reinsurance capacity
Archera, a cloud management FinTech company, has successfully closed a $17m Series B funding round, marking a significant milestone in its journey.
The funding round was led by HighSage Ventures, with participation from Ridge Ventures, Amplify Partners, and PSL Ventures. Alongside this investment, Archera has also secured access to over $100m in reinsurance capacity, according to the Insurance Business Mag.
Archera specialises in providing a suite of services aimed at cloud engineering, DevOps, and finance teams, offering solutions that make cloud resource procurement more flexible and cost-effective.
The company’s offerings include a free cloud management platform, insurance, and financing products, designed to tackle the challenges these teams face in managing cloud resources efficiently.
PayTech Sling Money secures $15m in Series A funding
Sling Money, an innovative payments platform, today announced a significant boost to its capabilities with a $15m Series A funding round.
Sling Money is at the forefront of transforming the way money is moved around the world. By integrating stablecoin technology with a user-friendly interface, the app facilitates instant, low-cost global money transfers.
This system contrasts sharply with traditional methods that often involve high fees and slow processing times.
Neobank Keabank valued at €10.5m after fresh investment
Keabank, a burgeoning neobank, has successfully garnered an investment at an initial valuation of €10.5m.
The investment was spearheaded by Mark Carnegie, a seasoned investor with more than three decades of experience in investment and corporate advisory. His expertise, particularly in digital assets and crypto ventures, is expected to provide Keabank with a strategic edge as it continues to expand its innovative payment solutions across both fiat and cryptocurrency platforms.
At its core, Keabank is dedicated to revolutionizing financial services for underserved clients.
CIBC Innovation Banking invests $10m in AI pioneer Boosted.ai
Boosted.ai, a Toronto-based company specializing in automating investment management through AI, has received a significant boost with a $10m growth capital infusion from CIBC Innovation Banking.
The investment aims to propel Boosted.ai’s ambitions of expanding their product development and sales operations across the Canadian and US markets. Established in 2017, the company has carved a niche in enhancing productivity for institutional investors and wealth managers through advanced AI solutions.
Boosted.ai stands out in the FinTech sector by enabling clients to train AI agents that mimic their analytical thinking, thus revolutionizing how investment management processes are handled. The funds will primarily support technological advancements and market expansion, ensuring that Boosted.ai remains at the forefront of the AI investment management industry.
InsurTech startup QuickFacts raises $2m
QuickFacts, an InsurTech startup focused on enhancing efficiency within the insurance industry, has announced the successful closure of an oversubscribed $2m funding round.
This capital injection positions the company for a strong market launch in Quebec and the United States, building on its recent expansion across the Canadian Western provinces.
The financing round was led by Sandpiper Ventures, a fund that invests in women-led technology companies. Other investors include Killick Capital, a St. John’s-based private investment firm led by Mark Dobbin, and Paul Hill, a Canadian technology executive and angel investor.
Okredo secures €1.2m funding to revolutionise SME credit scoring
Okredo, a Lithuanian company specializing in open data solutions, has successfully secured €1.2m from the EU.
According to Finextra Research, this funding marks a significant step towards the development of their advanced AI/ML-driven scoring system, which boasts a total project value of €1.5m.
This considerable financial injection from European funds will accelerate the creation of Okredo’s ambitious multi-modular scoring system. This initiative aims to revolutionise how businesses across Europe and beyond assess and manage credit risk, utilising cutting-edge technology to score up to 30 million EU companies.
Nymbus secures strategic investment from Gesa Credit Union
Nymbus, a leading provider of innovative financial technology solutions, has recently announced a significant strategic investment from Gesa Credit Union.
Based in Washington, Gesa is a prominent financial institution with assets exceeding $5.5bn, serving close to 290,000 members across the Pacific Northwest.
This new funding is set to bolster Nymbus’ mission to support credit unions in achieving sustainable growth amid stiff competition from large banks and other FinTech firms. Nymbus specializes in empowering credit unions to overcome traditional barriers imposed by outdated technology and membership limitations.
Munich-based PROBIS secures Series A funding
JLL Spark Global Ventures has spearheaded the Series A funding round for PROBIS, a Munich-based company that innovates financial management in real estate development through artificial intelligence (AI) and benchmarking technology.
The investment round marks a significant step for PROBIS, which is set to revolutionize outdated financial management systems within the real estate industry. The PROBIS platform is designed for comprehensive financial oversight of development projects, enhancing cost and revenue management through advanced AI-based technology.
Moritz Koppe, CEO of PROBIS, said, “JLL’s investment is a continuation of our global expansion strategy.
Nayya secures strategic funding from ADP Ventures
ADP, a global leader in human capital management (HCM) technology, has made a strategic investment in Nayya, a pioneering platform aimed at transforming employee benefits management.
This investment was facilitated through ADP Ventures, ADP’s strategic investment branch.
The funding amount, while not disclosed, marks a significant step in a partnership that began in 2022. Nayya has been collaborating with ADP to enhance benefits management for over 600,000 employees using ADP Workforce Now. In an expansion of this collaboration, Nayya’s services will now reach an additional 400,000 employees through ADP TotalSource, the world’s largest Professional Employer Organization (PEO).
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