This week’s overall FinTech funding surpassed $1bn as the sector continued its forward momentum.
Overall, 21 deals took place over the past seven days, with a $267m tranche landed by AI-PayTech Zepz claiming the plaudits for this past week.
There was still some room for other big fish though. Lendbuzz in particular secured a mammoth cash injection, bagging $262m.
The week was marked not only by impressive funding totals but also by a diverse number of deals across countries and sectors.
The United States continued to lead the way with 9 deals, raising $467.3M, maintaining its dominant position in the market. The UK followed closely with 6 deals, raising $324.9M, continuing its strong growth trajectory, particularly in CyberTech, PayTech, and FinTech.
Brazil, while securing just 2 deals, raised a notable $119M, signalling the rise of Latin America’s tech ecosystem.
Countries like Sweden, India, France, and Singapore also contributed with 1 deal each, reflecting the global diversity of the market.
On the sectoral front, FinTech emerges as the frontrunner, with 8 deals securing $443.5M, underlining its sustained prominence.
WealthTech, with 3 deals raising $107M, and InsurTech, with 4 deals totaling $75.3M, are also significant contributors. CyberTech attracted 3 deals, raising $56M, while PayTech made a major splash with just 1 deal at $267M.
The spread of deals across sectors shows a balanced growth, with investor interest spanning across different areas of tech innovation.
With an average deal size of $57.43M (excluding undisclosed amounts), the global investment environment remains robust, underscored by a healthy number of transactions across both leading and emerging markets.
Here are this week’s FinTech funding rounds:
Zepz secures $267m to boost money transfer operations in African markets
Zepz, previously known as WorldRemit, a trailblazer in the money transfer sector, has successfully raised $267m.
The funding round was led by the venture capital firm Accel and saw participation from TCV and Leapfrog, according to a report from BNN Bloomberg. Additionally, the International Financial Corporation, part of the World Bank Group, committed up to $20m.
This significant investment aims to accelerate Zepz’s expansion efforts primarily in its core African markets and other regions. The company has shifted its focus from an earlier plan for an initial public offering, as indicated by reports from Bloomberg.
AI-powered FinTech Lendbuzz announces $262m securitization
Lendbuzz, an AI-based FinTech firm, has successfully closed a significant $262m asset-backed securitization.
The securitization is backed by a diverse portfolio of auto loans secured by new and used vehicles, including light duty trucks and vans.
This funding initiative was managed with Goldman Sachs & Co. LLC serving as the lead bookrunner and structuring agent. J.P. Morgan Securities LLC and RBC Capital Markets, LLC also contributed as joint bookrunners, while Mizuho, MUFG, and Regions Securities LLC participated as co-managers.
Asaas secures R$820m in Series C funding to fuel SME financial automation expansion
Asaas, a Joinville-based FinTech firm, has successfully secured R$820m in its Series C funding round.
According to FinSME, the investment was spearheaded by BOND, with notable contributions from Softbank, 23S Capital, and Endeavor Catalyst.
Operating out of Santa Catarina, Brazil, Asaas specializes in financial automation solutions aimed at SMEs. The company offers a comprehensive digital account that simplifies financial management by automating processes, boosting productivity, and minimizing bureaucracy for businesses of all sizes throughout Brazil.
Farther raises $72m Series C to revolutionise wealth management
Farther, a technology-centric financial advisory firm, has successfully closed a $72m Series C funding round.
The round was co-led by CapitalG, Alphabet’s independent growth fund, and Viewpoint Ventures, pushing the company’s post-money valuation to $542m.
This latest injection of capital arrives as Farther surpasses a significant milestone of $5bn in assets under management (AUM), marking a 5x year-over-year growth.
HUMAN raises over $50m to bolster digital safety and combat online fraud
HUMAN, a leading cybersecurity firm, announced today that it has secured over $50m in growth funding.
The investment round was spearheaded by WestCap, with significant contributions from Goldman Sachs, ClearSky, NightDragon, and Vertex Ventures US.
HUMAN specializes in protecting the integrity of the digital world, ensuring that every online interaction, transaction, and connection is genuine, secure, and human. The company’s Human Defense Platform actively defends against bots, fraud, and various digital risks by verifying over 20 trillion digital interactions each week.
Facet raises $35m in new funding to enhance financial planning services
Facet, the FinTech company known for revolutionizing financial planning, announced today that it has successfully raised an additional $35m in funding.
The round was spearheaded by Multiplier Capital, renowned for their flexible financing solutions.
The company, which has twice been listed on the Inc. 5000 roster of America’s fastest-growing private enterprises, is dedicated to making financial planning affordable, accessible, and free from bias.
Relyance AI’s $32m funding boost aims to revolutionize AI data governance in enterprises
Relyance AI, a leader in AI-powered data governance, announced a significant $32.1m Series B funding round led by Thomvest Ventures, with substantial contributions from M12, Microsoft Ventures Fund.
Cheyenne Ventures, along with existing investors Menlo Ventures and Unusual Ventures, also participated.
The company has carved a niche in providing an integrated platform that ensures full visibility and control over data within the enterprise sphere. Relyance AI’s innovative approach has become crucial as companies increasingly rely on AI technologies, compelling them to adhere to stringent global data protection regulations.
Health and life insurance platform Qantev secures €30m in funding led by Blossom Capital
Qantev, an AI-powered platform focused on health and life insurers, has raised €30m in a funding round led by Blossom Capital.
Existing investors Elaia, Omnes, and Raise Venture also participated in the round.
With the new funding, Qantev plans to further enhance its AI-driven claims platform by accelerating R&D, expanding into global markets, and recruiting top AI and engineering talent.
AI-driven Numeric raises $28m to enhance real-time accounting solutions
Numeric, an innovative AI accounting automation platform headquartered in San Francisco and New York, has successfully closed a $28m Series A funding round.
This substantial investment was spearheaded by Menlo Ventures, accompanied by new investors IVP and Socii Capital, as well as existing stakeholders including Founders Fund, 8VC, Long Journey, Access Industries, Friends & Family Capital, and others.
The recent funding aims to bolster engineering teams and enhance product development at Numeric. This strategic financial injection will support the company’s mission to enable real-time decision-making capabilities through advanced financial data processing.
Nada secures $25m from Kawa to expand innovative home equity solutions
Nada, a leading FinTech company known for offering homeowners debt-free access to home equity, has recently secured a revolving credit facility of up to $25m from Kawa Capital Management.
Kawa, an alternative asset management firm with over $3bn in assets under management, is renowned for its expertise in structured real estate and credit markets. This new financing bolsters Nada’s capacity to expand its home equity agreement (HEA) origination business and its innovative Cityfunds investment platform.
Pinpoint Predictive raises $23m to transform underwriting with AI technology
Pinpoint Predictive, an innovator in the InsurTech sector, has successfully completed its Series A funding round, amassing more than $23m.
The round was spearheaded by the InsurTech-focused venture capital firm Markd, with additional investment from Jazz Venture Partners, Guidewire Ventures, Verstra Ventures, Navigate Ventures, and Seraph Group.
The company specialises in leveraging machine learning and behavioural insights to enhance precision in underwriting and actuarial decisions within the property and casualty (P&C) insurance industry. Clients of Pinpoint have reported improvements in loss ratios ranging from 3 to 10 points, benefitting from some of the earliest predictive capabilities available.
US InsurTech Ledgebrook secures $17m Series B to accelerate growth
US-based InsurTech managing general agent, Ledgebrook, has secured $17m in a Series B funding round.
The round was led by Duquesne Family Office, with participation from The Stephens Group, and continued support from long-time partners Brand Foundry Ventures and American Family Ventures, according to Life Insurance International.
Founded in 2022, Ledgebrook focuses on providing technology-driven solutions for the insurance industry, particularly in the Excess and Surplus (E&S) market.
Surfin secures $12.5m to boost financial inclusion across three continents
Surfin, a FinTech company dedicated to the middle class, has successfully raised $12.5m in a Series A funding round led by Insignia Ventures Partners.
This marks the first external investment for Surfin since its founding in 2017, having previously bootstrapped its operations.
The company, which offers a broad range of financial services, including consumer lending, payments and remittance, credit card issuance, and wealth management, has raised this substantial amount to continue its mission of empowering the financially underserved. Surfin leverages advanced AI and analytics to provide transparent and innovative financial solutions, catering to a growing demographic that is often overlooked by traditional financial institutions.
Brazilian FinTech Barte secures $8m Series A to advance modular payments across Brazil
Brazilian payments FinTech, Barte, headquartered in São Paulo, has secured an $8m Series A funding.
This investment round was led by AlleyCorp, a venture capital firm from New York founded by serial entrepreneur Kevin Ryan. The round also saw participation from existing investors including NXTP, VentureFriends, and Force Over Mass Capital.
Quartr gains $6m from Altos Ventures to enhance global market research tools
Quartr, a prominent software and data provider, today announced the closing of a $6m investment from Altos Ventures.
This funding marks a significant step in Quartr’s mission to transform qualitative public market research for finance and investor relations professionals globally.
The investment, led by the San Francisco-based venture capital firm Altos Ventures, aims to accelerate Quartr’s growth within the multi-billion-dollar financial services sector.
Prime Security raises $6m to pioneer AI-driven design-stage security solutions
Prime Security, a pioneering security firm, has just transitioned from stealth mode.
The company is introducing an AI-powered solution aimed at integrating security measures early in the software design phase, which is now available in a private beta version.
This innovative approach facilitates a smoother interaction between security and engineering teams by deploying AI to decipher product intentions and establish clear security guidelines for all involved parties, thus endorsing the concept of being “Secure by Design”.
InsurTech startup Stream Claims secures $5.3m seed funding led by Spark Capital
Stream Claims, an InsurTech startup specialising in AI-powered medical document review for workers’ compensation, has secured $5.3m in a seed funding round.
The investment was led by Spark Capital, with additional backing from Acrew Capital, TTV Capital, Sam Hodges, co-founder and CEO of Vouch Insurance, and Mike Rosengarten, former co-founder and CTO of OpenGov, according to InsurTech Insights. This latest funding brings Stream Claims’ total raised to $6.8m.
Stream Claims, founded in 2022 and led by CEO Eric Yen, offers a platform designed to streamline medical record processing and provide AI-generated insights.
ZenStatement secures $1.6m in seed funding to boost finance automation
ZenStatement, an artificial intelligence-powered finance automation platform, has successfully closed a $1.6m seed funding round.
The investment was led by 3One4 Capital and Boldcap VC, with additional contributions from Dynamis Ventures and Atrium Angels, according to aa report from The Economic Times.
The company, founded in 2023 by Sourabh Nolkha and Ankit Narsaria, has made a significant mark with its innovative financial analytics and cash flow management solutions.
Owl Cyber Defense secures strategic refinancing from Marathon Asset Management
Marathon Asset Management has successfully closed a senior-secured credit facility aimed at refinancing Owl Cyber Defense, a firm recognized for its leadership in Cross Domain Solutions (CDS) and Data Diode technology.
Owl Cyber Defense, primarily serves the U.S. Department of Defense and Intelligence Community. The company’s technology, featuring proprietary, patent-protected hardware and software, is designed to create secure barriers between communication domains, ensuring robust protection against cyber intrusions and attacks.
Precursor Technology bags funding from NEL to expand UK operations
Precursor Technology Group, a prominent cybersecurity firm based in Newcastle, has secured an investment from NEL Fund Managers, supported by the European Regional Development Fund.
According to bdaily, this investment marks a strategic move to expand its operations across the UK, with existing bases in Leeds and London.
The company specialises in providing a comprehensive range of cybersecurity services, including cloud security, security testing, incident response, and penetration testing. Precursor Technology Group operates a dedicated operations centre in the region, which plays a crucial role in its service delivery.
ATFX boosts institutional eFX offerings with strategic Spark Systems investment
ATFX, a leading global FinTech broker, has announced a strategic investment in Spark Systems, a Singapore-based, institutional-grade electronic foreign exchange (eFX) trading platform.
This investment, part of a Series C funding round, includes other significant investors such as Citibank and HSBC, and is aimed at enhancing ATFX’s institutional services across Asia and globally.
The investment sees ATFX joining forces with top venture capital companies and global banks to inject capital into Spark Systems.
