Despite $736m being raised across all funding rounds recorded by FinTech Global this week, there were only 13 key deals reported.
The leading funding raise this week was brought in by Kiavi, a tech-enabled lender that focuses on residential real estate investments, who pulled in a large $400m through a securitisation.
Here are this week’s deals.
Kiavi secures $400m in landmark securitization
Kiavi, a tech-enabled lender specializing in residential real estate investments, recently announced the successful closure of a $400m rated securitization.
The securitization was upsized and oversubscribed due to substantial interest from a broad array of institutional investors, including several first-time participants.
The offering was structured into four classes: A1, A2, M1, and M2, all of which were fully sold. This transaction continues Kiavi’s tradition of a two-year revolving period that allows principal payoffs to be reinvested in additional newly originated loans.
Warburg Pincus invests $125m in Contabilizei
Contabilizei, the largest accounting firm in Brazil, today announced securing a substantial $125m investment from global growth investor Warburg Pincus.
With this new investment, Warburg Pincus has become the largest shareholder in Contabilizei, acquiring stakes from earlier venture capital investors, including Kaszek.
Contabilizei is distinguished for its robust technology that automates 99% of the accounting processes necessary for company registration, tax calculations, and compliance.
Imprint secures $75m in Series C
Imprint, the innovative provider of co-branded credit cards, announced a significant boost in funding with a $75m Series C round.
This new influx of capital has propelled Imprint’s valuation to an impressive $600m.
The company specializes in offering modern co-branded credit card solutions, partnering with high-profile brands to enhance customer loyalty and spending. Imprint’s proprietary technology, including a cloud-based credit card and risk management platform, leverages machine learning and AI to optimise cardholder engagement and brand experiences.
Yellow Card secures $33m in Series C
Yellow Card, the pioneering stablecoin platform, has successfully closed its Series C financing round, raising $33m.
This funding milestone reflects growing confidence in the African FinTech industry and underscores the potential of stablecoins to revolutionise financial interactions on the continent. Yellow Card’s influence extends across 20 African countries since its inception in Nigeria in 2019, where it has facilitated over $3 billion in transactions.
The fresh influx of capital will primarily fund the enhancement of Yellow Card’s API and widget products.
Stoïk secures $27m in Series B
Stoïk, a French InsurTech startup, recently secured Series B funding of €25m ($27m).
Stoïk specialises in cyber security insurance tailored for small and medium-sized businesses across Europe.
The company provides essential financial protection against incidents that could halt business operations, such as cyberattacks leading to temporary closures or production stops. Stoïk’s coverage includes compensation for lost revenue during such disruptions, with policy limits reaching up to €7.5m for companies earning an annual turnover of €750m or less. Currently, Stoïk operates in France, Germany, and Austria.
Accel leads $20m Series A for Omnea
Omnea has announced a significant milestone in its journey, securing a substantial $20m in a Series A funding round.
The investment was led by Accel, a renowned venture capital firm known for backing innovative startups. This funding marks a significant step forward for Omnea, which specializes in streamlining procurement and supplier management processes.
The company has carved a niche for itself by developing advanced solutions that simplify and enhance the efficiency of procurement for businesses.
INSHUR secures $19m
INSHUR, the multi-award-winning embedded insurance provider for the on-demand economy, has recently closed a funding round securing $19m.
This round was spearheaded by Viola Growth, joined by MS&AD Ventures and other existing investors, elevating INSHUR’s total funding to an impressive $78.5m since 2019.
The company is recognized for its tailored insurance solutions catering to gig economy platforms and their workforce, such as drivers for Uber and Amazon Flex. INSHUR’s growth strategy, which drove nearly fourfold increase in 2023 following the acquisition of American Business Insurance Services, is focused on expanding its footprint across the US and enhancing its global offerings.
COVU raises $12.5m
COVU, a company specialising in AI-native services for insurance agencies, has successfully raised $12.5m in equity and debt financing as part of its Series A funding round.
The round was led by Benhamou Global Ventures (BGV), ManchesterStory, and Markd, with participation from both new and existing investors, according to InsurTech Insights.
The total capital raised by COVU now exceeds $20m, including an additional $4m in debt and equity financing to be unlocked once key milestones are achieved.
Herald secures $12m Series A
Herald, a trailblazer in digital insurance infrastructure, has just secured $12m Series A funding round co-led by Lightspeed Venture Partners and Brewer Lane Ventures, with additional participation from Afore Capital and Underscore Venture Capital.
Herald, a trailblazer in digital insurance infrastructure, has just secured $12m Series A funding round co-led by Lightspeed Venture Partners and Brewer Lane Ventures, with additional participation from Afore Capital and Underscore Venture Capital.
This investment marks a pivotal step in Herald’s journey to transform the insurance industry through advanced digital solutions.
Acquired.com secures £4m funding
Acquired.com, the innovative payments platform specialising in recurring commerce, announced today a significant stride in their growth trajectory.
The firm has successfully raised £4m in funding from Beach Point Capital Management, a move that comes on the back of three years of robust revenue growth. This financial boost is marked by partnerships with major customers like Zopa Bank, Abound, and Flutterwave, positioning Acquired.com for further expansion.
Acquired.com operates with a focus on providing a seamless payments experience across four core payment pillars: Card Processing, Direct Debit, Pay by Bank, and Real-Time Payments. This comprehensive approach enables businesses to handle all aspects of digital payments through a single platform.
Diesta closes $3.8m seed round
Diesta, an InsurTech startup focused on transforming insurance payment processes, has raised $3.8m in a seed funding round led by FinTech Collective.
The fresh capital will enable Diesta to scale its platform and continue innovating the way insurance companies handle B2B premium payments.
Commerce Ventures, along with several of Diesta’s existing investors, also contributed to the round, demonstrating continued confidence in the company’s vision and its potential to reshape the insurance payment landscape.
Diesta’s platform provides insurance companies with a unified solution for managing premium payments, automating manual processes, and delivering insights into payment data.
ClaimSorted raises $3m
ClaimSorted, a company focused on simplifying claims processing for insurers, has secured $3m in pre-seed funding.
The new funding will be used to expand ClaimSorted’s operations across the US, UK, and Europe, and to develop further capabilities within its claims platform.
The company’s solution is already being deployed across three major insurance verticals and has been well-received by insurers dissatisfied with their current claims providers.
Axyon AI secures €2.1m investment
Axyon AI has successfully secured a further €2.1m in funding, completing a funding round that totals €6m initiated in December 2023.
This investment round included significant contributions from the US-based venture capital firm Green Sands Equity, Italian holding firm Investment Opportunity 1, and several angel investors.
The company, which specializes in improving asset manager performance through AI-based rankings and AI model strategies, has made a significant mark in the asset management industry by delivering alpha opportunities. Axyon AI’s advanced predictive AI solutions enable asset managers to gain unparalleled precision and insight, navigating the complex dynamics of today’s financial markets with enhanced accuracy.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
