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15
Sep

19 FinTech funding rounds from the last week that you better not have missed

From cybersecurity unicorn Snyk’s $200m funding round to payment service provider startup Mollie’s €90m new cash injection, the last week was full of FinTechs completing funding rounds.

Snyk easily bagged the biggest funding round in the last week, claiming another $200m and a $2.6bn valuation to its name. The cybersecurity unicorn’s raise comes at a time when investment into the cybersecurity sector has slowed down.

In the first half of 2020, the cybersecurity sector raised $2.2bn in total. However, the second quarter saw investment into the industry drop by 60% compared to the first quarter. The industry raised $700m between April and June, according to FinTech Global’s research.

Last week also saw several InsurTech companies – such as Descartes Underwriting and Sunday – raise big rounds. However, these rounds come at a time when investment into the InsurTech industry seems to be suffering from a slump as well.

Back in 2016, the investment into the InsurTech industry reached $1.68bn, according to FinTech Global’s research. In the following three years, that number grew at a compound annual growth rate of 52.3% until it peaked at $5.96bn in 2019.

It, the first half of 2020 saw the investment into the sector drop to $2.01bn. That represented a 13.3% drop compared to the first half of 2019. Although, at the same time the industry enjoyed a 5.4% increase in the number of deals compared to the same period last year.

With that out of the way, let’s take a closer look at the rounds raised in the past seven days.

Snyk bags $200m in new funding round led by Addition

Cybersecurity unicorn Snyk added another $200m to its war chest last week, pushing the grand total invested into Snyk to date to $450m. It now has a $2.6bn valuation. Addition, a firm focused on supporting visionary entrepreneurs, led the capital injection. Peter McKay, CEO of Snyk, said the company will use the new funds to keep providing “very busy development teams with security intelligence, automated workflows, and visibility that will help mitigate their risks faster and more easily. ”

Mollie collects €90m in Series B round

FinTech Mollie closed a €90m Series B funding round last week, taking the total amount raised by the company to €115m. TCV, which has previously invested in companies like Netflix, Facebook, Spotify and Revolut, led the round. The payment service provider will use the money to fund its international expansion and invest in product and engineering.

Orchard bags $69m in Series C round

PropTech Orchard has secured $69m in Series C round led by Revolution Growth to fund the expansion of its services. Orchard’s existing investors FirstMark, Navitas, Accomplice and Juxtapose also backed the round that brought the total invested into the startup to $138m. Orchard will use the new money to further develop its product offerings and to expand its team in New York, Texas, Colorado and Georgia. Orchard plans to expand its services to more states in order to reach more customers in the next year.

Thunes has bagged $60m in a Series B round

Singapore-based FinTech startup Thunes has secured $60m in a Series B funding round led by Helios Investment Partners. Checkout.com as well as existing investors GGV Capital and Future Shape also participated in the cash injection.

MarketFinance secures £50m in new investment

Having changed its name from MarketInvoice last year, London-based MarketFinance has secured a £50m loan investment from Israeli asset manager Viola Credit to help UK businesses struggling because of the pandemic. The new money will go toward lending for the U.K. Coronavirus Business Interruption Loan Scheme (CBILS) initiative.

BIMA bags $30m to expand in Africa and Asia

InsurTech BIMA has raised $30m in a new round with the goal of using the money to drive mass adoption of digital health and InsurTech solutions in emerging markets.
Chinese FinTech investor CreditEase Fintech Investment Fund joined existing shareholders LeapFrog Investments and Allianz in the round. BIMA will use the new cash injection to fund further development of its product offering, scale its capabilities as demand continues to increase and deepen its footprint in Asia and Africa.

Fvndit has secured a $30m investment

California and Vietnam-based FinTech company Fvndit has secured $30m in a round led by Accial Capital and Variant Investments. Fvndit is founded on the explicit goal of solving the working capital problem for SMEs by using technology to re-build core parts of the funding infrastructure and make the underwriting and financing seamless for small businesses.

Groww secures $30m in Series C round

Bangalore-based Groww has closed a $30m Series C financing round led by Y Combinator’s growth-stage investment fund YC Continuity. Other backers participating in the round included Sequoia India, Ribbit Capital and Propel Ventures.
The startup empowers its eight million users to invest in mutual funds. That includes systematic investment planning and equity-linked savings.

Pcysys has secured $25m Series B funding round

Cybersecurity startup Pcysys has closed a $25m Series B funding round led by Insight Partners to expand internationally and to keep developing its software.

MatchMove bags $21m in new investment

Singapore-based FinTech MatchMove has raised $21m in a funding round backed by ZTC Private Markets, Singapura Finance, Vickers Partners, NTT Investment Partners, Iconic World and VV Pentafond. The raise gives the banking technology company a $338m valuation.

Descartes Underwriting bags $18.5m in Series A
Climate-risk focused InsurTech Descartes Underwriting has closed a $18.5m series A funding round co-led by Cathay Innovation and Serena. The news follows a $2.5m seed fund raised by BlackFin Capital Partners.

Zwipe secures $10.63m in post-IPO raise

Biometric-enabled payment company Zwipe has raised $10.63m in a post-IPO round to fuel the further development of its service well into 2021. The Norwegian company made the raise through a private placement of 6,381,315 new shares at a price of NOK15 per share. The placement took place through an accelerated book building process managed by retained Arctic Securities AS and Erik Penser Bank AB as joint bookrunners.

ThoughtRiver raises $10m Series A round

London-based LegalTech startup ThoughtRiver has raised $10m in a Series A round led by Octopus Ventures. Other investors joining the raise included Crane, Local Globe, Entrée Capital, Syndicate Room, and angel investor Duncan Painter, according to TechCrunch. The startup is using artificial intelligence to automate work done by legal professionals such as contract reviews.

InsurTech Sunday has raised $9m to expand its services in Thailand

InsurTech startup Sunday has raised $9m in a pre-Series B round led by SCB 10X, the venture capital arm of the Siam Commercial Bank. Vertex Ventures, Quona Capital and Line Ventures also participated in the round. The startup will use the new cash injection to strengthen its grip of its home market in Thailand as well as beginning its expansion into Indonesia as well as further develop its app.

Superhero raises $8m round

Superhero has bagged $8m with the aim to disrupt Australia’s online investment industry in a similar way to that done by Robinhood in the US. Larry Diamond, founder and CEO of FinTech Zip, led the round. Zip investors Garen Azoyan and Leon Zweir also participated alongside payment instalments startup Afterpay’s founder Nick Molnar.

Sumsub raises $6m in Series A round

Identity verification platform Sumsub has bagged $6m in a Series A round led by financial trading software provider MetaQuotes. The new cash injection brings  the total capital raised by Sumsub to over $7.5m. A group of strategic investors and several existing investors, including Flint Capital and Telegram’s Ilia Perekopsky also participated in the raise.

Salaryo secures $5.8m in new round

Freelance and startup-focused FinTech Salaryo has bagged $5.8m in a funding round and announce plans to grow into a full digital business banking service. Varian Investments, KEN Investments, Techstars Ventures and Micael Ullmann’s investment group all participated in the raise, which brings the total injected into the company since Salaryo’s launch to $12m.

AaDya bags $2.7m in new fund

Detroit-based cybersecurity company AaDya has secured $2.7m in a new funding round. Raffaele Mautone, a cybersecurity expert who have clocked up time with McAfee among others, launched the startup last year. Firebrand Ventures, 645 Ventures and Next Coast Ventures all participated in the raise.

Urban Jungle has raised another £1.6m

London-based Urban Jungle has secured £1.6m from both new and existing investors after having been forced to close a previous round early due to Covid-19. The company has been backed by both entrepreneurs and investors, including former Prudential CEO Rob Devey, Octopus Group CEO Simon Rogerson and Funding Circle co-founder James Meekings. The new £1.6m cash injection brings the total raised by Urban Jungle to £7.8m. The company now has over 25,000 customers, 23 employees and is growing at over 20% per month.

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