From: FinTech Global
While the payments industry has reason to celebrate, last week also proved a boon for 38 FinTech companies closing investment rounds.
The FinTech industry returned from the holidays with a bang last week. In total, 38 companies completed funding rounds in the past seven days and nine out of those raised cash injections north of $100m.
Companies innovating in the payments space and the FinTech ecosystem proved to be among the big winners last week.
The success of the payments industry can be exemplified by the two biggest rounds raised last week. Checkout.com and Rapyd respectively raised $450m and $300m.
For Checkout.com, the raise meant it had achieved a valuation north of $15bn, giving it the coveted bragging rights of referring to itself as Europe’s most valuable privately owned company.
Covid-19 can be partly attributed as a cause behind the success of the payments industry. Due to the pandemic, cash is no longer king. At least not for the time being.
Over the past 12 months, people have become accustomed to online shopping, proven by Amazon’s market capitalisation growing by $716bn in the last year, according to markets tracker Y Charts.
It is hardly surprising then that ventures like Checkout.com and Rapyd have cashed in with multi-million rounds. Arik Shtilman, co-founder and CEO of Rapyd, even acknowledged this fact.
“The demand for online payments has skyrocketed following the restrictions due to the effects of Covid and as a company we are well placed to provide businesses across the globe with the solutions they need and to get them up and running fast,” said Shtilman.
Checkout.com secures $450m in Series C round
Payments solutions provider Checkout.com has closed a $450m Series C funding round at a $15bn valuation, making it Europe’s most valuable venture-backed FinTech.
Checkout.com becoming EMEA’s most valuable privately-owned FinTech means that Klarna has been pushed down to second place after the Swedish buy now pay later venture raised a $650m funding round in September at a $10.65bn valuation.
Bragging rights aside, Checkout.com also plans to use the new cash injection to scale its operations around the world, focusing predominantly on the US. Tiger Global Management, a New York-based technology investor that has previously backed the likes of Facebook and Spotify, led the raise.
Rapyd secures $300m in Series D raise
Mountain View-based FinTech Rapyd has secured $300m in a Series D financing round to leverage the growing demand for its services.
Coatue led the raise. Spark Capital, Avid Ventures, FJ Labs, Latitude, General Catalyst, Oak FT, Tiger Global, Target Global, Durable Capital, Tal Capital and Entrée Capital also participated in the cash injection.
Blend secures $300m in Series G round
Digital lending platform Blend has scored $300m in its Series G round. The round also had the result of almost doubling its valuation in just five months to $3.3bn.
Blend will use the monty to scale the business and invest in its products and services. Blend helps lenders to streamline the customer journey for any banking product from application to close.
MX bags $300m in its Series C
MX, which empowers organisations to automate data-driven money experiences, has scored $300m in its Series C. It now has a valuation of $1.9bn.
MX will use the funds to fuel further development of its products.
TPG Growth acted as the lead investor, contributing $150m of the total capital raised in the round. The remaining equity was supplied by new and existing investors CapitalG, Geodesic Capital, Greycroft, Cota Capital, Canapi Ventures, Digital Garage, Point72 Ventures, Pelion Venture Partners and Regions Financial Corp.
Udaan nets $280m in Series D round
India-based business-to-business e-commerce platform Udaan has reportedly increased its valuation to $3.1bn after the close of a $280m Series D round.
Octahedron Capital, Moonstone Capital, Lightspeed Venture Partners, partners of DST Global, GGV Capital, Altimeter Capital and Tencent participated in the raise.
Udaan was previously valued between $2.3bn and $2.7bn in 2019, after the close of a $585m funding round.
With the new burst of equity, the FinTech company is looking to expand the selection of products and categories it offers, as well as grow its financing capabilities for small businesses and its supply chain network.
Globe Fintech Innovations secures $175m in funding
Globe Fintech Innovations, which operates the mobile wallet GCash, has received a $175m investment to support the growth of financial inclusion. The company received the capital from ASP Philippines, a limited partnership fund managed by investment firm Bow Wave Capital Management. Its post-money valuation is near $1bn, it claims.
LendingPoint secures $125m preferred equity from Warburg Pincus
Online loan platform LendingPoint has secured a $125m preferred equity investment from private equity firm Warburg Pincus. With the fresh funds, the FinTech plans to expand its financing solutions for its e-commerce, point of sale and financial institution partners, as well as enhance its data and technology platform.
WealthTech Carne Group secures $121.8m in new investment
Digital asset management company Carne Group has netted a $121.8m investment from Vitruvian Partners to expand the WealthTech’s client led technology solutions. Vitruvian Partners will take a minority stake in the business as part of the deal, which is subject to regulatory approval.
MoMo closes $100m in its Series D round
Vietnamese mobile payments app MoMo has raised $100m in a Series D funding round. The investment was co-led by Warburg Pincus and Goodwater Capital, with participation also coming from Affirma Capital Singapore, Kora Management, Macquarie Capital and Tybourne Capital Management.
The cash injection will enable the company to enhance its ecosystem and bolster its platform. Funds will also be used to launch MoMo Innovation Ventures, an initiative that will invest into Vietnamese companies that could be integrated into MoMo’s ecosystem.
Curve kicks off 2021 with a $95m Series C
UK-based FinTech Curve collected $95m in its Series C round last week. The company is set up to empower consumers to combine multiple cards and accounts into a single card and app.
With the equity injection, the company plans to expand internationally, including the US, and deepening its presence in Europe. The London-based company will also use funds to further its product innovation efforts and continue its goal of connecting all finances to one location.
IDC Ventures, Fuel Venture Capital and Vulcan Capital led the round, with contributions also coming from OneMain Financial and Novum Capital.
Gila closes $78m Series C funding round
Gila, which provides financial services with digital customer services, has collected $78m in its Series C funding round. The investment was led by previous Gila backer Investor Insight Partners. The FinTech has raised a total of $107m in funding.
Gila will use the money to fund the expansion of its operations to all departments within organisations, as well as making strategic acquisitions.
Clark said to close €69m Series C
German InsurTech platform Clark has reportedly collected €69m in its Series C round, which it will use to increase user acquisition. The funding round was led by Tencent. Previous backers Portag3 Ventures, White Star Capital and Yabeo also participated in the raise.
With the equity, the InsurTech is increasing its user acquisition and product investment. Clark offers a mobile app that lets consumers manage all their contracts online in one location. Users will receive an assessment of their insurance situation and tariff details to give them all the important information at quick access.
Capchase said to close $60m through a asset-backed credit facility
Capchase, which offers a SaaS and recurring revenue financing platform, has reportedly bagged $60m in an asset-backed credit facility. The funds, which were supplied by i80 Group, will be used to grow the number of startups it works with.
Funds will also be used to the amount of revenue prepayment it could offer to clients. Capchase helps companies to get access to cash for customers that do not pay upfront, helping them to unlock money tied to periodic instalments. Through the platform, a merchant can offer their customer a periodic instalment system, without having to wait for the cash.
Modern Treasury secures $38m for its Series B round
Payments operations software platform Modern Treasury has bagged $38m in its Series B round, which will enable the company to grow its product offering.
The capital injection was led by Altimeter Capital, with additional contributions coming from existing backers Benchmark and Y Combinator. With the fresh batch of funding, the company plans to expand its suite of tools offered to healthcare, real estate, financial services and marketplaces. Modern Treasury provides management solutions that empower companies to instantly close books with continuous accounting, payment management and banking tools. Its software automates every step in the process.
Bibit said to close $30m in funding
Indonesia-based robo-advisor platform Bibit has reportedly bagged $30m in funding, bringing its total equity raised to $45m. Sequoia Capital India served as the lead investor, with East Ventures, EV Growth, AC Ventures and 500 Startups also returning to join the round.
This investment brings the FinTech’s total capital raised to $45m. Bibit offers an automatic mutual fund investment platform, which helps consumers to easily build a diverse portfolio.
Ajaib Group said to close its Series A on $25m
Investment platform Ajaib Group has netted $25m in a Series A funding round, which was led by Horizons Ventures and Alpha JWC. Investors to the round also included Softbank Ventures Asia, Insignia Ventures and Y Combinator.
The Ajaib Group plans to use the money to expand its technology infrastructure, hire more engineering staff and increase its product offering. A major portion of the funding will be used for Ajaib’s education campaign, which is supporting the Indonesian government’s effort to educate millennials on investing and money management.
Alami said to raise over $20m in funding
Sharia FinTech platform Alami Technologies is said to have raised more than $20m in a mixture of debt and equity. The round was led by AC Ventures and Golden Gate Ventures, with participation also coming from Quona Capital, according to a report from Tech in Asia.
Alami is hoping to grow by four-times to disburse more than $1trn to sectors including healthcare, farming, logistics, food and others. Micro, small and medium-sized businesses can access loans in a sharia compliant manner.
Twisto said to raise €16m in funding
Czech Republic-based cashflow management platform Twisto has reportedly collected €16m in new funding. The round was led by Zip Cp. and Elevator Ventures. With this equity burst, the company hopes to continue the expansion across Europe. Its services are currently available in Czech Republic and Poland, with it set to launch in Romania. Twisto is a mobile-based payment app that enables users to make online payments through a single click, complete bill payments and invoices by taking a photo on the app, and making payments through a card, Apple Pay or wearable.
Brace scores $15.7m in its Series B
Digital mortgage-servicing platform Brace has secured a further $15.7m in Series B funding, which was led by Canvas Ventures. The round also received contributions from Point72 Ventures and Crosslink Capital.
With this equity, the company hopes to expand its team, broaden its suite of services and bolster future product initiatives. Brace has established a digital platform for mortgage servicing that improves customer experiences while lowering costs, it claims.
Powered by AI technology, Brace improves communication and transparency among homeowners, services and investors as well as automating workflows to improve decision making.
Rho Technologies bags $15m in its Series A
New York-based business banking account Rho Technologies has netted $15m in its Series A to expand its team. M13 Ventures led the round, with commitments also coming from Torch Capital, Inspired Capital and Rogue Capital. A number of angel investors also joined the round, including Michael Vaughan, Stephen Sikes, Josh Stech and Eric Kinariwala. This equity has been earmarked to expand the platform, initially focusing on the launch of an integrated payabe platform.
Minna Technologies raises £14m in Series B round
Swedish subscription management company Minna Technologies has raised £14m in a Series B round to fund the development of its open banking technology. Element Ventures led the raise with support from MiddleGame Ventures, Nineyards Equity and Visa. Elements Ventures raised a £100m fund in 2020 to support FinTech startups.
APOLLO secures $13.5m in new investment
Canada-based APOLLO Insurance has closed an oversubscribed Series A round on $13.5m. Gravitas Securities served as the lead investor, with contributions also coming from international specialty insurance provider Trisura Group and property and casualty insurer Liberty Mutual Insurance.
With the close of the round, the company plans to continue its rapid expansion of insurance offerings to help it become the “everything store” for small business and personal insurance.
Own Up secures $12m in funding round
Mortgage marketplace Own Up has secured $12m in a funding, which will be used to hire more staff. Brand Foundry Ventures led the raise. Link Ventures, Listen Ventures, and TechStars Ventures also participated in the raise.
This equity line will be used to deepen its technology capabilities and grow its customer success team. Over the course of the year, the FinTech hopes to expand into 15 new US states. This includes California, which will be its first state on the west coast.
BukuKas secures $10m in its Series A
Indonesia-based cloud accounting platform BukuKas has scored $10m for its Series A to support user acquisition. Sequoia Capital India served as the lead investor, with participation also coming from Saison Capital, January Capital, Founderbank Capital, Cambium Grove and Endeavor Catalyst. With the funds, BukuKas plans to increase user acquisition, grow its engineering and product teams, and release new products.
LEX locks up $6m in funding
LEX, which opens up real estate investment to everyone, has collected $6m in a new funding round.
The investment was backed by Tim Callahan through the Callahan Family Investments, Marty Edelman, Kawawa Capital, Inertia Ventures, Modern Venture Partners, Subversive Capital, Two Lanterns Venture Partners, Gaingels, RAJ Capital, five-time NFL Pro-Bowler DeAndre Hopkins and among others.
WatermanClark managing partner Ric Clark invested into LEX and joined the company’s board of directors.
VComply secures $6m to support US growth
Governance, risk and compliance management platform VComply has netted a pre-emptive $6m in Series A funding. The capital injection was led by Counterpart Ventures and Accel.
This equity has been earmarked to support the FinTech’s go-to-market efforts in the US. Part of the expansion plans include hiring several senior roles in engineering, product and marketing in the US.
Norwegian Block Exchange completes €5.84m private equity placement
Norwegian Block Exchange (NBX) completed a €5.84m private equity placement from Pareto Securities, a leading investment bank in the Nordics. This capital burst will help the FinTech to develop its cryptocurrency exchange, custodian and payment systems and new products related to digital assets and e-money banking.
The company offers a cryptocurrency exchange, custodian and payments system. NBX has the goal of becoming a digital asset bank. To achieve this, the FinTech is focusing on institutional clients and investors that wish to diversify into alternative asset classes and ‘digital gold’.
microLEAP scores $3.26m in funding
Malaysia-based P2P lending platform microLEAP has secured $3.26m in a new financing round, which was supplied by MAA Group. The investment was comprised of RM1.25m (309,000) in equity and RM2m ($494,000) advance. The remaining RM10m ($2.4m) will be invested across microLEAP’s Islamic and conventional investment notes. With the equity will be used to support advertising, promotions, hiring staff and technology enhancements.
Drata raises $3.2m seed round and exits stealth
Compliance and security automation startup Drata has exited stealth on the back of a $3.2m seed funding round. The raise comes as the number of hack attacks rose during the pandemic, raising the demand for safe cybersecurity solutions. Cowboy Ventures led the seed capital round. Leaders Fund, SV Angel and a smattering of angel investors also participated in the raise.
Gig Wage increases its Series A round by a further $2.5m
Gig Wage, which supports instant contractor payments, has reportedly added an additional $2.5m to its Series A, bringing the round’s total to $10m. The fresh equity was led by The Foundry Group. Last year, the company bagged a $7.5m in the initial Series A tranche of funding back in November 2020. The capital infusion was led by Green Dot Corp, with participation also coming from Continental Investors, Techstars, and Rise of the Rest and others.
Royale Finance said to collect $1.45m
Royale Finance has raised $1.45m in funding to help merge DeFi with the iGaming industry. Participants to the round include Alphabit Fund, AU21 Capital, Fomocraft Ventures, Kyros Ventures and Vendetta Capital.
SalesTrip scored $1.4m in funding
SalesTrip, which builds expense management and travel booking software, has scored $1.4m in its seed funding. The round was led by Floreat Group, an independent and private investment firm.
SalesTrip witnessed more than 250% growth in the past year. With the fresh funds, the company plans to scale its operations in the US, build additional product integrations and increase demand across key markets. The FinTech company offers an expense management and travel booking system, which is built on the Salesforce platform.
b.fine secures $1.21m in new investment round
RegTech company b.fine has raised $1.21m in a funding round led by Pamica NV, the investment company of Clear2Pay’s former chairman and CEO Michel Akkermans. He will join the b.fine board as part of the deal. b.fine will use the cash injection to accelerate the growth of its solutions at an international scale and to continue the investments in its own regulatory reporting platform b.rx.
Bookkeeper360 secures $1m seed round
Accounting startup Bookkeeper360 has secured $1m in seed capital to scale the venture and brings the total invested into the company to $2.1m since launch. Angel invstors and brothers Judson and Spencer Ain supported the raise. The Bookkeeper360 app was launched in September 2020 as a standalone SaaS solution, independent of Bookkeeper360’s service business.
Cwallet said to raise $220,000 in pre-seed funding
Qatar-based FinTech company Cwallet has reportedly collected $220,000 in pre-seed capital to support product innovation. The funds were supplied by its founders and MBK Holding. Following the close of the round, Cwallet is working with the Qatar Central Bank to acquire licenses that enable it to introduce payroll and remittance services.
Insoore said to receive investment from Mercurio Holding
Insoore, which builds risk evaluation and digital claims management software, has reportedly received an investment from Mercurio Holding. The deal sees Club degli Investitori, an investment association, has sold part of its stake in the InsurTech to Mercurio. Italy-based Insoore enables insurance and fleet management companies to optimise the claims process via video-photographic inspections and damage estimations, which is created by a community of thousands of experts in real-time and on-demand.
Humn bags investment to support its goal of being the European leader in fleet insurance
InsurTech100 company Humn has closed an additional investment from Shell Ventures and previous backer Marbruck Investments. The company raised the equity to support its domestic and international roll-out, as they aim to become the European leader in fleet insurance. Founded in 2018, the company consolidates fleet insurance and risk management to solve a need to transparent fleet insurance, it claims. The risk platform analyses more than 500 ‘in vehicle’ and external data points to offer an entirely contextual assessment of driver performance for dynamic insurance pricing.
Tracepoint secures a strategic investment
Digital forensics and incident response company Tracepoint has secured a strategic investment from consultancy firm Booz Allen Hamilton. Tracepoint specialises in digital forensics and incident response through a selection of pre and post-breach services.
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