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B2B Fintech Radar: September 5, 2022

On the radar this week:

Q&A with Marcus Börner of OptioPay

BigPanda, a service for responding to security incidents at financial institutions, raised strategic funding from UBS.

Belvo, a Latin American embedded banking and open finance provider, raised strategic funding from Citi.

Finexos, a UK credit-scoring provider, raised £695,000.

Bookkeeper360, a provider of accounting tool integrations, raised a $3.5 million seed round.

Rebill, an Argentinian automated collections process provider, raised $3.6 million.

Closinglock, a real estate transaction fintech provider, raised a $4 million seed round.

Deposits, which allows customers to offer plug-and-play banking solutions, raised a $5 million seed round.

QuotaBook, a South Korean equity management platform, raised $11 million.

Highline Technologies, which allows consumers to pay bills directly from their paychecks, raised a $13 million Series A.

FOMO Pay, a Singaporean ‘banking services provider to the digital economy,’ raised a $13 million Series A.

Hazeltree, a treasury and liquidity management vendor, raised$14 million.

Kasisto, a conversational AI chatbot for financial institutions, raised a $15.5 million Series C extension from Westpac and FIS.

Nitra, a payment platform for hospitals, raised $16 million in equity and $45 million in debt.

Q&A with Marcus Börner of OptioPay

1. ​Tell us a bit about yourself and your company.

At the age of 17 I founded my first company – reBuy.com. Today, Germany ́s leading re-commerce platform employing over 500 great people and exceeding $ 200 million in annual turnover .

My entrepreneurial spirit and passion for combining customer-oriented products with data eventually led to the foundation of OptioPay. OptioPay provides Open Banking white label services that empower customers to benefit from value-add campaigns based on their bank account data. As a B2B2C-provider we serve clients from various industries, such as banking, insurance, telco & retail. Comdirect Bank, DZ Bank, HDI or 1&1 are some of our clients that understand the huge potential of open banking for their business and customers. Going forward, any company missing out on the open banking opportunity will struggle with severe strategic disadvantages.

Next to OptioPay, I am a passionate business angel, and have invested in over 50 companies. I love supporting young entrepreneurs who dare to make an impact. I also advise the Federal Ministry of Finance in Germany as part of the “FinTechRat”.

 http://www.fintechforum.de/scaling-enterprise-fintech-with-marcus-borner-of-optiopay/

UBS invests in AIOps platform BigPanda

UBS has invested in tech unicorn BigPanda, which uses artificial intelligence to detect and respond to incidents in complex IT systems.

As more of its customers switch to – and become ever more reliant on – digital channels, UBS is using BigPanda’s artificial intelligence IT operations (AIOps) platform to automate incident management processes to ensure systems stay up and running.

“We’re excited to build on our relationship with BigPanda through this investment, helping drive digital disruption and innovation in AIOps,” says Mike Dargan, UBS group chief digital and information officer. “By increasing transparency and leveraging technology to automate key processes, companies can reduce downtime and focus on developing new products and services for clients.”

Reflecting changing consumer banking habits, UBS in May launched a purely digital product line, UBS key4, for clients who want to carry out all of their banking transactions from their smartphones.

“As companies increase their dependance on technology as an enabler and differentiator, and ultimately change how they deliver their products and services to clients, it has become even more important for them to ensure their IT operations platforms run smoothly,” says Assaf Resnick, CEO and co-founder of BigPanda. “UBS is an early adopter of AIOps in the financial services industry and similarly sees the power emerging technology can have on their operations to deliver a best-in-class client experience.”

The investment was made by UBS Next, the Swiss bank’s $200 million fintech venture fund and incubation unit.

https://www.finextra.com/newsarticle/40852/ubs-invests-in-aiops-platform-bigpanda

Citi Ventures invests in Belvo to help push Open Finance forward in Latin America

Citi Ventures has made an investment in Belvo, the leading Open Finance API platform in Latin America. This investment will facilitate Belvo’s growth in Mexico while getting closer to Citibanamex.

Citi Ventures, Citi’s venture capital investing group, announced its investment in Belvo, the leading Open Finance API platform in Latin America.

The financing is already leading to joint explorations of opportunities to bolster the development of the Open Finance ecosystem in Mexico. Specifically, Belvo is exploring ways to create new products and services that leverage Open Finance and that can foster more innovation and financial inclusion. 

Belvo already provides connectivity through its API platform to over 60 financial institutions and works with over 150 clients, including leading financial institutions and fintechs in Mexico, Brazil, and Colombia like Tribanco, Rappi, Mobills, and Mercado Libre. These companies use Belvo’s Open Finance technology and platform to build reliable and secure connections with their end-users financial data and interpret and enrich this information to launch innovative financial services.  

“This investment is yet another great sign of the increasing collaborative efforts that are taking place between fintechs and traditional financial players in Latin America in the context of Open Finance. As regulation quickly moves forward in countries like Brazil, Mexico, and Colombia, we believe that working together with financial institutions is key to bringing the benefits of these new models to more and more businesses and end-users, and that these collaborations will have a great impact on increasing access to better financial services across the region. Citi is one of the top financial institutions in the world and Latin America, with operations in more than 20 countries in the region. We’re ecstatic to collaborate with them in their commitment to innovation”

Pablo Viguera, co-CEO and cofounder of Belvo. 

“At Citibanamex, we aim to offer the best banking experience in Mexico. Citi Ventures’ investment in Belvo will get Citibanamex closer to Belvo, accelerating our path to develop Open Banking capabilities while creating omnichannel, and deeply personalized, digital experiences and products for the benefit of our customers,” said Sinead O´Connor, Corporate Director of Consumer Banking, Citibanamex.

https://belvo.com/blog/citi-ventures-invests-in-belvo/

GCV Leads £695K Investment in Finexos, a Fintech Focused on Making Credit More Accessible

Growth Capital Ventures has led a £695,000 investment round into Finexos, a fintech platform set “to improve access to credit for millions of people around the world.”

Oversubscribed by almost 40% from the initial target, the funds will be used “to drive forwards Finexos’s market entry strategy as the company rolls out its solution to several key pilot partners looking for a more accurate way of evaluating credit worthiness.”

This is the latest EIS-eligible investment opportunity “led by Growth Capital Ventures, an FCA authorized investment firm specializing in impact driven co-investment opportunities across alternative asset classes.”

Finexos has “developed its innovative technology, which combines open banking with Artificial Intelligence (AI) and Machine Learning (ML), to measure financial capability without the need for a credit score.”

Where a traditional credit score uses approximately 12 pieces of information, the Finexos solution currently “uses more than 220 pieces of data to give an accurate assessment of how a consumer or SME manages its cashflow.”

With around two billion people globally unable to access financial services and a further 138 million people in Europe estimated to be excluded from mainstream credit, there is “a clear requirement to improve financial inclusion by redefining credit scoring.”

Norm Peterson, co-founder and chief executive officer of Growth Capital Ventures, said:

“Over 12 million people in the UK alone are in the high-interest, revolving credit trap as a result of legacy credit scoring. Millions of people are paying too high interest rates due to a low legacy credit score – even though we now have access to the information to readily prove that such a low credit score can be entirely unjustified. With the Finexos solution developed and ready to take to the market, the platform is set to transform credit scoring, increasing loan origination while simultaneously reducing default rates for lenders.”

Established in 2018, the expert team behind Finexos “includes an international group of specialists.”

They include founder and head of product Mark Fisher and CEO Areiel Wolanow, “an adviser on AI and Blockchain to the UK Parliament, speaker on financial inclusion at the G20, and designer of the credit scoring engine for M-Pesa, which doubled Kenya’s GDP and lifted 2% of the population out of poverty and forms the template for the Finexos solution.”

https://www.crowdfundinsider.com/2022/08/195140-gcv-leads-695k-investment-in-finexos-a-fintech-focused-on-making-credit-more-accessible/

Bookkeeper360 Raises $3.5M Seed Round to Scale Platform and Operations

Bookkeeper360 has announced the completion of its seed capital raise round, raising $3.5 million from investors. This round was filled by new strategic partners, customers, and previous investors of Bookkeeper360, who are also Angel Investors of Etsy.com. Bookkeeper360 disrupts traditional business accounting by leveraging its proprietary technology and services to streamline and integrate back-office, management reporting, advisory, payroll, and tax solutions.

Nick Pasquarosa, founder and CEO of Bookkeeper360, said, “The future for Bookkeeper360 has never been brighter. We have seen an enormous increase in demand for our accounting and advisory services, and on average, our customers are accessing our app more frequently than ever before. We are excited to continue developing solutions to help our customers grow faster and more efficiently. I’ve never been prouder of our team and value our customers who trust Bookkeeper360 to handle their finances.”

In the past 14 months, Bookkeeper360 has grown its team by 120% and now supports nearly 1,000 customers nationwide between its software and a full suite of accounting, advisory, tax, payroll, and back-office solutions. This includes three new directors that have joined to oversee its software engineering, advisory, and customer onboarding departments. In October 2022, Bookkeeper360 will celebrate its 10th anniversary.

Bookkeeper360 currently has integrations with Xero, Quickbooks Online, and Gusto Payroll. The company plans to expand its existing integrations to additional marketplaces and operational platforms and integrate capital and lending products for Bookkeeper360’s hyper-growth customer base. Bookkeeper360 aims to be the single go-to platform for all small business needs.

New strategic investor and CEO of National Business Capital, Joe Camberato, says, “I couldn’t be more excited to invest and partner with Bookkeeper360. Both of our organizations share the same mission: to help small business owners GROW and make it easier for them to grow fast. We speak to business owners daily; bookkeeping and accounting are one of the biggest challenges as they grow and scale. Bookkeeper360 saves businesses money by not having a costly internal accounting team. Their tech-enabled platform gives SMB owners a Fortune 500, easy-to-understand view into their company’s cash flow and financials.”

https://www.cpapracticeadvisor.com/2022/08/24/bookkeeper360-raises-3-5m-seed-round-to-scale-platform-and-operations/69872/

Tiger Global, YC back Rebill’s subscription payment platform for Latin America

Rebill, an Argentina-based startup, raised $3.6 million to continue building automated payment collection and subscription management tools for Latin America.

The funding announcement includes $600,000 from a pre-seed tranche. The $3 million seed round was led by Tiger Global Management and included Y Combinator, Soma Capital, SV Angel and a group of angel investors, including Dropbox co-founder Arash Ferdowsi and Vercel founder Guillermo Rauch.

CEO Nahuel Candia got the initial idea for Rebill in 2018 when he was consulting for an insurance company in Argentina. His company wanted to manage the whole behavior of collections, including changing the card on file and going through compliance with security measures. The implementation process was estimated to be two to three weeks, but turned out to take one year.

Wanting to make this an easier process, Candia joined with Ariel Díaz Ailán, whose background is in e-commerce, to create Rebill in 2020. Rebill was part of Y Combinator’s Winter 2022 cohort.

Closinglock Announces $4M in Funding led by LiveOak Venture Partners

AUSTIN, Texas–(BUSINESS WIRE)–Closinglock, a proptech & fintech startup focused on modernizing the real estate transaction process, announces that it has closed a $4M seed round led by LiveOak Venture Partners with participation from RWT Horizons and GTMfund. The funds will be used to expand its teams across sales, customer success, and product development.

Wire fraud is one of the largest problems in real estate today and is estimated to cost the industry over $1 billion per year in lost funds. With Closinglock’s secure portal technology and workflow platform, title and escrow professionals no longer need to share sensitive information via email where the bulk of fraud occurs in real estate transactions.

Closinglock’s first product, a secure portal, was introduced in 2018 to protect title companies and attorney offices from the growing problem of real estate wire fraud. Since then, Closinglock has expanded its product offerings to include secure wire instructions, document sharing, eSignature, and loan payoff verifications all in a single platform. Today, Closinglock serves some of the largest title companies, home builders, and real estate attorneys in the country, representing more than $100 billion in transaction value to date across all 50 states and 42 countries.

“The top concern amongst real estate title and escrow companies remains wire fraud as a single wire fraud incident can bankrupt entire organizations,” said Andy White, Ph.D., CEO of Closinglock. “Our current platform has robust adoption in the industry, but we also have exciting plans for the future across the breadth of real estate transactions. To that end, we sought out the best proptech investors in the world and are extremely proud to partner with LiveOak as our lead investor.”

“Eliminating inefficiencies in the real estate transaction process is a theme that we are excited about across our proptech and fintech portfolio. Closinglock’s ability to build trust with buyers, brokers, and title companies by securing the highest risk element of the transaction provides the company with a unique opportunity to build out a comprehensive platform for managing the entire transaction closing process,” said Mike Marcantonio, Partner at LiveOak Venture Partners and Closinglock board member. “The industry’s exceptional response to this product in such a period of time is a testament to the magnitude of the problem and the Closinglock team’s unique blend of product development expertise, domain knowledge, and security focus. We’re elated to be partnering with the company as it embarks on the next step in its journey.”

https://www.businesswire.com/news/home/20220816005366/en/Closinglock-Announces-4M-in-Funding-led-by-LiveOak-Venture-Partners

Deposits Secures $5M Seed Funding to Democratize Modern Banking and Payments

DALLAS, Aug. 23, 2022 (GLOBE NEWSWIRE) — Plug-and-play finance startup Deposits today announced a seed funding round of $5M led by ATX Venture Partners and joined by Cabal Fund, Lightspeed Venture Partners and others. Deposits’ cloud-based platform enables credit unions, community banks, insurers, retailers, and even product brands to offer a wide spectrum of payment and banking experiences without the need for deep technical expertise. Deposits opens up access to digital banking by making it easy for organizations, regardless of size, skill or budget, to strengthen their relationships by offering modern financial experiences. These services include mobile apps, fully online account opening, identity verification, debit and credit accounts, mobile deposits, virtual cards, P2P payments, home and auto loans, foreign exchange and more. Deposits’ modular, flexible platform allows for rapid implementation, enabling partners to offer modern banking services in days versus months.

Deposits stands out for its next-generation plug-and-play fintech platform that fills the gap left by embedded finance providers by eliminating technical barriers as well as for its mission to bring modern banking services to new communities.

“Local banks and credit unions have built trust with customers over decades by keeping money within the community. But those customers often fall out of love because those institutions struggle to provide a modern, mobile-first banking experience,” said Joseph Akintolayo, founder and CEO of Deposits. “Deposits makes it easy for trusted brands to provide stellar experiences with money. This means their customers can participate in a full range of financial services that in turn improve their financial circumstances and well-being.”

https://www.globenewswire.com/news-release/2022/08/23/2503108/0/en/Deposits-Secures-5M-Seed-Funding-to-Democratize-Modern-Banking-and-Payments.html

YC grad QuotaBook raises $11M to scale its equity management platform

QuotaBook, a Seoul-based equity management platform, has raised $11 million in funding led by Elefund, with participation from Access Ventures, Hana Securities and South Korean fintech company Viva Republica. Some of its previous backers, including Draper Associates and Capstone Partners, joined the round.

The Korean startup, which graduated from Y Combinator (YC)’s Winter 21 batch, was founded by former venture capitalists Andy Choi, Dan Hong and Pilseon Jun, in 2019. Choi, the company’s CEO, said in an interview with TechCrunch that in their capacity as investors, the three noticed that in Korea and many other Asian countries, startups were still relying on Excel when managing their cap tables, stock options, stakeholder and other related information.

That meant the startups’ backers were forced to make sense of these spreadsheets, too. “VCs were stuck with Excel sheets or very old enterprise resource planning (ERP) tools, so old that they are not web-based and can be installed only on Windows machines,” Choi said. “It created a very annoying and error-prone process where startups and investors were regularly exchanging crucial equity data and corporate info via document attachments or text messages.”

Everyone was typing in the data manually because investors and startups had different formats and had to run double checks from each side again, Choi told TechCrunch.

Payments fintech Highline Technologies rakes in $13m in Series A round

Highline Technologies, a payments fintech firm, has secured $13m investment in its Series A funding round led by Jump Capital, Costanoa Ventures, Foundation Capital, among others.

The firm, established in 2020, has developed a payments platform that enables customers to automatically pay bills directly from their paycheck. The platform is designed to help consumers not to miss payments and avoid overdraft fees.

It also allows lenders to enhance the performance of their portfolios. Using the solutions, lenders will be able to extend approvals as well as add new clients and increase revenue while minimising risk, stated Highline.

Furthermore, the company has improved payroll-backed lending to any asset class, which were previously restricted to only personal loans.

With the new investment, Highline aims to accelerate its growth. The company also seeks to add new employees, form new strategic alliances and support the market adoption of its solutions and offerings.

Highline Technologies co-founder and CEO Geoff Brown said: “We are grateful to our investors and excited by the possibilities that this round of funding represents.

https://www.electronicpaymentsinternational.com/news/highline-technologies-13m-round/

Singapore payments fintech FOMO Pay gets US$13mn in Series A

Singapore payments fintech FOMO Pay has raised US$13mn in Series A funding as it seeks to hire new talent, strengthen R&D and expand into new geographies.

Singapore fintech FOMO Pay has secured US$13mn in a Series A funding round led by Jump Crypto with further participation from investors including HashKey Capital, Antalpha Ventures, Ab Initio Capital, and Republic Capital.

The fintech startup has a long list of objectives that it wants to achieve with this fresh injection of capital. FOMO Pay will use the money to accelerate its growth, invest in talent acquisition and infrastructure, and strengthen its R&D capabilities.

FOMO Pay, which is striving to be “the leading global banking service provider for the fast-growing digital economy”, will also seek to extend its client base; expand into new geographies; and diversify its product offerings in line with the crypto adoption curve.

https://fintechmagazine.com/articles/singapore-payments-fintech-fomo-pay-gets-us-13mn-in-series-a

Hazeltree Secures Investment Round Led by FINTOP Capital, Joined by Hamilton Lane (NDQ: HLNE)

NEW YORK & LONDON & HONG KONG–(BUSINESS WIRE)–Hazeltree, the leader in treasury and liquidity management technology for the alternative asset and investment management industries, announced today that it has secured a $14 million strategic investment. The investment round was led by FINTOP Capital, a venture capital firm focused on fintech B2B SaaS companies, and joined by Hamilton Lane (NASDAQ: HLNE), a leading private markets investment management firm.

Rick Kushel, co-founder and managing partner at FINTOP Capital will join Hazeltree’s board.

“We are thrilled to have the support of such high-caliber investment partners as FINTOP and Hamilton Lane joining us as we bring Hazeltree into its next era of growth,” said Douglas Haynes, Executive Chair of Hazeltree. “Amid market volatility and economic uncertainty, this investment affirms Hazeltree’s powerful and resilient business model,” added Haynes. “We saw extensive interest from the investment community, but FINTOP’s operating expertise stood above all others. We couldn’t be happier to be partnering with FINTOP and Hamilton Lane. Their respective reputations in the industry speak for themselves.”

“We were greatly impressed by the Hazeltree business and the strength of its model in the alternative asset management space, particularly hedge funds and private equity,” Kushel said. “I am very excited to be joining the board of such a dynamic growth company and helping it build on its success to date.”

Erik Hirsch, Vice Chairman and Head of Strategic Initiatives at Hamilton Lane, commented: “We have a long history of partnering with and investing in leading companies that utilize technology to bring greater efficiency to the private markets. As a user of the platform, we have found Hazeltree to be a transformative technology solution, allowing us to increase the speed and reliability of our treasury operations and gain greater security over our cash management processes, all while expanding our visibility into overall funding and currency needs for our clients. We are proud to be participating in this fundraising round.”

“FINTOP and Hamilton Lane’s combined investing and operating experience in helping scale fintech companies is unmatched, and we’re excited to have Rick join our board to provide his guidance,” said Tushar Amin, Hazeltree’s CEO. “This investment will fuel Hazeltree’s growth through expanding customer success and support, scaling our commercial model, and innovating across our product suite.”

https://www.businesswire.com/news/home/20220823005182/en/Hazeltree-Secures-Investment-Round-Led-by-FINTOP-Capital-Joined-by-Hamilton-Lane-NDQ-HLNE

Westpac and FIS invest in conversational AI firm Kasisto

Conversational AI chatbot developer Kasisto has raised $15.5 million in a Series C extension led by its client Westpac and fintech giant FIS.

BankSouth, another KAI client, joined the extension, which brings the Series C to $31 million.

Kasisto’s KAI digital experience platform is used by a host of FS giants, including JP Morgan, Standard Chartered and TD, to communicate with millions of consumers around the world across multiple channels in different languages.

The firm will use the latest funding for product development, strategic go-to-market initiatives, and the expansion of partnerships with financial services providers.

Scott Collary, group executive, customer services and technology, Westpac, says: “Kasisto’s technology has enabled us to evolve from traditional chatbots to a sophisticated, human-like conversational experience, unified for the first time under a single AI orchestration platform.

“This means customer queries will be answered more efficiently with reduced wait times and fewer hand-offs.”

https://www.finextra.com/newsarticle/40847/westpac-and-fis-invest-in-conversational-ai-firm-kasisto

Nitra Raises $62 Million to Revolutionize Fintech for the Healthcare Industry

Nitra raised a seed round from leading investors including Andreessen Horowitz, NEA, Pantera, KB Financial Group, Jerry Yang, Will Smith’s Dreamers VC, CoVenture and others.
NEW YORK, Aug. 23, 2022 /PRNewswire/ — Nitra, a fintech company founded by successful serial entrepreneurs, announced today that it has raised $62 million in equity and debt capital from leading investors including Andreessen Horowitz (a16z), New Enterprise Associates (NEA), Pantera Capital, KB Financial Group, Jerry Yang/AME Cloud Ventures, and Will Smith’s Dreamers VC, with CoVenture providing the debt facility. Other participants in this initial round include Primer Sazze Partners, SparkLabs Taipei & Global, Dunamu, Expa, Soma Capital, Slope Capital, K50 Ventures, 8090 Partners, Comma Capital, Gaingels, and Gold House Ventures.
Nitra was founded with a mission to bring modern financial products, integrated medical software, and supply chain solutions to practitioners and physicians in the healthcare industry. The financing will be used to scale the team, accelerate growth, and launch new products.
“We are excited to bring the transformational and disruptive digital finance technologies of Silicon Valley to new verticals,” says Jonathan Chen, Nitra’s Founder and CEO. “Our goal is to partner with practitioners to provide an ecosystem that combines innovative fintech and cutting-edge software solutions to help doctors better manage their practices and better focus on their patients.”
With the raise, Nitra is launching its first product, a Visa Business card customized for the healthcare industry that allows physicians to earn unlimited rewards on common practice expenditures – medical and surgical supplies, office and business spend, and dining. The card comes at no annual fee and is underpinned by sophisticated spend management, business analytics, and reconciliation software that demonstrates the innovative, customer-centric solutions the company is creating for the healthcare industry. With upcoming plans to expand their suite of financial services products and build customized healthcare-specific software tools to support practices and hospitals across the country, Nitra is just beginning its journey as a mission-driven startup addressing the vital needs of doctors and their practices.

https://www.prnewswire.com/news-releases/nitra-raises-62-million-to-revolutionize-fintech-for-the-healthcare-industry-301610996.html

Q&A with Wequity and Finch Capital; European Fintech Deals this week include CapitalFlow, Muse Finance and Capital on Tap 

European FinTech deals this week include CapitalFlow, Muse Finance and Capital on Tap 

We feature Q&As with Gabriel Levie of Wequity and Hans de Back, Finch Capital

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Gabriel Levie of Wequity

1.Please tell us a bit about yourself, both at work and leisure.

I was born and raised in Belgium and was lucky to have a Dutch-speaking mother and French-speaking father, which means I speak both languages fluently. Before starting Wequity I completed my undergraduate studies in Economics and Philosophy in the UK. Since 2019 I have been back in Belgium.

With my cofounder Franck we launched Wequity in February 2021, and we have been working full time with a team of 5 people. On the side I run, climb, and play the piano.

http://www.fintechforum.de/7-questions-with-gabriel-levie-of-wequity/

Q&A with Hans de Back, Finch Capital

Hans de Back: Sure. Okay, so my name is Hans de Back. I’m a General Partner at Finch Capital. I am Managing Partner at Finch Capital since 2015. I’m based in Southeast Asia. So we as a FinTech VC we invest in two regions, Europe and Southeast Asia. So I’m responsible for our Southeast Asian activities. Radboud is looking after Europe.

My background is that I’ve been an entrepreneur myself from 2000 till 2011,  but in the mobile marketing and advertising space. So I’ve built companies together with two partners all the way from a startup to an IPO to a listing. So I think it’s an entrepreneurial experience in the companies and I have leveraged that experience in the companies we invest in. Then from 2011 till 2014 I’ve been an angel investor. I moved to Singapore in 2011 and started investing as an angel in in technology companies with a very broad focus, ecommerce, social media, but also FinTech and that’s where I started to work with Radboud. We did some deals sharing and co-investments, and then decided to set up Finch Capital. So that’s a bit about my work.

http://www.fintechforum.de/scaling-enterprise-fintech-with-hans-de-back-finch-capital/

Bunq’s CapitalFlow Picks Up $10M for Green Financing

Ireland-based Capitalflow Group, owned by neobank Bunq, has secured 10 million euros (about $10 million) from the low-cost Energy Efficiency Loan Scheme (EELS) of the Strategic Banking Corporation of Ireland (SBCI).

CapitalFlow specializes in offering loans to small- to medium-sized businesses (SMBs). The funding will help Irish SMBs invest in energy efficiency financing projects so they can transition to sustainable energy, Silicon Canals reported Friday (Aug. 26).

“We’re delighted to be partnering with the SBCI once again in supporting the Energy Efficiency Loans Scheme and the move toward green finance,” said Capitalflow CEO Ronan Horgan in the report. “By investing now, helped by the Energy Efficiency Loan Scheme, businesses can help the environment and reduce their costs in the medium to long term.”

The money is part of 150 million euros (about $149 million), the SBCI EELS is offering as a catalyst for energy efficiency investments, the report stated.

“Capitalflow’s participation will assist SMBs and farmers in accessing low-cost, flexible finance for investment in energy-efficient equipment as they respond to the ongoing increase in energy costs,” said SBCI CEO June Butler in the report. “This scheme is our first dedicated climate action-related product. It has been specifically designed to help Irish businesses to improve their sustainability, cut their energy bills, and reduce their carbon emissions by investing in energy-saving measures.”

In Ireland, the government has set the target of becoming a net zero emissions economy by 2050, the report stated.

London-based Muse nabs $20 million to support small businesses

The investment will accelerate the startup’s expansion and support customers in the U.K and its launch in the U.S.

At a time when lending to small businesses in the U.K. has hit an all-time low, London-based SME financial services platform Muse Finance has raised $20 million in a debt facility round.

The fresh capital infusion brings the total amount raised by the company to $96 million. The debt facility comes ahead of its upcoming Series A round, which is planned for early 2023.

The investment will accelerate the startup’s expansion and support customers in the U.K and its launch in the U.S. The platform is being used by 5,000 customers in the U.K to supply finance for over 36,000 invoices.

Founded in 2018, the UK-based fintech aims to optimise the cash flow of SMEs to enable them to gain access to new funds. It offers advanced invoice collections, wherein users can gain instant access to funds owed to them on an invoice. The amount on the invoice is then collected by Muse on the due date.

https://tech.eu/2022/08/25/london-based-muse-nabs-20-million-to-support-small-businesses

Capital on Tap has secured a £200 million funding facility with JP Morgan and Triple Point to support UK small businesses. 

The funding will help small businesses access credit at a time when the UK is anticipating a recession and facing historic inflation rates.

Launched in 2012, London FinTech Capital on Tap provides an all-in-one small business credit card and spend management platform tailored to small businesses. Recently recognised by The Sunday Times and the Financial Times as one of Britain and Europe’s fastest growing businesses respectively, this funding facility will bolster their dramatic growth in the UK. Over 200,000 small business customers have spent £4 billion on their Capital on Tap business credit cards.

This new funding facility comes just four months after securing a $200m facility to power growth in the US. Both facilities are vital resources with ambitious expansion plans in place, following Capital on Tap’s impressive 61.98% annual sales growth over the last three years.

Meet Us At: 

Digital Insurance Agenda, Munich, 28-29 Sep. 2022 

Sifted Summit, London, 5-6 Oct. 2022

Slush 2022, Helsinki, 17-18 Nov. 2022 

FinTech Forum 2022, Frankfurt, 24 Nov. 2022

Meet Our Partners: 

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B2B Fintech Radar: August 26, 2022

On the radar this week:

Q&A with Daniel Andres and Dr. Teddy Amberg of Spicehouse Partners

ClaimLogiq, a healthcare payment integrity platform, raised funding as part of a recap.

BankiFi, a UK embedded small business banking platform, raised £4 million to expand into the US.

Ansible, a startup building a blockchain-based payments platform, raised $7 million in seed funding.

Rocketplace, an asset management platform for crypto, raised a $9 million Seed III round.

Primitive, a decentralized finance AMM and infrastructure provider, raised a $9 million Series A.

FOMO Pay, a Singaporean digital banking provider, raised a $13 million Series A.

Farther, a wealth technology provider for high-net-worth individuals, raised a $15 million Series A at a $50 million valuation.

Modern Life , a life insurance brokerage for financial advisors, raised a $15 million seed round.

Agora, a real estate investing platform, raised a $20 million Series A.

Pomelo, an overseas payment provider, raised a $20 million seed round and $50 million in lending debt.

Forage, a payments processor for accepting SNAP EBT (food stamp) payments online, raised a $22 million Series A.

Central Payment, a payments and card issuing provider, raised $30 million in growth equity.

Finix, a payfac-as-a-service company, raised $30 million in new capital.

Injective, a smart contracts platform for financial use cases, raised $40 million.

Truework, an income and employment verification platform, raised a $50 million Series C.

Q&A with Daniel Andres and Dr. Teddy Amberg of Spicehouse Partners

1. ​A year since the first lockdowns- is this a good time to be building or scaling an Enterprise FinTech (/ InsurTech) firm in Europe?

Yes. The Covid-19 pandemic has accelerated digitalization throughout industries by a couple of years. This digitalization trend will stay and continue to foster, especially in sectors such as fintech and insurtech. We firmly believe in the potential of start-ups in those (and adjacent) sectors. The resulting new or more efficiently structured business models offer tremendous opportunities.

Eir Partners invests in ClaimLogiq, the Leader in Healthcare SaaS Payment Integrity Solutions

CHARLESTON, S.C.–(BUSINESS WIRE)–Eir Partners announced the completion of a growth recapitalization of ClaimLogiq, the leading Software-as-a-Service and technology enabled payment integrity platform focused on pre-payment solutions. ClaimLogiq has developed a best-in-class technology that enables health plans to optimize payment integrity programs through a more proactive SaaS, Service and Hybrid model. The investment into ClaimLogiq supports Eir Partners desire to build a next generation payment integrity technology organization on the heels of success at CloudMed, Millennia and others.

Eir Partners strategy is to leverage ClaimLogiq as a platform investment and continue to aggressively invest in new product development and automation to broaden its portfolio of adjacent solutions. Additionally, the company plans to complement organic growth through synergistic acquisitions that deliver actionable data analytics, scalable partnerships and content rich results to increase savings and work in collaboration with health plan partners. Since the Eir Partners investment, ClaimLogiq has completed the acquisitions of itemized bill review company, Medliminal, and SyTrue, a health care focused natural language processing technology company.

Founded in 2013 and based in Charleston, SC, ClaimLogiq enables payment integrity programs at some of the largest payers in the country via a proprietary technology platform called TrueCost. This highly configurable platform will support the healthcare industry’s focus to a more transparent and proactive approach to payment integrity, enabling payers and service providers to deliver a more comprehensive and dynamic payment integrity program. This new platform is the only market offering that enables users to either perform their own payment integrity reviews, leverage ClaimLogiq subject matter experts, or operate a hybrid model that employs both methods, creating wide range scale and flexibility.

https://www.businesswire.com/news/home/20220816005675/en/Eir-Partners-invests-in-ClaimLogiq-the-Leader-in-Healthcare-SaaS-Payment-Integrity-Solutions

BankiFi secures £4 million for expansion into US

Machester-based fintech BankiFi has secured £4 million in funding to take its embedded bank-to-SME platform into new markets, with a focus on North America following the recent establishment of a US sales office

BankiFi provides an open cash management platform and architecture that transform a bank’s current digital banking infrastructure to address the specific issues of their SME portfolio.

The latest funding round is led by Praetura Ventures with support from Great Manchester Combined Authority. It follows a £2.2m injection by the same backers in September last year.

The firm, which has also received backing from Nationwide Building Society, Co-op Bank and TSB, was founded in 2017 by Mark Hartley, who previously scaled payments technology provider Clear2Pay, which was sold to FIS for circa €375m in 2014.

“With investments into technology companies starting to slow, this is a huge endorsement from our investors that proves we’re doing the right things as a business at BankiFi,” says Chris Fry, BankiFi CFO. “This latest investment means we can continue our global expansion and focus on supporting banks to make all aspects of cash management and payments easier for SMEs everywhere.”

BankiFi announced its expansion into North America last month, appointing financial services veteran, Keith Riddle, as it US lead.

https://www.finextra.com/newsarticle/40808/bankifi-secures-4-million-for-expansion-into-us

Blockchain Payments Platform Ansible Labs Raises $7M in Seed Funding Round

Ansible Labs, a startup that is building a payments platform for blockchain accounts, has raised $7 million in a seed funding round that was led by early-stage crypto venture capital firm Archetype.

The capital will go toward hiring, liquidity and operating expenses ahead of the launch of the project’s first product, according to a fundraising deck provided to CoinDesk.

“We see off-ramp as a missing piece in the puzzle that is mainstream Web3 adoption and usage,” Ansible Labs co-founder and CEO Daniel Mottice told CoinDesk in an email.

The Ansible team has ties to global payments provider Visa, Mottice was product lead for Visa Crypto and helped build and launch Visa Direct Payouts, a service that allows financial institutions to push out payments to accounts around the world. Ansible co-founder and Chief Product Officer Matt Vanhouten also worked at Visa Direct and has a background in traditional finance with stints at Wells Fargo and JPMorgan & Chase.

“We’re ecstatic to support Dan and the Ansible team in building a pillar company at the intersection of fintech and crypto,” Ash Egan, a general partner at Archetype, said. “Ansible is solving a critical need only growing in importance as more businesses come on-chain and the creator economy in Web3 hits its stride.”

Other participants in the funding round included Castle Island Ventures, A* Partners, Arca, Soma Capital, Plural VC and Eniac Ventures.

The Web3 on-boarding process, also called an “on-ramp,” requires a user to set up a cryptocurrency wallet and send fiat currency to that wallet in order to purchase the crypto needed to interact with non-fungible token (NFT) marketplaces, decentralized finance (DeFi) platforms and other blockchain-based programs.

Withdrawing the crypto back into fiat is called an off-ramp. While both on-ramp and off-ramp processes come with technical and regulatory complexities, Ansible Labs sees off-ramps as an underserved market.

https://www.coindesk.com/business/2022/08/10/blockchain-payments-platform-ansible-labs-founded-by-visa-alums-raises-7m/

Rocketplace raises $9M in seed funding to build the ‘Fidelity for crypto’

Rocketplace, a startup that aims to build a “next-generation asset management platform for crypto,” has raised $9 million in a seed funding round.

A few things about this raise stood out. For one, the funding comes at an interesting time in the crypto world — during the so-called “crypto winter” and a period that has seen other major players in the space such as Voyager and Celsius go bankrupt and others such as Robinhood and Coinbase conduct mass layoffs. Secondly, Rocketplace — which offers commission-free trading of more than 30 tokens — claims to “not be just another crypto exchange.”

It wants to go a step further by making fund distribution and management the center of its offering. This is based on the belief that there will be an “explosion” of new digital financial products offered in the crypto space, and that all of those products will need distribution.

Meanwhile, points out CEO Louis Beryl, customers will need appropriate disclosures and compliance, especially as regulation increases in the industry.

Also notable is the track record of the founding team.

Beryl and Ben Hutchinson (COO) previously built online lender Earnest together. That company sold to Navient in 2017 for about $155 million. Beryl was also a partner at both a16z and Y Combinator, and also founded Solid Energy Systems, which went public via a SPAC merger on the NYSE earlier this year.

Launchpad Capital led Rocketplace’s seed round, which also included participation from TTV, Accomplice, Menlo Ventures and Soma Capital. Accomplice led its pre-seed round, which totaled $8 million across two tranches and included checks from Launchpad and Better Tomorrow Ventures.

Primitive raises $9 million to build AMM discovery platform

Decentralized finance (DeFi) infrastructure and product developer Primitive announced it has raised $9 million in a Series A round led by Bain Capital Crypto. 

Other investors in the round include 1Confirmation, Nascent and Robot Ventures, according to a press release issued Thursday. 

Founded in 2020 by Alexander Angel, Primitive builds innovative products focused on Automated Market Makers (AMMs). 

What is an AMM?

AMMs power decentralized exchanges (DEXs), a type of exchange that enables transactions to occur directly between traders without the need for a third party to settle the trade. 

On a centralized exchange, professional market making firms such as Susquehanna Capital Group and Wolverine Trading provide liquidity for traders. 

To remove the risk of liquidity being controlled by a select few parties, decentralized exchanges leverage AMMs that offer liquidity pools. Anyone can contribute assets to the pool and the AMM uses algorithms to price the assets in the pool, balance the pool, and trade with DEX users. 

https://www.theblock.co/post/164248/primitive-raises-9-million-to-build-amm-discovery-platform

FOMO Pay secures $13 million in Series A investment round

FOMO Pay, the Singapore-headquartered major payment institution that enables the digital economy with global virtual banking solutions for financial institutions and enterprises, today announced that it has secured a USD 13 Million investment for its Series A round led by Jump Crypto. Other participating investors include HashKey Capital, Antalpha Ventures, Ab Initio Capital, and Republic Capital.

With the injection of fresh funds, the firm will accelerate its growth and will invest in talent acquisition and its infrastructure. The firm will also strengthen research and development capabilities, as well as a geographical expansion. The firm will also:

• Extend its client base to embrace digital payments and accelerate digital adoption with more main-stream institutions stepping into the digital asset space.

• Expand geographically with first-mover advantage on license and compliance into other jurisdictions.

• Diversify product offerings following the crypto adoption curve including working closely with regulators on Central Bank Digital Currency (CBDC) projects.

Commenting on the successful closing of its Series A fundraising, Louis Liu, Founder and CEO of FOMO Pay said, “2022 has so far been a breakout year for FOMO Pay – we are seeing significant growth across all business lines. Our volumes for the first half of 2022 have already surpassed the full year 2021 levels and our client pipeline is extremely strong. We attribute this success to the hard work of our team and their effort to always put customers first.”

“This is a milestone year for us as we turn eight years old. We will continue to strive hard towards building Asia’s first licensed payment ecosystem with interoperability between fiat and cryptocurrencies, and we are grateful to the unwavering support and belief from our investors, stakeholders and partners. We are extremely proud and grateful to be one of the front-runners in this industry in Singapore. Singapore has been at the forefront of innovation with a world leading licensing and regulatory framework. Our goal is to work in harmony with all stakeholders, on both developmental and regulatory approaches to achieve the vision of Singapore as an innovative and responsible global digital asset hub,” further added Liu.

FOMO Pay was the first firm in Singapore granted approval by the Monetary Authority of Singapore (MAS) for Digital Payment Token Services. It is licensed to provide Merchant Acquisition Service, Domestic Money Transfer Service, Cross Border Money transfer and Digital Payment Token Service.

https://www.finextra.com/pressarticle/93770/fomo-pay-secures-13-million-in-series-a-investment-round

Farther, a wealth tech firm, banks $15M Series A as valuation hits $50M

Building wealth is a long process and can be complex, but Farther is bringing both technology and advisors to the table to make these kinds of services more accessible.

The wealth technology company was co-founded in 2019 by Taylor Matthews and Brad Genser, who say Farther is “a new kind of financial institution” catering to high-net-worth professionals building generational wealth but want the freedom of both an automated system and a professional.

Prior to Farther, Matthews, CEO, was an investment banker and management consultant before co-founding Essmart, a social enterprise company in India, and then moving over to a leadership position at fintech retirement advisory firm ForUsAll. Meanwhile, Genser, CTO, is a military veteran who previously worked at Goldman Sachs leading an artificial intelligence team in private wealth.

Capitalizing on their experiences, the pair created Farther to provide tools that are two-fold: one set for advisors to expand their businesses and one for clients to invest in ways that align with their goals using automation, artificial intelligence or one of the advisors. Advisors set the costs for using the platform.

Wealth management is big business with many startups bringing unique approaches. For example, PINA in Indonesia targets the middle class with investment services that don’t have high minimums and fees, while Tifin has both a consumer investment marketplace and one geared toward businesses.

Modern Life Launches to Public with $15M Funding Led by Thrive Capital & 12 Unicorn Founders to Empower Life Insurance Advisors

NEW YORK, NY / ACCESSWIRE / August 9, 2022 / Modern Life, a tech-enabled life insurance brokerage for advisors, announced today that it has exited stealth with $15M in seed funding from marquee investors. Thrive Capital led the funding with participation from 12 unicorn founders from Hippo, Plaid, Reddit, Flatiron Health, Newfront, At Bay, Vouch, Cedar, and Lattice.

“In our conversations with advisors across the country, we heard emphatically how challenging it is to get their clients life insurance coverage. From in-person medical exams and 50+ page application forms to countless client and carrier touchpoints, advisors face an arduous, opaque, and lengthy process – often more than a quarter long,” said Michael Konialian, Co-Founder and CEO of Modern Life. “We’re bringing the best of technology, data, and design to streamline the process end-to-end while still supporting large and complex risks. We are proud to support leading advisors as they navigate a new and dynamic industry landscape that is changing more rapidly now than at any point in the last 150 years.”

https://www.benzinga.com/pressreleases/22/08/ac28417251/modern-life-launches-to-public-with-15m-funding-led-by-thrive-capital-12-unicorn-founders-to-empo

Proptech Firm Agora Closes $20 Million Series A Round

Israel-based Agora, a real estate investment management proptech startup, announced on Wednesday that it had closed a $20 million Series A round. The funding will be used to grow the company’s technology and headcount in the U.S.

The round was led by Manhattan-based global venture capital and private equity firm Insight Partners, with participation from Aleph, an Israel-based venture capital firm. Agora closed the round in three weeks, said Bar Mor, CEO and co-founder of Agora.

The fintech/proptech SaaS startup was founded in late 2019 in Tel Aviv and raised $9 million in previous funding rounds, Mor said. Along with further building out its tech platform, the newly raised funding will go toward tripling the five-member staff in its Manhattan office, he added.

The company provides customizable, secure software that helps real estate firms automate their back-office processes and increase operational efficiency. Agora automates fundraising, investment management, reporting, payments, document sharing and tax operations.

Pomelo exits stealth mode with $20M seed to rethink international money transfer

Eric Velasquez Frenkiel had a seemingly simple thought when visiting his family in the Philippines, impressed by the cashless economy that had formed. Instead of sending money to his family once a year — a costly, fee-heavy affair — why can’t he just leave his credit card there?

As with many things in fintech, it wasn’t that simple. But the seed of the idea made the former enterprise chief executive turn his career into a bet on one of fintech’s most elusive problems.

Pomelo, Frenkiel’s new startup launching out of stealth today, wants to make it easier to send remittance payments and conduct international money transfers, with a credit twist.

To execute on that vision, Pomelo has raised a $20 million seed round led by Keith Rabois at Founders Fund and Kevin Hartz at A* Capital, with participation from Afore Capital, Xfund, Josh Buckley and The Chainsmokers. The round also included a $50 million warehouse facility, which will allow Pomelo to give upfront cash to people who want to make transfers.

Venture investors are not the only cohort showing interest; more than 120,000 people have joined Pomelo’s waitlist over six months, according to Frenkiel. (It’s important not to confuse this Pomelo with another Pomelo, a fintech-as-a-service platform for Latin America that has raised $9 million in funding.) Oh, fintech.

Here’s how the startup works: If someone wants to send money overseas, they make a Pomelo account, which comes with up to four credit cards. The creator of the account — let’s just assume that they’re the one that is sending the money — can set limits, pause cards and view spending habits.

Food Stamp-Focused Fintech Raises $22 Million

Each year, 42 million Americans receive food stamps–now known as SNAP benefits–which they can use at 250,000 retailers. But despite the surge in e-commerce and grocery delivery since the Covid-19 pandemic began, there are only about 100 retailers where you can use SNAP benefits to pay for online grocery delivery today.

Forage, a 17-person San Francisco fintech startup founded in 2019, is trying to fix this problem with software that helps grocers accept online SNAP payments. The company has raised $22 million in Series A funding led by NYCA Partners. PayPal Ventures, EO Ventures and angel investors like Instacart founder Apoorva Mehta also invested, valuing Forage at about $100 million.

Three years ago, Anthony Grullon, who grew up in Paterson, New Jersey, receiving SNAP benefits, had the idea for a consumer-facing app that let low-income consumers get discounts on groceries. While he was a Wharton M.B.A. student, he founded Forage with entrepreneur Justin Intal and software engineer Victor Fimbres. But in the summer of 2020, Grullon left Forage after getting in a car accident, during a period when he was battling mental health issues.

As Covid swept the country and many Americans opted to get groceries delivered instead of going to the store, Intal and Fimbres found a bigger problem than food discounts that needed solving: Few retailers accepted SNAP payments for online delivery orders. They pivoted the business, aspiring to become a sort of Stripe for SNAP payments. Intal left Forage in the spring of 2022 after deciding he wasn’t the right person to lead the company, while Fimbres stayed on as chief technology officer.

https://www.forbes.com/sites/jeffkauflin/2022/08/08/food-stamp-focused-fintech-raises-22-million/?sh=1fc7bc67751a

Central Payments Closes $30M Growth Equity Raise

Central Payment, a payments-tech and card-issuing platform, today announced it has raised $30 million in growth equity financing that will spin it out from Central Bank of Kansas City.

“Since inception, we have remained steadfast in our belief that new technology and the stability of a bank charter create opportunity for banks in fintech and embedded finance when others may have perceived a threat,” Central Payments Founder and President Trent Sorbe said in a prepared statement.

The funding was led by Castle Creek Capital and included Launchpad Capital, according to the announcement.

“We see the future opportunity for banks in embedded finance and fintech. Central Payments’ team of fintech bankers and its Open\CP API platform are lynch pins for those relationships,” Tony Scavuzzo, managing principal at Castle Creak Capital, said in a prepared statement.

The investment is the first from Castle Creek Launchpad Fund I. Castle Creek and Launchpad Capital teamed up after Launchpad raised $90 million from 34 community banks, according to the announcement.

“We’re backing innovators and new financial technologies,” Launchpad Capital founder Ryan Gilbert, said in a prepared statement. “Central Payments’ origin inside a community bank and its positioning at the intersection of banking, payments and fintech made it an ideal first investment for our new fund.”

Central Bank of Kansas City will remain an investor in Central Payments.

The bank launched in 1951 to serve lower- and middle-income customers and CEO Steve Giles said in a prepared statement today that the institution will use funds of from the investment “to expand on the original vision.”

https://www.pymnts.com/news/fintech-investments/2022/central-payments-closes-30m-growth-equity-raise/

Finix raises an additional $30M to become the payments provider of choice for software platforms

Finix has raised $30M in new capital, bringing our total funding to $133M. New and existing investors chose to back Finix thanks to the growth we’ve shown in the last six months, including Q2 2022 being our best quarter ever in terms of new deals closed. Given the current funding environment, we also want to share that this financing (raised this summer) occurred at an increased valuation. 

We’re grateful to be backed by many incredible investors who believe in Finix’s mission of creating the most accessible financial services ecosystem in history, including The General Partnership (TheGP), Franklin Templeton, Acrew Capital, Amex Ventures, Bain Capital Ventures, Cap Table Coalition, Homebrew, Insight Partners, Inspired Capital, Lightspeed Venture Partners, Precursor Ventures, PSP Growth, and Vamos Ventures.

Here’s what Dan Portillo, co-founder and managing partner at TheGP had to say about their investment in Finix:

“The payments space is surprisingly young—only nine percent of payments are digital today. And if the last two years have taught us anything, businesses with modular and configurable payments technology are best equipped to benefit from commerce moving online. TheGP invested in Finix because we believe they are the only payments provider that offers software platforms the flexibility needed to succeed as they scale.” 

And here’s why Matt Harris, Finix board member and Managing Director at Bain Capital Ventures, is doubling down:

“The next generation of fintech is all about businesses embedding financial services when and where their customers need them most. Finix is a leading example of the type of state-of-the-art payments infrastructure provider that makes this embedded experience possible. BCV is proud to continue to support their growth.”

https://finix.com/resources/blogs/finix-raises-30M-to-become-payments-provider-for-software-platforms

Injective Raises $40M from Jump Crypto and BH Digital to Accelerate Growth

NEW YORK, Aug. 10, 2022 /PRNewswire/ — Injective, a blockchain built for finance, today announced a new $40 million funding round led by Jump Crypto.

BH Digital, the crypto arm of famed hedge fund manager Alan Howard, has also joined the round.

Injective is the first fully decentralized smart contracts platform optimized for building decentralized finance applications such as exchanges, derivatives, prediction markets, and options. Finance dApps, such as Injective Pro and Frontrunner, leverage Injective’s interoperable blockchain alongside its out-of-the-box cross-chain primitives, such as an on-chain order book and binary options module, to power a new ecosystem of connected DeFi applications.

The new capital will allow Injective to increase utility for the native INJ token, provide liquidity to existing dApps built on Injective, and support new dApps on Injective via investments. Jump has previously engaged in similar comprehensive deals with popular blockchains such as Solana and Oasis.

Injective is built with Cosmos SDK and utilizes an Ignite (formerly Tendermint) proof-of-stake consensus mechanism. It is compatible with other Cosmos IBC-enabled chains, but is uniquely interoperable with multiple layer 1s, such as Ethereum. Injective has already processed over 90 million transactions, surpassing popular blockchains such as Solana despite only being live for a few months. dApps built on Injective generated over $7 billion in cumulative volume, becoming one of the fastest growing ecosystems in the industry today.

https://www.prnewswire.com/news-releases/injective-raises-40m-from-jump-crypto-and-bh-digital-to-accelerate-growth-301602848.html

Truework, which helps lenders verify borrowers’ income and employment, raises $50M

Truework, a company that builds technology for mortgage and consumer-centric lenders to instantly verify the income and employment of borrowers, has raised $50 million in a Series C round of funding led by G Squared.

Founded in 2017, San Francisco-based Truework integrates with payroll providers including Gusto, Zenefits and BambooHR, and enables mortgage providers and lenders (e.g. automotive, personal loans, and student financing) to verify and approve borrowers quickly within their own applications using Truework’s APIs. The company also supports background checks for employers and staffing companies seeking to verify potential new hires.

Truework estimates that it will power in excess of 12 million income and employment verifications this year.

While a large part of the Trueworks platform is about supporting so-called “instant verifications,” sometimes it’s not always possible to do so, depending on the individual’s personal employment history and status, meaning that a lender has to revert to collecting paper payslips and documents. As such, Truework recently rolled out a new tool called Truework Documents, which transforms physical documents that a user has uploaded digitally into structured data to make it easier to assess for fraud risk.

Truework’s raise comes as consumer borrowing continues to surge in the U.S., with vehicle loans in particular driving a significant part of that. On the flip-side, mortgage demand recently hit a 20-year low after the highs of 2020, but Truework co-founder and CEO Ryan Sandler reckons that the need for automated verifications is only going in an upward direction.

“The rising demand in 2020’s housing market within the mortgage space meant businesses needed more flexible solutions that could scale quickly and help improve verification efficiency,” Sandler wrote in a blog post. “While 2022 has seen some slowdowns to the pace of demand, the need for automated income and employment verifications is ever increasing. For consumer lenders, increasing competition paired with market uncertainty has driven demand for more robust and accurate data sets to build more resilient underwriting models.”

Financial Venture Studio Closes Second Fund to Help Founders Build the Future of Financial Services

Today we are thrilled to announce the close of our second fund to help founders build the future of financial services in the U.S. We couldn’t be more excited and humbled to continue to invest in and build the fintech ecosystem alongside some of the industry’s leading institutional investors and in partnership with a group of visionary founders.

Since launching in early 2018, we’ve strove to position ourselves as the first stop a founder makes in their entrepreneurial journey. The barriers to entry in fintech are high, and launching a new company is incredibly complex. Our goal is to speed up that process by proactively bringing partners from across the financial services industry to engage with our founders while providing deep operational support and early capital. We’ve seen that this approach consistently allows our founders to move faster, make better informed decisions and, over time, build category defining businesses. 

Since launching, we’ve invested in 50 firms, had one company go public, seen eight acquisitions – nearly all of which were accretive to our investors  –  and seen several billion dollars of enterprise value created by our portfolio companies. Within our portfolio, a stunning 94% of our companies have raised follow on capital, or have been acquired.

We’re particularly honored to partner with some of the industry’s leading institutional LPs on this journey, including pension funds, insurance companies, some of the world’s most successful software companies, banks spanning the spectrum from century old community banks to global powerhouses and dozens of the leading investors, founders and operators in fintech. We were thrilled to see that investors representing 97% of the capital in Fund I re-upped into Fund II, often doubling or tripling their commitments.

https://www.finventurestudio.com/blog/financial-venture-studio-closes-second-fund-with-40m-to-help-founders-build-the-future-of-financial-services

New Venture Fund Provides Investors Exposure to the Disrupting Fintech Sector

APPLETON, Wis., Aug. 17, 2022 /PRNewswire/ — Global Alternative Investment Management LLC (“Global Alts”) has announced the launch of FinTech Fund II which is available to Qualified Purchasers. The Fund’s investment objective is to opportunistically acquire a portfolio of companies and funds that seek to invest and profit from investments in financial technology. Such as software and digital services that improve efficiency and speed or decrease costs in the provision of financials services. The Fintech ecosystem includes services as insuretech, regtech, roboadvisory, banktech, digital lending, cybersecurity, digital signature, identity technologies, blockchain, machine learning, AI, and smartcontracts.

FinTech Fund II has raised $1.9 million to date and has deployed initial capital into four investments: a diversified blockchain fund that seeks out venture equity along with early stage and established token investments, a blockchain enterprise focused on developing wireless infrastructure network, a growth equity fund investing in high performing fintech companies, and an automated digital Latam freight enterprise.

“The financial services industry is at a structural inflection point. We believe that the wave of unprecedented regulation and the proliferation of low-cost enabling technologies are providing the necessary catalysts for significant dislocation and democratization of market share,” says Prateek Mehrotra, Chief Investment Officer. In recent years, the fintech industry has innovated consumer and business applications at a rapid pace. “One of the biggest benefits of fintech is the competition it has introduced into the financial industry. With access to this innovative technology, customers now have an alternative to large organizations and banks, which usually are more expensive options.” Fintech has and will continue to be life-changing in terms of access, transparency, and convenience. We believe our lives are impacted at an increasing rate by disruptive technologies created by high-growth companies with innovative ideas that provide investors with unique opportunities.

The market correction in public equity and crypto markets will also impact venture capital and private equity valuations. While public market investors feel the impact of downturns almost immediately the repercussions on private market assets are more complicated. Low interest rates for the past 14 years inflated valuations and investor appetite for more risk. Forced selling by investors that borrowed too heavily or have cash needs may create opportunities in the secondary market, while need for capital in a tightening funding market will cause companies to raise capital at lower prices than previous rounds. In any case, we see the current environment as one that will generate opportunities to acquire the next generation of fintech companies at better prices.

https://www.prnewswire.com/news-releases/new-venture-fund-provides-investors-exposure-to-the-disrupting-fintech-sector-301607362.html

Lord Hammond enlisted to back £1 billion UK fintech fund

A group of senior industry figures are leading plans to create a new £1 billion fintech fund to accelerate the growth of promising UK scale-ups, Sky News has learned.

Lord Hammond, the former chancellor, is among a host of heavyweight figures being enlisted to back the new venture, which has been provisionally named the Fintech Growth Fund. Other names cited include fintech veteran Al Lukies and the Fintech Alliance’s Phil Vidler.

Hammond already acts as an advisor to UK crypto startup Copper and challenger OakNorth Bank.

City sources told Sky News that the fund would seek to raise capital from institutional investors and be independent of the government.

Companies including Barclays, London Stock Exchange Group and Mastercard are said to have been approached about providing small amounts of seed funding to get the new vehicle operational.

The war chest would aim to plug a gap in funding identified by Ron Kalifa as part of his Government-backed review into UK fintech.

“With a £2bn fintech growth capital funding gap in the UK, many entrepreneurs prefer to sell rather than continue to build their promising company,” his report said. “There is £6trn in UK private pension schemes alone, a small portion of which could be diverted to high growth technology opportunities like fintech.”

The aim would be to provide funding to companies as they progress beyond the Series B stage of capital raising, when they typically seek to raise tens of millions of dollars to ‘scale up’ their operations.

Insiders approached by Sky News said plans were being assembled for an announcement about the fund’s launch as soon as this autumn.

https://www.finextra.com/newsarticle/40780/lord-hammond-enlisted-to-back-1-billion-uk-fintech-fund

Upper90 raises $180 million for credit and equity fintech fund

Upper90, a hybrid fund that provides tailored credit and equity to to e-commerce, fintech, and supply chain finance startups has raised $180 million in a capped initial closing for its third fund.

Since raising Fund I in 2018, Upper90 manages and has syndicated over $2.2 billion across 43 portfolio companies, including the likes of Octane, Crusoe Energy, Mundi, Thrasio, Filmrise, Heroes, Clutch, Karat, Beacon and Settle.

The new fund was sourced from an investor base of 300 entrepreneurs to help founders scale with less dilution. The firm’s investment model combines tailored credit and equity for technology businesses that have predictable revenue or collateral.

Billy Libby, co-founder and CEO of Upper90, comments: “Over the last 10 years, founders have faced fifty percent dilution through Series B rounds. Upper90-backed founders, conversely, own materially more by utilising credit earlier for the healthier parts of their businesses. With pressure on valuations, access to alternative financing solutions is top of mind.”

The firm was founded in 2018 by executives from Seamless-GrubHub and Goldman Sachs.

“Somewhere along the way founders started getting judged on how much money they raised instead of how much ownership they retained. This is backwards,” says Jason Finger, co-founder and chairman of Upper90 and co-founder of Seamless-GrubHub. “Debt has been viewed as a four-letter word but, in reality, by looking at how it is utilised in real estate, it is clear that online business models that have predictability or asset collateral can massively enhance equity returns by being thoughtful with credit.”

https://www.finextra.com/newsarticle/40793/upper90-raises-180-million-for-credit-and-equity-fintech-fund

Q&A with Aisot and Iconic Holding; European Fintech Deals this week include Unstoppable Finance, Griffin, Super Payments and Ageras Group

European FinTech deal this week include Unstoppable Finance, Griffin, Super Payments and Ageras Group

We feature Q&As with Stefan Klauser of Aisot and Max Lautenschläger of Iconic Holding

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Stefan Klauser of Aisot

 1.Please tell us a bit about yourself, both at work and leisure.

Hi, I am Stefan, Co-Founder & CEO at aisot. We are a leading provider of (predictive) analytics for the financial industry. I always had a passion for both entrepreneurial work and predictive tools. The Oracle of Delphi was by far the coolest thing in Latin class. And my first business I „founded” as a kid, when selling cherries from our garden on our village’s streets. In my free time, I like to be in nature or sing. I have played in rock bands since I was a teenager.

http://www.fintechforum.de/7-questions-with-stefan-klauser-of-asiot/

7 Questions with Max Lautenschläger of Iconic Holding

Born and raised in Heidelberg I started my professional career in consulting and after a few years, I transitioned more towards finance. In particular, the alternative investment space has always been very attractive to me. This is why I decided to do the MBA program at the Frankfurt School of Finance and in parallel, I did the CAIA designation. After a few years in Private Equity, Venture Capital and FinTech Company Building, I decided to found my own business Iconic, of which I’m still one of the main shareholders and managing partners.

I’ve never been this 5-hour-startup guy, who begins his business on the side while still working full-time on something else. As soon as Pat (Co-Founder, Managing Partner) and I had the idea for Iconic we went “all-in”, quit our jobs, moved to Berlin and bootstrapped our startup. And so far, it seems as if it has been the right approach. If you love something and are convinced of its potential, just do it! The worst result could be failing and even this will give you more joy, experience, and learnings than any corporate job could.

When it comes to leisure time, I love sports, spending time with good friends and traveling. Since I think relationships are one of the most important things in life, I try to see all of my friends on a weekly basis. Independently from how busy I am, I try to fit sports into my schedule 5 times a week since this refreshes not only my body but also my mind.

http://www.fintechforum.de/7-questions-with-max-lautenschlager-of-iconic-holding/

German fintech Unstoppable Finance bags €12.5M to build DeFi wallet and investing platform

Unstoppable Finance, a Berlin-based fintech firm, announced on Wednesday that it has secured €12.5M in a Series A round of funding led by Lightspeed Venture Partners

New investor Anagram also participated in the round along with existing investors Speedinvest, Rockaway Blockchain Fund, Backed, Inflection, Discovery Ventures, and Fabric Ventures.

The Series A round was closed in early July, nine months after raising €4.5M in a Seed round. 

Fund utilisation

The German company says it will use the funds to launch and scale its DeFi wallet & investing platform, Ultimate, announced last month. Soon after the official announcement, the platform quickly garnered interest from over 300K beta users globally who joined the waitlist, says the company.

Maximilian von Wallenberg-Pachaly, co-founder and CEO of Unstoppable Finance, says, “We are proud and excited to attract such prominent investors, especially during this tough market environment. With this funding, we’ll pursue our mission to bring DeFi to retail investors worldwide with our app Ultimate. We’d like to thank our old and new investors for their vote of confidence and trust in our product and our mission.”

Lightspeed Venture Partners is a multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, and Health sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 400 companies globally, including Snap, Affirm, Nest, Nutanix, AppDynamics, MuleSoft, OYO, Guardant, and GrubHub. Lightspeed and its affiliates currently manage $10.5B across the global Lightspeed platform, with investment professionals and advisors in Silicon Valley, Israel, India, China, Southeast Asia and Europe.

https://siliconcanals.com/news/startups/unstoppable-finance-bags-12-5m/

UK fintech Griffin lands £12.5m in latest funding round

Super Payments Raises $27M in Funding 

Super Payments, a London, UK-based payments startup, raised a $27m in funding.
The round was led by Accel, with participation from Union Square Ventures, LocalGlobe, and angels.
The company intends to use the funds to continue to continue to develop the platform, expand operations and its business reach.
Founded in 2022 by Samir Desai CBE, founder of Funding Circle, and a team of experienced executives, Super Payments aims to transform the online shopping experience powering free payments for businesses, and rewarding shopping for members. Instead of charging merchants transaction fees, businesses on Super will only pay a commission if it brings to an increase in sales.
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Braintree, Cloudera, CrowdStrike, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, FreshWorks, Jet, Qualtrics, Slack, Spotify, Supercell, UiPath and Vox Media are among the companies the firm has backed over the past 35 years.

https://www.finsmes.com/2022/08/super-payments-raises-27m-in-funding.html

Amsterdam-based Tellow’s parent company Ageras Group raises €35M to help SMEs with their financial need

Ageras Group, a Danish fintech startup, announced on Thursday that it has secured €35M in growth capital financing from CIBC Innovation Banking. 

Earlier this year, the Copenhagen-based company raised €30M from a group of European and American investors. The round brings the total fund raised to $145M (approximately €140M) since 2021. 

The latest funding announcement comes a few days after acquiring Berlin-based neo-bank Kontist, its third acquisition in the last 12 months. 

Fund utilisation

Ageras Group will use the funds to accelerate its strategic acquisitions pipeline and to expand its suite of software tailored to small businesses.

“CIBC Innovation Banking’s investment will help us focus on the mission: acquiring companies whose tech can fit into—and enrich—Ageras’ one-and-done financial cockpit for small businesses,” says Ageras Co-founder and CEO Rico Andersen. 

He adds, “In the last year, we’ve acquired and added three companies to our product offering. Now, with CIBC Innovation Banking’s €35m investment, we’ll look to buy more, especially companies that have developed best-in-class products that either cement our position in one market or add mission-critical features that we can offer to all existing customers.”

https://siliconcanals.com/news/ageras-group-raises-35m/

Sesami acquires FinTech Planfocus

Sesami Cash Management Technologies, a global cash ecosystem integrator and technology company, announced its acquisition of Planfocus Software GmbH, a global FinTech offering highly advanced cash optimisation technology.

“With this acquisition, Sesami becomes the global leader in cash optimisation solutions, with an unrivalled technology stack now up-scaled with the addition of planfocus’ cutting-edge cash optimisation software,” said Steph Gonthier, Chief Executive Officer of Sesami. “Integrated to our enterprise cash ecosystem software platform, planfocus’ AI based technology and strong team will further enable Sesami to deliver the only true end-to-end tech-enabled cash ecosystem solution to financial institutions and consumer businesses,” he added.

Founded in 2004 and based in Munich, Germany, planfocus’ cash optimisation software solutions help reduce logistics spending and cash holding costs while improving availabilities and service levels for clients. Its technology empowers financial institutions and consumer businesses worldwide to drive process optimisation and bring tangible cost and service efficiencies throughout their cash ecosystem.

“We are extremely proud to be joining forces with Sesami, a state-of-the-art innovator and disruptive global leader, to offer a true end-to-end and fully integrated cash software solution enabling financial institutions and consumer businesses to seamlessly manage and outsource their entire cash ecosystem. As part of Sesami, we will now be able to truly scale our next generation technology and bring our unmatched cash optimisation solutions to a broader global client base,” said Dr. Joachim Walser, CEO and Co-Founder of planfocus.

The integration of planfocus further expands Sesami’s global client portfolio to include some of the world’s leading financial institutions and consumer businesses. Integrating its existing technology stack will also broaden its cash optimisation offering for its client base. Currently, planfocus optimises the operations of over 78,000 bank branches, ATMs and cash processing centres, and driving over 300 billion Euros in physical cash shipments every year.

London-based VC 2xN unveils $120 million fund to back quantum computing startups

The ticket size of investment will range from $3 million to $5 million starting from pre-seed to Series A in each company in Europe

London-based VC 2xN has rolled out $120 million fund to back startups in quantum computing across Europe. Bringing high-growth value of network effects to early-stage founders, 2xN’s Fund II will invest in up to 25 early-stage startups in Europe and the U.S.

The ticket size of investment will range from $3 million to $5 million starting from pre-seed to Series A in each company. The fund will focus on quantum startups and companies in the sectors of mobility, collaboration, marketplace and edtech.

The company had earlier unveiled its first fund of $50 million in stealth mode in 2021. The last fund had made 21 investments in companies, including Quantinuum, and StudySmarter.

The 2xN’s oversubscribed fund is backed by the Danish Growth Fund and several family offices, including the founders of e-scooter startup Voi and wine marketplace Vivino; and Ilyas Khan, founder of Quantinuum. The fund reflects the rise of serial entrepreneurs and operators turning to invest in an increasingly mature European market. While it’s a trend that has gained momentum in the U.S, single GP funds are still a rarity in Europe.

The company’s colloabrative approach has already seen 2xN co-invest alongside the likes of Sequoia, A16Z, Kleiner, Founders Fund, Accel, YCombinator, and Owl Ventures, while getting access to oversubscribed rounds.

Talking about the new fund, Lars Fjeldsoe-Nielsen, general partner and co-founder of 2xN said: “Instead of being just another fund, I believe 2xN represents a key moment in the evolution of European VC. Ex-operators and founders are increasingly becoming investors, while the speed of startups increases, and founders are repeat entrepreneurs. This represents a huge opportunity for Niels and I to help share decades of experience, strengthen global networks and  build an ecosystem of investment with the next-generation of founders and their innovations. This is only possible by shifting away from the closed systems of old and creating a culture of openness, transparency and shared deals in a way that benefits everyone.”

https://tech.eu/2022/08/15/london-based-vc-2xn-unveils-120-million-fund-to-back-quantum-computing-startups-in-europe/

Meet Us At: 

Digital Insurance Agenda, Munich, 28-29 Sep. 2022 

Sifted Summit, London, 5-6 Oct. 2022

Slush 2022, Helsinki, 17-18 Nov. 2022 

FinTech Forum 2022, Frankfurt, 24 Nov. 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FN FinTech 40 https://www.fnlondon.com

Q&As with Allindex and Margaris Ventures; European FinTech deals this week include auxmoney

European FinTech deal this week include auxmoney

We feature Q&As with Allindex and Margaris Ventures

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Christian Kronseder of Allindex

 1.Please tell us a bit about yourself, both at work and leisure.

Work: Before starting ALLINDEX, I was global COO of STOXX and Head of Markets at Royal Bank of Scotland, Switzerland. I have a professorship for data science which is a synergetic activity also for building our FinTech.

Leisure: I live in Switzerland and hence very much enjoy the hiking and skiing opportunities, spending my free time with my family.

http://www.fintechforum.de/7-questions-with-christian-kronseder-ceo-of-allindex/

7 Questions with Spiros Margaris of Margaris Ventures

1. Please tell us a bit about yourself, both at work and leisure.

My name is Spiros Margaris, and I am a venture capitalist (VC) and the founder of Margaris Ventures. I have been in the investment business for quite some time, with more than 25 years of international experience in investment management/research and startups. In my role as a VC, I also act as an advisor to my globally spread FinTech and InsurTech startup portfolio. I am the first international influencer to achieve ‘The Triple Crown’ of influencer rankings by being ranked the global No. 1 FinTech, artificial intelligence (AI) and blockchain influencer by Onalytica in 2018. I am very fortunate to regularly appear in the top three positions of the established global industry influencer rankings due to the generous support of great FinTech industry friends and participants. In 2017, I had the opportunity to give a speech at the TEDxAcademy Talk. In addition, for the enterprise software vendor SAP, I wrote an AI white paper, ‘Machine learning in financial services: Changing the rules of the game’.

http://www.fintechforum.de/7-questions-with-spiros-margaris-margaris-ventures/

German digital lending platform auxmoney bags €500M from Citi, Natixis

Düsseldorf-based auxmoney, a digital lending platform, announced on Wednesday that it has secured €500M from US banking firm Citigroup and French asset management company Natixis. 

The company says it will use the funds to invest in consumer loans on its platform. To date, the company has raised $3.64B in funding. 

Daniel Drummer, CFO of auxmoney, says, “With two renowned financial institutions providing funding at scale, this deal underlines the profound trust of investors in auxmoney and the appeal of digital lending as an asset class, even in a more volatile market environment. In addition, this funding commitment further strengthens auxmoney’s excellent standing as a tech-enabled platform for institutional investors.”

The announcement comes over a year after the company raised €250M from Citigroup and Chenavari Investment Managers

https://siliconcanals.com/news/startups/german-auxmoney-bags-500m/

German Neobank Acquired by Ageras Group as Fintech Continues European Expansion

The Berlin-based neo-bank focused on the complex accounting and banking needs of Germany’s growing populations of microbusinesses and self-employed workers, Kontist, has been acquired by Ageras Group, the financial matchmaking service, as it looks to expand its all-in-one fintech offering for SMEs.“This acquisition is a critical step in Ageras’ growth,” said Ageras co-founder and CEO Rico Andersen. “Kontist has created the best product in Europe’s largest market. It’s a one-stop financial shop for approximately 50,000 German small business owners today, and it’s perfectly positioned to become the go-to financial platform for future generations of small business owners in need of modern banking and accounting tools.”

Founded in 2016 by fintech veteran Christopher Plantener as Germany’s first neo-bank focused on freelancers and the self-employed, 150-person Kontist has developed a reputation for its modern business banking and its highly sophisticated digital tax and accounting software.

Kontist offers self-employed and microbusiness owners bank accounts, payment cards and accounting features, as well as tax returns calculation and filing, all via its app. Also, Kontist’s bank accounts automatically calculate relevant sales and income taxes and set aside estimated taxes due, among other services designed to protect business owners amid Germany’s uniquely complex tax laws.

“Under Ageras, we will be able to benefit from an international accounting and financial ecosystem and continue to foster our position as the number one financial services and tax player for the self-employed,” said Kontist co-CEO Benjamin Esser. “With annual growth rates of nearly 100 per cent over the past few years, we have only scratched the surface of what is a tremendous opportunity.”

https://thefintechtimes.com/german-neobank-acquired-by-ageras-group-as-fintech-continues-european-expansion/

African fintech acquires health insurer 

Nigeria-based Royal Exchange Healthcare has sold a majority stake to Dot and will use the proceeds to fund operations and expand staff numbers.
Africa-focused financial services company Dot has taken a majority stake in health insurance provider Royal Exchange Healthcare (REH).
Aluko & Oyebode provided legal advice to Dot and its affiliates on the transaction, for which deal values were not published.
Amsterdam-headquartered Dot was founded in 2021, and leverages technology and a 27,000-strong agency network to expand access to financial and insurance services to consumers and small and medium-sized enterprises (SMEs) across Africa.
Operating under Nigeria’s National Health Insurance Scheme, Lagos-headquartered REH functions as a financial intermediary between healthcare users and providers, designing and selling a variety of medical health plans to suit differing needs.
The deal will provide additional working capital for sustaining REH’s operations and increasing staff numbers across many aspects of the business, with a view to transforming it into a pre-eminent health maintenance brand in Nigeria.
Aluko & Oyebode used a team led by partner Ajibola Asolo, with assistance from associates Amarachi Nickabugu, Michael Nwanneka and Gregory Yinka-Gregg.

https://iclg.com/alb/18054-african-fintech-acquires-health-insurer

PayStand Acquires Yaydoo in One of Latam’s Biggest Tech Mergers

Blockchain-enabled B2B payments company PayStand has acquired Mexican FinTech Yaydoo, marking what the company called “one of the biggest technology unions” in Latin America.

PayStand said in a Wednesday (Aug. 3) press release that the scale of the combined company could put it on the path to an initial public offering (IPO) in the next two years.

Both PayStand and Yaydoo have created accounts receivable (AR) and accounts payable (AP) solutions for American and Latin American businesses, and they have built B2B decentralized finance (DeFi) payment networks in both the United States and Mexico, the release stated.

“The combined company will be one of the first global B2B blockchain platforms at a significant scale,” said PayStand CEO Jeremy Almond in the release. “The resulting company will have processed over $5 billion in payments, added 300 additional employees, and built a network of over 500,000 connected businesses, the largest of any commercial B2B blockchains in the world.”

Yaydoo CEO Sergio Almaguer said in the release that the acquisition will open opportunities to automate supply chain finance “through the imports and exports of one of the most active trade corridors globally” while also forming B2B payments alliances between the U.S. and Mexico.

Last month, PayStand launched what it called the world’s first dynamic discounting application for seller AR teams, powered by Ethereum smart contracts.

https://www.pymnts.com/acquisitions/2022/paystand-acquires-yaydoo-latam-biggest-tech-merger/

Concept Ventures rolls out £50 million pre-seed fund to back 60 startups in the UK

The ticket size of the UK-based VC’s investment would be in the range of £100,000-£600,000 for the 60 startups in the next five years

London-based venture capital firm Concept Ventures has launched £50 million fund in the U.K to back over 60 startups in its pre-seed stage. According to the company, it is the largest dedicated pre-seed fund in the U.K. 

The oversubscribed fund includes a £30 million commitment from the British Business Bank’s Enterprise Capital Funds (ECF) programme, the U.K. government’s economic development bank.

The ticket size of its investment would be in the range of £100,000-£600,000. The company will invest in 60 startups in a span of five years.

Founded in 2018, the VC has backed over 100 founders at the pre-seed stage, with Concept backed-founders seeing a 71 per cent graduation rate from pre-seed onward. The new companies will join the portfolio companies, including corporate gifting platform Reachdesk, live-streaming video pioneers Condense, and female financial education platform, Your Juno.

https://tech.eu/2022/07/27/concept-ventures-rolls-out-ps50-million-pre-seed-fund-to-back-60-startups-in-the-uk/

Seedstars announces first close of $30m emerging market seed stage fund

The Switzerland-based Seedstars has launched its second emerging market seed stage fund with a first close of US$20 million.

Since 2013, Seedstars has supported over 90 emerging market venture ecosystems, while its first investment fund – Seedstars International Ventures – backed 81 companies in over 30 countries, including Nigeria’s Omnibiz.

The Seedstars International Ventures II fund is backed by notable investors including the International Finance Corporation (IFC), Visa Foundation, The Rockefeller Foundation, and Symbiotics.

With US$20 million of its US$30 million target already raised, Seedstars plans to invest in 100 pre-seed and seed stage companies across Asia, Africa, MENA, and LATAM in the next three years. Investments will be focused on companies building for the future of finance, commerce, health, work and education, with follow-on investments up to Series A. The fund also includes a blended finance component with a first-loss tranche that provides downside protection for investments in the lowest-income markets.

“I have no doubt about the abundance of talented founders or the market opportunities, but the challenges can’t be ignored. Our strategy innovates on so many levels to mitigate risk, be it through our country diversification, portfolio construction strategy, value creation platform, or the blended finance structure. We have a unique recipe, an incredible team, and backers in place to build on the success of the first fund and level the playing field for tech entrepreneurs around the world,” said Seedstars partner Charlie Graham-Brown.

Seedstars has also developed a Value Creation Platform to help portfolio companies scale up rapidly. The primary component of the Value Creation Platform is the Growth Track, a three-month mentor-led sprint, where portfolio companies are equipped with the tools and methodologies to run a professional growth team. The platform also provides companies with access to a vast network of 1,300 mentors, support with fundraising, a group of peers, and various other benefits.

https://disrupt-africa.com/2022/07/27/seedstars-announces-first-close-of-30m-emerging-market-seed-stage-fund/

Flashpoint unveils $102 million fund to back startups from Emerging Europe, ropes in first institutional investment partner

The Hungarian fund manager Széchenyi Funds will invest $20 million in Flashpoint VC III fund to reach its target fund size

London-based investment firm that manages venture capital, growth secondary, and venture debt funds, Flashpoint has wrapped up $102 million for its VCIII fund. The fund will focus on global Series A tech startups originating in Emerging Europe.

The company has also roped in its first institutional investment limited partner, Széchenyi Funds. The Hungarian fund manager will invest $20 million in Flashpoint’s VC III fund. While Széchenyi Funds’ focus is on financial institutions, large corporates, and more mature SMEs, it provides startups with ‘smart money’ through domestic incubators and accelerators and especially through fund of funds investments.

Michael Szalontay, co-founder and general partner at Flashpoint said: “We have reached our initial goal of over $100 million for our fund despite the extremely challenging backdrop for fundraising. Being a Hungarian, I am especially proud that our first institutional investor is from Hungary as we are pursuing a shared mission in developing the venture capital ecosystem in Hungary and the Carpathian basin.”

https://tech.eu/2022/08/04/flashpoint-unveils-102-million-fund-to-back-startups-from-emerging-europe-ropes-in-first-institutional-investment-partner/

Meet Us At: 

Digital Insurance Agenda, Munich, 28-29 Sep. 2022 

Sifted Summit, London, 5-6 Oct. 2022

Slush 2022, Helsinki, 17-18 Nov. 2022 

FinTech Forum 2022, Frankfurt, 24 Nov. 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FN FinTech 40 https://www.fnlondon.com

B2B Fintech Radar: August 4, 2022

On the radar this week:

Video Q&A with with Maximilian Schausberger of Elevator Ventures

FinLync, a corporate finance and treasury provider, raised strategic investment from Workday.

Copper, a crypto custody solution for institutions, raised strategic funding from Barclays Bank.

Atato, a digital asset custodian, raised a $6 million Series A.

Quasar Finance, a decentralized finance protocol, raised $6 million.

Bunch, a German back-end private investing startup, raised €7.3 million in seed funding.

Genesis Global, a low-code application development platform for financial markets, raised $20 million from strategic investors Bank of America, BNY Mellon and Citi (following a $200 million Series C in February).

Video Q&A with with Maximilian Schausberger of Elevator Ventures 

Interviewed by FinTech Forum Co Founder Frank Schwab.

Elevator Ventures is the Corporate Venture Capital Entity of Raiffeisen Bank International (RBI). Its primary focus is on early stage and growth investments in fintechs and related enabling technologies in Central and Eastern Europe.

http://www.fintechforum.de/7-questions-with-maximilian-schausberger-of-elevator-ventures/

FinLync Announces Strategic Investment and Partnership with Workday Ventures for Next-Gen Payments Solution

NEW YORK–(BUSINESS WIRE)–FinLync, a privately held, global fintech company transforming corporate finance and treasury offices by aggregating global banking APIs to deliver embedded real-time payments and cash management, today announced that it has received a strategic investment from Workday Ventures and joined the Workday Software Partner program. By integrating with Workday Financial Management, FinLync intends to power real-time payments, and multi-bank API connectivity to deliver a best-in-class experience to joint customers.

Under this partnership, FinLync seeks to power Workday Financial Management with 100+ pre-integrated bank API connections to banks around the world. FinLync intends to provide Workday Financial Management customers the ability to seamlessly initiate real-time payments while solving common treasury headaches through end-to-end payment traceability, simplified connectivity, and real-time cash visibility.

“We’re excited to have made a strategic investment in FinLync as we continue to identify new ways to deliver the best possible experience to our customers,” said Mark Peek, managing director and head of Workday Ventures. “Together, FinLync and Workday will deliver advancements that support real-time working capital and cost-savings, thereby reducing the time and effort for Workday Financial Management customers to integrate with banks.”

“Core to this partnership is the shared belief that corporates who move to a model of real-time working capital across their payments, cash and treasury functions will be the market winners, and those who do not will be left behind. We look forward to empowering forward-thinking finance leaders who are ready to embrace the new best practice in payments and treasury,” said Peter Klein, co-founder and CTO of FinLync. “Workday Ventures’ investment in FinLync is also a strong sign of support from an innovative market leader in the enterprise space, and we are honored to work closely with them as we transform the global financial economy together.”

https://www.businesswire.com/news/home/20220728005196/en/FinLync-Announces-Strategic-Investment-and-Partnership-with-Workday-Ventures-for-Next-Gen-Payments-Solution?utm_source=substack&utm_medium=email

Barclays takes stake in crypto firm Copper

UK bank Barclays has taken a punt on Copper in the crypto custody firm’s most recent funding round and has invested “millions of dollars” despite decreased enthusiasm for volatile digital assets, according to reports by Sky News.

Founded in 2018, Copper provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 45 exchanges. The company’s flagship product is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across multiple networks.

Copper, which has links to former UK Chancellor of the Exchequer Philip Hammond – a senior adviser and investor in the business – had been in discussions for nine months ahead of its $500 million Series C funding round and had sought a $3 billion valuation.

The company has also drawn investors from LocalGlobe, Dawn Capital and MMC Ventures, to name a few, according to Sky

However, the firm recently hit a roadblock over FCA policy that required digital asset service providers to apply for temporary registration in order to continue trading after setting up in crypto haven Zug in Switzerland and its partnership with State Street.

In April 2022, Copper hired a team of executives from Bank of America to help build a prime brokerage offering.

https://www.finextra.com/newsarticle/40698/barclays-takes-2bn-stake-in-crypto-firm-copper?utm_source=substack&utm_medium=email

Digital asset company Atato closes $6m Series A

Atato, a licensed digital asset custodian offering MPC custodial solution aimed at corporates and institutions, announced the close of their successful Series A round today, affirming bullish sentiment for infrastructure projects in blockchain-related markets.

“In bearish markets, crypto adoption scales through infrastructure development.”

Led by AlphaLab Capital and FEBE Ventures, Atato’s Series A round included top tier investors such as Tom Trowbridge, NGC Ventures, January Capital, Babel Finance and Atato’s seed investor SOSV.

“The fact that we’ve inspired investor confidence in the current market conditions is a clear endorsement of Atato’s long-term roadmap and vision,” said Guillaume Le Saint, Atato Founder & CEO. “Atato’s MPC institutional grade custodial product provides institutions and entities with an extremely cost-efficient solution with enterprise-grade security and regulatory compliance that supports digital assets as well as interact with Web3.0 and DeFi. Our product offerings are well-placed to deliver value to an underserved market segment that desires to explore decentralized finance using Atato’s special custodial solution.”

Atato’s fully regulated custodial solution goes beyond enabling institutions to securely manage their digital assets by combining enterprise-grade security with MPC technology and customizable roles and transaction policies. This reduces the traditional risk of private seed phrase/key management and addresses the risks of human failure or misconduct.

“We’re impressed by Atato’s user friendly onboarding and UI which also gives power users API access – a unique feature in the market” said Michal Krasnodebski, COO of AlphaLab Capital, “Bring Your Own Chain will also be transformative for institutional customers eager to engage with, and support new chains and projects.”

https://www.finextra.com/pressarticle/93532/digital-asset-company-atato-closes-6m-series-a?utm_source=substack&utm_medium=email

Quasar Finance Raises $6 Million in Funding Round Led by Polychain, Blockchain Capital

Quasar Finance, a Cosmos-based DeFi project, has raised $6 million from big-name blockchain VCs including Polychain Capital, Blockchain Capital, Figment Capital, Lightshift Capital, and Galileo.

Quasar CEO and co-founder Valentin Pletnev aims to make digital assets “simple, accessible and secure, while utilizing the Cosmos platform’s Inter Blockchain Communication (IBC) protocol, a powerful technology that connects and enables value and data transfer across chains, natively.”

Pletnev explained that hacks and exploits litter the decentralized finance sector and the time is right for a project that provides a service that “just works.”

“Quasar uses the latest in IBC technology to offer the most advanced and accessible structured investment products in DeFi. This is why we are bringing Quasar Finance to market, and is the reason we’ve received support from some of web3’s biggest investors.”

Quasar allows the creation of vaults where investors can park their assets to receive yield. At the same time, strategists and liquidity providers to develop and launch their own vaults.

https://www.crowdfundinsider.com/2022/07/194180-quasar-finance-raises-6-million-in-funding-round-led-by-polychain-blockchain-capital/?utm_source=substack&utm_medium=email

Building beyond beta, Berlin’s bunch bunches together €7.3 million

With investor interest in private markets exploding, how investments into private assets are made and managed hasn’t exactly kept pace. Berlin’s bunch has been build to change that.

Berlin-based “OS for private market investors”, bunch has raised €7.3 million in a seed round that will see the startup expand both its geographic markets and asset classes.

As we’ve seen over the later part of the pandemic, investor appetite for alternative assets has exploded. Particularly in the area of private markets. Toss the juggernaut rise of fintech services, and you’ve got a perfect storm brewing. I stay storm because although the interest and activities have skyrocketed, the area(s) of just how investments into private assets are made and managed hasn’t exactly kept pace.

Und so … bunch.

Frustrated in their positions working with names including finleap, Goldman Sachs, and Citigroup, bunch founders Enrico Ohnemüller and Levent Altunel set out to build a better mousetrap. 

Already in beta in Germany and the Netherlands, bunch’s MVP consists of a platform where investors are able to create, or bunch together, their own investment syndicates as well as keep tabs on just how much these alternative assets are gaining or losing.

https://tech.eu/2022/07/26/building-beyond-beta-berlins-bunch-bunches-together-eur73-million?utm_source=substack&utm_medium=email

Bank of America, BNY Mellon and Citi Make $20 Million Strategic Investment in Genesis Global

Leading financial institutions use low-code software development as an enabler of their IT strategies

MIAMI, July 27, 2022 – Genesis Global, the low-code application development platform purpose-built for financial markets organizations, today announced $20 million in new investments from Bank of America, BNY Mellon and Citi. These strategic investments follow the firm’s $200 million Series C funding announced in February. 

“This strategic support from Bank of America, BNY Mellon and Citi demonstrates their confidence in low-code as an accelerator for the next wave of IT innovation,” said Stephen Murphy, CEO of Genesis. “We are excited to be working with these partners on multiple innovative projects.”

“Our clients and environment demand more innovation and productivity in terms of IT output,” said David Trepanier, Head of Structured Products, Global Credit and Special Situations at Bank of America. “The low-code solution provided by Genesis accelerates the development process and allow us to more quickly build out and launch new trading protocols and processes.”

“Our investment in and collaboration with Genesis allows us to create applications and solutions faster to meet the increasing demands of our clients,” said Avi Shua, CIO, Head of Investment Management, Wealth Management and Pershing Technology at BNY Mellon. “The ability to develop, customize and integrate applications with speed is critical, and provides our developers a toolset to make robust and flexible platforms that can scale. We couldn’t be more excited for this opportunity to work alongside Genesis in expanding the development of low code technology.”

“The Genesis platform is built for financial markets,” said Nikhil Joshi, North America Head of Markets Technology at Citi. “The platform eliminates repetitive, non-differentiating work core to many financial industry applications, freeing developers to focus on innovative work and making Technology departments more productive and more strategic.” Citi first invested in Genesis in late 2020. 

Q&As with Alex Mifsud of Weavr.io and Semih Kacan of Swisscom Ventures; European FinTech deals this week include Bunch, Wallife, Element

European FinTech deal this week include Bunch, Wallife, Element

We feature Q&As with Weavr.io and Swisscom Ventures

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Alex Mifsud of Weavr.io

1. Please tell us a bit about yourself, both at work and leisure.

I’m an entrepreneur, so no surprise that I’m intensely curious about why things are the way they are, and what would happen if we can change how they are.  That’s true for me in business and everything else I do – it drives my family a bit crazy, but someone has to do it.  Otherwise we’d still be in the Stone Age.  I basically like to tinker – doing little experiments, whether I’m cooking a meal or building a business. It’s fun, experiencing old things in new ways, although it can sometimes be disastrous too. Not everyone likes my cooking.

http://www.fintechforum.de/7-questions-with-alex-mifsud-of-weavr-io/

7 Questions with Semih Kacan of Swisscom Ventures

1. Please tell us a bit about yourself, both at work and leisure.

My name is Semih Kacan, and I am Investment Manager at Swisscom Ventures. I’ve joined Swisscom Ventures at the beginning of 2021 to strengthen the Fintech and Blockchain allocation in the portfolio. Prior to Swisscom Ventures I spent over 10 years in Strategy Consulting, Corporate Strategy, Business Development and Asset Management at Credit Suisse, BearingPoint and Haspa before I co-founded and successfully exited my venture in Zurich. I hold a Master Degree in Corporate Finance from Henley Business School.

I enjoy the time with friends and family and a cup of coffee on sunny days at the beautiful Zurich Lake but also like reading books and watching videos to educate myself about upcoming trends/technologies.

http://www.fintechforum.de/7-questions-with-semih-kacan-of-swisscom-ventures/

Private markets investing platform Bunch raises €7.3m seed to expand across Europe

It’s safe to say private market investments — that means asset classes like venture capital, private debt, real estate and private equity — have been having a bit of a moment the last couple of decades. (Everyone’s an angel investor now, right?) There’s growing awareness of the potential for moneymaking in these sectors, and people in the tech industry — from founders to operators — want to help the next generation invest more easily.

Cue Berlin-based investing platform Bunch, which has just raised a €7.3m seed round for its operating system (OS) that aims to open up access to these asset classes for individual investors. 

What does Bunch do?

Bunch has built a software platform with three target customers: founders, business angels and venture fund managers. In other words, people who work in and around startups and have money to invest.

Why founders? Bunch says that by enabling investors to pool their investments it helps founders keep their cap tables clean by adding one single investor of record rather than 20-50 individual investors, thus avoiding the administrative costs they come with. 

Business angels can use the Bunch platform to pool and manage their deals, while venture fund managers can quickly set up special purpose vehicles (SPVs) to invest into their portfolios. 

Who’s investing in Bunch?

  • Berlin-based early-stage VC firm Cherry Ventures.
  • Embedded capital, which led its undisclosed pre-seed round.
  • Angel investors including founders and C-level executives from Adyen, Klarna and Juni.

Cherry Ventures is an early-stage venture capital firm led by a team of entrepreneurs with experience building fast-scaling companies such as Zalando and Spotify. The firm backs Europe’s boldest founders, usually as their first institutional investor, and supports them in everything from their go-to-market strategy and the scaling of their businesses.

https://sifted.eu/articles/private-markets-bunch-seed/

Italy-based insurtech company Wallife bags €12M from United Ventures, others: Know more

Rome, Italy-based Wallife, an insurtech company that protects individuals from new risks originating from the technological and scientific progress of genetics, biometrics and biohacking, announced on Wednesday that it has raised €12M in a Series A round of funding.

According to Crunchbase, Wallife now ranks seventh in Europe in the insurtech sector by the value of the Series A investment round.

The investment was led by United Ventures, an Italian venture capital firm that specialises in digital technology investments. Since 2013, the firm has partnered with over 30 technology startups, supporting their growth and international expansion process.

The round also saw participation from a pool of selected Italian and international investors and business angels, including Aptafin.

Massimiliano Magrini, Managing Partner of United Ventures, says, “Scientific and technological progress introduces changes in our lives at an extremely fast pace. In this context, we were attracted by Wallife’s pioneering vision to build the world’s first company capable of providing answers on safety and protection from emerging and unknown risks.”

Headquartered in Milano, United Ventures provides support and funding across all the stages of new ventures, by investing seed stage, early stage and growth capital, with both start-up companies and estabilished ones launching onto new markets.

Insurtech Element raises 21.4 million euros

Frankfurt The Berlin-based insurance start-up Element has received a further 21.4 million euros from investors. The new financing round is led by the pension fund of the Berlin Dental Association (VZB). Alma Mundi Ventures from Spain, the Hong Kong investment company Witan Group and the Luxembourg fintech investor Ilavska Vuillermoz Capital also participated in the insurtech again, as the company confirmed. However, information on the evaluation of the start-up is not available.

Element had already collected 16 million euros last summer. The total investment now amounts to 88 million euros. The largest investors in the company, which was founded in 2017, are Finleap and Signals Invest, which held 45.1 percent and 18.5 percent of Element, respectively, at the end of last year.

It was only on Wednesday that it became known that the former Axa board member Astrid Stange will lead Element from August as a double seat with the previous CEO Christian Macht. Together, the management duo will lead the digital insurer into the next phase of growth. Element intends to use the fresh capital from the financing round to expand its market position in Germany and integrate new product categories into its portfolio.

VZB is the Pension fund for the employees of Berlin dental association. 

https://www.handelsblatt.com/finanzen/banken-versicherungen/versicherer/versicherung-insurtech-element-sammelt-21-4-millionen-euro-ein/28506248.html

iDenfy announces its new cyber insurance by landing a massive contract with Lloyds

Kaunas, Lithuania (July 26, 2022) – iDenfy, the Lithuanian-based global identity verification and fraud prevention platform, announced a new collaboration with Lloyd’s, the leading insurance and reinsurance marketplace. iDenfy selected the Technology Errors and Omissions Coverage insurance as well as the Cyber protection package to meet the highest security standards.

iDenfy invested in adding an extra layer of security and purchased insurance from Lloyd’s. According to iDenfy, they are one of the few identity verification experts in the market to safeguard their services with high-class insurance, such as Lloyd’s. The newly selected Technology Errors and Omissions Coverage insurance ensures technology performance, protects from potential technology failures, and shields iDenfy from manufacturing its innovative services.

iDenfy claims that operating in a risky field and managing sensitive data naturally demands greater security. For this reason, the company decided to benefit from cybersecurity insurance. According to Domantas Ciulde, the CEO of iDenfy, the goal behind the partnership with Lloyd’s was to guarantee the absolute safety of iDenfy’s customers:

“We operate in a rather risky sector. Our team works with particularly sensitive data, such as biometrics or government-issued documents. Where there’s personal information, there’s always more risks of potential cyberattacks.”

Meanwhile, Lloyd’s, presenting itself as the world’s leading insurance platform, is well known for its wide range of specialists. A part of the capital available at Lloyd’s is based on a subscription, meaning that Lloyd's underwriters join together as syndicates and where syndicates unite to underwrite risks and programs. iDenfy’s chosen insurance plan from Lloyd’s is also supported by a professional Claims Department and an in-house legal team, providing 24/7 support.

As per Lloyd’s, its collective intelligence and risk-sharing expertise of the market’s underwriters and brokers create a safer environment. Considering this situation, iDenfy states that the new cyber insurance will set grounds for an even stronger cybersecurity policy, helping the company prevent data theft and regulatory fines. The contract with Lloyd’s enables additional protection from cyber extortion, negligence in technology services, GDPR and AML fines, etc.

iDenfy’s CEO, Domantas Ciulde, added: “Cybersecurity insurance is essential. It acts as a bridge to attract investments and new partnerships while simultaneously helping us maintain a good reputation and a high level of security. We’re thrilled to unite with Lloyd’s, a business committed to building a safer digital future.”

 

FNZ acquires private banking fintech

FNZ, the global wealth management platform, has acquired New Access, a specialized private banking technology firm primarily active in the markets of Switzerland, Liechtenstein and Luxembourg.

These markets are key to serving and administering client wealth globally and will support FNZ in delivering on its promise to open up wealth and serve the US$240 trillion global wealth market.

The strategic acquisition of New Access represents a further investment by FNZ into the growing private banking and cross-border wealth sector after a number of customer successes and the acquisition of the Swiss tech innovator Appway in February 2022.

Private banks are under significant pressure to adapt and scale offerings to their existing and new clients but are often constrained by legacy technology, complex delivery models and new regulatory requirements. FNZ is transforming the industry landscape with its full service, end-to-end wealth platform. Combining cutting-edge technology, infrastructure and investment operations into a single state-of-the-art platform, FNZ enables wealth managers to rapidly deliver personalized services and innovative wealth products.

https://www.finextra.com/pressarticle/93447/fnz-acquires-private-banking-fintech

Fintech GoHenry acquires Pixpay

UK-based GoHenry, which offers prepaid debit cards and a financial education app for kids aged six to 18, has acquired French fintech start-up Pixpay for an undisclosed sum.

GoHenry says the new deal will enable it to expand its user base and boost its growth in Europe.

The company claims to have “more than doubled” its revenue during the pandemic to $42 million in 2021. It secured a $40 million funding round in December 2020.

Founded in France in 2019 by Benoit Grassin, Nicolas Klein and Caroline Ménager, Pixpay offers an alternative to banks for teens.

The firm provides a Mastercard payment card and a mobile app that allows users to pay, get paid, save money or get discounts on brands. It also has a mobile application for parents, offering them a secure, educational and practical solution to follow and accompany their children on a daily basis.

With claims of nearly 200,000 members, Pixpay plans to expand into Italy and Germany later this year. It has raised more than €11 million since April 2019.

GoHenry and Pixpay will continue to operate under their own brands with no change in leadership, headquarters or headcount.

US-based Carta acquires London-based Vauban

Carta, a San Francisco-based fintech startup, announced that it has acquired London-based Vauban, an online platform that helps investors back private companies. The value of the acquisition has not been disclosed. 

As a part of the acquisition, Vauban’s team will join Carta, says the company. It  will also result in the integration of Vauban’s fund establishment platform into the existing Carta business offering.

Vrushali Paunikar, VP of product for investor services at Carta, mentions in a blog post that more than 50 per cent of SPVs and funds in the US have at least one non-US LP.

“On one combined platform, syndicate leads and fund managers can now launch funds from the US, UK, British Virgin Islands, and soon, from Luxembourg,” she wrote. 

The announcement comes after Carta raised $500M at a $7.4B valuation last year in a round led by Silver Lake Partners. The US company planned to use the funds to acquire other firms, reports The Information. 

COI Partners rolls out €120-million fund to expand deal-by-deal platform for DACH growth companies

The growth investor will invest between €15 million and €30 million in initial and follow-on investments per company in the DACH region

Swiss-German growth investor COI Partners has rolled out €120-million fund to focus on deal-by-deal investments in the DACH region. The COIP DACH Growth II SCSp is a Luxembourg-based fund that will target growth companies.

The company, which was earlier called Co-Investor Partners, will invest between €15 million and €30 million in initial and follow-on investments per company. The firm has historically focused on sectors such as IT and software, consumer and retail, life sciences, technology, and industrials, however, continues to pursue an industry-agnostic approach.

The fund will match each future deal-by-deal investment by COI Partners. This will bring the company’s assets under management to over €300 million and strengthen its mission of partnering with outstanding companies and entrepreneurs. Primarily focussing on DACH, the fund will look at growth companies with a proven business model, and positive unit economics, and are ready to scale.

https://tech.eu/2022/07/14/coi-partners-rolls-out-eur120-million-fund-to-expand-deal-by-deal-platform-for-dach-startups/

Amsterdam-based Welt marks first close of VC fund at €35M

Amsterdam-based Welt, a venture capital firm, announced on Tuesday that it has closed the first round of its VC fund at €35M from a group of tech entrepreneurs and private individuals.
The Dutch VC intends to close the fund at €75M, which is expected after summer, six months sooner than projected.
According to Welt, the latest VC fund has two purposes:
Democratising Venture Capital by enabling individual investors to invest in top-tier Venture Capital and Growth Equity funds.
Invest in the next generation of European startups and unicorns.
Bouke Marsman, Managing Partner at Welt, says, “Now is an interesting time to invest in Venture Capital since the correction of tech shares is taking place in the private markets as well. In the process, the distinction between promising and less promising startups and scale-ups is becoming clearer. This presents opportunities for the top Venture Capital funds in particular. Thanks to their track record and experience, it is easier for them to invest in the unicorns of the future. This is reflected in the returns. Historically, funds started during or immediately after crisis years (for example 2001 and 2009) have shown very strong results.”

https://siliconcanals.com/news/startups/amsterdam-welt-closes-35m-fund/ 

Meet Our Partners: 

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B2B Fintech Radar: July 27, 2022

On the radar this week:

Q&A with Christoph Bourguignat of Zelros

Ride Capital, a German wealth structuring software for private investors, raised €3 million.

Resolve, a medical billing and payments startup, raised a $3.3 million seed round.

Fairplay, a software to tackle bias in lending decisions, raised a $10 million Series A.

Hero, a French B2B payments provider, raised €12 million.

Meow, a crypto corporate treasury provider, raised $22 million.

Canvas Medical, an EMR and medical billing platform, raised a $24 million Series B.

Lightyear, a UK investment platform, raised $25 million and launched in 19 countries.

Apiture, a developer of front-end software for smaller banks, raised$29 million.

mx51, an acquirer and merchant payment tech provider, raised a $32.5 million Series B.

Zebedee, a payment processor for the gaming industry, raised a $35 million Series B.

Pulley, a cap table and equity management provider, raised a $40 million Series B.

Smart, a UK retirement investment advisor, raised £40 million.

Fonoa, an Irish tax compliance software, raised a $60 million Series B.

Sanctuary Wealth, a provider of a platform for investment advisors, raised $175 million.

Q&A with Christoph Bourguignat of Zelros

1.​ Tell us a bit about yourself and your company.

Zelros is a software editor specialized in artificial intelligence for the insurance industry. After working at AXA Data Innovation Lab and Datarobot I cofounded Zelros together with Damien Philippon and Fabien Vauchelles in 2016. Today Zelros counts 50 employees operating in 3 countries (France, Germany and Italy) and doubling size each year. Our technology is used daily by thousands of advisors and agents from 15+ leading insurers and bancassurers.

http://www.fintechforum.de/scaling-enterprise-fintech-with-christoph-bourguignat-of-zelros/

Ride Capital Raises €3M in Funding

Ride Capital, a Berlin, Germany-based fintech startup, raised €3m in funding.

Backers included Lea-Sophie Cramer, Verena Pausder, and angel investor and professional football player Mario Götze.

The company, which has raised a total of €8m since its foundation, intends to use the funding to accelerate its growth and become a digital private bank.

Co-founded by Christine Kiefer and Felix Schulte, Ride Capital develops software and platform solutions in the field of wealth structuring for private investors. With services such as wealth structuring, provision of a tax advisor platform, and automated securities booking, the company has taken the initial steps towards becoming a digital private bank. The first building blocks are a free RIDE business account (in cooperation with the banking-as-a-service platform Swan) and investment opportunities in alternative assets.

So far, Ride has served more than 1,200 customers with a total of €250 million in assets under administration since the launch of the platform in September 2020.

Resolve Raises $3.3M in Seed Funding

HANOVER, N.H.–(BUSINESS WIRE)–Resolve, a startup on a mission to make healthcare bills fair, today announced the completion of a $3.3M seed funding round led by AlleyCorp, with additional support from the founders of category defining companies such as Funding Circle, Collective Health, Collective Medical, Nomi, Compass, Seamless, and more.

On top of rising inflation and a looming recession, 50% of Americans are currently in medical debt. Resolve reviews, negotiates, and lowers medical bills on behalf of patients with expertise on both the insurance and provider side. Once its proprietary data algorithms identify pricing issues, coding and/or billing errors, trained negotiators work to secure fair rates or appeal insurance denials. To date, the company has relieved nearly $20M in medical debt, averaging 60-65% savings.

“Our healthcare system is flawed, complex and difficult for even the savviest consumers to navigate,” said Braden Pan, founder and CEO, Resolve. “Throughout our work, we’ve found that medical bills are riddled with errors, overpriced, and often improperly covered by insurance. This funding will allow us to grow our ability to help people struggling with medical bills and reach a world where an everyday medical bill doesn’t bankrupt an everyday American.”

Currently, Resolve employs 22 full-time staff, with plans to soon add a number of positions including Chief of Staff, Head of Product, and a number of software developers.

“Far too many patients experience the dual burden of both a medical event and the medical debt that follows,” said Brenton Fargnoli, MD, Managing Partner, AlleyCorp Healthcare Fund. “We’re excited to support the compassionate, dedicated Resolve team as they help patients tackle excessive medical bills and put a dent in the $200 billion of medical debt facing Americans.”

https://www.businesswire.com/news/home/20220718005136/en/Resolve-Raises-3.3M-in-Seed-Funding?utm_source=substack&utm_medium=email

FairPlay Raises $10M in Series A Funding

FairPlay, a Los Angeles, CA-based provider of a “Fairness-as-a-Service” solution for algorithmic decision-making, raised $10M in Series A funding.

The round was led by Nyca Partners, with participation from Cross River Digital Ventures, Third Prime, Fin Capital, TTV, Nevcaut Ventures, Financial Venture Studio and Jonathan Weiner. 

The company intends to use the funds to grow its engineering and data science teams and expand its products into the insurance, marketing and fraud industries.

Launched in 2020 by CEO Kareem Saleh, FairPlay provides algorithmic fairness solutions that empower lenders to identify and mitigate bias in their credit models, increasing profitability and financial inclusion. The company’s AI fairness techniques reduce algorithmic bias for people of color, women and other historically disadvantaged groups to enhance fairness in financial services and other industries.

FairPlay offers two APIs. The first API provides Fairness Analysis, analyzing a lending model’s inputs, outputs and outcomes to identify if disparities exist and for which historically disadvantaged groups. The second API, Second Look, leverages Fairness Aware AI technologies to re-underwrite declined loan applications for borrowers from protected groups. The technology assesses whether applicants declined by the primary algorithm resemble ‘good’ borrowers in ways that weren’t previously considered. The result is that more applicants from underserved groups are responsibly approved for loans, reducing bias and increasing lenders’ profitability.

B2B payments startup Hero secures €12mn in fresh funding

French fintech startup Hero has secured €12mn in funding to scale its B2B payments platform for SMEs, barely seven months after the company was launched.

French fintech startup Hero has raised €12.4mn to scale its B2B payments solution, just seven months after starting out.

The round is being led by Paua Ventures, Embedded/Capital and Rapyd Ventures. Further investment comes from angel investors including Guillaume Princen of Stripe, Phillippe de Passorio of Adyen and Peter O’Higgins of Revolut.

Hero’s full-stack payments solution is aimed towards SMEs, which it says remain underserved by incumbent banks. The fledgling startup is building a horizontally integrated payments platform that lets business customers handle both sides of a transaction, including procure-to-pay for clients and order-to-cash for suppliers. While invoice factoring is commonplace for large companies, Hero is bringing it to the masses.

The platform also features transparent underwriting to offer instant financing terms, resting on a proprietary data and risk engine; plus seamless integration with third-party software including ERPs and accounting tools.

https://fintechmagazine.com/articles/b2b-payments-startup-hero-secures-12mn-in-fresh-funding?utm_source=substack&utm_medium=email

Meow, a crypto corporate treasury startup founded by ex-Gemini staffers, has raised $22 million in a round led by Tiger Global

Meow, a startup that provides a compliant-first approach to investors for investing in cryptocurrency, has announced that it has closed on $22 million in Series A financing. The round was led by Tiger Global. QED Investors also participated in the round along with leading cryptocurrency exchange FTX, and others.

Alex Cook, Partner, Tiger Global, “Meow’s prioritisation of risk management and compliance is filling a gap in the market for corporate crypto treasury management. We are excited by the vision to build a comprehensive suite of treasury and payment products, and the team has the right set of experiences to deliver on the roadmap.”

The latest investment would be used to hire across the engineering and marketing & sales team. The startup will also focus on accelerating their global presence in crypto markets.

Frank Rotman, Founding Partner and Chief Investment Officer at QED Investors said, “With the rise in globalisation and the increasing use of web3 infrastructure, businesses are increasingly facing the need to transact in more than their native currency. This shift puts pressure on finance teams to ensure they have the right type of currency in the right account at the right time to conduct business. Meow is building tools to address this problem, especially for those companies that need help managing their crypto assets and payments.”

The start-up was launched in early 2022 by Brandon Arvanaghi following seed financing from cryptocurrency industry leaders and investors, including Coinbase Ventures, Gemini Frontier Fund and Lux Capital. The founder’s aim is to make the startup a ‘one-stop shop’ for corporate finance.

“Nobody believed us when we said corporations would want to participate in crypto markets,” said Brandon Arvanaghi, Co-Founder and CEO of Meow. “Access to crypto yield is just the beginning. We’re coming for it all. We’re committed to making Meow the one-stop shop for corporate finance.”

https://www.peoplematters.in/news/technology/meow-secures-22-million-in-tiger-global-led-series-a-funding-34616

Canvas Medical, ‘the Tesla of EMRs,’ raises a $24 million Series B round

When Andrew Hines started Canvas Medical in 2015 he couldn’t have predicted that telehealth would go from niche to norm or that a pandemic would inspire entrepreneurs to launch a new fleet of digital health startups that needed fresh infrastructure. He just knew he wanted to build software for physicians like his wife, who wasted hours a day on data documentation.

“I thought there has got to be a better solution,” Hines told TechCrunch. “I started Canvas to design the software with the right data structure and right workflow to be able to have a positive impact on patient health outcomes.”

Canvas, an electronic medical records (EMR) startup, helps 15 types of stakeholders ranging from physicians to insurance companies to social workers keep better track of their patient data through a workflow system that autofills information in a document — rather than through a series of drop-down menus — which makes it faster and easier for users.

Now, the San Francisco-based startup just raised $24 million in Series B financing in a round led by M13, with participation from existing investors including Inspired Capital, IA Ventures and Upfront Capital.

For Inspired Capital COO and partner Mark Batsiyan, the need for Canvas was clear right away, as his wife has also had to work with bad EMR systems in her career. Inspired invested in the company’s Series A round in April 2021 before doubling down for the Series B this year.

UK Fintech Lightyear Launches in 19 EU Nations, Acquires $25M in Funding

Investment platform Lightyear has announced a $25M Series A equity round “led by Lightspeed Venture Partners.”

The company’s seed investors, Mosaic Ventures, Taavet+Sten and Metaplanet also took part in the investment round “alongside a number of new and existing angel investors.”

Joining Lightspeed in this new investment round is “the Virgin Group – an organization which champions driving positive change through new technologies and joins the Series A as an investor.” The fresh funding comes “at the same time as Lightyear’s expansion into 19 European markets, just nine months after it launched in the UK.”

Lightyear combines multi-currency accounts “with unlimited access to global markets so customers can invest freely without hidden fees.”

The European launch “enables customers from 19 different countries to now access thousands of US and European stocks in addition to Exchange Traded Funds (ETFs).” Countries part of this first European rollout “include Ireland, the Baltics and most of Western Europe such as Spain, Germany, Italy, Portugal, Netherlands and France.”

Lightyear was “founded by ex-Wise duo Martin Sokk and Mihkel Aamer to bring a global mindset to the European investment world.”

Traditionally, if investors in Europe want access to international markets they are hit with transaction and custody fees, “but most notably, hidden foreign exchange fees.”

With their multi-currency accounts, where you “can add, hold and invest in different currencies, Lightyear seamlessly bridges the gaps between international markets for customers.”

Since launching to the UK market last year, Lightyear has “tripled its stock universe, launched an industry first social investment feature – Lightyear Profiles – and added a suite of new products and features to bolster its data and education offering, all accessible in the app for free.”

https://www.crowdfundinsider.com/2022/07/193710-uk-fintech-lightyear-launches-in-19-eu-nations-acquires-25m-in-funding/?utm_source=substack&utm_medium=email

Small-bank-focused Apiture raises $29M

Digital banking solution developer Apiture has scored $29m in a funding round, which was led by Live Oak Bank.

Contributions also came from unnamed existing investors.

With the capital, the company plans to expand its sales and marketing efforts, accelerate its product development initiatives and meet increased demand for the Apiture Digital Banking Platform, which is currently used by over 300 banks and credit unions in the US.

The company has an API-first strategy that helps clients implement their own digital banking services. These include consumer banking, business banking, accounting opening, data intelligence and more.

Apiture CEO Chris Babcock said, “Our platform is built by bankers, for bankers, which uniquely positions Apiture to deliver best-in-class solutions that help financial institutions of all sizes level the playing field with national brands.

“We appreciate the confidence our existing investors have demonstrated in our business through this fundraising round. It is worth noting that two-thirds of the capital we have raised in this round has come from investors that are also Apiture clients, including Live Oak Bank, Pinnacle Bank, and BHG Financial. Their investment both underscores and reinforces the strength of Apiture’s solutions in a competitive market.”

https://member.fintech.global/2022/07/15/digital-banking-api-developer-apiture-closes-29m-funding-round/

Payments startup mx51 raises $32.5m

Payments technology company mx51 has successfully raised $32.5 million in a Series B round led by an undisclosed global fintech investor. Major existing investors including Mastercard, Acorn Capital, Commencer Capital, Rampersand and Artesian participated in the latest financing.

mx51 empowers banks, acquirers and merchants to keep ahead of rapidly evolving shifts in payments technology. Since closing its $25 million Series A round last year, which occurred within 12 months of launch, mx51 has since doubled global headcount to over 100.

The company is also on track to more than double revenues this calendar year and as a key technology partner driving innovation for banks and acquirers is aiming to become the payments solution of choice for merchants.

mx51 CEO and co-founder Victor Zheng said: “Thanks to our partnerships to date, we estimate we now have the means to access a significant share of Australia’s merchant market. With this new capital, we’re poised for an aggressive rollout over the next few years, first in Australia and then abroad.“

In addition to expansion, mx51 will also use the funds to double down on its core in-store, online payments and merchant dashboard solutions. It will also develop further capabilities to assist with fraud prevention and data-driven customer insights.

Zheng added: “We’ve succeeded on the back of our sharp focus on simplifying the merchant payment experience, and empowering banks and acquirers to innovate around legacy technology and to keep pace with changes in the payments sector.”

https://www.finextra.com/pressarticle/93420/payments-startup-mx51-raises-325m?utm_source=substack&utm_medium=email

Zebedee raised $35M from investors including Square Enix for blockchain game payments

Zebedee has raised $35 million in a new round of funding to further develop its Bitcoin-based payment systems for games and integrate with new partners.

The Hoboken, New Jersey-based company hopes to transform games by adding new revenue streams powered by cryptocurrency, blockchain, and other technologies.

Zebedee enables programmable payments and small transactions to power economies for virtual worlds with near-zero fees. That is, it takes the big transactions fees out of blockchain-based cryptocurrencies such as Bitcoin and enables much smaller transaction sizes.

Kingsway Capital led the round. It was joined by global merchant bank The Raine Group as well as video game giant Square Enix. Existing investors including Lakestar and Initial Capital also participated in the round.

Pulley Raises $40 Million Series B Led by Founders Fund

SAN FRANCISCO, July 13, 2022 /PRNewswire/ — Pulley today announced a $40 million Series B led by Keith Rabois at Founders Fund. Existing investors, including Stripe and Elad Gil, also participated. This latest round follows a year of rapid growth for the company, which supports over 1,700 companies with stakeholders across 80 countries.
Pulley is a cap table and equity management platform. It gives founders and employees the tools and equity insights to make more informed decisions about hiring and fundraising, while staying compliant in terms of taxes and accounting.
“Equity is a company’s most valuable asset,” said Yin Wu, Pulley’s co-founder and CEO. “We’re excited for Pulley to take a new approach to equity management. We help companies make better decisions about equity allocation, before they get recorded on the cap table.”
In a bear market, better tools for fundraising and hiring have become more important than ever. Early equity decisions can be difficult to navigate, especially for new companies, and mistakes are expensive to correct.

To help startups in this fundraising climate, Pulley announced today the launch of its free plan, Pulley Seed. New customers with fewer than 25 stakeholders can access Pulley’s core features for free and save thousands on legal fees. These tools help companies model and compare different funding scenarios, raise capital, and set up equity grants for employees.
Keith Rabois is joining Pulley’s board and believes the market is underserved and growing quickly.
“Equity decisions are harder than ever before, but the tools to manage them have not kept pace,” said Rabois. “Pulley is not just bringing the cap table online and automating it. They’re layering on the tooling and insights to help customers be better owners and stewards of their equity.”

https://www.prnewswire.com/news-releases/pulley-raises-40-million-series-b-led-by-founders-fund-301585284.html

CIBC Innovation Banking injects £40 million growth financing to UK fintech Smart

CIBC Innovation Banking is pleased to announce £40 million of growth financing for London-based Smart, a leading retirement technology provider. Smart will use the capital to expand its market growth, accelerate the launch of strategic products, and undertake acquisitions.

Smart launched in 2015 with the goal of making pension auto-enrolment and administration simple for businesses and their employees. The company has since expanded to work with financial institutions and governments across the world, including through its core technology platform Keystone.

“We’re delighted to have CIBC Innovation Banking support Smart, helping us accelerate our near-term growth ambitions, increase our presence in core markets, and roll out product initiatives to transform retirement across the world,” said Eoin Corcoran, Chief Financial Officer of Smart. “Our technology is already helping more than a million people save and plan for retirement. We operate across four continents, and our growth plans will soon take us beyond ten million users. Our company is uniquely positioned to capitalise on the $62 trillion global retirement savings market, and this facility will strengthen our ability to do exactly that.”

“We’re thrilled to be supporting Smart as they continue to scale their offering for retirement technology to savers across the globe in partnership with financial services organizations, governments, and state legislatures,” said Sean Duffy, Managing Director in CIBC Innovation Banking’s London, UK office. “Smart and its team have provided solutions to more than 100,000 companies and we look forward to being part of their growth journey through the development of new strategic products.”

Smart is also backed by Legal & General, J.P. Morgan, Link Group, Natixis, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures.

https://www.finextra.com/pressarticle/93396/cibc-innovation-banking-injects-40-million-growth-financing-to-uk-fintech-smart?utm_source=substack&utm_medium=email

CIBC Innovation Banking injects £40 million growth financing to UK fintech Smart

CIBC Innovation Banking is pleased to announce £40 million of growth financing for London-based Smart, a leading retirement technology provider. Smart will use the capital to expand its market growth, accelerate the launch of strategic products, and undertake acquisitions.

Smart launched in 2015 with the goal of making pension auto-enrolment and administration simple for businesses and their employees. The company has since expanded to work with financial institutions and governments across the world, including through its core technology platform Keystone.

“We’re delighted to have CIBC Innovation Banking support Smart, helping us accelerate our near-term growth ambitions, increase our presence in core markets, and roll out product initiatives to transform retirement across the world,” said Eoin Corcoran, Chief Financial Officer of Smart. “Our technology is already helping more than a million people save and plan for retirement. We operate across four continents, and our growth plans will soon take us beyond ten million users. Our company is uniquely positioned to capitalise on the $62 trillion global retirement savings market, and this facility will strengthen our ability to do exactly that.”

“We’re thrilled to be supporting Smart as they continue to scale their offering for retirement technology to savers across the globe in partnership with financial services organizations, governments, and state legislatures,” said Sean Duffy, Managing Director in CIBC Innovation Banking’s London, UK office. “Smart and its team have provided solutions to more than 100,000 companies and we look forward to being part of their growth journey through the development of new strategic products.”

Smart is also backed by Legal & General, J.P. Morgan, Link Group, Natixis, Barclays, Chrysalis Investments, DWS Group, and Fidelity International Strategic Ventures.

https://www.finextra.com/pressarticle/93396/cibc-innovation-banking-injects-40-million-growth-financing-to-uk-fintech-smart?utm_source=substack&utm_medium=email

Coatue backs Ireland-HQ’d tax software startup Fonoa with $60m

Fonoa, a Dublin-based startup that helps companies like Uber and Zoom with their tax compliance, has raised a $60m Series B round from some of the world’s most well-known investors, including Coatue, Index and Dawn Capital. 

The investment makes Fonoa one of Ireland’s best-funded tech firms.

What does Fonoa do? 

Fonoa, set up by three ex-Uber employees, calls itself a one-stop-shop for corporate taxes: it automates taxation processes for ecommerce businesses with an API. Currently businesses that operate across different countries have to deal with complicated and fragmented tax regulations. Fonoa’s platform determines and calculates the right amount of tax to pay, regardless of differing fiscal jurisdictions. 

The platform is used by companies such as Uber, Zoom, Booking.com and Teachable. 

The company is based in Ireland, but its employees are distributed across over 20 countries and its operations centre is in Croatia; the founders are also Croats.

https://sifted.eu/articles/fonoa-tax-software-coatue-ireland/?utm_source=substack&utm_medium=email

Sanctuary Wealth Receives $175M Growth Investment From Kennedy Lewis Investment Management

Sanctuary Wealth, an Indianapolis, Indiana-based provider of a platform for the next generation of elite advisors, closed a $175m investment from Kennedy Lewis Investment Management.

The company intends to use the funds to accelerate its M&A strategy and the organic growth of its partner firms, including advancing key priorities that will enhance technology solutions and talent management initiatives.

Launched in 2018 and led by Jim Dickson, CEO, Sanctuary Wealth is a holistic wealth platform for advisors who desire to own their businesses and values, allowing them to access the resources of a much larger organization.

To assist partner firms, Sanctuary Wealth has built out the range of solutions on its multi-custodial hybrid platform including a new bespoke alternative investments platform, a Turnkey Asset Management Program (“TAMP”) offering, insurance solutions, family office services, legacy planning, consumer and business lending solutions, as well as access to a technology stack integrated into a best-in-class work station.

Currently, the firm’s network includes 79 partner firms in 26 states across the country with approximately $25 billion in assets under advisement.

Power’s Portage Closes $655 Million VC Fund as Tech Values Fall

Portage Ventures, the venture-capital firm owned by Power Corp. of Canada, closed a $655 million fund to seek a new batch of financial-technology investments around the world and take advantage of a recent tumble in valuations.

The firm’s third fund, Portage III, raised money from 34 institutional investors from nine countries, with about half of the backers new to the firm, Portage said Thursday. The fund is almost twice the size of the firm’s $335 million second fund.

“With the secular tailwinds in fintech, we thought it was a great time to be in fintech over the last few years,” Felesky said in an interview. “With this correction in valuations, it’s an even greater opportunity.”

Startups with more efficient, less capital-intensive business models are now in favor, while larger, consumer-focused firms that have to spend a lot on customer acquisition are more challenging, he said.

Portage is owned by Sagard, the alternative-asset-management arm of the Desmarais family’s Power Corp. financial conglomerate.

That ownership structure informs Portage’s investment process, which includes seeking out startups that can partner with Power Corp. companies or other backers of its funds. Investors in Portage’s previous funds have struck almost 60 partnerships with portfolio companies. About half of Portage III’s investors are financial firms using the fund partly as a way to learn about industry trends or eventually strike deals with firms that Portage invests in, Felesky said.

https://financialpost.com/pmn/business-pmn/powers-portage-closes-655-million-vc-fund-as-tech-values-fall#:~:text=PMN%20Business-,Power’s%20Portage%20Closes%20%24655%20Million%20VC%20Fund%20as%20Tech%20Values,a%20recent%20tumble%20in%20valuations.

Leading Auction House Christie’s Launches Web3 and Fintech Venture Arm

On Monday, Christie’s, the leading British auction house founded 256 years ago in 1766, announced the launch of a new venture fund called Christie’s Ventures. According to the announcement, the company’s venture arm plans to focus on “[Web3] innovation, art-related financial products and solutions, and technologies that enable seamless consumption of art.”

Christie’s Ventures to Foster ‘Web3 Innovation, Art-Related Financial Products’

The British auction house Christie’s has revealed a new venture fund that aims to support “emerging technology and fintech companies.” The firm said that it plans to work in unison with its portfolio startups in order to accelerate growth and push Christie’s activities into innovative directions.

“Christie’s Ventures will start by exploring three broad categories,” the company said on July 18. “[Web3] innovation, art-related financial products, and solutions and technologies that enable seamless consumption of art.”

With premises located in London, New York City, and Hong Kong, Christie’s is the largest second-largest auction house in terms of auction turnover behind Sotheby’s and above the auction firm Phillips and China Guardian.

Christie’s has been into digital currency and blockchain solutions for some time now. In September 2020, the auction house sold the first bitcoin artwork ever when Christie’s presented Block 21 of “Portraits of a Mind.”

The following year, the auction house accepted bitcoin (BTC) for a painting worth $6 million. The painting was crafted by Keith Haring and sold at Christie’s “20th/21st century” sale in London.

https://news.bitcoin.com/leading-auction-house-christies-launches-web3-and-fintech-venture-arm/?utm_source=substack&utm_medium=email

B2B Fintech Radar: July 22, 2022

On the radar this week:

Q&A with Sandipan Chakraborty of SONECT

WiseWorks AI, a bank communications platform, raised $1.2 million

Peakflo, building Bill.com for Southeast Asia, raised around $3 million.

Quiltt, a low-code business-focused infrastructure provider, raised $4 million.

Finli, a business payment management service, raised $6 million in seed funding.

Supy, a restaurant payment software provider, raised $8 million in seed funding.

Asset Class, an Irish investment management product, raised an $11.6 million Series A.

Griffin *, a UK banking-as-a-service provider pursuing a bank license, raised £12.5 million (disclosure: which The Fintech Fund invested in).

Lucinity, a financial crime compliance program for banks, raised a $17 million Series B.

Gnosis Safe, a digital wallet protocol, raised $100 million.

Pico, a financial infrastructure developer, raised $200 million to accelerate its M&A activity.

Motive Partners raised $2.45 billion for its new fintech fund.

Q&A with Sandipan Chakraborty of SONECT

1. ​Tell us a bit about yourself and your company.

Sandipan is the founder and CEO of SONECT that introduces sharing economy in cash logistics. After spending 12 years at Credit Suisse as a Senior Program Manager and delivering some of the largest IT initiatives of the bank successfully in payments, core banking and regulatory compliance, Sandipan decided to quit his job, risk his family and venture into the unknown with SONECT as he identified an opportunity to bring efficiency in cash handling and thus reduce the cost of it. He and his co-founders gathered a team of industry experts for advice, raised capital from prominent investors and grew the company from scratch in no time. The company is now a multi-award winning fintech headquartered in Zurich, Switzerland with 3 offices globally and having international customers including major global retail banks.

http://www.fintechforum.de/scaling-enterprise-fintech-with-sandipan-chakraborty-of-sonect/

WiseWorks AI raises $1.2m

WiseWorks AI, the communications intelligence platform, has secured a $1.2m investment to build a one-stop solution for financial institutions to analyse surging virtual communications for compliance and to automate everyday tasks.

The heavily oversubscribed round was led by Veridian Ventures, with investment from funds including Silicon Valley-based R42, SyndicateRoom’s Super Angel fund, and Istcapital, joining initial investors Founders Factory. The funding will be used to expand the team and accelerate product development.

WiseWorks is backed by serial entrepreneur and AI veteran Dr. Ronjon Nag, founder of R42, who has founded and advised speech recognition companies sold to Motorola, RIM/Blackberry, and Apple.

The startup is hoping to help regulated firms such as financial institutions, which are required by Financial Conduct Authority (FCA) regulations to record and keep relevant communications for up to seven years.

https://www.finextra.com/pressarticle/93237/wiseworks-ai-raises-12m?utm_source=substack&utm_medium=email

Peakflo’s bid to build business payments for Southeast Asia attracts capital, customers

During the most recent Y Combinator startup batch, Peakflo stood out to TechCrunch. The company’s simple pitch — Bill.com for Southeast Asia — fit neatly into the broader narrative of the world increasingly digitizing its workflows and the generally hot market we’d seen for fintech companies.

At the time, we noted that “there are huge revenues to be found in helping companies spend and receive money,” adding that Peakflo was likely “ready to raise,” having already reached $13,000 worth of monthly recurring revenue (MRR).

So when Peakflo reached out with some fundraising news, we took the call. I spoke with co-founder and CEO Saurabh Chauhan about Peakflo’s fundraising, historical growth, plans for its new capital and its revenue targets.

For businesses seeking low-code fintech infrastructure options, there’s a Quiltt for that

Quiltt is wrapping its warm low-code fintech infrastructure blanket around startups and small businesses that want to create financial services for their customers, but don’t have the budget resources for a big engineering team.

Ruben Izmailyan and Mark Bechhofer came up with the idea for Dallas-based Quiltt about five years ago while working together on a personal financial app. While pitching their automated budgeting app, they began receiving inquiries from people who weren’t so much interested in the budgeting tool as they were about the data engine around it and integration work they were doing.

“We realized that was a much better place for us to be spending our time, so we pivoted into an infrastructure business,” CEO Izmailyan told TechCrunch. “We were bootstrapping for the most part, and for the previous business, that made more sense, but for this, it made much more sense to build on the venture route.”

So they got started building the version of Quiltt that exists today. That includes API integrations with fintech providers, like Plaid, Spade and ApexEdge, and a suite of no-code user interface modules for users to experiment with on top of its data platform

Finli puts service-based business payment management in the palm of your hand

If your service-based business is still collecting paper checks and only knows clients by their first name, Finli has an app for you.

After building mobile technology for fintechs and payment companies for the past 20 years, Lori Shao, CEO of Finli, started the mobile-first payment management company nearly 3 years ago when she noticed that she was around technology all day but still using a checkbook to manage household services, like landscaping and after-school programs.

The San Marino, California–based company is focused on microbusinesses, which according to the U.S. Small Business Administration Office of Advocacy, 9.9% of U.S. businesses are small businesses.

These are businesses that are often using five or more services, like QuickBooks, to manage their client billing and payments. Shao believes many business owners end up abandoning those services because they are complicated, expensive and heavily reliant on owners knowing a lot of information about their clients, over and above a first name and mobile phone number.

ResTech Startup Supy Raises $8M in Seed Funding

The United Arab Emirates (UAE)-based ResTech startup Supy has raised $8 million in seed funding.

The round was led by BECO Capital, with the participation of existing investors including Valia Ventures and Cotu Ventures. New investors who joined the round also included Global Ventures, AMK Investment Office and others.

Supy said it plans to invest the funding in its tech and launch its payment solution to help suppliers reconcile invoices while enabling restaurants to better manage their cashflow.

Supy provides software for the hospitality sector that helps businesses optimize their ordering and supply-chain processes. The software incorporates tools for invoice, cashflow and procurement management, as well as point-of-sale and enterprise resource planning integrations.

Founded in February 2021, Supy has grown from focusing on single restaurants to being able to serve more complex operations and larger restaurant chains in UAE and Saudi Arabia.

So far this year, Supy processed over 250,000 orders from restaurants and suppliers, and opened shop in five new cities. The application is now available to hospitality businesses in all major cities in the Kingdom of Saudi Arabia (KSA), Supy said in a press release emailed to PYMNTS.

https://www.pymnts.com/news/investment-tracker/2022/restech-startup-supy-raises-8m-in-seed-funding/?utm_source=substack&utm_medium=email

Asset Class Secures $11.6 Million Series A Funding Led By Canapi Ventures to Help Democratize Private Capital Investing

DUBLIN–(BUSINESS WIRE)–Asset Class, a financial technology (fintech) company headquartered in Dublin with offices in New York and London, announced today that it has completed a $11.6 million Series A funding round, led by fintech-focused venture capital firm Canapi Ventures with participation from new and existing investors, including Live Oak Ventures, Plexus Capital and Total Technology Ventures.

Formed in 2020, Asset Class provides a range of innovative, custom investment management software solutions to clients across financial sectors, with a focus on private equity, venture capital, financial advisory and commercial lending. Since announcing a seed round of $3 million from Angel Oak Ventures last year, Asset Class has achieved impressive growth as private equity and venture capital fund managers and commercial loan lenders have turned to the firm’s bespoke solutions that help raise capital easily and efficiently and manage the complete end-to-end investor life cycle. Asset Class now services more than 300 funds, totaling $33 billion in assets under management, and a network of over 15,000 accredited investors.

“As we’ve grown, we like to say that the venture capital, private equity and commercial lending firms we work with come for the technology we provide and stay for the network we offer,” remarked Ferdinand Roberts, CEO and founder of Asset Class. “Our client-first approach has led us to achieve incredible growth, and this new round of funding will only propel us further on our mission to offer a completely integrated, end-to-end investment management platform in the alternatives space.”

The growth capital will allow Asset Class to focus on expanding its employee headcount, specifically in the areas of software and business development. Asset Class intends to capitalize on the positive tailwinds impacting the industry, which include growth in the number of private capital funds and accredited investors seeking access, a digital-first landscape, and trillions of dollars of cash ready to be deployed into the alternative fund strategies that Asset Class serves.

https://www.businesswire.com/news/home/20220711005295/en/Asset-Class-Secures-11.6-Million-Series-A-Funding-Led-By-Canapi-Ventures-to-Help-Democratize-Private-Capital-Investing?utm_source=substack&utm_medium=email

Fintech Griffin raises £12.5m as it seeks banking licence

Banking as a service fintech company Griffin has raised £12.5m in a funding round to support the development of its API banking platform.

Based in London, Griffin is building a full-stack platform that aims to streamline the performance of financial services.

Among Griffin’s list of services is the tracking of funds and the management of compliance tasks.

The company has also applied for a banking licence so that it can provide open banking services and full bank accounts to clients for the sending and receiving of payments.

With the new funds, Griffin has now raised a total of $27m (£22.4m). The company previously raised £6.5m in November 2020.

“With this injection of funding, we can continue to innovate, scale our business, and focus on building the best banking platform possible,” said David Jarvis, co-founder and CEO of Griffin.

The investment round was led by Notion Capital, a regular backer of software as a service (SaaS) startups.

“SaaS is finally eating the financial services sector the way it has every other industry, and Griffin will empower fintechs to build and launch financial products with a single secure and modern SaaS platform,” said Stephen Chandler, managing partner at Notion Capital.

“I’m thrilled to support the team as they rewrite the way companies interact with banks and accelerate growth.”

LUCINITY RAISES $17 MILLION IN A SERIES B FUNDING ROUND TO PROVIDE BANKS WITH PRODUCTIVITY TOOLS TO FIGHT FINANCIAL CRIME

REYKJAVIK, Iceland, July 7, 2022 /PRNewswire/ — Lucinity today announced the closing of a $17 million Series B investment round, led by Keen Venture Partners and joined by Experian and its major existing investors, Crowberry Capital, Karma Ventures, and byFounders.

Lucinity’s mission is to Make Money Good™ through Human AI. By delivering user-centric compliance systems augmented by artificial intelligence (AI), Lucinity has helped various banks and FinTechs increase their compliance productivity by over 50%. This results in thousands of hours now spent on actually fighting financial crime instead of making sense of complex and noisy data.

Recent customers of Lucinity that join a range of banks and FinTechs include Pleo, a $4.7B FinTech used by 20,000 companies that chose Lucinity as its central hub for financial crime prevention, and Visa’s Currencycloud, a part of the world’s largest global payment platform.

Lucinity also recently announced partnerships with Experian and Seon. With Experian, Lucinity is delivering next-generation ongoing Know Your Business (KYB) and risk assessments, while its collaboration with Seon is centered around a joint anti-money laundering and fraud prevention solution.

“It’s exciting to see Lucinity’s ground-breaking change ripple through the compliance and risk spaces. Our Human AI is transforming our clients’ productivity, and our partnerships are creating incredible productivity innovations for customers to leverage,” says Guðmundur Kristjánsson (GK), founder and CEO of Lucinity. “This successful funding round will help fuel our rapid growth as we expand our customer base, partner network, global team of experts, and product offering.”

https://www.prnewswire.com/news-releases/lucinity-raises-17-million-in-a-series-b-funding-round-to-provide-banks-with-productivity-tools-to-fight-financial-crime-301582407.html?utm_source=substack&utm_medium=email

Gnosis Safe Raises $100M And Rebrands As Safe

Multi-signature wallet protocol Gnosis Safe has raised $100M in a funding round led by venture capital firm 1kx and will rebrand as “Safe”.

Gnosis Safe users – a group that includes Bitfinex, BitDAO and Vitalik Buterin – manage more than $38B in assets, according to data from Dune analytics (that figure was just over $100B in February). Earlier this year, holders of Gnosis’ governance token GNO voted to spin off Gnosis Safe.

“In order to get Gnosis Safe to the next level, an ecosystem should be established around this new account standard,” co-founder Lukas Schor argued in the proposal to separate the protocol from Gnosis. “The spin-off will also enable the Gnosis Safe project to have an even stronger focus on its mission: increase adoption of smart-contract-based accounts.” 

In addition to 1kx, the 60 investors include Tiger Global, Kraken Ventures, Digital Currency Group, Blockchain Capital, Coinbase Ventures and a number of industry veterans, such as Hasu of Flashbots and Lefteris Karapetsas of Rotki.

“As both a user and developer I find @gnosisSafe as an indispensable tool for every crypto user,” Karapetsas tweeted Tuesday, “and it is my hope to see it grow for the next billion users.” 

Pico Signs Agreement with Golden Gate Capital for $200 Million Investment to Accelerate Next Phase of M&A Activity

NEW YORK, July 13, 2022 (GLOBE NEWSWIRE) — Pico, a leading provider of mission critical technology services, software, data and analytics for the financial markets community, today announced it has signed an agreement for a $200 million strategic investment from Golden Gate Capital, a leading private equity investment firm. The capital will be used to pursue strategic M&A opportunities that further enhance Pico’s comprehensive global ecosystem of best-in-class technology and services, as well as other general corporate purposes.

We have made significant investments in global expansion, product innovation, operational excellence and in our organization, thereby laying the foundation to support the next wave of substantial growth. We are thrilled to have Golden Gate Capital as an investor and strategic partner supporting us to continue leveraging our leading global technology and data platform to provide additional services for our clients,” said Jarrod Yuster, Chairman, Founder and CEO of Pico. “Golden Gate Capital’s deep financial services experience and track record of successful acquisitions at their portfolio companies will help advance our strategy.

Pico was founded in 2009 to address the macro trends in electronification of markets across all asset classes. Since then, it has consistently anticipated market requirements and now offers comprehensive financial services trading cloud infrastructure, connectivity, data, software and analytic solutions spanning 55 data centers traversing all key global market centers in the Americas, Europe and Asia. Pico sits at the center of a complex ecosystem powering mission critical applications for more than 430 clients, including the top 25 global banks, 39 exchanges, electronic market makers as well as premier asset managers.

With this investment, Pico will continue to build on the strategic investments it has made in its high-performance, resilient infrastructure and in continuing to extend its data offering and market coverage across all regions and asset classes. Pico has a proven record of acquiring and integrating companies into its technology platform. In 2019 it acquired market leading trading and enterprise analytics solution Corvil Analytics and has continued to enhance its capabilities. It is replicating this strategy with the January 2022 acquisition of Redline Trading Solutions, a provider of multi award-winning trading and market data software solutions. Strengthening its technology platform with Redline gives Pico a significant opportunity to access the $36 billion [1] addressable market for global data consumption, in addition to the growing $130 billion market infrastructure addressable market.

https://www.globenewswire.com/news-release/2022/07/13/2478848/0/en/Pico-Signs-Agreement-with-Golden-Gate-Capital-for-200-Million-Investment-to-Accelerate-Next-Phase-of-M-A-Activity.html?utm_source=substack&utm_medium=email

Motive Partners raises $2.45 billion for new fintech fund

Fintech-focused PE firm Motive Partners has raised $2.45 billion ffor its latest flagship fund.

The firm focuses on growth equity and buyout investments in software, investment and information services companies in North America and Europe, serving five primary subsectors: banking & payments, capital markets, data & analytics, wealth & investment Management, and insurance.

Commitments already lodged from the new fund include investments in ten companies – InvestCloud, Insurify, Wilshire, Trumid, Motive Capital Corp II, CAIS, FNZ, Forge Global, BetaNXT and Backbase.

In total, Motive Partners has over $5.5 billion in regulatory assets under management.

https://www.finextra.com/newsarticle/40623/motive-partners-raises-245-billion-for-new-fintech-fund?utm_source=substack&utm_medium=email

Q&As with Brian Nolan and Zbi Czapran of Finteum and Christian Knott, Capnamic Ventures; European FinTech deal this week include Asset Class, Griffin, Oxbury Bank, Zilch, Cleo, YuLife, ArK Kapital, WeFox

European FinTech deal this week include Asset Class, Griffin, Oxbury Bank, Zilch, Cleo, YuLife, ArK Kapital, WeFox

We feature Q&As with Brian Nolan and Zbi Czapran of Finteum and Christian Knott, Capnamic Ventures

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Brian Nolan and Zbi Czapran of Finteum

1. Please tell us a bit about yourself, both at work and leisure.

Hi, we are Brian from Ireland and Zbi from Poland, both living in London. Together we have worked for 20 years in banking and in building technology solutions for enterprise. Brian was a director for UBS in Treasury in Zürich and New York in liquidity management, and before that in Bank of Ireland. Zbi has built technology for enterprise and financial services companies, such as IHS Markit. Outside work, Brian likes to stay healthy and go running. Zbi used to have free time for travelling and trying out European beers, but now his home life takes up most of the free time.

http://www.fintechforum.de/7-questions-with-brian-nolan-and-zbi-czapran-of-finteum/

7 Questions with Christian Knott, Capnamic Ventures

1. Please tell us a bit about yourself, both at work and leisure.

Well, I am the typical business student, did my bachelor in Cologne, Master in Leipzig. Worked briefly for the European Commission but that was not my hometurf. Started working in Venture Capital in 2010 and am with Capnamic for 5.5 years now. Since 2018, I am partner. 

In my private life I have a fiancée (wife at the end July), who I love to travel with. The more remote and beautiful the place the better.

http://www.fintechforum.de/7-questions-with-christian-knott-capnamic-ventures/

Asset Class Secures $11.6M Series A Funding

Asset Class, a NY-based financial technology company, raised $11.6M in Series A funding.
The round was led by Canapi Ventures with participation from Live Oak Ventures, Plexus Capital and Total Technology Ventures.
The company intends to use the funds to expand its employee headcount, specifically in the areas of software and business development.
Led by CEO Ferdinand Roberts, Asset Class provides a range of innovative, custom investment management software solutions to clients across financial sectors, with a focus on private equity, venture capital, financial advisory and commercial lending. The company now services more than 300 funds, totaling $33 billion in assets under management, and a network of over 15,000 accredited investors.
Asset Class has offices in Dublin, New York, Atlanta and London.

Founded in 2018, Canapi incubates and invests in transformative financial services technology companies that deploy solutions on modern platforms in an increasingly open and interconnected world. Backed by the United States’ top regulatory experts and leading financial institutions, Canapi provides capital, customers, and guidance to founders building the digital financial services ecosystem of tomorrow.

https://www.finsmes.com/2022/07/asset-class-secures-11-6m-series-a-funding.html

Banking as a Service Provider Griffin Raises $15.5 Million

Griffin, a banking as a service (BaaS) provider, has raised an additional $15.5 million as it pursues its mission of becoming the “bank Fintechs can build on.” The Fintech has raised $27 million to date.
The funding round was led by Notion Capital, with participation from existing investor EQT Ventures as well as angel investors including William Hockey, co-founder of Plaid and founder and co-CEO of Column, Nilan Peiris, VP of Growth at Wise, Rob Straathof, CEO at Liberis and Shane Happach, CEO of Mollie and ex CCO Worldpay.
Griffin said that it had added Stephen Chandler, Notion Capital co-founder and managing partner Stephen Chandler, to its board of directors.
Based in London, Griffin is rethinking the tech stack that powers financial services. Griffin aims to offer an “API first” banking platform. Griffin previously reported that it is seeking a banking license having filed with the PRA and FCA. Griffin has not indicated its anticipated date of approval or the status of the authorization process.
David Jarvis, Griffin CEO and co-founder, said they were thrilled to be working with Notion Capital and adding Chandler to the board.

Headquartered in London, Notion is a venture capital firm, investing in European SaaS and enterprise tech with more than 80 investments to date

https://www.crowdfundinsider.com/2022/07/193453-banking-as-a-service-provider-griffin-raises-15-5-million/

Oxbury Bank lands £20m in additional funding

Oxbury Bank, a UK-based start-up bank focused on the agriculture sector, has raised £20 million in equity from new and existing investors.

The round featured participation from founder investors Frontier Agriculture and Hutchinsons Group as well as existing technology investors Hambro Perks and Grosvenor Food and AgTech.

It comes just three months after Oxbury Bank raised £31 million in a Series C round, while also acquiring its core software provider, Naqoda.

The new cash injection takes the firm’s total capital raised to £68 million.

The latest funds will be put towards the development of its Oxbury Earth core banking platform which, the bank says, will support funding British farmers.

In its first 15 months since launch, Oxbury claims it has “already disrupted the incumbent banks” with £500 million worth of lending completed or in progress. The bank says it is forecast to break even by the end of the year.

“For decades farmers have had a very limited choice between very similar incumbent banks, and we appreciate how many farmers now want to be part of Oxbury,” says James Farrar, co-founder and CEO of Oxbury.

“They are critical to food production and we support them at a very practical level with a team grounded in the sector.”

Oxbury’s fintech platform offers financing and data solutions to help farmers deliver “improved sustainability, provenance and productivity across the farming and food supply chain”.

Zilch Raises $50M; Brings Total Series C To $160M

Zilch, a London, UK-based credit payment innovator, secured an additional $50m in funding, taking the total raise for its Series C to $160m.

The extension brings total funding to more than $460m in debt and equity.

The company intends to use the funds for business growth, with a focus on the US market where Zilch recently opened its Miami office and launched with more than 150,000 pre-registered customers.

Co-Founded by Philip Belamant (CEO) and Sean O’Connor, Zilch is advancing products for customers to manage cash flow and to ensure consumer protection and financial health from the start. Utilizing Open Banking technology and so credit checks, the company uses its real-time view and understanding of customerʼs affordability to give accurate recommendations of what they can afford to borrow.

Zilchʼs direct-to-consumer proposition offers its customers unrestricted access to all 37m merchants that accept Mastercard, online or instore via Tap and Pay. It works with some of the most advanced fintech enablers including: Amazon Web Services, Cross River, Checkout.com, Cashflows, Experian, GPS, Monavate, Marqeta, Mastercard, Onfido, Provenir and Socure.

The company has over 250 employees based across its offices in London, Miami and Krakow.

Investors in Zilch include Ventura Capital, Goldman Sachs Asset Management, Gauss Ventures, DMG Ventures, M&F Fund and Limited Ventures.

Cleo Raises USD80M in Series C Funding

Cleo, a London, UK-based digital assistant that supports people throughout their financial lives, from their first paycheque to their first home, raised USD80M in Series C funding.

The round was led by Sofina, with participation from EQT Ventures, Balderton and LocalGlobe.

The company intends to use the funds for continued US growth, including a significant increase in employee headcount from 140 to over 220 and continue iterating and improving on its product suite.

Founded in 2016 by Barnaby Hussey-Yeo, CEO, Cleo supports and empowers young people to form better money habits via a digital assistant. With a chat, Cleo can automate a money life and remove the stress of decision making with personal advice based on the user’s specific needs and financial history.

Sofina is a Belgium-based investment company listed on the Brussels stock exchange and a supportive partner of entrepreneurs and families managing growing companies. Sofina invests both directly and through Private Equity funds. Its geographical scope is Europe, the United States, and Asia 

YuLife Raises $120M in Series C Funding

YuLife, a London, United Kingdom – based tech-driven insurance company, raised $120M (~£95M) in Series C funding.

The round, which brought total funding to $206M since the company was founded in 2016, was led by Dai-ichi Life Insurance Company (TSE: 8750) with participation from some undisclosed existing investors.

The company will use the capital to broaden its reach into new global markets and scale its product range, delivering financial products that improve lives and reward wellbeing.

Led by Sammy Rubin, CEO and Founder, YuLife is a tech-driven insurance company harnessing technology and the latest behavioural science to provide an insurance model that focuses on risk prevention, not just claims compensation. The company rewards employees for healthy living, supporting mental, physical and financial wellbeing helping foster healthier, and more motivated teams.

YuLife now covers >500k policyholders across small to large businesses, with over $50bn (~£40bn) of cover in place.

ArK Kapital announces a US$152mn extension to lending pool

Swedish fintech ArK Kapital has announced an extension to its Lending pool following events taking place in the current economic climate. 

The fintech, which was launched in 2021, enables startups to grow by providing frictionless long-term loads based on risk-assessed data. The financing company’s services allow founders to maintain control of their startup, while the loan conditions also reduce the risk for investors. 

According to reports, the US$152mn extension to the lending pool has been introduced as a response to strong traction in the Nordic markets and will be used to help drive European expansions. 

The $152mn extension also means ArK Kapital can offer over $300mn in loans to European technology founders. Data shows that the initial $168mn seed round was $152mn debt-based and $15m equity-based. The equity portion of the round was led by LocalGlobe, with participation from Creandum and angel investors including founders of iZettle, Supercell, King, and EQT Ventures. This extension comes as a response to strong traction in the Nordic markets and will be used to help fuel European expansion.

Founded in 1999 in London, LocalGlobe has seeded impactful founders at places like Citymapper, Improbable, Lovefilm, Moo, Wise and Zoopla. 

https://fintechmagazine.com/financial-services-finserv/ark-kapital-announces-a-us-152mn-extension-to-lending-pool

Insurtech start-up Wefox raises $400m and hits $4.5bn valuation

While some European start-ups are struggling, Wefox’s valuation is on the rise and it plans to grow its headcount to 2,000 by the end of the year.

German insurtech Wefox has raised $400m in a Series D round of funding to help with product development and expansion across Europe.

The round comprised both equity and debt funding. Mubadala Investment Company led the equity raise, with participation from Eurazeo, LGT, Horizons Ventures, OMERS Ventures and Target Global.

The latest funding round values Wefox at $4.5bn, which is an increase from its $3bn valuation after raising $650m last year.

Wefox, which was founded in 2015, sells insurance, such as house and motor insurance, through intermediaries on its platform. Earlier this month, the company reached 2m customers and said it was one of the first insurtechs to hit this milestone.

The Berlin-based start-up plans to use the funding for product development and European expansion, with a goal to move into Asia and the US after.

Mubadala Investment Company — a sovereign investor — manages a diverse portfolio of assets and investments in the United Arab Emirates and abroad, to generate sustainable financial returns for its shareholder, the Government of Abu Dhabi.

Amundi Austria acquires fintech Finventum GmbH to utilise its Savity advisory platform

Amundi Austria has acquired fintech Finventum GmbH from Austrian retail banking company BAWAG P.S.K. and the company founders.

The acquisition aims to meet the growing need for digitalised financial services in Austria, especially for digital portfolio management.

Finventum owns Savity Vermögensverwaltung GmbH (Savity), an established, licensed and regulated Austrian advisory platform offering digital asset management services.

Expanding its technology solutions range with Savity will enable Amundi to better serve its partners, distributors and its retail clients in Austria, the asset management company says.

Guillaume Lesage, chief operating officer at Amundi, says: “At Amundi, our goal is to serve our distribution partners beyond the product offering to meet their customers’ growing need for investment advice and innovative, tailored and cost-effective technology solutions.

“Savity exactly meets these requirements and enhances the Amundi Technology footprint in the B2B segment. This powerful technology, combined with our expertise in robo-advising and the extensive portfolio management capabilities of Amundi, will drive further the development of Savity.”

Gabriele Tavazzani, CEO of Amundi Austria, comments: “This new offer will enhance our development as the credible leading European technology provider in the Austrian market. Thanks to the extensive capabilities of Amundi, we will be able not only to serve existing Savity direct clients, but also provide new digital tools and services to our partners.”

https://www.assetservicingtimes.com/assetservicesnews/technologyarticle.php?article_id=13166&navigationaction=latestnews&page=1&newssection=technology

CoinShares Acquires Napoleon Asset Management

CoinShares International Limited (Nasdaq First North Growth Market: CS; US OTCQX: CNSRF), a European digital asset investment firm, acquired Napoleon Asset Management, one of the first ever digital asset managers, licensed under the AIFM Directive since March 2019.

The amount of the deal – signed and completed on 30 June 2022 – was not disclosed.

The acquisition of Napoleon Asset Management allows CoinShares to offer AIFM compliant products and services, in addition to its market leading position as an issuer of crypto Exchange Traded Products (ETPs).

The transaction follows the acquisition of the Napoleon Group last December and fits with CoinShares’ strategy of developing into a full-service digital asset investment and trading group, within a strong regulatory framework. On 30 November 2021, CoinShares entered into a sale and purchase agreement to acquire the entire Napoleon Group. The transaction was completed on Thursday, 16 December 2021. The Group SPA contained an option to acquire Napoleon Asset Management, the exercise of which was subject to prior approval of the change of control by the Autorité des Marchés Financier. That approval was received on 28 June 2022. CoinShares exercised its option to acquire Napoleon Asset Management and entered into a sale and purchase agreement pursuant to the terms set out in the Group SPA which signed and completed simultaneously on 30 June 2022.

CoinShares is an advocate of regulation in the digital asset industry and has an extensive list of regulated products and services. The Alternative Investment Fund Manager (“AIFM”) licence is one of the most rigorous European regulations for Asset Managers and is a key component in CoinShares’ ambition to become the leading investment group in the digital asset sector.

PLC swoops for FinTech Fluent

FinTech Fluent Money Group has been acquired in a £72.7 million deal.

London-listed Mortgage Advice Bureau, which is headquartered in Derby, has swooped for the fast-growing mortgage and specialist lending intermediary.

MAB now owns 75.4% of Fluent, based in Horwich, Greater Manchester.

Fluent has formed strong relationships with aggregators – such as MoneySuperMarket – and other national lead sources operating across first charge, second charge and lifetime mortgages, as well as bridging loans where people are, for example, building a property.

With a model built on an end-to-end digital customer journey, supported by telephony advice, its MyFluent customer portal – developed in partnership with Sputnik Digital – allows for faster loan processing and messaging in a WhatsApp-style interface.

GoHenry acquires French fintech Pixpay to drive European expansion

UK-based GoHenry, which offers prepaid debit cards and a financial education app for kids aged six to 18, has acquired French fintech start-up Pixpay for an undisclosed sum.

GoHenry says the new deal will enable it to expand its user base and boost its growth in Europe.

The company claims to have “more than doubled” its revenue during the pandemic to $42 million in 2021. It secured a $40 million funding round in December 2020.

Founded in France in 2019 by Benoit Grassin, Nicolas Klein and Caroline Ménager, Pixpay offers an alternative to banks for teens.

The firm provides a Mastercard payment card and a mobile app that allows users to pay, get paid, save money or get discounts on brands. It also has a mobile application for parents, offering them a secure, educational and practical solution to follow and accompany their children on a daily basis.

With claims of nearly 200,000 members, Pixpay plans to expand into Italy and Germany later this year. It has raised more than €11 million since April 2019.

GoHenry and Pixpay will continue to operate under their own brands with no change in leadership, headquarters or headcount.

Pan-European Climentum Capital to launch a €150 million Fund to support innovators accelerating the green transition

Aiming to supercharge Europe’s green transition by launching a new climate tech Fund, Climentum Capital is raising €150 million to invest in early-stage startups helping Europe become carbon neutral. 

As Europe continues on the journey to becoming carbon neutral by 2050, Climentum Capital has today announced it is launching a new €150 million Fund I. Europe’s ambitious journey to Net-Zero is reliant upon new innovations and tech-first approaches that can make society more sustainable and accelerate a green transition – and it’s a journey with a long way to go. This new fund is sure to be a pivotal part of getting us there. 

“Now is the time to invest in Climate Tech. We need to see results within the next decades and see momentum from all sides: governments and corporations are pushing for real change, the best talent is moving into the space and technology has developed massively”. Dörte Hirschberg. 

Founded in 2021, Climentum Capital is a pan-European venture with bases in Copenhagen, Berlin and Stockholm. The VC firm is investing in European startups that are dedicated to cutting down CO2 emissions in a concrete, measurable and sustainable way. This freshly launched fund aims to avoid millions of tons of carbon dioxide equivalent emissions, accelerating the transition to a sustainable future. It’s among the first article 9 funds in Europe, with a dedicated focus on CO2 emission reductions from day one.

Stefan Maard commented: “There is a concrete value-add to both founders and investors. “Investors gain access to a cutting-edge Article 9 fund that delivers climate impacts and the associated data to help them achieve and report on their own climate and ESG targets. This is something that has resonated well with especially institutional and more forward-looking investors. Looking toward the founders, they are keen to work with truly mission-aligned investors that are also willing and able to help them mature on their own sustainability journeys – including documenting climate change impacts and leveraging that to access non-dilutive capital such as carbon credits, grants and ESG related project financing.”

Almost a billion for startups: Headline sets up the largest fund in the company’s history

The venture capital firm Headline, formerly E.ventures, has completed the largest fundraising in its 23-year history: The VC has collected 917 million euros (943 million dollars) and now wants to invest them in tech startups from the B2B and B2C sector worldwide. The money will be distributed over three new funds: headline US VII, which focuses on start-ups in North America, headline EU VII, which will provide 320 million euros to European founders, and Headline Brazil III, which will invest in Latin America.”Despite recent market shifts, we continue to aggressively pursue the next wave of world-changing innovation,” headline co-founder Mathias Schilling said. “I have already experienced some market fluctuations in the last 20 years, and in these times we have always continued to seek and promote the long-term entrepreneurial spirit.”

Meet Our Partners: 

Heussen https://www.heussen-law.de

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FN FinTech 40 https://www.fnlondon.com

B2B Fintech Radar: July 14, 2022

On the radar this week:

Q&A with Michael Mueller of Form3 Financial Cloud

pfs, a financial software risk lifecycle management provider, raised funding.

Xelix, a UK-based accounts payable solutions provider, raised a $5 million Series A.

OpenFin, an enterprise bank operating platform, raised around $10 million from ING.

Tesorio, an automated payment collection and accounts receivable platform, raised a $17 million Series B.

Finalis, a broker-dealer platform for investors, raised $10.7 million in seed funding.

BKN301, a payments and banking-as-a-service app based in San Marino (inside of Italy), raised a €15 million Series A.

Q&A with Michael Mueller of Form3 Financial Cloud

1.​ Tell us a bit about yourself and your company.

I grew up in Germany and started working for Deutsche Bank after finishing school in 1988. Soon after I joined banking, I developed an interest in transaction banking and payments when I helped the bank build its international cash management business. After more than 20 years with Deutsche Bank in Germany, Singapore, Sidney and London I moved to Barclays where I joined the Corporate Banking Executive Committee in charge of their cash management and payments business. In 2016, I left banking and founded together with some colleagues Form3, a UK-based payment technology company. Over the past 4.5 years, we have completed several funding rounds and the business has grown to about 200 colleagues. We employ staff in more than 40 countries in Europe with about 19 different nationalities. We have two offices in London and Amsterdam, but most of my colleagues have been operating on a fully remote basis from day 1.

Form3 provides cloud-native payment technology to regulated financial institutions, we are processing millions of payments every month for payment service providers, challengers and large Tier 1 banks in the UK and in Europe.

http://www.fintechforum.de/scaling-enterprise-fintech-with-michael-mueller-of-form3-financial-cloud/

AnaCap backs Spanish fintech pfs

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in Financials, Technology and related Business Services, today announces an investment in pfs, a provider of software and technological risk lifecycle management solutions.

Headquartered in Madrid with operations in Spain, Portugal and Mexico, pfs is a provider of software and technology solutions for financial services businesses across the entire value chain of lending activity, covering processes from origination to collection. pfs also has a number of data efficiency solutions deployed within banks to optimise credit risk.

The business is led by a highly entrepreneurial and majority shareholding CEO who has overseen and driven its growth and transformation to date. pfs has a strong track record that aligns with AnaCap’s investment approach of actively supporting value creation alongside founders and highly entrepreneurial managers.

pfs has completed 6 acquisitions in the past 3 years alone, successfully adding on to its portfolio. pfs also has a strong acquisition pipeline of complementary software providers to integrate into its product suite. In addition, its service offering around risk management for financial institutions will be further deployed in new geographies (with a particular strategic focus in LATAM where the business has an already established presence).

In June 2022, pfs successfully completed the acquisition of Kineox, a digital collection leader in the Spanish market. Kineox facilitates and optimises collection processes through innovative data and predictive analytics technology that improves effectiveness, efficiency and overall customer experience.

https://www.finextra.com/pressarticle/93261/anacap-backs-spanish-fintech-pfs?utm_source=substack&utm_medium=email

Xelix Raises $5M in Series A Funding

Xelix, a London, UK-based Accounts Payable solution provider, completed a $5m Series A funding round.

The round was led by Fintop Capital, with participation from existing investors Passion Capital and Localglobe.

The funding will be used to bring new products to market and for team expansion to accelerate growth.

Xelix provides an Accounts Payable (AP) solution that enables companies to automate manual and time-consuming processes, whilst delivering huge savings to the bottom line.

Launched in 2018 by University friends Paul Roiter (CEO) and Phillip Watts (CPO), Xelix is an enterprise SaaS company providing automation solutions for the CFO office. The company has developed an Accounts Payable Control Centre – a machine-learning powered application whose benefits include the prevention of incorrect payments and fraud, and automation of key AP processes enhancing team productivity. The solution, which aggregates data from different systems, providing a consolidated view of AP across a business, includes:

  • Xelix Protect offers a machine-learning payment audit to identify high-risk transactions prior to the pay run. 
  • Xelix Statement Reconciliation provides an automated workflow to ensure accounting accuracy and compliance. 
  • Xelix Insight is a self-service business intelligence tool enabling rapid insights from payables data.

The client base includes some of the biggest companies in the world, with key sectors including manufacturing, retail and government.

OpenFin secures investment from ING Ventures

ING Ventures, the venture capital branch of ING bank, has invested “around $10 million” in the operating system (OS) of enterprise productivity, OpenFin.

The investment is earmarked to broaden OpenFin’s reach across financial services, and expedite their OS expansion in the industry. The company’s technology is currently being used by over 2,400 banks, wealth and asset management firms in over 60 countries.

The OS utilises Google’s Chromium engine to facilitate workflow between apps and streamline communication, and its technology has been used by financial institutions worldwide to design the digital workspace. Features of OpenFin Workspace include advanced search, application discovery, and components for complex windowing.

Frederic Hofmann, co-head of ING Ventures commented: “Our investment in OpenFin further validates our determination and commitment to digital transformation and innovation. We are excited to partner with OpenFin as they have proven to be the best in class app platform in this space, transforming distribution and significantly enhancing end-user productivity across the finance industry.”

Adam Toms, chief operating officer at OpenFin stated: “Having another strategic investor like ING on board who is focused on a business transformation agenda is key. At OpenFin we have always been focused on solving problems for the entire industry, the ING Ventures investment allows us to accelerate the delivery of OpenFin Workspace across the industry, transforming front office to back office desktops.”

Also investing in OpenFin are big players including Barclays, HSBC, JP Morgan, Wells Fargo, Strategic Capital, Bain Capital Ventures, and NYCA Partners.

https://www.finextra.com/newsarticle/40590/openfin-secures-investment-from-ing-ventures?utm_source=substack&utm_medium=email

Tesorio’s tools aim to help businesses automate payments collection

Although finance teams ultimately control budgets within their companies, investment in technology under the chief financial officer’s purview had been limited — at least until recently. That’s the assertion of Tesorio CEO Carlos Vega, who observed that, prior to the pandemic, most cash management processes had been run in spreadsheets and Word documents.

“Cash is becoming the number one priority for all organizations. The industry’s main competitor is the inertia of doing it the old way, despite it being manual, error-prone, and highly inefficient … All of a sudden, [tools like automation] have gone from vitamin to painkiller,” Vega told TechCrunch via email. “At current inflation rates, companies are losing over 2% in real terms every 90 days they sit on their receivables. That may not seem like much, but for a mid-market business with a $10 million outstanding receivables balance, that’s costing them $210,000 per quarter or the equivalent of two employees for a year.”

Of course, Vega has a product to promote — Tesorio sells automation solutions designed to help customers manage their accounts receivables. But at least one source supports his claim that automation can transform accounts receivable workflows for the better. In April 2022, American Express and Pymnts.com published a survey that found that about two-thirds of firms that have automated accounts receivable processes report benefiting from improved days sales outstanding (a measure of the average number of days that it takes for a company to collect payment after a sale has been made), while about half said that they achieved lower delinquency rates.

Finalis Closes $10.7M in Seed Funding

SAN FRANCISCO and NEW YORK – July 6, 2022 – Finalis, the fastest-growing technology platform for dealmakers, today announced $10.7 million in seed funding led by various venture capital firms, including ANIMO Ventures, Chaac Ventures, Ulu Ventures, Tribe Capital and The Fund. The seed funding will accelerate Finalis’ market growth, development of its dealmaking technology platform, and overseas expansion.

Since launching in May 2020, Finalis has become the leading platform enabling private market dealmakers to execute deals compliantly. Finalis built the Finalis Hub™, which is the first fully-integrated private securities brokerage technology platform that already manages billions in deal volume with over 700 active mandates in market and supports more than 150 investment banks and placement agencies across the United States. Finalis bundles a regulatory affiliation with its broker-dealer together with the Finalis Hub™ to deliver a world-class “brokerage-in-a-box” experience for dealmakers.

In March, Finalis launched its category-creating Finalis Marketplace™, which allows dealmakers on the Finalis Hub™ to promote deal collaboration and execution with other dealmakers in real time. The Finalis Marketplace™ already has billions in potential deal volume open to collaboration.

“Finalis was founded because the investment banking industry needs modernization to deliver real value not just to dealmakers, but to their clients as well. Dealmakers deserve a platform that unlocks opportunities within the private securities market, which is among the largest and fastest-growing asset classes globally,” said Finalis Founder and CEO Federico Baradello. “Finalis is deeply committed to delivering a more customer-centric approach and we are excited by the transformative impact we are already having with dealmakers and their clients.”

https://www.finalis.com/press/finalis-closes-10-7m-in-seed-funding/?utm_source=substack&utm_medium=email

BaaS startup BKN301 raises EUR15m

BKN301, a digital payments and Banking-as-a-Service startup, has raised EUR15 million in a Series A funding round led by Abalone Group.

The round, which values BKN301 at EUR63 million, was joined by PayU, Azimut Digitech Fund, CRIF, and GNB Swiss Investments.

Launched last year, BKN301, through its BaaS and digital e-money platform model, enables third parties to offer financial, payment, and token issuance services. The company is focusing on the fast-growing markets of Africa, the Middle East, and Eastern Europe.

Stiven Muccioli, CEO, BKN301, says: “Closing this new round based on the support of highly-experienced investors confirms the validity of our project, which has always focused on fast-growing markets.

“Thanks to this massive recognition, we will continue to provide, through the BKN301 group, excellent fintech solutions and integrations to countries with high development potential.

“Being characterized by a low level of banking services, they can significantly benefit from adopting new banking technologies — such as digital payments, innovative blockchain services, cryptocurrencies, and digital assets.”

https://www.finextra.com/newsarticle/40574/baas-startup-bkn301-raises-eur15m?utm_source=substack&utm_medium=email

B2B Fintech Radar: July 5, 2022

On the radar this week:

Q&A with David Putts of Billon

Fung, a crypto payments infrastructure provider, raised a $2.7 million pre-seed.

System 9, a digital currency market-maker, raised a $5.7 million round.

Dynamic, an infrastructure builder for decentralized digital wallets, raised a $7.5 million round.

Flowdesk, a French digital asset manager, raised $30 million.

Kaiko, a digital currency data provider, raised a $53 million Series B.

Polysign, a builder of digital asset infrastructure for institutional investors, raised a $53 million Series C.

Singletrack, a capital markets client engagement tool, raised growth funding.

Claira, a document intelligence tool for financial contracts, raised strategic funding from Citi.

Abacus, an IT managed services provider for financial services, raised a private equity round.

CAIS, an alternative investing platform, raised private equity funding.

Edge Tradeworks, a platform for trading whole loans, raised funding from FTX Ventures.

MassMutual launched a $400 million venture fund to invest in fintech companies based in the US and Israel.

Wise co-founder Taavet Hinrikus launched a €250m fund to invest €1 to €10 million in early-stage founders.

Conversion Capital raised $122 million for its third fintech-focused fund.

Q&A with David Putts of Billon

1. Tell us a bit about yourself and your company.

I am the Chief Growth Officer of Billon – the fintech scaleup which created the Unified Enterprise DLT System.  What makes Billon special is that it saw weaknesses in the ability for blockchain protocols to handle the complexity of compliance.  For this reason, Billon creates a new, eco-friendly layer 1 protocol which unifies fiat digital cash, documents and non-cash tokens into a single, high-performance distributed ledger (DLT). The system, designed for maximum throughput and low cost of maintenance, meets regulatory requirements and solves challenges for the wide adoption of blockchain technologies. As a result of this innovation, we are now moving past the early commercialisation stage, and we have over 20 clients.

Before joining Billon I was a challenger bank leader.  I founded or ran two challenger banks, building them from scratch – Inteligo in Poland and Equa in Czechia – and I also became a payment expert with several years of experience in both Barclays and HSBC. The passion for challenging the status quo has always been in my blood, even during my early years as a consultant at McKinsey, so you could say that I have been fighting for change during my entire 30-year career.

http://www.fintechforum.de/qa-with-david-putts-chief-growth-officer-billon/

Crypto payments startup Fung raises $2.7m to help Europe’s SMEs accept digital assets

Amsterdam-based crypto payments infrastructure startup Fung has raised $2.7m in a pre-seed funding round co-led by by Global Founders Capital, Kingsway Capital, Kindred Capital and Karatage. 

What does Fung do? 

Fung is setting up the infrastructure to enable ecommerce merchants to accept crypto payments, handling the behind-the-scenes “payment rails” to convert digital assets into fiat money, as well as the compliance issues related to these transactions. To begin with, the company is targeting ecommerce SMEs. 

Fung says it’s “on a path” to becoming fully regulated by the Dutch Central Bank for both fiat and crypto — and seems pretty confident it will secure this status, as it’s already billing itself as “the first regulated payments platform unifying crypto and fiat payment rails”. 

Who’s investing in Fung? 

  • Global Founders Capital
  • Kingsway Capital
  • Kindred Capital 
  • Karatage 

What’s the crypto payments infrastructure market like? 

  • Fung’s main, larger rivals are the crypto payments startup MoonPay and, as of fairly recently, Stripe. In Europe, Warsaw’s Ramp also handles on and off-ramping for crypto payments and the compliance issues that go with that, and it’s raised $65m to date.
  • Fung is hoping that targeting a specific niche will give it an edge. The company says that SME ecommerce businesses that want to accept fiat and crypto payments have been left behind by the likes of MoonPay thus far.
  • European regulators are grappling with how to regulate the crypto market — including questions about reporting transactions over a certain value (something that doesn’t happen with fiat currencies) and banning “unhosted” wallets, which are held by an individual rather than an exchange or financial institution.
  • Places like Switzerland and Singapore have more rules specific to crypto in place, leading some crypto startups to base themselves out of these countries to avoid issues with regulation at a later stage of growth.
  • If Fung manages to get its activities regulated by the Dutch central bank from an early stage, this will put it in an advantageous position as it’s less likely to reach a regulatory standstill when it has more clients on board further down the line.
https://sifted.eu/articles/crypto-payments-startup-fung-regulation/?utm_source=substack&utm_medium=email

System 9 Closes $5.7M Series A Funding Round

System 9, a Los Angeles, CA-based digital asset market-making company focused on the alt-coin market, closed a $5.7m equity financing round. 

The round was led by Capital6 Eagle with participation from Kronos Asset Management, C2 Ventures, Gate Ventures, Ascendex Ventures, as well as several blockchain investors.

The company intends to use the funds to further scale the technology infrastructure & business operations supporting its proprietary market-making, and to expand its service offerings.

Led by Peter Sokolow, CEO, Marc Orenstein, CFO, and Joshua Baker, COO, System 9 is a digital asset market making firm providing software-based trading services to token issuers and digital asset exchanges to build liquidity, increase stability, and augment price discovery. With additional offices in London, and Singapore, System 9 has grown over the past two years and is now servicing more than 80 clients.

Digital Wallet Maker Dynamic Raises $7.5M from a16z

Developers are continuing to work on new infrastructure for the web3 ecosystem despite the bear market.

On June 28, Dynamic Labs, a team working to make digital asset wallets a single sign-on device (SSO) for use across the web, launched in closed beta.

The team also announced it had raised $7.5M in a closed round led by Andreessen Horowitz, the Silicon Valley venture capital firm. Leading  web3 VCs Circle Ventures, Solana Ventures, and Chapter One also participated in the round.

Single Click

Dynamic’s dashboard allows dApp devs to launch support for multiple wallets and chains with a single click instead of requiring them to create unique custom code for each chain and wallet. Its kits also allow developers to provide users with specific tokens access to exclusive features, and to block wallets flagged by blockchain intelligence firm, Chainalysis, or the U.S. Office of Foreign Assets Control.

The project also offers an account-management dashboard so developers can track connected wallets. Devs create processes for users to complete know-your-customer verification for compliance purposes. 

French digital asset tech firm Flowdesk raises $30 million

Active in the cryptocurrency sector for several years, the four co-founders of Flowdesk, Guilhem Chaumont, Paul Bugnot, François Cluzeau and Balthazar Giraux have been working in this sector since 2017 after careers in banking, algorithmic trading, engineering and entrepreneurship.

During their respective experiences, they were marked by the siloing and fracturing of marketplaces and the technological barrier to properly handle the liquidity of crypto-asset projects. In 2020 they chose to develop an infrastructure that would allow them to interconnect and trade on these exchanges, while guaranteeing the redundancy and scalability needed to support the growing number of crypto projects.

An innovative product: Market-Making-as-a-Service (MMaaS)

Flowdesk is thus the originator of a trading infrastructure that allows interconnection with more than 60 cryptocurrency exchange platforms. A technology that its teams use on behalf of Flowdesk as well as for their clients and which allows them to offer four types of services:

  • Asset management
  • Brokerage
  • Custody
  • Market-making

Market-making is Flowdesk’s flagship service and its most differentiating product. It addresses the needs of the majority of the 10,000 cryptocurrency issuers with significant liquidity issues. By making its technology and traders available to these players, Flowdesk allows them to manage their cryptocurrency token liquidity themselves with their own funds. The service is called Market-Making-as-a-Service in reference to digital models based on simply providing technology to customers who commit their own resources.

https://www.finextra.com/pressarticle/93209/french-digital-asset-tech-firm-flowdesk-raises-30-million?utm_source=substack&utm_medium=email

Blockchain Analytics Firm Kaiko Raises $53M Series B Led by Eight Roads Amid Bear Market

Kaiko, the Paris-based blockchain analytics company, raised $53 million in a Series B funding round, it said in a press release Tuesday.

  • The funding comes in a bear market that has seen bitcoin lose over half its value this year. The round tripled the firms’ valuation, according to Bloomberg. A Kaiko representative confirmed the Bloomberg report to CoinDesk via email.
  • The round was led by early Alibaba (BABA) backer Eight Roads. growth equity investment fund Revaia, French venture capital (VC) firm Alven, Berlin-based VC Point9, fintech investment firm Anthemis and VC Underscore.
  • The Paris-based firm offers institutions such as Deutsche Borse data from over 100 centralized and decentralized exchanges, including historic information dating back over 10 years.
https://www.coindesk.com/business/2022/06/28/blockchain-analytics-firm-kaiko-raises-53m-series-b-led-by-eight-roads-amid-bear-market/?utm_source=substack&utm_medium=email

Fintech Firm PolySign Raises $53M to Expand Staff

Blockchain fintech firm PolySign has raised $53 million in a Series C funding round with participation from Cowen Digital, Brevan Howard, GSR and others, the company said Tuesday in a press release. Valuation for the company following the latest funding round was not disclosed.

In addition to the funding round, PolySign has also secured a $25 million credit facility from private equity firm Boathouse Capital.

PolySign provides institutional grade infrastructure for investors through its subsidiary Standard Custody & Trust Company, as well as fund administration via MG Stover, a firm that PolySign recently acquired.

According to PolySign CEO Jack McDonald, the company plans to use the funding to fuel its “net hiring mode” by increasing its headcount from the current 165 full-time employees by 20% to 30%, and recruiting talent from the world of traditional finance.

“We’re looking for people ideally that have experience in crypto or digital assets. We’re also looking for people who understand and have serviced institutional clientele,” McDonald told CoinDesk. “It’s either finding people that have an expressed interest in the space or experience, or at least are curious and want to come on board.”

PolySign has been actively growing its custody and funding administration products over the past year. In May 2021, Cowen agreed to provide its crypto custody services to the firm as part of PolySign’s $53 million Series B funding round led by Cowen. And in April of this year, PolySign acquired MG Stover.

According to McDonald, PolySign currently works with over 200 clients representing over 400 different funds and products, and manages about $35 billion in assets.

https://www.coindesk.com/business/2022/06/28/fintech-firm-polysign-raises-53m-to-expand-staff/?utm_source=substack&utm_medium=email

CAIS Receives Strategic Investment from Hamilton Lane

NEW YORK–(BUSINESS WIRE)–CAIS, the leading alternative investment platform, today announced a strategic investment from Hamilton Lane (NASDAQ: HLNE), a leading private markets investment management firm with more than $901 billion in assets under management and supervision. Hamilton Lane is the latest in a series of CAIS investors that have participated in the most recent financing, including Apollo, Motive Partners, Franklin Templeton, Reverence Capital Partners and Stone Point Ventures, which has resulted in the Company’s enterprise valuation exceeding $1.1 billion. Terms of the investment were not disclosed.

“We are thrilled to welcome another strong partner that shares our mission to level the playing field for RIAs, independent broker dealers, aggregators, and custodians looking to allocate to alternative investments,” said Matt Brown, Founder and CEO of CAIS. “Hamilton Lane brings tremendous value to CAIS as a strategic partner that is well-versed across private markets investing and data-driven innovation.”

The new capital will further CAIS’s mission to modernize how the independent advisor community can access and learn about alternative investments, while also connecting asset managers with the multi-trillion-dollar private wealth channel. Specifically, CAIS will continue to develop technology, expand its global team, enhance the advisor experience through personalized learning, and automate back-end processes for financial advisors and fund managers alike. It is Hamilton Lane’s intention to onboard some of its evergreen and closed-end products to the CAIS platform over time.

https://www.hamiltonlane.com/en-US/News/dc4a0d99-80ba-4de6-a018-708bf4ac1a6e/CAIS-Receives-Strategic-Investment-from-Hamilton-L?utm_source=substack&utm_medium=email

FFL invests in Abacus Group

FFL Partners (“FFL”), a private equity firm focused on growth investments in tech-enabled business services and healthcare companies, today announced that it has completed a strategic growth investment in Abacus Group (“Abacus,” or “the Company”), a leading financial services-focused IT Managed Services Provider (“MSP”) specializing in hedge fund, private equity, venture capital and family office clients.

Terms of the private transaction were not disclosed.

Founded in 2008, Abacus manages clients’ entire IT stack via a tech-enabled streamlined offering specifically designed for the unique needs of the financial services industry. The innovative and award-winning Abacus Cloud platform allows investment managers to source all technology as-a-service, offering the capacity to scale on-demand to meet current and future IT, cybersecurity, and compliance requirements. Founded in San Francisco and headquartered in New York City, Abacus has over 250 employees and serves more than 650 clients with on-site support teams in every major financial city across the U.S. and the U.K.

“We have evaluated over 25 MSPs in the last three years and Abacus is the clear leader in the industry due to the strength of its management team, leading cloud platform, and service approach purpose-built for financial services companies that cannot afford to compromise on compliance and cybersecurity,” said Jonathon Bunt, Director at FFL. “We look forward to partnering with Abacus Founder and CEO Chris Grandi and his management team as they invest further in supporting their existing clients and expand to new clients both organically and through strategic acquisitions.”

“FFL has a deep understanding of our business and our target markets and has a great reputation for partnering with founder-led businesses like Abacus to help them scale,” said Grandi. “I am confident that the resources, business acumen and energy the FFL team brings makes them the ideal partner for Abacus as we enter our next chapter of growth.”

https://www.finextra.com/pressarticle/93205/ffl-invests-in-abacus-group?utm_source=substack&utm_medium=email

Claira Receives Strategic Investment Led by Citi SPRINT to Accelerate Digital Transformation with Next-Gen Document Intelligence Technology

NEW YORK & LONDON–(BUSINESS WIRE)–Claira LLC (www.claira.io), the document intelligence fintech, today announced the company has received strategic investment from Citi Spread Products Investment Technologies (SPRINT), the strategic investing arm of the bank’s Global Spread Products division.

The new capital will support Claira’s product development and go-to-market strategy to accelerate digital transformation through the adoption of the company’s AI-powered technology to transform the document analysis process for finance and trading professionals.

“We’re excited about Claira and the new document intelligence solutions the team is bringing to the market. CLO professionals can spend more than 20 minutes analyzing a single structured credit document. Through Claira’s technology, the document analysis process is vastly reduced, cutting to mere minutes the time it takes to extract relevant sections, perform initial analysis, and interpret results to deliver actionable insights on pricing,” said Vitaliy Kozak, Global Co-Head of Secondary CLO, ABS and CDO Trading at Citi.

Citi will collaborate with Claira to reinvent document intelligence and develop next-generation data analysis solutions to support its business, starting with municipal prospectuses and collateralized loan obligations (CLO).

“Claira’s AI-enabled credit document analysis is well-suited for the $4 trillion municipal bond market comprising over 50,000 issuers and more than one million unique securities. Their use of specialized AI and pre-trained models greatly surpasses legacy Natural Language Processing solutions, making Claira a game changer that’s poised to transform our market,” said Patrick Brett, Managing Director, Head of Municipal Debt Capital Markets & Capital Solutions at Citi.

https://www.businesswire.com/news/home/20220629005288/en/Claira-Receives-Strategic-Investment-Led-by-Citi-SPRINT-to-Accelerate-Digital-Transformation-with-Next-Gen-Document-Intelligence-Technology?utm_source=substack&utm_medium=email

Singletrack secures private equity investment

Singletrack, the capital markets client engagement and analytics expert, today announced a significant capital growth investment from Accel-KKR, a leading technology-focused private equity firm.

The investment will enable Singletrack to accelerate expansion plans into global markets and execute on strategic M&A. Founded in 2009, Singletrack is an engagement, research management and analytics platform purpose-built by industry professionals for capital markets, helping clients on both the sell and buy sides maximise revenue, efficiency and profitability.

Accel-KKR logo

“Our success within the space can be measured in several ways: from our client base, which includes top performing independent investment banks, to our 29-country global footprint and our expanded product offerings which serve both buy and sell sides,” says Stuart Berwick, co-founder and CEO of Singletrack. “As the capital markets grow in opportunity and complexity, we are poised for aggressive market expansion. This investment from Accel-KKR is a great catalyst for Singletrack and our mission.”

Singletrack’s heritage is rooted in capital markets. Founders Stuart Berwick and Paul Dyson have decades of experience driving innovation at global investment banks. They developed Singletrack in 2009 as a radical new approach to capital markets CRM. Singletrack’s sell side platform leverages assets and information for sales and trading, research, events and corporate finance, using an array of advanced tools including AI and machine learning to surface deep client behaviour insights and inform client strategy. On the buy side, the company offers a vendor relationship platform that seamlessly captures interactions of all types with brokers and other research providers, handles voting, manages contracts and more. The resultant data informs research acquisition strategies, vendor management, and allocation of research finance.

https://www.finextra.com/pressarticle/93147/singletrack-secures-private-equity-investment?utm_source=substack&utm_medium=email

FTX Ventures Invests in Edge Tradeworks

Edge Tradeworks, a Charlotte, NC-based platform designed to address the demand for an efficient, transparent and profitable way to trade whole loans, today received an investment from FTX Ventures.

The amount of the deal was not disclosed.

Edge Tradeworks is finalizing a Series A round that will accelerate market expansion and will drive growth in both the loan trading and analytics subscription components of its platform. In addition, FTX Venture’s investment fortifies the company’s plans to integrate blockchain technology into their product offerings.

Led by John Roberts, Co-Founder & CEO, Edge Tradeworks was founded in 2016 to address the demand for a more efficient, transparent and profitable way to trade whole loans. Edge’s technology offers deep analytics and data that empower bankers and analysts to make more informed decisions about their business, their market, their peers and the loans they trade.

MassMutual Ventures Announces New Fund Focused on North America and Israel

BOSTON–(BUSINESS WIRE)–MassMutual Ventures (MMV) announced today that its U.S.- based team has launched a new fund to continue investing in early and growth-stage companies in the financial technology, cybersecurity, enterprise SaaS, and digital health sectors. With this latest fund, the Boston-based team will manage a total of $400 million targeting companies in North America and Israel.

MMV Managing Directors Eric Emmons and Mark Goodman have led the Boston-based team’s investment efforts since MMV’s inception in 2014, and Principal Charles Svirk joined the team shortly thereafter.

“Over the past eight years, we’ve steadily expanded MassMutual Ventures’ team and reach while executing against our proven investment strategy,” noted Emmons. “MMV’s established sourcing and partnership platform provides us with a scalable way to back an increasing number of exceptional companies during this current economic climate.”

“MMV plays an active role in our portfolio companies’ ongoing development through board governance, strategic advice, recruiting, and customer introductions,” noted Goodman. “The new fund will be supported by the invaluable access to a leading financial services company with a deep expertise and network in fintech, cybersecurity, data science, and technology infrastructure.”

To date, MMV’s Boston-based team has backed more than 40 companies, with successful exits including Recorded Future, which was acquired by Insight Partners, and RiskIQ, which was acquired by Microsoft. The current portfolio includes category-defining companies, such as LinkSquares, Insurify, Affinity, Ledger Investing, and Prove Identity. “MMV is an active, hands-on partner,” said Svirk. “Once we are on the cap table, the entire MMV team is working for our portfolio company.”

“MMV’s overall investment capital has more than doubled in size in just two years between our U.S. team and team that invests across the Asia-Pacific region and Europe, underscoring our commitment to build a truly global platform,” said Doug Russell, Managing Director and Head of MassMutual Ventures. “This latest fund allows our U.S. team to build on the success and momentum the MMV fund family has realized in backing founders and companies that are fundamentally transforming the industries within our investment focus.”

https://www.businesswire.com/news/home/20220629005362/en/MassMutual-Ventures-Announces-New-Fund-Focused-on-North-America-and-Israel?utm_source=substack&utm_medium=email

Wise’s Taavet Hinrikus launches €250m fund for tech founders

Taavet Hinrikus, Ian Hogarth, Khaled Helioui and Sten Tamkivi have unveiled Plural, an investment platform for the next generation of tech founders with global potential.

Plural will lead early-stage rounds between €1 and €10 million, focused on acting as a more workable investor for new startups.

Plural is targeted for “unemployables” as Hogarth calls them – experienced founders who have built a project from the ground up and worked for themselves and find it challenging to work under anyone else. Plural is a platform for these ‘unemployables’ to channel their entrepreneurial spirit.

“Founding a company is a craft and the best way to learn that craft is to work alongside those who have done it before,” expresses co-founder of Wise, Hinrikus. He believes that Plural will be “the investors we would have liked to have when we were building our own companies.”

Through Plural, Hogarth, Helioui, Tamkivi, and Hinrikus have already invested in 14 tech companies, including metaverse firm Ready Player Me, NFT infrastructure platform NFTport, and student banking app MOS.

Hogarth, Helioui, Tamkivi, and Hinrikus are founders of multiple successful startups – including Wise, Songkick, Teleport, and Certific. They also contributed to building Skype, Bigpoint, and Topia. All four angel investors have sponsored numerous well-known companies such as Deliveroo, Uber, Bolt, Chorus, and Pipedrive.

Helioui notes: “So much opportunity is left untapped today as exceptional founders often fail to meet standard investors’ pattern recognition criteria. Sadly, investors lack the risk appetite needed to fulfil founders’ ambitions and consequently, the full impact founders seek cannot be realised. By changing the funding mechanisms that act as conservative gatekeepers today we can unlock so much potential.”

https://www.finextra.com/newsarticle/40532/wises-taavet-hinrikus-launches-250m-fund-for-tech-founders?utm_source=substack&utm_medium=email

A look into how Conversion Capital plans to back fintech and infrastructure startups out of its new, 6x larger fund

When Christian Lawless founded Conversion Capital in 2015, fintech was only starting to take off.

But Lawless, who started the venture firm after serving in leadership positions in capital markets at Lehman Brothers and Barclays, had a vision that financial services infrastructure would be unbundled as companies moved critical operating infrastructure to the cloud. Lawless raised $10 million and $20 million for Conversion Capital’s first and second funds, respectively.

Since Conversion Capital’s formation, the firm has backed more than 60 startups, and counts among its portfolio the likes of corporate spend giant Ramp, Vesta, Figure, Braid, Blend, Wisetack and Booster Fuels, among others. It has seen 17 exits, mostly through M&A and one IPO (Blend).

In the years since Conversion was founded, fintech has essentially exploded — driven by a pandemic-induced, accelerated digital transformation on the part of financial services companies all over the world. Lawless’ belief that infrastructure is the key to unlocking innovation in the space has been validated as infrastructure companies continue to be among the largest recipients of venture funding in the space, even in a downturn.

Today, Conversion Capital is announcing that it has raised $122 million for its third fund — more than six times the size of its previous fund — to back early-stage fintech and infrastructure startups. Lawless said he and his partners, Blend co-founders Eugene Marinelli and Erin Collard, set out to raise $100 million and hit that target by the fourth quarter of last year. The firm then raised another $22 million in the first quarter of 2022. It currently has $254 million in assets under management.

Conversion plans to back 25 to 30 fintech companies out of its latest fund, reserving at least 30% for follow-on investments. It will focus on startups that are building software, cloud infrastructure and data technologies. So far, the firm has begun deploying capital from the new fund across the fintech landscape and into adjacent industries it believes are “undergoing structural transformation.”

Conversion will deploy initial checks ranging from $500,000 to $5 million into pre-seed through Series A companies, with “founder-led engineering teams.” In fact, Lawless said Conversion is betting on a trend he suspects will take off — engineers from companies that have gone public leaving to start their own companies. 

Q&As with Capnamic Ventures and Shane Elucidate; Early Stage European FinTech deal this week include Flowdesk,Hokodo, SumUp

European FinTech deal this week include Flowdesk, Hokodo, SumUp

We feature Q&As with Christian Knott of Capnamic Ventures and Shane Riedel of Elucidate

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Christian Knott of Capnamic Ventures

1. Please tell us a bit about yourself and your company.

Well, I am the typical business student, did my bachelor in Cologne, Master in Leipzig. Worked briefly for the European Commission but that was not my hometurf. Started working in Venture Capital in 2010 and am with Capnamic for 5.5 years now. Since 2018, I am partner.

In my private life I have a fiancée (wife at the end July), who I love to travel with. The more remote and beautiful the place the better.

http://www.fintechforum.de/7-questions-with-christian-knott-capnamic-ventures/

7 Questions with Shane Riedel of Elucidate

1. Please tell us a bit about yourself, both at work and leisure.

I spent most of my career in diplomacy with the United Nations and in finance (spread between London, Zurich and Singapore) and, as such, the shift to a FinTech start up has been both challenging and liberating. The cultural and operational contrast between a bank and Elucidate could not be more extreme, but for me it has been deeply satisfying to build a dynamic team and a product that transcends the capabilities of any one person or function.

I live in Berlin, which is a fantastic FinTech hub and offers a great quality of life.  In my spare time I enjoy cycling and spending time outside of the city…perhaps harkening back to my upbringing in rural Ohio in the US.

http://www.fintechforum.de/7-questions-with-shane-riedel-of-elucidate/

French platform Flowdesk rakes in $30 million to drive financial services for cryptocurrencies

The Parisian digital asset service provider allows interconnection with more than 60 cryptocurrency exchange platforms

Paris-based crypto-asset trading platform Flowdesk has raised $30 million in funding to drive the growth of financial services for cryptocurrencies. The round saw the participation of Eurazeo, Aglaé Ventures, ISAI, Speedinvest, Fabric, Ledger, and Coinbase, and 20 angel investors, including Alexandre Prot (Qonto), Nicolas Julia (Sorare), Pascal Gauthier (Ledger) and Sébastien Borget (The Sandbox).

Founded in 2020 by Guilhem Chaumont, Paul Bugnot, François Cluzeau and Balthazar Giraux, the startup has developed an infrastructure that allows cryptocurrencies to interconnect and trade on various exchanges while guaranteeing the redundancy and scalability needed to support the growing number of crypto projects. The company offers four services, including asset management, brokerage, custody and market-making.

Currently, the French digital asset service provider allows interconnection with more than 60 cryptocurrency exchange platforms. Flowdesk recently opened offices in Singapore in March 2022 and now plans to open an office in the U.S. with the new funding.

Headquartered in Paris, Eurazeo is a leading global investment group, with a diversified portfolio of €18.8 billion in assets under management, including €12.5 billion from third parties, invested in over 430 companies. With considerable Private Equity, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets.

https://tech.eu/2022/06/27/french-digital-asset-flowdesk-rakes-in-30-million-to-drive-financial-services-for-cryptocurrencies/

Hokodo Raises $40M in Series B Funding Round

Hokodo, a London, UK based digital trade credit provider, raised $40m in Series B funding.

The round was led by Notion Capital, with participation from Korelya Capital, Mundi Ventures, Opera Tech Ventures, Anthemis and Mosaic Ventures.

The company intends to use the funds for its expansion into new European markets and the development of BNPL solutions for telesales and in-store purchases.

Led by Louis Carbonnier, and Richard Thornton, Hokodo provides Buy Now, Pay Later solutions to the B2B market, enabling business customers to benefit from instant, interest-free payment terms. A leader in the field in the UK, the company is currently expanding into continental Europe, and working on the creation of new products devised to serve the B2B market. 

With new merchants recently onboarded in France (Paris Fashion Shops) and Spain (Katoo), following launches in Belgium and the Netherlands (Ankorstore) earlier this year, a portion of the new funding will see the company expand its efforts to become the B2B BNPL category leader in continental Europe.

Notion Capital with its headquarters in London is a Venture Capital investing firm focused on European SaaS and Cloud, with more than 100 investments to date.

European fintech SumUp raises €590 million

SumUp, a London-based maker of point-of-sale payments solutions for small businesses, raised €590 million in equity and debt funding led by Bain Capital Tech Opportunities at an €8 billion valuation.

Why it matters: This reflects softening valuations for European fintech, given reports from earlier this year that investors were floating a €20 billion mark for SumUp.

Caveat: This is still a massive step-up for the company, which last raised equity funding in 2017. Or, put another way, SumUp isn’t in the same boat as Swedish fintech Klarna — once Europe’s most valuable startup with a $45 billion valuation, which now is said to be seeking new funds at around $15 billion.

Details: The round was split evenly between equity and debt. Other investors include BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital and Sentinel Dome Partners.

The bottom line: “I can very comfortably say the €8 billion is a true and fair valuation, because that’s the price people put on the company in the worst of markets… In this environment we think we will see good opportunities for M&A deals once people realize that money is not free any more.” — SumUp CEO Marc-Alexander Christ to the FT

Bain Capital Tech Opportunities pursues investments in application software, fintech and payments, healthcare IT and infrastructure and security. Bain Capital, LP is one of the world’s leading private investment firms with approximately $160 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live

https://www.axios.com/2022/06/23/sumup-funding-bain-fintech-valuations

iDenfy launches a new Business Verification platform and partners with the Swedish Fintech Juni

Kaunas, Lithuania (June 28, 2022) – the Lithuanian identity verification and compliance company iDenfy, joined forces with Juni, the financial management platform made for ecommerce. iDenfy’s mix of built-in identity verification and Business Verification services will protect Juni from fraud.

Reduced costs, personalization, greater convenience, or speed are all factors that make ecommerce and fintech players successful in today’s digital sphere. While the benefits paint a positive picture, there’s also a riskier part to online business. According to iDenfy, cybercrime takes a toll on the fintech and ecommerce markets, making fraudsters and their crimes an issue that’s hard to tackle.

Juni follows a similar approach, and as an industry innovator, the fintech player constantly looks for new ways to bridge the gap between security and speed. For this reason, Juni decided to upgrade its fraud prevention package and implement iDenfy’s latest product, the Business Verification platform.

The goal at Juni is to provide its clients with the best-in-class financial ecosystem while at the same time, ensuring complete transparency and safety. Businesses that use Juni’s services can track their entire business profile in one place. Juni claims to have created one dashboard where companies get a centralized overview of bank accounts, ad networks, and payment gateways. This helps them monitor their business activity and improve cash flow more efficiently.

Once started with remote ID verification, iDenfy now offers many fraud prevention tools that help businesses detect and prevent criminal activity as well as comply with ever-changing regulations. According to Juni, iDenfy presented a unique opportunity to combine identity verification with Know Your Business (KYB) services. iDenfy will provide its partners with the Business Verification platform that helps detect bogus companies.

As per iDenfy, its Business Verification removes the struggle for Compliance officers who need to follow strict laws and check multiple data points manually. iDenfy’s platform assists Juni in automating its onboarding process in accordance with global and local regulations. iDenfy’s Business Verification platform can block certain IPs or activity codes from onboarding. It helps Juni detect and prevent fraudulent activity automatically by running Sanctions, PEPs, and Adverse Media verification checks.

According to Juni, iDenfy’s new services have already improved its ability to screen the identity of applicants more efficiently, which is one of the main factors that the fintech’s customers expect. Juni also claims to be working with iDenfy to develop the Business Verification platform further. The next stage will be to add more automation features to reduce the likelihood of human error quicker.

“We are actively collaborating on building a very special platform. iDenfy is known as a solid identity verifier, but very few, if any, providers offer both a KYB tool and an ID verification tool that we could find. For that, we are very grateful.” – noted Patrick Ryan, FinCrime Director, Juni.

“Our team strives to create safe solutions that allow other businesses to focus on their primary goals without needing to do the administrative work. Our Business Verification and identity verification platform is a ready-made service that helps compliance officers to eliminate fraud risks faster. We’re glad that our partners at Juni share a similar vision and have the same values regarding security.” – explained Domantas Ciulde, iDenfy’s CEO.

About iDenfy  

iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML and KYC compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best “Fintech Startup” in 2020. The company also received recognition for winning a Baltic Assembly Prize for innovation in 2021.

For more information and business inquiries, please visit www.idenfy.com.

About Juni

Founded in Gothenburg, Sweden, in 2020, Juni aims to be the financial companion for ecommerce. Listed as the fastest-growing fintech startup in Europe in 2021, Juni empowers ecommerce entrepreneurs to make better decisions, scale-up and unlock the full potential of ecommerce. With Juni, you can track your entire business in one place: a dedicated online space, tailor-made for ecommerce.

For more information, go to juni.co.

https://ffnews.com/newsarticle/idenfy-launches-a-new-business-verification-platform-and-partners-with-the-swedish-fintech-juni/

Breega is now armed with a fresh €250 million fund, and counts half a billion in assets under management

Having backed 83 companies across 7 countries, and completing four fundraising rounds over the course of seven years, this latest collection of capital provides Breega with over half a billion in assets under management.

Parisian built-by-founders-for-founders VC firm Breega returns to the pitch with a fresh €250 million fund specifically aimed at supporting approximately 20 founders raising capital at Series A and above levels, specifically, but not solely limited to the those operating in the fintech and insurtech industries.

If you’ve been playing along at home, you might remember that the Ben Marrel, Francois Paulus, and Maximilien Bacot-founded firm closed a €110 million seed fund no fewer than 16 months prior, as well as wracking up another €20 million for a ‘opportunities’ vehicle in October of the same year.

After completing four fundraising rounds over the course of just seven years, Breega has backed 83 companies across 7 countries, and seen 9 exits. With this latest collection of capital, the fund now manages over half a billion in assets.

According to a Breega spokesperson, the firm has already begun deploying capital from the new fund, investing in several startups including fintech Keebo, proptech UKIO, and insurtech Mila. 

As is de rigueur in today’s VC funding landscape, Breega prides itself on an inhouse, free-of-charge ‘Scaling Squad’; a unit comprised of professionals experienced in the arts of business growth and pairing, talent acquisition, and naturally, marketing and communication.

https://tech.eu/2022/06/23/breega-is-armed-with-a-fresh-250-million-fund-and-now-counts-half-a-billion-in-aum/

Presto Ventures Closes Fund II, at €30M

Presto Ventures, a Prague, Czech Republic-based venture capital firm, investing in early-stage B2B startups from Central and Eastern Europe (CEE), closed its Fund II, €30m.

The fund is backed entirely by private investors, including family offices and a number of successful entrepreneurs and exited founders committed to expediting business connections and additional capital in follow-on rounds.

Through this fund, Presto will invest in up to forty B2B tech startups at seed and pre-seed stages in the CEE region, supporting them with fast access to capital, fast business development, and fast growth.

Presto has already invested in startups such as Cloudtalk, IP Fabric, Yieldigo, Sharry and Wolf3D.

Led by Přemysl Rubeš, Founder and Managing Partner, a former mathematician, holding scientific and engineering degrees from the Nuclear Sciences Faculty at CTU Prague and ENSTA ParisTech, the firm also announced the appointment of three new partners. They are:

  • Roman Nováček, a CFA charterholder and ex-analyst at US private equity firm GTE. Recently named on Forbes 30 Under 30 list for 2022,  Nováček is also one of the youngest partners at a CEE VC firm, and will oversee financial planning and analytics at Presto,
  • Vojta Roček, who founded and sold business intelligence startup Stories.bi to Workday, and
  • Eduard Kučera, who built and managed the Business Intelligence department of cybersecurity giant Avast.

These new additions boost the fund’s credentials in diverse areas such as blockchain, data, cybersecurity, enterprise software and SaaS.

Meet us at:

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FN FinTech 40 https://www.fnlondon.com

B2B Fintech Radar: June 27,2022

On the radar this week:

Q&A with with Paul Christensen of Previse

Formance, a French payments orchestration provider, raised $3.1 million.

Rivet, a healthcare billing and payments platform, raised a $20.5 million Series B.

ESG Book, a provider of sustainability data to investors, raised a $35 million Series B.

Ledger Investing, a platform to connect risk capital in order to insure assets, raised a $75 million Series B.

Prime Trust, an infrastructure provider for financial institutions to manage digital assets, raised a $107 million Series B.

Q&A with Paul Christensen of Previse

1.​ Tell us a bit about yourself and your company

I have a bit of an unusual background, having been born on a piece of tin in the jungle of Papua New Guinea. Respect to my mother, who is an inspiration! I’m a fintech nut. I’ve been in fintech for 25 years, having been part of the founding team of Volbroker.com in the late nineties. I then spent time in several banks, including a decade at Goldman where I led their strategic investments and corporate venturing team. But I knew that I wanted to get back to building and creating. So I started on a quest, with my amazing co-founders (Andre, Giulio and Philipp) and our team, to fix B2B payments.

Our company is a data science firm, on a mission to instantly pay the world’s millions of small sellers, so that they don’t have to wait and chase for weeks and months to get paid. Our purpose is to unleash the power of data for business.

http://www.fintechforum.de/scaling-enterprise-fintech-with-paul-christensen-of-previse/

Payments orchestration startup Formance raises $3.1 million

Formance, a French fintech startup that offers businesses a ‘low-code’ template for tracking payment flows in real time, has raised $3.1m from Hoxton Ventures, Frst, Y Combinator and several business angels.

Founded in 2021 by Clément Salaün and Anne-Sybille Pradelles, Fomance offers pre-built, fully customizable use-case templates for the tracking of the payment flows between pay-ins and payouts.

The package, which features an open source modelling language and ledger and a library of pre-built use cases, is designed to help growing businesses keep track of increasing volumes of money flows and pivot to take advantage of new business opportunities as they arise.

The company also offers a suite of subscription-based real-time transaction tracking tools for finance and operations teams that enable the reconciliation of pay-ins and payouts, and the identification of issues related to transactions.

The firm is currently piloting its packacge with an un-named fintech business, and plans to use the funds to chase up a number of pipeline prospects among SMEs and marketplace businesses.

https://www.finextra.com/newsarticle/40485/payments-orchestration-startup-formance-raises-31-million?utm_source=substack&utm_medium=email

Rivet Raises $20.5 Million Series B Led by Catalyst Investors

SALT LAKE CITY & NEW YORK, JUNE 21, 2022 – Rivet, the modern healthcare billing platform, raised $20.5 million in a Series B funding round led by growth equity firm Catalyst Investors with participation from co-investor Ankona Capital and existing investors Menlo Ventures, Pelion Venture Partners and Lux Capital. Tyler Newton, Partner with Catalyst Investors, will join Rivet’s Board of Directors.

Founded in 2018, Rivet’s revenue cycle operating platform is used by healthcare providers across the country to collect what they are owed from payers and bring greater price transparency to patients. Using Rivet, customers have modeled more than one billion payer contracted rates, created over 400,000 patient cost estimates, and detected denials and underpayments in over 100 million claims, reducing the administrative burden felt by providers while increasing their total income as well.

“Medical payer contracts are often very complicated, resulting in reduced transparency from payer to provider to patient. Rivet deciphers contracts for providers so they can offer patients transparent pricing with our Estimates product while also ensuring proper insurance payments with our Underpayments and Denials products,” said Ted Ferrin, CEO and Co-Founder of Rivet.

https://www.rivethealth.com/blog/rivet-raises-20.5million-series-b-funding?utm_source=substack&utm_medium=email

ESG Book raises $35m

Sustainability data and technology provider ESG Book has raised $35 million in a Series B funding round led by Energy Impact Partners.

ESG Book says its cloud-based platform makes ESG data accessible, consistent, and transparent, enabling financial markets to allocate capital towards more sustainable and higher impact assets.

Covering over 25,000 companies globally, the platform aims to help firms be custodians of their own data, provides framework-neutral sustainability information in real-time, and promotes transparency.

With the ESG data and services market expected to grow to $5 billion globally by 2025, the Series B investment will be used to fuel adoption of ESG Book’s data platform, and further the company’s continued expansion into new products areas.

Daniel Klier, CEO, ESG Book, says: “Investors, companies, and all market participants are today demanding better, technology-enabled solutions in order to direct capital towards more sustainable and higher impact assets.

“ESG Book is disrupting how sustainability is integrated and measured on a global scale by using next-generation technology that makes ESG data accessible, comparable and transparent.”

https://www.finextra.com/newsarticle/40512/esg-book-raises-35m?utm_source=substack&utm_medium=email

Ledger Investing Raises $75 Million in Series B Funding to Democratize Insurance Risk Capital

NEW YORK, June 22, 2022 /PRNewswire/ —  Ledger Investing, an InsurTech startup, today announced that it has raised $75 million in Series B funding led by WestCap, with participation from Teachers’ Venture Growth and Intact Ventures, and previous investors: SignalFire, MassMutual Ventures, Allegis Capital, and Accel. Ledger Investing will use the funds to accelerate revenue growth across its insurance-linked security (ILS) brokerage and asset management businesses, launch data infrastructure service products, and hire more than 200 employees.

Ledger Investing is a marketplace connecting insurance risk with capital. It has successfully expanded ILS into the U.S. casualty market by providing unprecedented data transparency, simplified reinsurance structures, and uncorrelated returns for institutional investors. Ledger Investing has placed over $400 million in premium into the capital markets, and is on track to exceed $1 billion by the end of the year. Managing General Agents (MGAs) and insurance carriers have leveraged the marketplace for multi-year underwriting capacity and access to alternative capital, unlocking incremental value. Ledger Investing has enabled institutional investors to achieve attractive and diversifying, risk-adjusted yields through its ILS fund, Nanorock, and from direct investments in brokered securitizations.

As Ledger grows, the marketplace will serve virtually all types of insurance risks and capital, encompassing traditional reinsurers, institutional investors, wealth managers, and accredited retail investors. Ledger Investing’s unified data pipeline, Ledger Connect, will power the marketplace with real-time, actionable insights and rich analytics for risk originators as well as investors, establishing the new market standard.

https://www.prnewswire.com/news-releases/ledger-investing-raises-75-million-in-series-b-funding-to-democratize-insurance-risk-capital-301572320.html?utm_source=substack&utm_medium=email

Fintech infrastructure startup Prime Trust raises $100M to add IRAs, crypto staking

There’s been a massive proliferation of fintech services in the past few years, during which fintech companies competed to develop new products more quickly than their competitors. Nowadays, the race between fintechs has much more to do with consolidation and which companies can build a holistic, “one-stop-shop” by bringing those different products onto one platform.

Crypto custody and fintech infrastructure startup Prime Trust is positioning itself to do just that, and the company has just raised over $100 million in fresh funding to add new products to its existing suite, its CFO Rodrigo Vicuna told TechCrunch. The Las Vegas, Nevada–based company’s latest round is a Series B featuring a mix of existing and new investors, including FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures and Seven Peaks Ventures, the company said.

Prime Trust previously raised $64 million from investors in summer of last year, 5 years after its founding. Since that last fundraise, Vicuna said, Prime Trust has expanded its team in numerous areas, including R&D, product and engineering, sales and compliance, bringing its total headcount to 400 today.

The firm serves around 700 customers, ranging from crypto exchanges, on-ramps, wallet apps, ATSs, RIAs, broker-dealers and banks, according to Vicuna. Prime Trust plans to use the new funds to launch a crypto-focused IRA retirement account as well as wealth management and crypto staking products, he added.

Q&As with Paykey and Fin VC; Early Stage European FinTech deal this week include Urban Jungle, Mosdex, Upvest, Instanda, Cleo

European FinTech deal this week include Urban Jungle, Mosdex, Upvest, Instanda, Cleo

We feature Q&As with Sheila Kagan of Paykey and May Wang of Fin VC

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Sheila Kagan of Paykey

1. Please tell us a bit about yourself and your company.

I joined PayKey in March 2020 after years of working as a chief executive at a variety of public and private tech companies in the advertising and gaming industries. Throughout my life I’ve been drawn to the dynamics of the banking industry, and once the opportunity came, I knew PayKey is a FinTech uniquely positioned to leave a mark on an industry that is traditionally lagging behind.

At PayKey we are putting banks at the forefront of embedded banking, by weaving the financial services customers need within their everyday lives. Our patented mobile keyboard

solution allows customers to access a variety of mobile banking services including P2P payments, loans, investments and more within all the social & messaging apps they are regularly using like WhatsApp, Instagram, Facebook and others. With our solution, banks can contextually bring their services to where customers today chat, transact, and make their financial decisions.

http://www.fintechforum.de/scaling-enterprise-fintech-with-sheila-kagan-of-paykey/

7 Questions with May Wang of Fin VC

1. Please tell us a bit about yourself, both at work and leisure.

I’m an investor at Fin VC, a B2B Fintech/Insurtech focused global venture capital, based out of San Francisco. Fin VC is a team of FinTech nerds with capital, based in SF/NYC and focus on FinTech SaaS in the US and EU/UK. We deploy out of 3 strategies: Regatta (pre-seed, checks of $100K-$1M), Flagship (Early Stage – Seed->B, checks of $1-10M) and Horizons (Growth – C+, checks of $25-50M+, primary/secondary) and have an operating value playbook focused on global BD, corp dev, capital formation, product/GTM, key talent sourcing, and board leadership.

Personally, I’m an avid traveler and a global citizen who has lived in 4 countries across 3 continents. When not at work, you’ll find me hiking/surfing in the summer and skiing in the winter. I’m also mentoring students from underrepresented communities, and an advisor at a Uganda-based NGO.

http://www.fintechforum.de/7-questions-with-may-wang-of-fin-vc/

London insurtech Urban Jungle scores £16.5 million for European expansion

The insurance provider plans to double its customer base by the end of the year and create 100 new jobs in the U.K.

London-based insurance technology startup Urban Jungle has raised £16.5 million in their latest Series A funding round. The round was led by North American-based venture capital investor Intact Ventures and Ingka Group, which controls hundreds of IKEA stores globally. The investment was also backed by existing investors, including Mundi Ventures, Eka Ventures and former Prudential UK CEO Rob Devey.

The company had raised €9 million in its earlier funding round last year. The Series A round brings the total amount raised by the business to £32 million. The insurtech firm will use the funding to rapidly scale its home insurance business in the U.K. and add new markets.

Founded by CEO Jimmy Williams and former Google developer Greg Smyth,  it aims to change the insurance industry by putting fairness and transparency at its core. Talking about expansion beyond its home turf, Urban Jungle co-founder and CEO Jimmy Williams said: “We’re already one of the leading insurance brands for the renters and homeowners in the U.K. But our ambition is to become the number one insurance business in the U.K. and beyond. This funding is a big step towards that, and we’ll use it to rapidly grow our customer base and roll out our simple, fair insurance into other markets in the year to come. It will also allow us to create 100 new jobs in the U.K.”

North American-based venture capital investor Intact Ventures invests in early-stage companies and are backed by a global insurer to support the growth of portfolio companies across multiple geographies. They manage $400 million across two funds

https://tech.eu/2022/05/27/london-insurtech-urban-jungle-scores-ps165-million-for-european-expansion/

Mosdex Raises $20 Million in Funding

Mosdex, a Helsinki, Finland-based cryptocurrency arbitrage platform startup, raised $20m in funding.

The round was led by Evli Bank PLC with participation from the venture division of Lifeline Ventures, NordicNinja VC, Petteri Suorsa, Magnus Eskelinen and Jouni Väisänen.

The company intends to use the funds for:

  • global expansion of its platform,
  • purchasing other blockchain-based companies, as well as
  • opening up offices in New York, Hong Kong, Singapore, London, Tokyo and Dubai.

Launched in 2022, Mosdex provides a platform designed to automate cryptocurrency arbitrage platforms for cryptocurrency exchanges, consumers and institutions. Developed by a group of developers with expertise in finance, machine learning, and blockchain engineering software, the solution allows users to easily conduct cryptocurrency arbitrage.

The company also plans to advance products, budgets, and derivative tools for the market.

Evli Fund Management Company Ltd is a Nordic fund management boutique established in 1989 focusing on institutional investors. Their funds are actively managed with an ESG overlay, a long time-perspective and focus on free cash flow.

Berlin based Fintech Upvest Acquires $42M via Series B Led by Bessemer Venture Partners

Berlin-based infrastructure Fintech Upvest announced the closing of a $42 million Series B round – “one of the largest German Fintech funding rounds in 2022.”

Bessemer Venture Partners is leading the Series B “with Earlybird and ABN AMRO Ventures doubling down as previous investors and participation of Notion Capital, Partech, 10x Group, Speedinvest and Maximilian Tayenthal (N26).”

The raised capital will be used “to advance Upvest’s Investment-API, lay the ground for the internationalization, and gradually expand Upvest’s team.”

Since its Series A, Upvest is “backed by the venture capital firms Earlybird, HV Capital, Notion Capital, ABN AMRO Ventures, Speedinvest and Partech, as well as the fintech founders Maximilian Tayenthal (N26) and Felix Haas (IDnow).”

Upvest’s product offering is “fully up and running in the market and enables fintechs to offer their end customers products in the field of capital market investments, from ETFs and stocks to crypto assets.”

Upvest built “the first end-to-end cloud native core banking system for investments and is one of the few financial institutions in Europe owning all BaFin licenses for securities and crypto brokerage, and custody.”

Designed as a plug-and-play solution with fully-fledged process automation at its core, Upvest’s API and core banking system “help Neobanks- and brokers, as well as established banking players, to significantly save on the cost side since they do not need to develop their brokerage and custody infrastructure from scratch.”

With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. 

Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has $19 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. 

https://www.crowdfundinsider.com/2022/06/192449-berlin-based-fintech-upvest-acquires-42m-via-series-b-led-by-bessemer-venture-partners/

Insurance services infrastructure provider Instanda banks $45 million

Led by Toscafund, no-code insurance products management and distribution software maker Instada now shifts into high gear, targeting further traction across Europe, UAE, Japan, and US markets.

London-based Instanda has raised $45 million in a Series B funding round. The company provides a no-code core infrastructure for insurers, allowing them to deploy and orchestrate product portfolios quickly and easily, ten times faster the industry norm, according to Instanda. The new capital will be used to expand the company’s market presence across Europe, UAE, Japan, and US markets. Since 2016 Instanda has raised approximately $73 million.

“Instada’s no-code insurance core platform was built by insurers for insurers based on the belief that technology should be used to accelerate change and innovation at low cost,” explained CEO and co-founder Tim Hardcastle. “This is what sets Instada apart from the crowd. No other platform allows carriers and MGAs across all lines of insurance to fully embrace the diversity of insurance and respond to the anticipated change in consumer needs and behaviour.”

Servicing some 70+ clients globally, Instada counts Atlanta (part of Ardonagh Group), Hamilton Fraser (part of GRP Group), HDI Global SE, and Standard Bank, amongst its client base, with the company adding 21 new clients in 2021 alone.

Headquartered in London, Toscafund Asset Management LLP is an independently owned asset manager that provides investment solutions to respond and capitalise upon ever-evolving market conditions. With multi-billion $ assets under management, the firm’s investment platform spans financials, small to middle capitalisation equities, private company credit, commercial property and private equity. 

https://tech.eu/2022/06/20/insurance-services-infrastructure-provider-instanda-banks-45-million/

Fintech Cleo raises additional $80m following backing from Brussels investor Sofina

UK financial app Cleo has raised an additional $80m following backing by Brussels tech investor Sofina. 

The funding round took place over months but was finalised following pressure on valuations of growth companies, Sky News first reported. 

Sources close to the deal told the outlet’s City editor Mark Kleinman that the backing raised Cleo’s valuation by a five-fold to around $500m.

The $80m funding was the latest of several rounds, as the previous one took place a year and a half ago when Cleo raised $40m from investors. 

Existing backers include VC Balderton Capital and LocalGlobe, as well as the founders of Skype and Wise. 

The new capital injection will help the company – a digital assistant that gives financial advice to Gen Z customers – expand services as well as recruit more staff. 

Despite its UK birth, the company made the US its primary market.

While Cleo declined to comment, Sofina told Sky News: “We are excited to form this partnership with Cleo, a company and App that is truly loved by its users, many of whom Cleo already had a positive impact on.”

Sofina is a Belgium-based investment company listed on the Brussels stock exchange and a supportive partner of entrepreneurs and families managing growing companies. Sofina invests both directly and through Private Equity funds. Its geographical scope is Europe, the United States, and Asia

Fintech Rewire acquires prepaid card provider Imagen

Israel-based fintech Rewire has acquired Imagen to provide prepaid debit cards for migrants in Israel.

The acquisition is Rewire’s first and means the fintech can now provide prepaid debit cards for migrants in Israel, a service it has already rolled out in its other locations across the UK and Europe. The move comes after Rewire signed partnership agreements with value SIM provider Lebara and payments platform Paysafe. The fintech also recently rolled out insurance products for migrants in its British and European markets.

Rewire’s prepaid card is a solution for economic migrants who may struggle to open a bank account when they first arrive in their host country. With no permanent address or credit history, migrants are left underserved by traditional banks, as per the press release. Through technology and strategic partnerships with key financial institutions, the company is able to bridge this gap and provide financial services that work for migrants’ unique cross-border financial needs.

Imagen currently operates more than 30,000 active prepaid MasterCards connected to the Bank of Jerusalem. It works directly with organisations that employ migrant workers and enables employers to pay salaries directly onto the card. Once money has been loaded onto the card, it can be used in the same way as any other debit card. The acquisition brings Rewire a step closer to its aim of providing a holistic migration package that serves migrants and their families throughout their time overseas.

Imagen’s officials stated that becoming part of the Rewire family made sense for them. Imagen’s solutions are tailored to those who cannot open a conventional bank account, and working migrants make up a large part of our customer base. By integrating their prepaid card into the Rewire portfolio, their existing customers will have augmented access to additional financial services that they may have been excluded from in the past.

https://thepaypers.com/cards/fintech-rewire-acquires-prepaid-card-provider-imagen–1257036

Shard Credit Partners launches £75 million venture debt fund to back fintech and SaaS firms

With typical loan sizes in the range of £2-6 million per borrower, the fund will complete around 15 investments per annum during the three-year investment period

Venture debt is becoming increasingly popular with high-growth technology companies globally in recent years.  While the asset class is highly developed in the U.S., the venture lending market is in its infancy in the U.K. 

Betting big on the untapped potential, UK-based alternative investment fund manager Shard Credit Partners has unveiled its maiden tech-focused £75 million venture debt fund. The fund will make investments in senior secured loans with equity warrants to VC-backed businesses in the SaaS and fintech sectors in the U.K.

The fund will target borrowers with annual recurring revenues of at least £2 million, that are finding it increasingly difficult to source long-term financing from traditional lenders. Typical loan sizes will range between £2-6 million per borrower, with maturities of up to five years. It will complete around 15 investments per annum during the three-year investment period.

According to the company, the fund has already completed two investments with total commitments of £6.5 million ahead of first close. This included the fund’s first exit in December 2021, PassFort.

https://tech.eu/2022/06/15/shard-credit-partners-launches-ps75-million-venture-debt-fund/

Meet us at:

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FN FinTech 40 https://www.fnlondon.com

B2B Fintech Radar: June 20, 2022

On the radar this week:

Q&A with Oliver Werneyer, CEO of Imburse Payments

Mast, a UK mortgage origination provider, raised £1.2 million.

Nume Crypto, a crypto payments processing startup, raised $2 million.

Webio, a conversational AI builder for the debt collection and repayment industry, raised €3.84 million.

Bits of Stock, a rewards platform that lets shoppers earn fractional stock shares, raised $4.4 million in seed funding.

Prometheus, an investing insights platform for family offices, raised a $5 million pre-Series A.

Clausematch, an automated policy management and compliance software for financial institutions, raised $10.8 million in strategic funding.

CapIntel, a workflow and fund analysis service for financial advisors, raised an $11 million Series A.

Able, a commercial loan enablement provider, raised a $20 million Series A.

Narmi, a provider to layer additional services on top of digital banking infrastructure, raised a $35 million Series B.

Upvest, a German investment API, raised a $42 million Series B.

Q&A with Oliver Werneyer, CEO of Imburse Payments

1. Tell us a bit about yourself and your company.

I was born and grew up in South Africa to a German household. I started my first company when I was 16, selling computer hardware, and went on to study Actuarial Science in South Africa. I began my career in the insurance industry and spent  over 13 years in various roles across South Africa, UK and Switzerland before founding Imburse. Headquartered in Zurich, with offices London and Lisbon, Imburse is a modular middleware that enables insurers and other enterprises to connect more easily to the global payment ecosystem. By connecting to us, our clients can quickly deploy any payment provider or solution, in any market, for collection or payout with no IT project or resources required. We are a technology partner that allows companies to transform, digitalise and modernise more efficiently and more quickly.

http://www.fintechforum.de/scaling-enterprise-fintech-with-oliver-werneyer-of-imburse-payments/

Mast raises £1.2m for mortgage origination platform

London-based cloud-native mortgage origination platform Mast Technologies has raised £1.2 million in a funding round led by Antler VC.

Angel investors including founders of Booking.com, Monzo and ThirdFort, and senior executives from Pivotal, VMWare, Jones Lang Lasalle, and Airwallex joined the round.

Mast has built a cloud-native origination platform that promises to put an end to the days of borrowers waiting up to 60 days to receive an offer on their mortgage application. Launched in November, the technology has so far helped to process over £50 million of applications.

The new funding will allow Mast to continue the development of its customisable underwriting workflow tools and Policy Engine to help automate more of the origination journey.

Joy Abisaab, CEO, Mast, says: “Over the last 15 years we’ve seen dramatic innovation across the financial landscape, but mortgage lending technology has lagged behind the improvements made to consumer services. Now is the time to bring lending technology up to speed.”

https://www.finextra.com/newsarticle/40453/mast-raises-12m-for-mortgage-origination-platform

Sequoia leads pre-seed funding round for crypto payments startup Nume 

  • Nume Crypto has raised $2 million in pre-seed funding.
  • Nume is building a crypto payments processor for both retail and businesses.

Nume Crypto, a new crypto payments processing startup, has raised $2 million in a pre-seed funding round.

Sequoia Capital India led the round, with participation from Beenext and Whiteboard Capital. Several angel investors, including Polygon co-founder Jaynti Kanani, former Coinbase CTO Balaji Srinivasan, Google engineering lead Arun Samudrala, and BlockTower Capital general partner Sanat Rao also participated in the round.

Nume Crypto is founded by two Indian sisters — Madhumitha and Niveda Harishankar — who aim to boost the use of crypto for payments.

Currently, several technical barriers stand in the way of crypto adoption for payments, according to the Harishankars. These include high blockchain transaction costs and low transaction capacity.

“The market for crypto payments hasn’t been cracked yet,” Niveda told The Block. “Nume’s core offering is a payment protocol which has no lower bound on the cost of transactions. This enables disruptively low-cost crypto transactions for consumers and merchants. We believe this could be a turning point and enabler for mass adoption of crypto payments.”

https://www.theblock.co/post/151859/nume-crypto-raises-funding-sequoia-capital-india

Amsterdam’s Finch Capital backs Dublin’s conversational AI platform Webio in €3.8M round

Dublin-based Webio, a company that brings Artificial Intelligence-driven conversations to the credit, collections and payments industry, announced on Thursday that it has raised $4M (approximately €3.84M) in its Series A round of funding led by Amsterdam-based Finch Capital.

Mike Brennan of Finch Capital says, “Webio is reimagining the way customer credit conversations take place in the collections industry. This sector is ripe for disruption, its approach to its customers is outdated and it’s an extremely large market which is set for significant growth. Webio has established itself as an award-winning provider with triple-digit growth in this market and is well-positioned to help the sector overcome key challenges around digital transformation and the adoption of AI.”

Founded in 2016 by Cormac O’Neill, Mark Oppermann and Paul Sweeney, Webio is on a mission to rebalance the Credit, Collections, and Payment ecosystem. It makes difficult customer conversations easier with its conversational AI platform.

Leading UK and Irish brands, like The Very Group, Studio Retail, Hoist Finance, DCBL, NCO Europe, and Anglian Water, use Webio’s conversational platform to set up millions of customer conversations at scale and have personalised conversations.

Co-founder Cormac O’Neill says, “Conversations about money are stressful and difficult, not only for the customer but also for agents tasked with having these conversations. Going digital means companies can create a whole new set of digital experiences that help customers feel more confident in having those difficult conversations and ultimately, stop them from falling into unnecessary and significant financial difficulty. And we are excited that Webio’s conversational AI is enabling companies to engage with customers in a more empathetic manner, at scale.”

Bits of Stock raises $4.4m

Bits of Stock, a rewards platform that lets shoppers automatically earn fractional shares, has raised $4.4 million in seed funding from Keen Venture Partners and Yellow Accelerator by Snap.

The Bits of Stock app replaces traditional points, loyalty cards, and cashback programmes with assets that grow in value over time. Shoppers enrol a credit card in the app to automatically start earning fractional shares and crypto rewards for everyday purchases.

The Dutch firm is currently working with 60 brands, including Adidas, KFC, Nike, Zara, Uber, Spotify and Netflix. With the new funding in place, it says it wants to add 200 more firms in the next year.

The startup has also unveiled an API that lets clients – like retailers, neobanks, and BNPL providers – embed the rewards experience into their own apps.

Arash Asady, CEO, Bits of Stock, says: “The funding will help us to scale up our mission of building the “Ownership Economy” for the thousands of brands and their tens of millions of end consumers. Our ultimate purpose is to address wealth inequality and help young people learn about finance and investing.”

https://www.finextra.com/newsarticle/40439/bits-of-stock-raises-44m

Prometheus Launches Social Marketplace for Alternative Investments

New platform creates a community for all to obtain credible investment insights and gives accredited investors increased access to alternative investment options

LOS ANGELES, June 14, 2022 /PRNewswire/ — Prometheus Alternative Investments, Inc., a Los Angeles, California-based fintech social marketplace providing institutional-quality information, insights, and alternative investment opportunities, today announced the successful launch of its new social network and digital fund marketplace.

Prometheus allows investors of all types to connect with leading investment professionals through their in-platform social accounts. Investment professionals can create exclusive and compliant content, giving any investor access to quality investment insights and a chance to learn right from the professionals. By reaching new audiences, Prometheus’ in-platform social network democratizes access to thought leaders and investors for all to access and learn.

Additionally, Prometheus Marketplace offers accredited investors, family offices, and wealth advisors improved access to the growing market of alternative investments options. Through an easy-to-use mobile app and desktop site, the Prometheus Marketplace gives accredited investors the ability to discover, research, follow, and transact with high-quality managers, connecting them with hedge funds, crypto funds, venture capital funds, private equity funds, commodities funds, and the investment professionals managing those funds.

“Prometheus is excited to launch an innovative approach that reaches out to accredited investors of all types” said Michael Wang, CEO and Founder of Prometheus. “We are also excited to give fund managers the tools and platform needed to grow their targeted investor base through social content, networking, and transparency. Prometheus offers a chance for accredited investors to meet the people behind the fund and gives the opportunity to source new and credible investment ideas from trusted professionals. With our in-platform social content, investors of all types can gain insights from thought leaders, democratizing access to some of the leading investment professionals today.”

https://www.prnewswire.com/news-releases/prometheus-launches-social-marketplace-for-alternative-investments-301566934.html

Clausematch raises $10.8m

Clausematch, a global RegTech company automating policy management and compliance for regulated industries, today announced the close of a US$10.8M strategic funding round led by Lytical Ventures and joined by Flashpoint and Sony Innovation Fund.

The new financing will be used to increase the company’s commercial activities in the US and invest in its product, technology and data science teams. The new funds bring the total investment to date to over US$20M.

Clausematch is a financial technology company that provides a software-as-a-service platform (SaaS) for smart management of compliance documents and processes, enabling regulated companies to meet compliance obligations. Since its last funding, the team has made numerous advancements to its product offering and launched a new core module, Policy Portal, which has been adopted by all of Clausematch’s biggest clients. Policy Portal is designed to be a single real-time up-to-date repository of all policies and procedures across an organisation.

The company’s presence in North America has grown significantly since the company’s participation in NY-based FinTech Innovation Lab. Clausematch’s unique and easy-to-use policy management and compliance solution has seen rapid adoption as clients grapple to ensure ongoing regulatory changes are reflected across all documentation. With over 180,000 users, the company has more than doubled its customer base in 2021. Clausematch counts several Tier 1 banks in North America and Europe, including Barclays, as clients.

Evgeny Likhoded, Founder and CEO, Clausematch, says: “We got pulled to the US market and saw a significant demand for our solution in the financial services sector. With this funding round we are increasing our sales and marketing efforts on the US and European markets. And we are also continuing to invest in our technical and product capabilities to automate compliance workflows and apply our data science models to the compliance content as one of the biggest challenges that heavily regulated firms are facing is keeping up with the volume of regulatory change.”

https://www.finextra.com/pressarticle/92964/clausematch-raises-108m

CapIntel Raises $11.0M USD Series A To Expand Wealth Management Sales Platform, Launching in US Market

TORONTO–(BUSINESS WIRE)–CapIntel, a leading financial technology company that improves day-to-day workflow and fund analysis for financial advisors, announced $11.0M USD in Series A financing led by New York-based FinTech Collective, with an additional participation from Fengate Asset Management on behalf of its investor, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC).

Since launching its platform in 2019, CapIntel experienced nearly 800 percent revenue growth in 2021, following a 640 percent growth in 2020. The team plans to hire at least 150 new team members over the next two years, focused on building out the sales and product teams after the recent expansion into the US market.

“The wealth management industry continues to benefit from technology to enhance client experiences, and we’re excited to be at the forefront of this transformation,” said James Rockwood, Founder and CEO of CapIntel. “This round of funding will further fuel a steady and sustainable growth for CapIntel and help us fulfill our ultimate mission to build wealth for all. Our partnership with TPFG is another market proof point that not only demonstrates the value of our product, but points to a larger trend of financial firms seeking tools to help advisors thrive in a digital world.”

CapIntel’s solution solves two fundamental challenges for advisors. The first is the necessity for advisors to focus on engaging and presenting investment solutions to clients, in addition to financial planning. Advisors’ ability to efficiently and transparently communicate recommendations to clients has become increasingly critical to building trust. The second challenge is the often-tedious preparation of investment proposals. Proposals that are easy to build, easy to understand, and easy to talk about can lead to better outcomes for advisors and clients alike. CapIntel is used by more than 10,000 advisors serving more than two million households, including three of the top five Big Banks in Canada.

CapIntel is already experiencing strong growth in the US market. Its most recent partnership with The Pacific Financial Group’s (TPFG) will enable the US-based asset management firm to build enhanced investment proposals for advisors, adding to its extensive suite of tech partnerships. CapIntel’s sales platform and proposals are designed to improve analysis and presentation for financial advisors and asset managers, as only the first step on their path to deliver holistic financial services at the point of purchase.

https://www.businesswire.com/news/home/20220614005150/en/CapIntel-Raises-11.0M-USD-Series-A-To-Expand-Wealth-Management-Sales-Platform-Launching-in-US-Market

Able.ai exits stealth with $20M to help big lenders speed up making high-value loans

Large banks are stepping up their game when it comes to new services and the technology that underpins them, and in many cases they are borrowing straight from the tech world’s playbook: Instead of building in-house, to speed things up, they are tapping third parties that have already found a fix for a tricky problem, integrating their breakthroughs by way of APIs.

In the latest development, a startup called Able has built an engine to speed up the processing of documents and other data required for commercial loans (typically $100,000 but sometimes up to $100 million in value), which it sells as a service to banks and other lenders. Today, it’s coming out of stealth mode with $20 million in funding and a launch into the wider market.

The Series A is being led by Canapi Ventures — a specialist fintech investor — with participation also from Human Capital, which also led the startup’s seed round. Diego Represas, the CEO of Able who co-founded it with Andrew Hurst, noted that there are also a couple of strategic investors — financial services companies that are already using Able’s tech — but they are not disclosing those names currently.

I write that it is launching into the wider market because although it’s coming out of stealth, Able’s actually been around since 2020, and the customers it has picked up are already using Able’s technology — which involves RPA, computer vision and other forms of AI to ingest and process data related to loans as part of their evaluation process.

Narmi lands $35M to layer services on top of existing banking infrastructure

The banking industry isn’t always welcoming to startups, depending on the market’s outlook. As inflation rises and companies brace for the worst, once-promising neobanks are being forced to face the music. For example, Varo Bank, the first neobank to be granted a U.S. bank charter, recently revealed that it could run out of cash by the end of the year.

Still, it’s true that venture capitalists continue to put record capital toward fintechs, with one estimate pegging the total amount invested in Q1 2022 at $28.8 billion. That’s perhaps why Nikhil Lakhanpal and Chris Griffin, the co-founders of Narmi, a fintech company launched in 2016, are undeterred by the headwinds.

Narmi is a beneficiary. The startup today closed a $35 million Series B funding round co-led by Greycroft, NEA and Picus Capital, bringing Narmi’s cash raised to date to ~$60 million.

“Given the worldwide shift toward digital and growing user expectations, we felt that a solution needed to be made to meet the challenges of tomorrow,” Lakhanpal told TechCrunch in an email interview. “We are of course selling to a customer base that historically has been slower to innovate and culturally are risk-averse. This is the nature of the business, and we accept that. We have a big challenge where Narmi really needs to be a true consultative partner to the financial institution and help them understand the return on investment and scalability of digital products, but we consider this challenge our job.”

Both Lakhanpal and Griffin came from the financial industry, where they spent several years working at incumbent banks like Citi and Barclays. Narmi arose to address what Lakhanpal describes as a lack of digital innovation in banking, which he and Griffin believe was inhibiting growth at their previous employers.

While New York, New York-based Narmi isn’t a bank, it provides mobile, online and digital account banking to regional and community financial institutions.

Bessemer backs Berlin’s Upvest in $42m Series B

Berlin-based investment API provider Upvest has raised $42m in a Series B equity funding round — which is one of Germany’s biggest fintech raises of the year, close behind Mondu last month.

What does Upvest do?

Upvest is part of the hyper-competitive club of banking-as-a-service (BaaS) fintechs that provide the core banking infrastructure for finance companies behind-the-scenes. Like many of the fintechs in this space, it’s built its own cloud-based core banking system. But unlike companies like Thought Machine and Mambu, it’s focused purely on investment products. 

Fintechs and banks can use Upvest’s ready-to-go APIs to offer their end customers investment products including exchange-traded funds (ETFs), stocks and crypto assets, instead of having to build them in-house. For Upvest, this is a reliable revenue model – as once a fintech or bank chooses them, they tend to stick to the same core-banking platform for a while. And for the fintechs and banks, it’s generally cheaper to use an API like Upvest’s than go through the complex process of building the back end of an investment platform in-house. 

And after a rigorous 24-month process, Upvest has also managed to secure licences from the German financial regulator BaFin for securities and crypto brokerage and custody — which means it’s allowed to provide these capital markets products in all the European countries that fintechs want to roll them out in. 

https://sifted.eu/articles/bessemer-upvest-42m-series-b/

Q&As with Railsbank and Elevator Ventures; Early Stage European FinTech deal this week include Factris, Defacto, Bud, Juni

European FinTech deal this week include Factris, Defacto, Bud, Juni

We feature Q&As with Nigel Verdon of Railsbank and Maximilian Schausberger of Elevator Ventures.

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Nigel Verdon of Railsbank 

1. Please tell us a bit about yourself and your company.

Railsbank is the leading global Banking-as-a-Service (BaaS) platform. It enables banks, businesses and brands to define the future of consumer and SME finance.

Marketers, product managers, developers, CEOs and founders are able to take their financial product vision and rapidly prototype, launch and scale using Railsbank’s open finance platform which consists of operations, regulatory licensing and a rich set of APIs.

Railsbank was founded by myself and Clive Mitchell in 2016, in London.

My own background started in the financial services industry. My first job working as an engineer in the motor industry and seeing the high levels of automation and “just in time” manufacturing achieved back in the late 1980’s early 1990’s. In the banking world this is called “straight through processing (STP)” and the financial world could learn much from manufacturing/process engineers in the motor industry.

I then learnt so much working in the capital markets business in one of the most innovative banks in the industry Swiss Bank Corp (today called UBS). This was back in the early-mid 1990s when this “internet thing” appeared on the scene.

Swiss Bank Corp were really the first real innovator to leverage technology in the capital markets area of banking to leapfrog the competition (e.g. better risk management, better options pricing etc.).

I built my first startup, Evolution, based on my experiences at Swiss Bank Corp to take the “internet enablement of capital markets” to many amazing customers like Goldman Sachs and UBS.

Roll on to 2007 and I had just left Dresdner Kleinwort Wasserstein to set up Currency Cloud. I founded Currency Cloud because the experience of a traditional currency broker at the time (name not mentioned!) was charging me 4% “no commission” and asked me to fax back my confirmation note and payment details to them! I didn’t own a fax machine!

So, with a colleague, Nick Bourner from Evolution (who is now currently Chief Architect at Railsbank) we built the Currency Cloud platform to offer straight through processing of physical FX and payments via APIs (we were the trail blazers in the API led fintech industry).

At Currency Cloud, we worked on jump-starting many fintech 1.0 clients like Transferwise, Revolut, Azimo and World Remit, which were born out of a demand by consumers to take more control over their finances and after the trust lost in banks in the aftermath of the credit crunch.

However, the Currency Cloud experience gave me an insight into how the old world banking industry worked, with a realisation that both the banking infrastructure and the banking industry itself, was clearly not adapted to the new digital world, and certainly had no clue about what a well designed API led business should look like. So, this experience led me to co-founding my current startup Railsbank, focused on solving this industry pain point for customers.

http://www.fintechforum.de/scaling-enterprise-fintech-with-nigel-verdon-of-railsbank/

7 Questions with Maximilian Schausberger of Elevator Ventures

1. A year since the first lockdowns- is this is a good time to be building or scaling an Enterprise FinTech (/InsurTech) firm in Europe?

Despite all the difficulties that 2020 has brought for entrepreneurs, some sectors have also benefited. We see Enterprise FinTech benefiting from an increased need for digitalization and for efficient operations in banking and insurance. As an example from the financial sector, Raiffeisen Bank International saw double-digit growth in its mobile banking users over the first half of 2020 (see here). This also creates many opportunities, which seem to have fueled investor appetite in 2020.

http://www.fintechforum.de/scaling-enterprise-fintech-with-maximilian-schausberger-of-elevator-ventures/

Amsterdam fintech company Factris raises €10M to help finance trade-related invoices for European SMEs

Factris, an Amsterdam-based fintech company, announced on Thursday that it has raised €10M through its partnership with NN Investment Partners (NN IP), a Goldman Sachs-owned asset manager specialising in fund management, fixed income strategies, and integrated client solutions.

The fintech startup says that the funds will be used to finance trade-related invoices for European SMEs.

Founded in 2017 by Brice Laurent and Marcel Meijer, Factris is on a mission to provide quick and affordable capital to SMEs across Europe using financial technology with personalised guidance.

Factoring, which is Factris’ primary form of financing, helps customers by providing working capital using their unpaid invoices.

Factoring is a financial transaction and type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash needs.

Factris claims that this alternative form of financing has proven to be faster in sourcing the required cash flow to businesses when compared to the more traditional forms of financing, such as businesses applying for a bank loan.

According to a statement, Factris’ double-digit growth over the last year reflects the increased demand for invoice factoring from SMEs. For instance, the company claims that its portfolio grew by 41 per cent in 2022 compared to 2021, and over 32 per cent more customers than the year before. 

The war in Ukraine and the ongoing COVID-19 outbreak, both of which are posing enormous financial challenges to SMBs across the EU, are contributing to the rise in demand for finance.

Defacto Raises €15M in Funding

Defacto, a Paris, France-based API-first B2B lending platform, raised €15m in funding.

The round was led by Northzone with participation from Headline, Global Founders Capital, and business angels Thibaud Elzière (founder of eFounders), Rodolphe Ardant (founder and CEO of Spendesk), Didier Valet (former Deputy Chief Executive Officer).

The company intends to use the funds to expand its activities in Spain, the Netherlands, Belgium and Germany.

Founded in June 2021 by Jordane Giuly, the former co-founder of Spendesk (the expenditure management platform recently valued at more than 1.5 billion euros), Morgan O’hana and Marc-Henri Gires, Defacto provides transparent and instant financing to small and medium-sized enterprises (SMEs). This solution, which uses an API, integrates directly with marketplace tools, e-commerce platforms and others.

Since its launch in France, Defacto has developed partnerships with more than 15 major B2B marketplaces, FinTechs and e-commerce companies. The company has granted more than €30 million in short-term financing to SMEs through partners.

Bud, an open banking fintech used by HSBC, raises £64m

Bud, an open banking fintech startup used by the likes of HSBC and Credit Karma, has banked $80m (£63.8m) in a Series B funding round.

Bud said it will use the capital to continue developing its platform, which uses artificial intelligence (AI) to let financial organisations offer customised products and automate lending decisions.

As part of the investment, Chronos will rebrand to Founders Law but will operate as an independent business.

The move is aimed at providing legal services to high-growth tech scaleups in Founders Forum’s network in areas including fundraising, commercial agreements, employment law and data protection.

“Most tech businesses require flexible legal services that don’t fit the traditional law firm model,” said Tom Bohills, founder of Chronos Law. “Our services are designed to scale with the ambitious startups we support.”

Founders Forum did not disclose the financial terms of the Chronos Law deal but said it will replicate the approach it took with Founders Keepers, an executive job search company that now provides hiring services to the group’s network.

Juni, a Swedish FinTech Platform for eCommerce, Raises $206M

Swedish eCommerce FinTech Juni has raised $206 million in a Series B and venture debt funding round, a press release said, with the money going to fuel hiring and growth, as well as product development.

Juni was founded in 2020, and is a financial management platform working with businesses on physical and virtual cards, credit cards, accounting, analytics and digital ads, and gives businesses a “holistic view” of their finances.

E-commerce sales have reportedly been forecasted to hit “trillions” by 2025, with digital ad spending also likely to grow. The company has been working on expanding, and has rolled out U.S. dollar accounts and cards, a new Google Ads integration and a new brand identity, the release said.

Juni Co-Founder and CEO Samir El-Sabini said he knew “first-hand the frustrations of running an eCommerce business and time wasted on spend management, the lack of visibility of cashflow and scaling ad campaigns.”

“With this funding, we will help ecommerce businesses win by building the right insights, features and integrations while injecting capital into their marketing spend,” he said. “We’re committed to building the best financial companion for ecommerce and we’re thrilled to have fantastic investors onboard who share our strategic vision.”

The company raised $100 million in a Series B round, and $106 million in venture debt funding from TriplePoint Capital.

The Series B was led by Mubadala Capital. EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global, all of which are existing investors with the company, also participated, the release said.

https://www.pymnts.com/news/investment-tracker/2022/juni-a-swedish-fintech-platform-for-ecommerce-raises-206m/

Fleetcor to acquire cross-border paytech Global Reach

Fleetcor Technologies, a global business payments company, has signed a definitive agreement to acquire Global Reach, a UK-based cross-border payments provider.

The acquisition, says Fleetcor, “strengthens its position as one of the largest non-bank global cross-border providers in the world”.

The transaction is expected to close in Q4 2022, subject to regulatory approval and standard closing conditions.

Founded in 2001, London-based Global Reach has developed a presence in the UK, Canada, Spain and the Netherlands. It claims “thousands” of corporate clients primarily in the UK and Canada, providing an overlapping footprint to Fleetcor’s current cross-border payments business.

Fleetcor’s main focus is on corporate payments – it provides solutions that enable and control expense-related purchasing and payment processes.

London’s Felix Capital wraps up €562 million fund to back Web3 startups

The newly unveiled fund will support 20-25 companies across Europe and selectively in North America

London-based VC firm Felix Capital has closed its fourth fund at €562 million. The biggest fund, since its launch in 2015, takes the total managed by the VC to $1.2 billion.

The newly unveiled fund will support 20-25 companies across Europe and selectively in North America. One key area the firm hopes to grow into is Web3.

Operating at the intersection of tech and creativity, focusing on innovations that enable digital lifestyles, Felix wants to partner with entrepreneurs for ground-breaking ideas and help them build trusted brands that push the world forward. The firm will invest in every key aspect of people’s personal lives, including food, shopping, health, wellness, personal finance, entertainment, communication, or gaming.

https://tech.eu/2022/06/08/londons-felix-capital-wraps-up-eur562-million-fund-to-boost-digital-lifestyle/

HTGF launches new fund of 400 million euros – “positive sign” for the scene

The semi-public High-Tech Gründerfonds (HTGF) is setting up a new fund, its fourth and largest to date: more than 400 million euros have been raised in the first closing, according to its own information. The investment commitments come from the Federal Ministry of Economics and Climate Protection and KfW Capital. More than 130 million also come from private donors. Among them are several family offices that do not want to be named, as well as large German companies such as Deutsche Bank or SAP.

A second closing is scheduled for later this year. In view of the uncertainty that currently prevails in the startup scene, the deal should be seen as a positive signal to the startups, HTGF CEO Alex von Frankenberg told Handelsblatt.

The Ukraine war, rising interest rates and inflation as well as supply chain problems have put a temporary end to the golden startup times in this country as well. Some people already see parallels to the bursting of the dot-com bubble. According to Handelsblatt, there have also been two cases at HTGF in which investment commitments have been cancelled at short notice. Nevertheless, the investment company is calmly looking at the current market situation.

Cathay Innovation and Ledger Launch €100M Fund

Ledger, the crypto-security platform securing cryptocurrencies, NFTs and tokens, and Cathay Innovation, a global venture capital firm, have launched a €100M ($110M) early-stage venture fund focused on Web3.

Supported by French public investment bank Bpifrance and led by Cathay Innovation’s Denis Barrier and Ledger’s Pascal Gauthier and Michael Louzado, Ledger Cathay Capital will cover cryptocurrencies, decentralized finance (DeFI), blockchains, NFTs, DAOs and the tokenization of everything.

The funding will invest globally in Seed to Series A companies focused on emerging DeFi, security, infrastructure, digital ownership technologies, protocols and more. Ledger has also made direct early investments in startups that will be managed by the Ledger Cathay Capital team.

It gives creators and founders the capital, tools and direct industry access needed to innovate at scale from the very start.

The partnership, already counting various French and international leaders, looks to connect and stimulate a global Web3 ecosystem while bringing greater opportunities to entrepreneurs across Europe, North America, Asia and beyond. The fund will bring a collaborative and community-based approach that helps crypto and Web3 builders meet talent and potential partners, innovate, reach customers and share business strategies to capitalize on major trends and scale products and services worldwide.

Meet us at:

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

B2B FinTech Radar: June 14, 2022

On the radar this week:

Q&A with David Putts, Chief Growth Officer, Billon

Digiseq, a tokenized wearable payments receiver, raised strategic funding.

Lumiant, a wealth manager client advice and engagement platform, raised $3 million.

Datia, an ESG data workflow solution for investing, raised $3.4 million.

Cryptio, a digital asset back-office platform, raised a $10 million Series A.

Entropy, a decentralized crypto custodian for financial institutions, raised $25 million in seed funding.

Trovata, a builder of automated cash reporting and forecasting, raised $27 million to launch in the UK and Eu.

Ethena, a compliance training platform for financial services, raised$30 million.

MidDesk, an automated KYB and underwriting platform, raised a $57 million Series B.

Bud, an open banking platform that uses machine learning, raised$80 million.

Kushki, an Ecuadorian payments infrastructure builder, raised a $100 million Series B extension at a $1.5 billion valuation.

Codat, a UK API platform to connect small businesses with financial institutions, raised $100 million from investors including JP Morgan and Plaid.

Backbase, a Dutch builder of banking engagement software, raised€120 million at a €2.6 billion valuation.

Q&A with David Putts, Chief Growth Officer, Billon

1. Tell us a bit about yourself and your company.

I am the Chief Growth Officer of Billon – the fintech scaleup which created the Unified Enterprise DLT System.  What makes Billon special is that it saw weaknesses in the ability for blockchain protocols to handle the complexity of compliance.  For this reason, Billon creates a new, eco-friendly layer 1 protocol which unifies fiat digital cash, documents and non-cash tokens into a single, high-performance distributed ledger (DLT). The system, designed for maximum throughput and low cost of maintenance, meets regulatory requirements and solves challenges for the wide adoption of blockchain technologies. As a result of this innovation, we are now moving past the early commercialisation stage, and we have over 20 clients.

Before joining Billon I was a challenger bank leader.  I founded or ran two challenger banks, building them from scratch – Inteligo in Poland and Equa in Czechia – and I also became a payment expert with several years of experience in both Barclays and HSBC. The passion for challenging the status quo has always been in my blood, even during my early years as a consultant at McKinsey, so you could say that I have been fighting for change during my entire 30-year career.

http://www.fintechforum.de/qa-with-david-putts-chief-growth-officer-billon/

Digiseq secures investment from Rtekk

Wearable tech pioneer DIGISEQ has today announced it has secured an undisclosed investment from Rtekk, a portfolio company of Investcorp, a leading global alternative investment firm, to accelerate DIGISEQ’s rapid expansions plans as demand for its ground-breaking mobile provisioning and personalisation service (RCOS™) surges amongst bank issuers, payment schemes and sports venues worldwide.

Established in 2014, DIGISEQ is the world’s first tokenised wearable payments service, enabling wearable tech users to pair their bank card and make contactless payments or digital ID authentication with a wide range of passive wearable items.

DIGISEQ’s RCOS™ technology is revolutionising wearable payments by allowing consumers to register and activate their own item using their payment card via their Android or iPhone device, through DIGISEQ’s Manage MiiTM mobile app, which can be white-labelled with the branding of its clients, essentially making it an invisible payments partner for banks, payment schemes and brands.

Currently in use with MasterCard, RCOS™ uses secure tokenisation to deliver payment data over-the-air to the consumer’s wearable item.

https://www.finextra.com/pressarticle/92878/digiseq-secures-investment-from-rtekk

Savant Wealth Management Invests $3M in Advice Engagement Platform Lumiant

CHICAGO–(BUSINESS WIRE)–Lumiant, an advice and ​client engagement platform that empowers advisors to connect with families around their values and money goals to make better choices and live their best financial lives, today announces it has secured a $3 million investment to support its expansion in the United States from strategic investor Savant Wealth Management.

The move will accelerate Lumiant’s international expansion into the lucrative $52.9B U.S. financial planning and advice and the $142B accountancy services markets.

Founded in Sydney, Australia, Lumiant is specifically designed to deepen client relationships and help financial professionals communicate their unique value while delivering tailored financial advice.​ The company officially launched in the United States on May 17 and aims to use its new resources to bankroll rapid expansion in the country.

“We couldn’t ask for a better strategic partner than Savant. For more than 30 years, they have committed to applying the smartest financial thinking to serve individuals and their families in a fiduciary capacity. Savant’s approach, values, and interests align with ours. We look forward to working with them to ensure our platform drives referrals, retention and revenue for firms in the United States, as well as helping more people live their best possible lives,” said Santiago Burridge, CEO and Co-founder of Lumiant.

Savant is a leading independent, nationally recognized, fee-only firm offering investment management, financial planning, retirement planning, accounting and family office services, with $13.5B in assets under management (as of March 31, 2022). As Lumiant’s first customer in the United States, Savant will be taking a minority stake in Lumiant’s U.S. business.

https://www.businesswire.com/news/home/20220601005581/en/Savant-Wealth-Management-Invests-3M-in-Advice-Engagement-Platform-Lumiant

Swedish climate fintech Datia plants $3.4 million to streamline ESG workflows

The global Environmental, Social, and Governance (ESG) reporting market is growing rapidly and is expected to grow at a CAGR of 17% to reach $16 billion by 2027. At the same time, the number of sustainable finance regulations and policy interventions is also accelerating, putting pressure on investors to meet market and regulatory demands.

Founded in 2019 by Juan Manuel Serruya and Manne Larsson and headquartered in Stockholm, Datia aims to support investors in their sustainability work. The fintech company has now raised $3.4 million in a seed funding round to simplify investors’ transition to sustainable finance.

The funding will drive its expansion across Europe. It will also help to accelerate research and development of its ESG tools and sustainability data.

The investment was led by Berlin-based VC firm Nauta Capital, with participation from Accel Starter Ramzi Rizk, Zenloop’s founder Paul Schwarzenholz, Söderberg & Partners and Sting.

https://tech.eu/2022/06/07/swedish-climate-fintech-datia-plants-34-million-to-streamlines-esg-workflows

Cryptio raises $10m

Cryptio has raised $10 million in Series A funding for its enterprise crypto back-office platform.

Point Nine led the round, with participation from BlueYard, Alven, Coinshares, Avantgarde Finance, Protocol Labs and Draper Associates.

Cryptio is an enterprise-grade crypto accounting and reporting platform that helps financial institutions, corporates and crypto-native businesses navigate the fragmented digital-asset landscape. The firm already claims more than 200 clients, including Consensys, Aave and DeFi Saver, and has seen revenue grow 12x since its seed round last March.

Antoine Scalia, CEO, Cryptio, says: “The biggest challenge with crypto accounting on the institutional level is having auditable and reliable transaction history data. Block explorers and third-party data providers often fail to capture complex crypto activity like DeFi, Staking, Mining, and NFTs. These discrepancies can’t be tolerated at the institutional level.

“At Cryptio, we’re obsessed with data accuracy and have partnered with Layer-1 foundations to build proprietary blockchain indexers. We’re able to reliable pull transaction data and perform mini-audits, ‘sanity checks’ to prove data quality.”

https://www.finextra.com/newsarticle/40401/cryptio-raises-10m

Meet the trans, anarchist founder who just landed $25M to reform how crypto is stored

Tux Pacific isn’t your average tech founder. They’re a self-taught cryptographer who dropped out of college, a proud member of and advocate for the transgender community and a self-described anti-capitalist anarchist who believes in free-market principles deeply rooted in the early days of crypto, when Bitcoin reigned supreme and banks had no interest in the sector.

Pacific’s radically different background in comparison to other entrepreneurs is precisely what informs their unique way of thinking, they told TechCrunch in an interview. Pacific founded and serves as CEO of Entropy, a decentralized crypto custodian that says it has raised $25 million for its seed round led by Andreessen Horowitz alongside Coinbase Ventures, Robot Ventures, Dragonfly Capital, Ethereal Ventures, Variant and Inflection. Prominent angel investors from the tech community, including Naval Ravikant, Sabrina Hahn and James Prestwich, also participated in the round, according to Entropy. This latest round follows the company’s $1.95 million pre-seed raise in January.

Trovata eyes UK and EU launch on $27 million funding round

Trovata, a US startup specialising in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation, is set to open for business in the UK on the back of a $27 million funding round.

Sky News understands that Trovata, which is based in California, is opening offices in London and Amsterdam as it tries to accelerate the adoption of its specialist cash reporting and forecasting services.

Launched in 2019, Trovata provides an end-to-end platform built natively on wholesale banking APIs, removing the need for legacy implementations or IT support and enabling self-setup. This allows Trovata to aggregate bank balances and transactions in real time to automate cash-centric workflows, such as cash reporting, analysis, and forecasting, says the firm.

In January 2021, the company raised $20 million in a Series A funding round led by Wells Fargo Strategic Capital. Capital One Ventures and Pivot Investment Partners, as well as existing early investors JPMorgan and Fintop Capital joined the round.

Earlier this year, the firm scored a distribution agreement with Capital One, which will market and refer Trovata’s cash management platform to new and existing commercial and corporate banking clients.

https://www.finextra.com/newsarticle/40386/trovata-eyes-uk-and-eu-launch-on-27-million-funding-round

Modern Compliance Training Startup Ethena Announces $30 Million Series B

BROOKLYN (June 7, 2022) — Ethena, a modern compliance training platform, announced it raised a $30 million Series B, led by Lachy Groom, with participation from existing investors including Felicis, Neo, Homebrew, and others. They’ve also welcomed angel investors including Jack Altman, Mathilde Collin, William Hockey, Gretchen Howard, and Claire Johnson. It will use the capital to build out additional compliance product lines and expand its core training technology.

“Businesses are held to a much higher standard than ever before. Employees expect companies to build inclusive and ethical workplaces — and compliance, when done right, does exactly that,” said Roxanne Petraeus, CEO and co-founder of Ethena. “Modern companies don’t want to just ‘check the box,’ they want to use data-driven approaches to educate employees and spot issues proactively. This latest round of support allows us to continue building out a compliance operating system designed for today’s teams.”
When the company was founded in 2019, it was clear that the old way of doing compliance training — dated videos sent out yearly — wasn’t working. According to a Gallup poll, only 10% of employees strongly agree that they learned something from their compliance training. In contrast, Ethena’s solution, which delivers digestible training over time, is highly effective: For example, learners who completed Ethena’s Harassment Prevention training reported a 61% increase in confidence intervening on behalf of a colleague.
https://www.goethena.com/post/modern-compliance-training-startup-ethena-announces-30-million-series-b

Middesk raises $57M to automate business verification and underwriting

Middesk, a platform designed to automate business verification and underwriting decisions, today announced that it raised $57 million in a Series B round co-led by Insight Partners and Canapi Ventures with participation from Sequoia, Accel and Gaingels. Co-founder and CEO Kyle Mack said that the new capital will enable Middesk to triple its headcount to 120 employees by 2023 and further develop products in the identity management space.

“When people hear ‘identity,’ they think of ‘identity verification,’ but identity means something different based on who is asking or interested,” Mack told TechCrunch in an email interview. “For a bank, it means simplifying the process of opening commercial bank accounts. For a lender, it means accelerating the process for businesses to access capital. For the government, it means ensuring businesses are registered and paying their taxes appropriately.”

Mack co-launched Middesk in 2019 with Kurt Ruppel to address what he describes as the “downstream effects and resulting challenges of onboarding new business customers.” Mack previously worked at Checkr, where he managed and built the solution consulting team. Ruppel was a senior software engineer at Zendesk before joining Checkr, where he worked with Mack as an engineering manager.

Bud raises $80M more to expand its AI-based open banking platform, used to power lending tools and more

Embedded finance — where financial services companies and others bring in different kinds of fintech technology by way of APIs to enhance their own offerings with more data and functionality — remains a growing opportunity, both to help fuel new business and to help incumbents get up to speed with their disruptors. In the latest development, Bud Financial, a provider of an AI-based open banking platform that is used by large banks and others to help power lending and other personalized products, has raised $80 million.

Ed Maslaveckas, the CEO and co-founder, told TechCrunch the investment, a Series B, will be used both for R&D — specifically to further build out its artificial intelligence-based tools — and for international expansion. The company today’s tech appears to be based around natural language (that language being English). It is live in the U.K., Australia and New Zealand and it plans to expand to two more countries this year. It won’t say which ones but it has a lot of multinational investors, including some out of another English-speaking market, the United States.

Bud is also not disclosing customer or transaction numbers, nor revenues, nor its valuation with this round, but here is some context on that. This round is being led by Bellis Phantom Holdco Ltd., which is an indirect affiliate of investment funds managed by TDR Capital (this is a big PE investor whose name isn’t typically associated with tech investments, with its portfolio including the likes of the Pizza Express chain of restaurants and ex-Walmart supermarket giant Asda). Others in this round include SEI investments Outward VC and others. (Note: This is not the same Bud as the Singaporean metaverse startup that recently also raised funding.)

Ecuadorian payments infrastructure startup Kushki lands $100M at a $1.5B valuation

Ecuadorian payments infrastructure company Kushki has raised $100 million in an extension to its Series B round, more than doubling its valuation to $1.5 billion.

The startup had raised $86 million in the first tranche of the financing in June of 2021 at a post-money valuation of $600 million. It has raised nearly $200 million since its 2017 inception, according to Crunchbase.

Raising an extension as opposed to a new round made more sense because it was the same investors doubling down, according to CEO and co-founder Aron Schwarzkopf. Those backers include Kaszek Ventures, Clocktower Ventures, SoftBank Latin America Fund and DILA Capital, among others.

“Since then, we have just gotten more ambitious and continued to grow so we needed more money to fuel more growth,” Schwarzkopf said in an interview with TechCrunch. “The only things that changed were the economics and speed of business.”

The raise comes after a year in which Kushki saw 200% revenue growth, he said, declining to reveal hard revenue figures. It also follows a quarter in which the company grew by 100% year over year.

Codat raises $100 million to build the internet for business data and announces J.P. Morgan, Shopify & Plaid as investors

NEW YORK, June 8, 2022 /PRNewswire/ — Today Codat, the universal API for small business data, announced that it has raised $100 million in a series C investment round led by JP Morgan Growth Equity Partners. Canapi Ventures and Shopify also participated in the round and Plaid has been publicly named as an investor for the first time. Existing investors Index Ventures and PayPal Ventures also participated in the round. As part of the financing, Patrick McGoldrick, Partner at J.P. Morgan Growth Equity Partners will join Codat’s board.

Codat’s API is used by SaaS, lending and payments companies to build integrated products for their SMB customers. Whether that’s a neobank building a cashflow forecast in their app, or a payment provider enabling merchants to sync transactions with their accounting software, there is a use case for Codat in almost every fintech serving SMBs. The investment comes less than a year after Codat announced a Series B investment round last July led by Tiger Global, alongside American Express and PayPal Ventures. Codat reports that it now has over 200 clients, including many of the world’s largest banks as well as rapidly growing fintechs such as Brex, Jeeves, Pipe and Clover, and a team of 250 people across the UK, North America and Australia.

Codat will use the funds to build out their critical infrastructure to be the default means of sharing data for the small business economy. In the same way that the internet has changed almost every aspect of how we live and work, Codat’s technology will underpin the flow of small business data, giving way to tools, capabilities and opportunities not yet seen or imagined. The economic impact of this infrastructure is already proven. The SMBs sharing and syncing data to other systems via Codat’s technology have grown on average 2.7 times faster than GDP in 2021.

https://www.prnewswire.com/news-releases/codat-raises-100-million-to-build-the-internet-for-business-data-and-announces-jp-morgan-shopify–plaid-as-investors-301564131.html?tc=eml_cleartime

Backbase raises its first funding, $128M at a $2.6B valuation, for tools that help banks with engagement

Larger banks and other financial service providers are getting a lot more serious when it comes to competing with upstarts that are disrupting their businesses with fresher approaches and newer technologies. Today, one of the companies helping those larger banks with that task is announcing a big round of funding to double down on that opportunity.

Backbase — an Amsterdam-based startup that provides a platform that banks and others can use to better structure and leverage the data that they have, and to then use that to build more personalization and other new features into those banks’ customer-facing services — has raised €120 million ($128 million at today’s rates), money that it will be using to continue investing in its technology, as well as expanding its teams into more geographies. The funds — coming from a single investor, Motive Partners — values Backbase at €2.5 billion ($2.6 billion).

Backbase has been around for a decade already. It has amassed 150 big banking customers, grown from €20 million in revenue to €200 million, and is profitable, all without raising any money — in fact, it was only a few days ago that they were the subject of a profile about the virtues of being bootstrapped … oops.

It chose to take a turn away from that path for the same reason that many others that have been bootstrapped do: They want to strike while the iron is hot and invest to grow at a time when its services are in demand.

Q&As with DIGISEQ and SeedX Liechtenstein; Early Stage European FinTech deal this week include Getquin, Urban Jungle, Mondu, Trade Republic

European FinTech deal this week include Getquin, Urban Jungle, Mondu, Trade Republic

We feature Q&As with Terrie Smith of DIGISEQ and Cynthia Nadal of SeedX Liechtenstein

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Check out the B2B FinTech Radar, our microsite focused on SaaS / Enterprise FinTech founders with global ambitions

7 Questions with Terrie Smith of DIGISEQ

1. Please tell us a bit about yourself, both at work and leisure.

Hello! I am Terrie Smith. I’m going to start by talking about myself and how I got here When I was 17, I worked at an insurance firm and experienced gender inequality first-hand. Being a tenacious young lady (or maybe just glutton for punishment), I hardened to this, left the company, and moved into the even more male-dominated environment of information technology. And that’s pretty much how it all started.

Today, I’m a mobile payments expert with over 20 years’ experience and a proven track record in product development and management. I have always had a zealousness for innovative payments and NFC technology, and am included in fundamental patents related to provisioning and tokenisation. I managed the development of MasterCard’s MOTAPS solution, a pioneering Trusted Service Manager (TSM) solution and was instrumental in shaping the MasterCard Digital Enable System (MDES), used to support Apple Pay. In June 2014, I started my very own passion project with my friend, Colin Tanner, and together we co-founded the award-winning IoT platform, DIGISEQ.

You may ask… why did I decide to launch a start-up? (I sometimes ask myself that when I am working at midnight). The reality is that it was a move towards personal goals and me attaining control. It was a big risk, no doubt, but I was raised and supported to believe that I can do anything I put my mind to, and I upheld this mantra. Challenging, one might say, but beyond exciting and fulfilling.

Work aside, everyone you ask will tell you I’m pretty much a butterfly – I don’t sit still! If I’m not working, I’m grabbing a coffee, cooking, spending time with my family, or FaceTiming my daughter and the grandkids – there are endless things for me to do and simply not enough time in a day.

http://www.fintechforum.de/7-questions-with-terrie-smith-of-digiseq/

7 Questions with Cynthia Nadal of SeedX Liechtenstein

1.Please tell us a bit about yourself, both at work and leisure.

My name is Cynthia, I am a Partner at Seed X Liechtenstein. I am an operator turned investor and I have previously worked with different accelerators including Techstars, King’s College and Founders Factory in London. Prior to being an investor I have worked for 11+ years at the fintech unicorn Markit (Now IHS markit, being bought by S&P). I learned there everything I know about great product development, corporate innovation and the hurdles of fast growth (IPO on the NASDAQ in 2014 at $5bn valuation, merger with IHS in 2016, now worth more than $40bn).

Work-wise I like connecting the dots and people, understanding the big problems needing solving and who we can learn from. Having the right network also helps to support founders in their growth.

Some of my spare time is also spent on tech boards that I sit on, and supporting female entrepreneurs across Europe.

http://www.fintechforum.de/7-questions-with-cynthia-nadal-of-seedx/

Meet getquin: Social network for investors from Berlin scores $15 million to expand beyond DACH

The fintech startup provides an online community where people can discuss and analyse stocks, cryptocurrencies and other investment opportunities

Berlin-based fintech that has created a social investment platform, getquin has wrapped up a $15 million Series A round. The funding was led by Portage Ventures and backed by Horizons Ventures , existing investors embedded/capital and sino AG and angel investors such as N26 founder Maximilian Tayenthal and Scalable Capital founder Erik Podzuweit.

With over 200, 000 users in Germany and the DACH region as of now, the startup aims to expand its English-speaking community to make its service accessible to a broader user base.

Founded in early 2020 by Christian Rokitta and Raphael Steil, the platform provides an online community where people can discuss and analyse stocks, cryptocurrencies and other investment opportunities. It allows users to connect and aggregate their existing brokerage accounts, create and consume content and take part in discussions with other users.

Christian Rokitta, co-founder and CEO said: “While there is already a substantial amount of financial news and content providers, the recent months have shown that people mostly trust their connections and communities when it comes to financial information. The new investment allows us to invest significantly in the product to transform getquin into the primary source of information for investors around the globe.”

Headquartered in Toronto, Portage Ventures is a global investor dedicated to supporting FinTech companies. The Portage team has deep entrepreneurial and industry experience and provides founders with privileged access to the firm’s partners, in-house experts, and broader global ecosystem. Portage Ventures has a presence in Canada, the US, Europe and Asia. 

https://tech.eu/2022/06/01/meet-getquin-social-network-for-investors-from-berlin-scores-15-million-to-expand-beyond-dach

London insurtech Urban Jungle scores £16.5 million for European expansion

London-based insurance technology startup Urban Jungle has raised £16.5 million in their latest Series A funding round. The round was led by North American-based venture capital investor Intact Ventures and Ingka Group, which controls hundreds of IKEA stores globally. The investment was also backed by existing investors, including Mundi Ventures, Eka Ventures and former Prudential UK CEO Rob Devey.

The company had raised €9 million in its earlier funding round last year. The Series A round brings the total amount raised by the business to £32 million. The insurtech firm will use the funding to rapidly scale its home insurance business in the U.K. and add new markets.

Founded by CEO Jimmy Williams and former Google developer Greg Smyth,  it aims to change the insurance industry by putting fairness and transparency at its core. Talking about expansion beyond its home turf, Urban Jungle co-founder and CEO Jimmy Williams said: “We’re already one of the leading insurance brands for the renters and homeowners in the U.K. But our ambition is to become the number one insurance business in the U.K. and beyond. This funding is a big step towards that, and we’ll use it to rapidly grow our customer base and roll out our simple, fair insurance into other markets in the year to come. It will also allow us to create 100 new jobs in the U.K.”

According to the company, it recently hit the milestone of helping 100,000 customers get better home insurance in the country. The platform uses latest technology to help keep insurance affordable for its customers, by offering its customers 100% online services, or through its use of AI and machine learning to catch fraud.

Intact Financial Corporation is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $20 billion of total annual premiums

https://tech.eu/2022/05/27/london-insurtech-urban-jungle-scores-ps165-million-for-european-expansion

Mondu Raises $43M in Series A Funding

Mondu, a Berlin, Germany-based B2B payments company, raised $43M in Series A funding.

The round was led by Valar Ventures with participation from existing seed investors FinTech Collective, Cherry Ventures, and angel investors from Klarna, Zalando, and SumUp, among others.

The company intends to use the funds to scale its BNPL for B2B solution for merchants and marketplaces by investing in its product and customer acquisition across more European countries later this year, starting with Austria this summer, and hire for a wide range of senior and junior positions, including its tech, risk, sales, and operations teams. 

Founded in August 2021 by serial entrepreneurs Philipp Povel and Malte Huffmann as well as Gil Danziger, Mondu provides a Buy Now, Pay Later (BNPL) solution for B2B merchants and marketplaces. The solution integrates with merchants, and is accessible through APIs, plug-ins, and checkout widgets. The company, which has hired a team of over 100, has served thousands of businesses to date, with customers ranging from beauty and cleaning to manufacturing and raw materials.

Headquartered in New York, Valar Ventures is a VC firm focused on startups outside of Silicon Valley. Valar invests in high-margin, fast-growing technology companies that are pursuing huge market opportunities

European Savings Platform Trade Republic Finalizes €250M Series C Extension

Trade Republic, which claims to be Europe’s largest savings platform, announces a €250M Series C extension.

The investment round is led by Ontario Teachers’, which is one of the world’s largest pension funds and institutional investors, “along with the participation of existing investors.”

The extension is “based on a post-money valuation uplift to €5.0B (previously €4.4B), underlining Trade Republic’s strong business performance and growth.”

Ontario Teachers’ manages the assets of over 333,000 teachers in Ontario, Canada, “with more than C$240B in net assets invested globally.”

This investment is “made by the High Conviction Equities team, which provides flexible, partner-centric capital across the equity capital structure – focusing on companies that are public or on a growth trajectory to go public.”

Ontario Teachers’ is one of the world’s largest pension funds and institutional investors with $227.7 billion in assets under management. They invest in everything from agriculture to artificial intelligence in order to deliver retirement security for 331,000 Ontario teachers

https://www.crowdfundinsider.com/2022/06/191881-european-savings-platform-trade-republic-finalizes-e250m-series-c-extension/

Accenture Acquires ARZ

Accenture’s acquisition of ARZ in Austria will help expand the global IT consulting firm’s banking platform-as-a-service capabilities across Europe, the buyer said. ARZ has locations in Vienna and Innsbruck and operates a technology competence center for innovation and technology services in the banking sector in Austria. ARZ was majority-owned by Volksbanken Group and Hypobanken Group as well as other private banks.
The acquisition will expand Accenture’s cloud-based banking platform-as-a-service offerings, ranging from core banking services to online banking as well as regulatory services for banking clients across Europe, Accenture said. ARZ’s approximately 600 employees will join Accenture and will continue to work in ARZ’s existing offices.
Roland Smertnig, senior managing director in Accenture’s financial services practice in Europe, commented:
“Our vision is to develop an innovative cloud-based banking platform-as-a-service offering for new and existing clients across Europe. By acquiring ARZ, we are expanding our digital transformation capabilities to help banks of the future as they look to move more of their core functions to the cloud, enable new business models, and reinvent the services and experiences they provide to customers.”
Michael Zettel, Accenture’s country managing director in Austria added,
“With this acquisition, we are expanding our team in Austria and will develop a comprehensive center of excellence at the Innsbruck location to serve our clients in Austria and across Europe. The ARZ team has the experience and talent to help us grow and meet our banking clients’ needs now and, in the future, and we look forward to welcoming them to Accenture.”
Gerald Fleischmann, CEO of Volksbank Wien said,
“The move to Accenture is a strategically smart development. Volksbanken and their customers will benefit from the combined expertise, the innovative services and collaboration between ARZ and Accenture.”

Fintech Trustly acquires Ecospend in UK expansion

Swedish banking firm Trustly has acquired British rival Ecospend as it looks to expand its presence in the UK, and improve customer experiences.

Swedish fintech Trustly, a payments platform for digital Account-to-Account transactions (A2A), has acquired UK-based competitor Ecospend, as part of a plan to strengthen the company’s position in the British market.

Founded in 2008, Trustly is a global leader in Open Banking Payments. Serving 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries, the company handles the entire payment journey. 

A licensed Payment Institution under the second payment services directive (PSD2) and operating under the supervision of the Swedish Financial Supervisory Authority in Europe, in 2021 Trustly processed over US$28bn in transaction volume in its global network. 

Four years after PSD2 made Open Banking a regulatory requirement in the UK, the market presents a dynamic ecosystem, with rapidly accelerating consumer adoption, and strong transaction volume growth, according to the company.

Metin Erkman, Founder of Ecospend: “Together with Trustly we will be able to further accelerate our expansion in the UK and continue to raise the bar for service excellence to our customers. We will continue to leverage our market-leading technology and bank connectivity in the UK and, together with Trustly, broaden our capabilities to stretch across Europe and further markets. We are really excited to join the Trustly family.”

https://fintechmagazine.com/banking/fintech-trustly-acquires-ecospend-in-uk-expansion

Crane Venture Partners aims to sweep the leg with new $140 million fund

After raising $90 million for its first fund in 2019, London’s Crane Venture Partners is back for round two with a narrowed investment focus and $140 million in hand.

After posting a >75 percent graduation rate from seed to Series A with its first fund, London’s Crane Venture Partners is back for round two; armed with $140 million and aimed squarely at backing European, Israeli, and American startups. Across both funds, the firm counts over 50 portfolio companies and is looking to repeat, if not improve upon this industry-leading figure.

Crane’s second fund places a heavy emphasis on software and deep tech startups, specifically operating in the open-source, artificial intelligence, data and developer tools sectors.

“The future is being built today by passionate and diverse entrepreneurs from every corner of the world, and our funds focus on exactly those humans,” commented Crane co-founder and GP Krishna Visvanathan, co-founder. “We are in service of our founders and understand that entrepreneurship is a path to professional and personal realisation. When we focus there, the returns naturally follow.” 

Founded in 2015, Crane specifically points to the last five years as a game-changer when it comes to European early-stage investment appetite. 

“When Crane raised its first fund, European and US investors had yet to recognise the caliber and depth of early-stage technical founders to be found across the continent. But with highly visible and successful exits for European technology companies, such as Amsterdam-based Adyen in 2018 and Bucharest-based UiPath in 2021, LPs and other venture capital ecosystem participants have started to invest heavily in the region.”

https://tech.eu/2022/05/24/crane-venture-partners-aims-to-sweep-the-leg-with-new-140-million-fund/

Parisian investment firm Alven announces new €350 million fund to boost European entrepreneurs

There’s been a lot of chatter in the European VC space over recent weeks. And now, adding to the conversation, Paris-based Alven has just announced its sixth generation fund. The initial target was €300 million, but Fund VI has closed at a hard cap of €350 million – making it the largest early-stage fund raised in France.

Alven VI secured commitments from a wide range of high-quality European, North American and other global institutions, and all investors in the prior fund are reinvesting. Known for its eye for making unicorn investments, Alven has been a part of the success stories of Qonto, Dataiku, Algolia, Stripe and Ankorstore, and now has €2 billion in assets under management.

Launched in 2000, Alven is an early-stage fund centred in Paris but with a global reach. The firm recently opened a new London office and has about 160 European teams backed across Europe and the US. The French investors have extensive experience backing and supporting exceptional founders at the earliest stages, writing cheques to kickstart growth ranging from €100k to €15 million, with substantial reserves for follow on investments.

Meet us at:

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

B2B FinTech Radar: 7 June 2022

On the radar this week:

Q&A with Viktor Stensson, CEO of Bokio

Citi invests in document management spin out Arteria AI

Debbie, a behavioral savings product builder, raised $1.2 million.

Edge, the builder of an unbiased payments operating system for high-risk industries, raised a $2.4 million pre-seed.

Alloy, a German decentralized finance platform for institutional investors, raised a $3 million pre-seed.

Liminal, the builder of wallet infrastructure for digital assets, raised $4.7 million.

Cloudwall, a risk management builder for digital assets, raised $6.3 million in seed funding.

Circit, an Irish open banking tool for auditors, raised a €6.5 million Series A

Merge, which is building banking and payments infrastructure for web3 companies, raised a $9.5 million seed round.

Ecolytiq, a sustainable finance CO2 tracker, raised €13.5 million led by Visa.

First Digital, a trustee that helps financial institutions custody digital assets, raised $20 million.

Foxen, a provider of payment solutions to the real estate industry, raised a $44 million Series A

Starkware, which facilitates building faster transaction applications on ethereum (layer 2), raised a $100 million Series D.

Q&A with Viktor Stensson, CEO of Bokio

1. Tell us a bit about yourself and your company.

In 2015 me, Mikael Eliasson, Emma Rozada and Joel Rozada founded Bokio. Since then, our AI-powered bookkeeping and accounting software has grown rapidly. We’ve expanded to the UK and our user base is growing at an incredible pace. We have 100 employees and serve over 60,,000 monthly active users in the UK and our native country Sweden.

http://www.fintechforum.de/scaling-enterprise-fintech-with-viktor-stensson-ceo-of-bokio/

Citi invests in document management spin out Arteria AI

Arteria AI, a document and contract management spin out from Deloitte, has received investments from the strategic investing arm of Citi’s Global Spread Products division, and Canada’s BDC Capital.

Arteria includes a series of product modules that can be used to help draft, negotiate and analyse documentation and contracts. Unlike standard digital document platforms, Arteria was built to meet the specific requirements of the institutional banking and trading sector.

The package is tailored to work across multiple business product lines, from primary and secondary capital markets, to lending, prime brokerage, structured finance, transaction banking and private equity.

Katya Chupryna, head of Citi’s Spread Products Investment Technologies, says: “Our investment in Arteria AI aligns with our strategy, as the company’s differentiated technology is both widely applicable to multiple Citi businesses including new issuance for structured credit and accretive to our broader ecosystem of portfolio companies.

“The company has already accumulated significant traction with established financial institutions, demonstrating the immense utility of their technology. A strategic investment into Arteria also represents a great opportunity to support a female-founded and led enterprise FinTech company.”

The unspecified investment follows Arteria AI’s Series A round in April 2021, where it raised $11m just five months after the company’s inception as an independent business.

https://www.finextra.com/newsarticle/40366/citi-invests-in-document-management-spin-out-arteria-ai

Debbie Is Building The First Rewards Platform To Incentivize Individuals To Pay Off Their Debt

Credit card usage has grown exponentially since first introduced in the 70s. While it has enabled our consumption-driven economy to grow to new economic heights, our reliance on credit has left us stranded with poor financial habits. More Americans are in debt now more than ever, without a way to climb out of their financial hole. Debt is so pervasive in our society that pizza companies are offering a buy-now-pay-later option for ordering via their online checkout. Frida Leibowitz, Rachel Lauren and Maxime Fourmault are helping Americans reduce their reliance on credit with Debbie before they financially overdose. Debbie is a “habit-shifting rewards platform” that leverages behavior psychology to craft financial products that give users a path out of debt and towards a healthier financial future. The Miami, Florida-based startup has raised $1.2m from One Way Ventures, BDMI, TA Ventures, Village Global, Green Egg Ventures, Liquid2 Ventures, If Then Ventures, Dipanjan Bhattacharjee and several other angel investors.

https://www.forbes.com/sites/frederickdaso/2022/05/26/debbie-raises-12m-to-incentivize-individuals-to-pay-off-their-debt/?sh=73488c4a77e8

Edge’s $2.4m Pre-seed

Payments is an exciting space with innovation occurring in every form and fashion. However, current offerings for businesses mislabeled as high-risk are overcharging for poor user experience and a frustrating lack of critical features. I’ve been working with businesses affected by these problems for the last five years and I’m constantly shocked by the lack of available options when you’re labeled “high-risk.”

Edge shines a light on the archaic practices companies are forced to settle for by offering a modern, unbiased solution for all companies. The stigmas associated with these industries are outdated and too broad. We evaluate businesses individually rather than grouping them into whole categories. Edge is building a payments platform that has transparent pricing, is simple to use, and has best-in-class support so you can finally focus on running your business.

Today we are excited to announce our $2.4M pre-seed led by Long Journey Ventures. We’re also grateful for the support of Scott Banister (early advisor & board member @ PayPal), Socially Financed, The Fintech Fund, Jackalope VC, Centre Street Partners, Gaingels, SuperAngel VC, Alumni Ventures, Spacecadet Ventures, Pareto, Shreyas Doshi (first PM Manager @ Stripe), Arash Ferdowsi (Dropbox co-founder), James Bailey (Velos Partners), Alan Rutledge, Joshua Browder (DoNotPay), Brandon Curran, Sam Weller, Tristan Tao, and others.

https://medium.com/@alaxic/edges-2-4m-pre-seed-d453693588a6

Checkout.com founder backs DeFi platform Alloy in $3 million pre-seed round

German DeFi platform Alloy has won the backing of Checkout.com founder Guillaume Pousaz in a $3 million pre-seed round led by VC firm Headline.

In an announcement this morning, Alloy said Pousaz had invested via his family office Zinal Growth, alongside Sorare founder Nicolas Julia and Seedcamp. 

Alloy is aiming to build a decentralized finance (DeFi) platform targeting institutional investors, which founder Paul Faecks says remain hesitant to participate in the DeFi ecosystem despite their interest. 

https://www.theblockcrypto.com/linked/149384/checkout-com-founder-backs-defi-platform-alloy-in-3-million-pre-seed-round

Digital asset wallet startup Liminal raises $4.7 million

Liminal, a wallet operations infrastructure that secures digital assets in a simple and efficient way, has raised $4.7 million in its seed funding round led by Elevation Capital.

The round also saw participation from prominent investors like LD Capital, Woodstock, Nexus Ventures, and crypto ventures like CoinDCX, Hashed, Cadenza Ventures, Vauld, Better Capital, and Sparrow Capital. There are also marquee angel investors like Andreas Antonopoulos, Balaji Srinivasan, Sandeep Nailwal, Jaynti Kanani, Ajeet Khurana, amongst others.

Liminal is the first wallet architecture to provide the MPC and MultiSig to secure digital assets across different blockchains. This plug-and-play platform provides unmatched support to exchanges by eliminating manual operations by 90% and saving manual refill hours. Safe custody of digital assets is a key challenge faced by businesses and institutional investors, and custodians like Liminal will play a big role in facilitating the mass adoption of digital assets and Web3. The company was founded in 2021 by Mahin Gupta. A serial entrepreneur, Gupta built India’s first blockchain company BuySellBitco.in. Prior to this, he co-founded ZebPay, one of India’s largest crypto exchanges. Through Liminal, he has embarked on a journey to simplify and automate wallet operations, and self-custody of digital assets for businesses and institutional investors.

https://www.finextra.com/pressarticle/92830/digital-asset-wallet-startup-liminal-raises-47-million

SG crypto firm Cloudwall bags $6.3m in seed round

Singapore-based Cloudwall, a digital asset risk management startup, has raised US$6.3 million in its seed round led by LocalGlobe and Illuminate Financial.

Investors including IA Capital Partners, Eberg Capital, and Nemo Ventures, along with founders and operator angel investors from across decentralized and traditional finance also took part.

The company will use its funds to grow its team to 15 people by the end of the year and develop the platform to launch an early-access program.

Founded in 2021, Cloudwall Capital is building a new product, Serenity, which will provide institutional investors with the risk management insights to effectively build portfolios and manage risks inherent in digital assets.

https://www.techinasia.com/sg-crypto-firm-cloudwall-bags-63m-seed

Dublin’s Circit raises €6.5m for open banking platform

CEO David Heath told SiliconRepublic.com that Circit is to auditing verification what Stripe is to payments.

Irish open banking start-up Circit has raised €6.5m in funding for its financial auditing management platform.

The Dublin-based fintech has developed a platform for managing financial auditing used by banks, solicitors and brokers. Circit is regulated by the Central Bank of Ireland as an account information service provider under PSD2 – the EU regulation for open banking.

Investment in this Series A round was led by New York-based Aquiline Technology Growth and Luxembourg-based MiddleGame Ventures, both of which are fintech-focused VC firms.

CEO David Heath told SiliconRepublic.com in an interview that a number of team members in Circit have come from auditing backgrounds in big firms who think the industry, which is going through its “biggest reform in decades”, could do with more digitalisation.

New web3 fintech emerges from stealth with a $9.5m seed round

After a burst of excitement about ‘web3’ in 2021, more new startups are appearing to provide its financial infrastructure.

One such example is Merge, founded by Kebbie Sebastian, a former PayPal and Barclays executive, alongside former Coinbase and Luno executives.

The company, which aims to provide banking and payment infrastructure for Web3 companies, has just raised a $9.5m seed round.

Octopus Ventures led the funding round, which also included investors such as Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures. Other investors included the founder of Aave, co-founder of Polygon, CEO of Ledger and Barclays’ former CEO of Consumer Banking amongst other angel investors.

Merge operates an API-based banking and payments platform, bridging the gap between fiat and crypto ecosystems.

“As the crypto economy moves further into the mainstream, it’s increasingly clear that the current financial infrastructure isn’t fit to serve the rapid expansion of crypto-native businesses and many providers aren’t specialised enough to gauge risk, said Zihao Xu, investor at Octopus Ventures.

https://www.altfi.com/article/9319_new-web3-fintech-emerges-from-stealth-with-a-95m

Visa invests in CO2 tracker ecolytiq

Sustainable finance provider ecolytiq has secured a €13.5 million financing round led by Visa and other blue chip investors.

Consulting firm PwC Germany also participated through a fund managed by Segenia Capital, VCM Global Asset Management and btov.

Founded in 2019, the Berlin-based company works in partnership with Visa to offer banks and financial institutions the technology to educate and support consumers to manage their environmental impact. The platform uses transactional data to provide customers with CO2 spending data, offsetting, and sustainable investment advice.

In 2021, ecolytiq partnered with Visa on the launch of the Visa Eco Benefits bundle, an embedded carbon footprint tracker for Visa member institutions.

Early adopters include Rabobank, Tatra Bank, Tomorrow, Novus, as well as partners such as Worldline and Tink.

Charlotte Hogg, CEO Visa Europe says: “A significant shift is needed towards more sustainable behaviours to meet the global net-zero goals by 2050. A key element to this change starts with providing an individual understanding of the environmental impact of their choices. Ecolytiq enables banks and their customers to raise awareness of the positive impact they can make. The company has gone from strength to strength in the past two years and we’re proud to support the next stage of their growth.”

Ecolytiq co-founder David Lais says the funds will be invested into product development and new business models for the financial sector in alignment with the UN Sustainable Development Goals.

https://www.finextra.com/newsarticle/40348/visa-invests-in-co2-tracker-ecolytiq

Fintech startup First Digital scores $20m funding

Fintech firm First Digital, the only qualified custodian and trustee helping institutions custody both traditional and digital assets, has announced a $20m fundraising round backed by Nogle and Kenetic Capital.

First Digital Trust plays a key role in helping legacy institutions and companies bridge legacy and emerging finance; and it is the only in the Asian region to offer full-service support for assets ranging from stocks, bonds, currencies, and insurance, to digital assets, including cryptocurrency tokens and NFTs.

Part of the funding round will go towards their global expansion to Singapore, UK, and Canada, as well as the development of the region’s first secondary market for private equity and digital assets. With this move, clients of First Digital will be able to list the assets they hold and receive offers from other qualified First Digital clients.

The launch is the first of its kind in the region and overcomes a major hurdle for investors who often struggle to acquire or liquidate private shares within secure and custodial infrastructure. Newcomers custodying assets also have an opportunity to access private companies who may have missed out on initial release rounds.

“Our mission is to help companies, hedge funds, and institutions integrate Web3 assets seamlessly, securely, and compliantly by providing vital upgrades to open finance infrastructure keeping security, KYC & AML, and regulatory requirements at front of mind. Providing these kinds of onramps and administrative support is how we will see more major players bringing in sustainable investment and liquidity into the space,” said Vincent Chok, CEO of First Digital Trust.

Foxen Closes $44 Million Series A Round to Fund Revolutionary FinTech Solutions in Real Estate

Columbus, Ohio and Santa Barbara, California, June 02, 2022 (GLOBE NEWSWIRE) — Foxen, a market leader in financial technology solutions for the real estate industry, today announced a $44 million Series A financing led by growth equity investor Summit Partners, with participation from Level Equity. Foxen will use the funding to accelerate development of its expanding product portfolio and fuel hiring across the organization.

Foxen’s technology solutions center on financial wellness – the improvement in the management of finances through technology – and are designed to mutually benefit property managers, owners, and their residents. The company’s products were born of a market need for accountability and compliance in insurance coverage across the multifamily real estate market. Rental housing provides homes to more than a third of U.S. households[1], and while most multi-family property managers require renters insurance, compliance of this requirement is often not managed. Only about 57% of tenants carry an insurance policy[2], exposing renters to risk due to common incidents and leaving building owners susceptible to damage to the unit or property.

“As a property owner, I learned firsthand that requiring renters insurance is ineffective without the ability to manage compliance,” said Jay Harkrider, Managing Partner and Co-Founder of Foxen. “At Foxen, we’ve leveraged years of industry experience to build a technology platform that provides a convenient, affordable rental insurance alternative that simultaneously enables properties to achieve 100% compliance, creating a better experience for both residents and landlords. With the backing and resources of Summit Partners and Level Equity, we are poised to accelerate the expansion of this platform with new products that deliver on our vision of improving financial wellness through real estate.”

https://www.globenewswire.com/news-release/2022/06/02/2455005/0/en/Foxen-Closes-44-Million-Series-A-Round-to-Fund-Revolutionary-FinTech-Solutions-in-Real-Estate.html

StarkWare nets $100M as investors bank on layer-2 success

Ethereum (ETH) layer-2 developer StarkWare has raised a further $100 million in its latest fundraising round despite the prevailing downturn in cryptocurrency markets.

StarkWare’s series D fundraising round sees the firm’s valuation up to $8 billion, marking a four-fold increase in value just six months after its Series C round in November 2021. Tech investment firm Greenoaks Capital led the latest fundraising round in addition to private equity firm Coatue, Tiger Global and other investors.

StarkWare has established itself as a major player in the Ethereum layer-2 scaling space, boasting more transaction throughput than the Bitcoin network and collectively more than all other layer-2 platforms in 2022.

The firm makes use of rollup technology for its Ethereum layer-2 scaling platforms. By generating validity proofs, more commonly known as zero-knowledge proofs, StarWare says it is able to add massive batches of transactions to Ethereum’s mainnet.

Co-founder and president Eli Ben-Sasson, alongside other computer scientists, pioneered ZK-STARK cryptography. Zero-Knowledge Scalable Transparent Arguments of Knowledge is a proof system that makes use of new-age cryptography to encrypt and verify transaction data — ensuring security, scalability and resistance to quantum computing.

https://cointelegraph.com/news/starkware-nets-100m-as-investors-bank-on-layer-2-success

Binance launches $500 million Web3 venture fund

Digital asset exchange Binance has closed a $500 million venture fund for investing in Web3 and blockchain technology projects, with support from institutional investors.

The fund, which will be led by Binance Labs, the venture capital and incubation of Binance, is supported by global institutional investors such as DST Global Partners, and Breyer Capital. Other major private equity funds, family offices, and corporations also subscribed to the fund as limited partners.

Changpeng Zhao, founder and CEO of Binance, says: “In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto. The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”

Since 2018, Binance Labs has invested in and incubated more than 100 projects from over 25 countries. Its portfolio includes projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.

Zhao says the $500 million fund is expected to be allocated to projects spanning incubation, early-stage venture, and late-stage growth.

https://www.finextra.com/newsarticle/40371/binance-launches-500-million-web3-venture-fund

B2B FinTech Radar: 3rd June 2022

On the radar this week:

Q&A with Bernd Richter of FIS Impact Ventures

Jupiter Exchange Raises $5 Million in Seed Funding for First Publicly Available Alternative Asset Exchange

Fintech Startup equipifi Raises $12 Million to Power Financial Institutions with Buy Now, Pay Later

Banks and exchanges invest in digital securities market ADDX-The pre-series B funding round raised $58 million

Elliptic announced J.P. Morgan as an additional investor as part of its recent $60 million Series C funding round

Protego Trust Bank targets $2 billion valuation after quietly raising $70 million

FinTech Clear Street Closes $165 Million Series B Funding Round to Improve Access to Capital Markets

Scaling Enterprise FinTech: with Bernd Richter of FIS Impact Ventures

1. Please tell us a bit about yourself, both at work and leisure.

Family man and proud member of the venture building team at FIS to create new compelling businesses that improve our customers way to transact, pay and invest in the merchant, corporate and financial institution space across the globe

http://www.fintechforum.de/bernd-richter-of-fis-impact-ventures/

Jupiter Exchange Raises $5 Million in Seed Funding for First Publicly Available Alternative Asset Exchange

NEW YORK–(BUSINESS WIRE)–Today Jupiter Exchange, an alternative asset exchange using fractional NFT technology, announced that it has closed on a $5 million seed funding round led by White Hilt Capital. Jupiter curates iconic objects and makes fractional ownership available to anyone through its digital marketplace and exchange.

“We are thrilled to finally introduce Jupiter to the world,” said Loren Dealy Mahler, CEO of Jupiter Exchange. “Beauty belongs to those who appreciate it, and we are grateful to White Hilt Capital for sharing in that vision and partnering with us to facilitate expanded ownership of the world’s most beloved items. Our team has been working around the clock to bring Jupiter to life, and we look forward to establishing our presence at the intersection of blockchain technology and financial markets.”

“As a global financial institution, we look for impactful investment opportunities where technology is leveraged in an established but archaic market segment,” said David Mazaheri, Managing Partner of White Hilt Capital. “Historically, the alternative asset market is inefficient and participation has been closed to all but a few high-net-worth investors. By leveraging NFT technology, Jupiter is expanding ownership opportunities to anyone who cares about maintaining a diversified portfolio of investment-grade assets. Whether someone feels passionate about an item or just wants to explore new investment opportunities, Jupiter has created an ecosystem of tools that enable that pursuit.”

Jupiter Exchange establishes a simple process where the ownership of each carefully curated item, such as fine art, cars, sneakers, and pop culture memorabilia, is minted as an NFT and fractionalized into individual ownership tokens. Once sold out on the Jupiter marketplace, the item is listed on the Jupiter Exchange and available through a traditional bid-ask model.

https://www.businesswire.com/news/home/20220526005802/en/Jupiter-Exchange-Raises-5-Million-in-Seed-Funding-for-First-Publicly-Available-Alternative-Asset-Exchange

Fintech Startup equipifi Raises $12 Million to Power Financial Institutions with Buy Now, Pay Later

SCOTTSDALE, Ariz., May 23, 2022 /PRNewswire/ — equipifi, a fintech company providing banks and credit unions with a white label Buy Now, Pay Later (BNPL) solution, completed a $12 million Series A funding round. The investment, led by Curql Collective via Curql Fund and PHX Ventures, will enable equipifi to provide financial institutions with BNPL capabilities available through their existing debit cards and banking app as consumer payment preferences evolve.

equipifi helps financial institutions use their existing data and digital banking platforms to extend BNPL offers that are in alignment with their customers’ financial goals. As an added benefit, banks and credit unions can also leverage BNPL to grow existing lines of revenue and open new ones. Since its launch in September 2021, equipifi has already partnered with seven financial institutions through multi-year contracts to bring BNPL to their solution suite.

“Consumers rely on their primary financial institution to know them and their financial goals. That’s why even as BNPL has been seeing rapid adoption through third-party lenders, the majority of consumers still look to their trusted financial institutions for a better option,” said Bryce Deeney, co-founder and CEO of equipifi. “equipifi powers banks and credit unions to take their customers shopping, providing a single place to view, accept, and manage their BNPL plans on their existing online banking app.”

“BNPL solutions are providing credit unions with a unique opportunity to retain their membership and attract a younger demographic,” says Nick Evens, President & CEO of Curql Collective. “equipifi’s team, with their foundation in credit unions and the banking ecosystem, not only understands our needs but also how to service and scale in our space, making their white label solutions particularly exciting.”

https://www.prnewswire.com/news-releases/fintech-startup-equipifi-raises-12-million-to-power-financial-institutions-with-buy-now-pay-later-301552427.html

Banks and exchanges invest in digital securities market ADDX

The Stock Exchange of Thailand, Krungsri Bank and UOB have invested in blockchain-based digital securities exchange ADDX.

The pre-series B funding round raised $58 million, bringing total funds raised by ADDX to $120 million. New investors join existing shareholders on the ADDX cap table, such as Singapore Exchange (SGX), Temasek-owned Heliconia Capital, Development Bank of Japan (DBJ), Japan Investment Corporation – Venture Growth Investments (JIC-VGI), Tokai Tokyo Financial Holdings, Kiatnakin Phatra Financial Group and Hanwha Asset Management.

Regulated by the Monetary Authority of Singapore, ADDX uses blockchain and smart contract technology to tokenise and fractionalise private market opportunities such as pre-IPO equity, private equity and hedge funds, as well as bonds, reducing minimum investment sizes from US$1 million to US$10,000.

The new shareholders will partner with ADDX on specific projects that will help the exchange expand into new business areas, geographies or market segments. Several strategic initiatives by ADDX will also benefit from the fresh capital, including the recent launch of private market services for wealth managers, dubbed ADDX Advantage

Oi-Yee Choo, CEO of ADDX, says: “The new shareholders aren’t just capital partners, but strategic partners too. They have much to contribute in the form of expertise, ideas, market experience and business networks, and ADDX looks forward to adding value to their businesses in return.

“SET is the second stock exchange to join as an investor after SGX, and this is part of a larger global trend over the past two years of exchanges joining forces in a new capital market landscape that emphasises continuity between the public and private markets.”

https://www.finextra.com/newsarticle/40313/banks-and-exchanges-invest-in-digital-securities-market-addx

Elliptic Announces Investment From J.P. Morgan to Accelerate Safer Participation in Crypto Markets

NEW YORK and LONDON, May 26, 2022 – Elliptic, a global leader in cryptoasset risk management, today announced J.P. Morgan as an additional investor as part of its recent $60 million Series C funding round led by Evolution Equity Partners and including SoftBank Vision Fund 2, AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire and Paladin Capital Group. 

This investment will help accelerate Elliptic’s global expansion and further enable financial services market institutions to embrace the crypto opportunity with increased trust and confidence. Elliptic serves traditional financial institutions, fintechs, crypto businesses and government agencies with a leading suite of compliance and investigative solutions built specifically for cryptoassets.

Elliptic’s blockchain compliance product can support more than 500 crypto assets, or more than 98% of all cryptoassets by market cap. Furthermore, two thirds of crypto volume worldwide is transacted on exchanges that use Elliptic solutions.

Simone Maini, Elliptic CEO, said: “As an asset class, crypto has grown by more than 10x over the last five years and is now worth more than $1 trillion. A potential further 10x of growth lies ahead — and will be driven by businesses keen to shape the future of finance. We are focused on enabling the opportunity to help organizations unlock the true value of crypto.

“As more established financial institutions move into the sector, these companies need to understand when they can let transactions run — and when they should intervene. Stopping financial crime is not just a regulatory requirement but an ethical one, and a safe ecosystem is a healthy ecosystem.”

https://www.elliptic.co/media-center/elliptic-announces-investment-from-j.p.-morgan-to-accelerate-safer-participation-in-crypto-markets

Protego Trust Bank targets $2 billion valuation after quietly raising $70 million

Quick Take

  • Protego’s $70 million Series A round drew investment from a host of major crypto players, including the investment arms of Coinbase, FTX, Avalanche and Solana.
  • It is now in the early stages of putting together a Series B round that would value the startup at close to $2 billion.

Protego Trust Bank, a chartered crypto bank advised by Brian Brooks, raised $70 million from a host of crypto heavyweights last year and is now in the early stages of another funding round that would value the company at nearly $2 billion.

Investors in the $70 million Series A fundraise — which closed quietly in 2021 — included the investment arms of FTX, Coinbase, Algorand, Avalanche, Cardano, Ripple and Solana, as well as Digital Currency Group, NYCA Partners and Reciprocal Ventures, according to people familiar with the matter.

https://www.theblockcrypto.com/post/148226/protego-trust-bank-fundraise

FinTech Clear Street Closes $165 Million Series B Funding Round to Improve Access to Capital Markets

NEW YORK, NY / ACCESSWIRE / May 24, 2022 / Clear Street, a fintech building better access to capital markets, announced today the completion of a $165 million Series B round to accelerate launching its platform. The round was led by Prysm Capital, LLC, a growth equity firm that partners with disruptive, category-leading companies in the technology, consumer, and healthcare sector. Additional investors included NextGen Venture Partners, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures, and Validus Growth Investors, as well as angel investors, Illia Polosukhin (founder of NEAR), Moses Lo (founder of Xendit), and Alastair Trueger (Event Horizon Ventures).

Launched in 2018, Clear Street’s mission is to build better infrastructure to improve market access for all participants. The firm started with a prime brokerage platform for institutional investors. With this additional capital, Clear Street will be able to expand its capabilities to serve fintechs, market makers, and professional traders.

“We founded Clear Street to replace the outdated tech infrastructure being used across capital markets,” said Chris Pento, Co-Founder and Chief Executive Officer at Clear Street. “It shouldn’t take six months to open an account or a year to begin trading a new asset class. Clients are demanding better technology and better service. Clear Street is stepping up to address this issue head-on. Our cloud-native platform provides the services and data that investors need to compete in today’s markets.”

Sachin Kumar, Co-Founder and Chief Technology Officer added, “We started with prime brokerage, an area where we had experienced the frustrations caused by operating on outdated technology first-hand. As we built out prime services, we realized that 80% to 90% of the infrastructure used to service prime brokerage customers is the same infrastructure used by other market participants, like fintech app developers or market-makers. We’ve focused heavily on creating platforms that are API-first, such as clearing, settlement and custody, so that we can scale to other parts of the market.”

The Series B round marks Clear Street’s first venture capital raise since inception and brings its valuation to $1.7 billion. Since the beginning of 2021, Clear Street experienced a 220% increase in financing balances, and 510% growth in equity transactional volume. Today, Clear Street’s architecture processes more than $3 billion in daily trading volume.

https://www.accesswire.com/viewarticle.aspx?id=702330

Viola Credit Closes $700M for its Alternative Lending Income Funds

Leading global credit asset manager has deployed to date over $1.1B in structured, asset backed loans to FinTech companies disrupting traditional financial markets

TEL AVIV, Israel, May 26, 2022 /PRNewswire/ — Viola Credit, a global alternative credit asset manager providing customized credit solutions to technology companies and FinTech lenders, announced the final closing of the Viola Credit Alternative Lending Income Fund II (ALF II) with $700 million of investable capital including its flag ship fund and related managed accounts. ALF II will follow the strategy of its prior vintage and will provide minimally dilutive asset-based lending capital solutions to emerging and established global FinTech, PropTech, and InsurTech companies that are disrupting traditional financial markets.

The FinTech sector gained significant momentum in 2021 with global FinTech funding reaching a record $132B and the global FinTech unicorn count hitting 235, up 108% from 2020. Financial markets are undergoing digital transformation giving rise to non-bank and alternative lending companies and in 2021 alone, FinTech Lenders originated in excess of $120 billion in loans.

ALF II will continue to enjoy its robust network and deep long-standing relationships with the technology ecosystem to provide asset backed lending transactions for FinTech platforms to scale their origination business. The fund will partner with FinTech platforms across the US, Western Europe, UK, Australia, and New Zealand that disrupt traditional lending sectors. As of the final close, the fund has already called more than 40% of its capital commitments and plans to partner with 13-15 additional Fintech platforms.

https://www.prnewswire.com/il/news-releases/viola-credit-closes-700m-for-its-alternative-lending-income-funds-830463693.html

Singapore’s 1982 Ventures closes oversubscribed debut $20M Southeast Asia FinTech fund

1982 Ventures, a Singapore-based early-stage venture capital firm, on Thursday announced the final close of its debut seed fund with over $20 million in committed capital.

The fund was heavily oversubscribed as 1982 Ventures was targeting to raise a total corpus of $15 million, 1982 Ventures said in a statement.

“We are accelerating our pace of investments despite current market sentiment. Early-stage Southeast Asia FinTech remains the most attractive sector for venture capital,” said Herston Elton Powers, Co-Founder and Managing Partner of 1982 Ventures.

Established in early 2020, 1982 Ventures has led and invested in 25 startups across Southeast Asia, Pakistan and Bangladesh. The fund has a core focus on seed stage fintech startups in Southeast Asia.

By the end of 2021, 1982 Ventures’ portfolio had made a return of nearly 3 times, with first round investments in Brick, Infina (YC S21), Homebase (YC W21), Wagely, Go Zayaan, Lista, Bluesheets, and Monit, among many others.

Their first fund has been backed by global venture capitals, institutions, corporates and family offices. Notable investors in 1982 Ventures debut fund include the family office of one of Indonesia’s largest conglomerates, Indonesia’s Trihill Capital, United States fintech unicorn Carta, Asia’s leading multinational Genting Group’s Venture arm, United States fund of funds First Close Partners and rali cap.

Q&As with Dmitry Tsymber of MultiPass and Karim Rabbani of RGAX; Early Stage European FinTech deal this week include TransferMate, Elwood Technologies, in3, MarketFinance, Modulr and Thought Machine

European FinTech deal this week include TransferMate, Elwood Technologies, in3, MarketFinance, Modulr and Thought Machine

We feature Q&As with Dmitry Tsymber of MultiPass and Karim Rabbani of RGAX

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

7 Questions with Dmitry Tsymber of MultiPass

1. Tell us a bit about yourself and your company.

I’m Dmitry Tsymber, a Co-Founder of Dyninno Group and a founder of the group’s latest venture in the neo-banking space – MultiPass. I can describe myself as a seasoned CEO with 25 years of experience in retail banking and consumer finance. My expertise and interests lie in FinTech and international business scale-up

http://www.fintechforum.de/7-questions-with-dmitry-tsymber-of-multipass/

7 Questions with Karim Rabbani of RGAX

1. Please tell us a bit about yourself, both at work and leisure.

I’m a Senior Analyst in the Ventures & Acquisitions team of RGAX, based out of Amsterdam. RGAX is the transformation engine of RGA, promoting and accelerating innovation within the Life and Health insurance sectors by means of organic and inorganic initiatives. RGA is one of the largest global life and health reinsurance companies.

I joined the organization in 2018 to support the EMEA region on deal sourcing activities, executing partnerships and managing our portfolio of 30+ startups globally.

Prior to joining RGAX I worked in Corporate Banking at ABN AMRO and in Port Logistics at the Port of Rotterdam. I hold a Master Degree in Business Management from Cass Business School in London and a Corporate Communication’s Master from the University of Amsterdam.

Personally, I enjoy travelling and experiencing new cultures. I’m also a sports fan and play soccer and squash. In addition, I volunteer for a foundation that promotes dialogue and understanding between the Arab World and Europe through education.

http://www.fintechforum.de/7-questions-with-karim-rabbani-of-rgax/

TransferMate Raises $70M in Funding

TransferMate, a Dublin, Ireland-based provider of a B2B payments infrastructure as-a-service, raised $70M in funding at $1BN valuation.

Railpen, one of the UK’s largest and longest established pension funds whose Fintech investments include Starling Bank and Bill.com, participated in the round.

The company intends to use the funds to expand its teams globally and further invest in its technology innovation and product suite.

Led by CEO Sinead Fitzmaurice, and Founder Terry Clune, TransferMate – a subsidiary of CluneTech — is a provider of B2B payments infrastructure as a service, enabling companies to send and receive cross-border payments. It allows businesses and individuals to make cross-border payments in more than 201 countries and 141 currencies, with transparency of the transaction through to the point of final reconciliation. The company has created integrations for banks like ING and AIB, who are also investors. The API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieve time and financial savings.

British crypto trading platform raises $70 million from Barclays and Goldman Sachs

Cryptocurrency trading platform Elwood Technologies founded by British hedge fund billionaire Alan Howard has raised $70 million in funding. The round was co-led by B2B investor Dawn Capital and Goldman Sachs, with participation from Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures. The present financing valued the six-year-old company at over $500 million.

Aimed to meet the needs of institutions seeking exposure to digital assets, the British digital asset platform’s end-to-end platform provides low-latency connectivity to global crypto exchanges and deep liquidity via one single API.

James Stickland, CEO, Elwood Technologies, said: “The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers. Together, we aim to provide broader mass market involvement in digital assets and cryptocurrency. We look forward to working with our investors to further enhance our offerings and broaden their market adoption.”

Mathew McDermott, global head of digital assets, Goldman Sachs, added: “Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.”

https://tech.eu/2022/05/16/british-crypto-trading-platform-raises-70-million-from-barclays-and-goldman-sachs

in3 Raises $85.3M in Series B Funding Round

in3, an Eindhoven, Netherlands-based Buy-Now-Pay-Later’ (BNPL) fintech company, raised $85M in Series B funding.

The round was led by Force over Mass, Waterfall Asset Management and Finch Capital. 

The company intends to bus the funds to scale operations and business reach.

Founded in 2018 by CEO Hans Langenhuizen, n3 provides more than 1,500 online and offline merchants with Buy Now Pay Later  payment solutions. Working with payment partners, it offers consumers the ability to pay for purchases in three instalments at zero costs: no interest – or transaction costs and without credit registration.

Current customers include Kwik Fit, EP, La Souris, Matt sleeps, Dekbed-Discounter among others.

MarketFinance raises £100 million debt financing from Deutsche Bank to fund UK SMEs

The UK fintech is offering businesses access up to £500,000 within less than 24 hours of applying, to help them hit their business targets and manage cash flow as lending to small businesses falls to lowest levels on record

The Federation of Small Businesses (FSB)’s quarterly Small Business Index (SBI) recently revealed that lending to the U.K. businesses has hit an all-time low with fewer than one in ten (9%) small firms applying for finance in Q1 2022 – the lowest proportion since SBI records began.

Hot on the heels, London-based fintech credit and payments company MarketFinance has topped up with £100 million in a debt raise from Deutsche Bank. The company will use the new cash to offer new lending to support the U.K. SMEs with their investment and working capital needs. This will include loans to the 3.2 million under-served sole traders and partnerships in the U.K.

According to the fintech, the U.K. SME borrowers will now be able to access between £10,000 and £500,000 within 24 hours of applying to aid their growth plans.

https://tech.eu/2022/05/19/marketfinance-raises-ps100-million-debt-financing-from-deutsche-bank-to-fund-uk-smes/

UK Fintech Modulr Finalizes $108M Series C Led by General Atlantic

Modulr, an embedded payments platform for digital businesses, recently announced that it has raised $108m (£83m) in Series C funding that was led by General Atlantic, a global growth equity firm.

The investment round also “included significant participation from existing investors including Blenheim Chalcot, Frog Capital, Highland Europe, and PayPal Ventures.”

As covered, Modulr claims to be a pioneer in the provision of embedded payments “across a range of vertical markets.”

Its technology “enables businesses to build payments directly into their own platforms without needing to build complicated payment systems, become regulated themselves or manage the complexities of payment network membership.”

Modulr delivers payments infrastructure for over 200 top-tier customers, “including Revolut, Wagestream, Sage and BrightPay, and their millions of customers.”

Modulr has seen significant user growth and adoption, “now processing an annualised transaction value of more than £100bn.”

It has a deep understanding of embedded payment requirements “in specific vertical markets undergoing digital transformation including accounting & payroll, travel, and hyper growth markets like next generation banking and fintech.”

Modulr intends to “use the funding to accelerate its geographic footprint, extending its client and partner coverage in existing and new market verticals in the UK and Europe.”

The funding is anticipated “to help Modulr stay at the forefront of innovation in the automation of real-time embedded payments, further expanding the use of Account-to-Account payments and Open Banking payments as well as providing actionable data insights and seeking to broaden its suite of services for current and future customers.”

https://www.crowdfundinsider.com/2022/05/191294-uk-fintech-modulr-finalizes-108m-series-c-led-by-general-atlantic/

Thought Machine dreams big with $160 million in Temasek-led round

London-based Thought Machine has raised $160 million in a Series D funding round led by Temasek. Through its big thinking software solutions, the startup helps banks and financial institutions transition away from legacy IT systems. Building upon successful market entries in New York, Singapore, and Australia, the new capital will be used to carry the momentum, with APAC markets Vietnam, Thailand, Indonesia, and the Philippines on tap. Thought Machine is now valued at $2.7 billion, a figure up 100% in just six months.

Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides modern, cloud-native core banking technology to some of the largest financial institutions around the world including investors and clients, Intesa Sanpaolo, Lloyds Banking Group, ING, SEB, and Standard Chartered.

An early investor and participant in this round, Lloyds Banking Group has announced that it will extend its license agreement with the startup through 2029.

Joining Temasek’s lead, the round saw participation from Intesa Sanpaolo and Morgan Stanley, as well as follow-on investments from existing investors including Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB.

“We are investing c.£40m into Thought Machine, a fintech innovator and partner we consider strategic to the industrial upgrade of Intesa Sanpaolo. Their cloud-based technology is fundamental to our transformation from incumbent to digital challenger, improving our core banking technology and providing the foundation for our new digital bank, Isybank,” commented Intesa Sanpaolo managing director and CEO Carlo Messina.

https://tech.eu/2022/05/19/thought-machine-dreams-big-with-160-million-in-temasek-led-round/

Ebury Acquires Bexs to Expand Global Payments to Brazil

Ebury, the Banco Santander-backed provider of corporate banking services to SMEs that trade globally, has reportedly agreed to acquire Bexs in a deal that further expands its international payments offering to Brazilian markets.

The transaction, currently subject to regulatory clearance, reportedly includes the companies Bexs Banco (foreign exchange) and Bexs Pay (payments), widening Ebury’s product offering of global funds transfer solutions for small businesses.

Bex will also assist with offering all-digital services to companies that sell their products online in Brazil, especially marketplaces, applications, and software firms.

Bex was established back in 1989 as Didier Corretora de Câmbio, becoming a foreign exchange bank in 2010.

Then in 2012, it introduced its cross-border digital commerce tech and almost 4 years ago, it became an API platform, enabling direct integration of its systems with key players in the digital world (in Brazil and other jurisdictions).

The company’s tech allows smaller digital commerce firms based in China to sell in Brazil through a marketplace and accept payments directly in US dollars or another major foreign currency.

As mentioned in the update, a social network may use the platform to ensure a steady flow of compensation to influencers, a transaction type with (usually) a high volume of micropayments with currency conversion.

https://www.crowdfundinsider.com/2022/05/190966-ebury-acquires-bexs-to-expand-global-payments-to-brazil/

Berlin-based Earlybird gets 2 new unicorns and closes new megafund at €350 million

We are (somehow) almost halfway through 2022 and Europe’s startup ecosystem is continuing to grow this year at an exciting pace. Contributing to this is, of course, the close of big funds that help startups scale and find success. These funds are a great vital sign of health in Europe’s innovation community.

Today, Earlybird Venture Capital has closed its seventh early-stage fund out of the firm’s Digital West investment team at a cap of €350 million – making it one of Europe’s largest early-stage funds! Earlybird is further consolidating itself as one of Europe’s leading VC firms in Europe as it has also just witnessed the birth of two new unicorns in its portfolio. Founded in Berlin in 1997, Earlybird is investing in innovation and entrepreneurship that’s shaping society for good.

Hendrik Brandis, Partner & Co-Founder at Earlybird: “Our portfolio companies Isar Aerospace, Aleph Alpha, Marvel Fusion or SimScale show that deep tech startups are on the rise and stem from continuous work of scientific institutions across Europe. Our role is to offer these highly scientific young companies, besides our other focus sectors such as Fintech, Enterprise Software and Sustainability, commercialization and growth opportunities on a global scale, in order to make ground-breaking ideas available to society.”

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

7 Questions with Dmitry Tsymber of MultiPass

1. Tell us a bit about yourself and your company.

I’m Dmitry Tsymber, a Co-Founder of Dyninno Group and a founder of the group’s latest venture in the neo-banking space – MultiPass. I can describe myself as a seasoned CEO with 25 years of experience in retail banking and consumer finance. My expertise and interests lie in FinTech and international business scale-up.

2. Give us the backstory – how did you get the founding idea, and how did the first sale come about?

Since the start of my career, I’ve been in banking and financial services – I have managed operations globally and led different companies through exponential growth and restructuring. In 2015 I became a co-founder of Dyninno Group by launching one of its three main divisions – FinTech.

MultiPass is the latest addition to Dyninno FinTech; it was originally created as a shared payment solution for all Dyninno businesses and in just a few years, after having secured in-house services, it became attractive to the group’s partners worldwide. So basically, our first sale happened organically through our closest contacts.

Reacting to customer demand, we have evolved into a market-fit product that now helps companies from more than 50 markets to speed up their payment processes.

Simply said, MultiPass became an Authorised EMI that now helps companies to manage their bank transfers in foreign markets seamlessly. We take the stress and hassle off the shoulders of various companies globally, and we do this by using scalable proprietary technology with a branch-like client experience based on our group’s contact centre infrastructure.

3. What were the biggest challenges in starting?

The biggest challenges were connected with gaining clients’ trust when competing with traditional banks. However, banks have issues with speed, flexibility and discriminatory pricing to our target segments. This is where we can complete. As a person who comes from the banking industry, I know the underlying processes and how things are done at big banks “from the inside”. So we need to work extra hard to win the trust via better functionality, better service, and better pricing.

Good news, there is a real need from our clients that we can resolve. Far too often international trade is considered by the banks as complicated, especially when it comes to mid-sized clients. Hence, there are many restrictions and hurtles. Add to this low responsiveness to client requests and hidden fees, like bad currency exchange rates, and you can feel the pain the majority of our clients feel when dealing with traditional banks. Learning from Dyninno Group, we figured out the way to build must-needed trust with our potential clients. We invested in scalable payment, risk management and customer service systems, and real-life personal support. We combine what new technologies and regulations can offer – a fully distant and digitalized onboarding, multi-channel communication, and open banking solutions with a branch-like experience at the place it is most needed. Since a dedicated account manager who knows the company and its business gets assigned, the client can find the most efficient and secure solution.

When we started, we were simply servicing the company’s needs since it was operating globally. Then we realised that there is a demand from companies that operate like us because the regular service is restrictive and so-to-say stubborn. That’s why we say that it’s empowered by technology and delivered by people.

4. What areas within FinTech do you personally find most interesting and why?

Neo-banking – due to its technology usage and ability to provide more efficient international payments. Since technologies are evolving, the norms of traditional banking are changing, so we are now seeing a significant shift in how payments are initiated and processed. And disruption happens in many sub-sections in payments, starting with P2P payments and finishing with global remittance platforms. It is also clear that technological improvements have affected consumers and the B2B environment, which I find very exciting. And I think there is a lot of future potential there. Back when I was working for banks, some changes were starting to take place, and I see them being realised only now – 20 years later. This is way too rigid, slow, and inefficient.

5. Which are the key trends and opportunities in (European) financial services?

What we can see now is that Embedded Finance has moved onto the stage of implementation across several industries and I expect the wider industry to embrace it both in the corporate as well as consumer sectors. This will result in frictionless transactional flow and increase efficiency and product/service satisfaction across the sectors. My personal favourite example is Amazon Fresh shops in London, where I can scan my App upon entering the shop and leave all the billing and charging to the automated systems.

6. What’s on your bookshelf/reading list?

I have three at the moment – all three books help you survive in Fintech, which is dynamic and fast-changing. Whatever is today doesn’t mean it will be there tomorrow, and these books shine a light on helping you focus on the most important things.

Zero to One by Peter Thiel & Blake Masters and Good to Great by Jim Collins are my reading Bibles. As you read these books, you understand that making things great takes a journey of a thousand septs. People are usually looking for quick and easy things, like a “silver bullet” that will win it all – like “how to get rich in one month”. It doesn’t work like that, and people are usually discouraged by that attitude. It’s all about repeating and improving.

Another one that sits on my table is Getting Things Done by David Allen, which focuses on the art of stress-free productivity. So this is more of an operational book.

7. What tip would you like to give FinTech entrepreneurs?

I have three pieces of advice:

  1. Stay focused. That’s number one because lack of focus is going to kill you.
  2. Innovation is not invention. You don’t have to develop the new Coca Cola; you can take something existing and make it better.
  3. The team is your core & key. Hire strategically, and focus on mixing your talent pool so they can look at your business from different angles & tackle various problems.

B2B FinTech Radar: 25th May 2022

On the radar this week:

Q&A with Teo Blidarus of FintechOS

Quantifeed, an Asian wealth management software provider, raised a Series C.

Former regulators join $45 million round in crypto risk platform Solidus Labs

Elwood, a UK digital asset platform for financial institutions, raised $70 million from investors including Barclays and Goldman Sachs.

Unit, a banking-as-a-service provider, raised a $100 million Series C at a $1.2 billion valuation.

Thought Machine, a UK B2B core banking provider, raised $160 million at a $2.7 billion valuation.

Xendit, a Southeast Asian payments infrastructure company, raised a new $300 million round of funding.

Q&A with Teo Blidarus of FintechOS

1. Tell us a bit about yourself and your company.

I am Teo Blidarus, CEO and co-founder of FintechOS. We allow banks and insurers to create customer-centric digital financial products and services using our digital on top and lean core solutions. Many financial institutions who want to innovate quickly are underserved or ill-served by current vendors. Our low-code, modular approach augments legacy systems and allows institutions to build, test and scale new digital products and services in weeks, rather than months.

http://www.fintechforum.de/teo-blidarus-of-fintechos/

HSBC Asset Management has led a round of funding for Quantifeed, an Asia-based wealth management software player.

The alternative investments business at HSBC Asset Management, called HSBC Alternatives, led a series C funding round in Quantifeed, which provides white-labeled platform software for financial institutions, the company said in a press release Thursday. In addition, Daiwa PI Partners was an investor in the round, while current shareholders Franklin Templeton and LUN Partners Group also invested, the release said.

Quantifeed declined to disclose the quantum of the round to finews.asia.

Hiring Plans: The company said the funds are earmarked to bolster its services for advisors, portfolio managers and end-customers, with improvements to portfolio design, advice and trading products as well as adding new asset classes, such as structured products, private equity and digital assets. Quantifeed said it planned to speed up hiring, particularly in Japan and Southeast Asia.

So far, Quantifeed operates in Hong Kong, Singapore, Japan, Australia and India, and has deployed its QEngine product for wealth management to clients including DBS Bank in Singapore, MUFG Bank in Japan and Cathay United Bank in Taiwan, the release said.

Quantifeed’s series B investors included Legg Mason, Cathay Financial Holding, YungPark Capital and Cyberport Hong Kong, according to data from Crunchbase. Previous funding rounds raised a total of US$14.5 million from eight investors, the data showed.

HSBC Asset Management had US$640 billion under management as of end-2021, according to the asset manager’s website.

https://www.finews.asia/finance/36913-hsbc-am-invests-in-wm-software-player-quantifeed

Former regulators join $45 million round in crypto risk platform Solidus Labs

Solidus Labs, a digital asset risk surveillance firm founded by ex-Goldman Sachs engineers, has secured a $45 million B round led by Liberty City Ventures and joined by Evolution Equity Partners, Declaration Partners, and angels including former US Acting Comptroller of the Currency Brian Brooks and former CFTC Chairman Christopher Giancarlo.

The New York-based firm seeks to transform financial risk monitoring, beginning with the new challenges posed by crypto and digital asset markets. Solidus’ clientele includes top crypto firms as well as traditional financial institutions and regulatory agencies.

The announcement comes on the backdrop of record breaking crypto and DeFi adoption – with some estimates placing total value locked (TVL) in DeFi at more than $200 billion in the beginning of 2022 – which has seen Solidus Labs quadruple its team over 2021 amid massive demand.

In March, the firm unveiled its all-in-one crypto-native risk monitoring suite, Halo, which is currently monitoring more than one trillion trading events per day in more than 150 markets. The platform deploys over 50 different proprietary market abuse typologies, shielding investors and safeguarding crypto businesses from new threats unique to the crypto and decentralized finance space.

“For Web3 and the DeFi economy to truly fulfill their massive potential, there’s a need to mitigate new risks – both in terms of liquidity enablement and on the consumer and investor protection side. This is where Solidus’ crypto-native solutions come into play, and the reason we’ve been experiencing a 560% year-over-year revenue increase,” says Asaf Meir, Solidus’ founder and chief executive. “The additional funds will allow us to support the growing cohort of financial institutions looking to expand into the DeFi space, accelerate the deployment of our threat intelligence capabilities, and expand our R&D to solve a fast-growing array of DeFi specific use-cases and needs.”

https://www.finextra.com/newsarticle/40250/former-regulators-join-45-million-round-in-crypto-risk-platform-solidus-labs

Barclays and Goldman Sachs invest in digital asset platform Elwood

Barclays and Goldman Sachs have joined in a $70 million funding round in Elwood Technologies, the intsitutional-grade digital asset platform founded by British hedge fund billionaire Alan Howard.

The round was co-led by Europe’s largest B2B investor Dawn Capital and Goldman Sachs, with participation from Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.

Elwood’s end-to-end OMS/EMS/PMS platform provides low-latency connectivity to global crypto exchanges and deep liquidity via one single API. Full reporting and analytics and dedicated customer support round out the package.

James Stickland, CEO of Elwood Technologies, comments: “The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers. Together, we aim to provide broader mass market involvement in digital assets and cryptocurrency. We look forward to working with our investors to further enhance our offerings and broaden their market adoption.”

Forecasts by Goldman Sachs’ analysts in January that a single bitcoin could hit a $100,000 valuation now look overcooked in the current crypto market rout. Despite the market setbacks, the bank remains confident that insitutional demand for digital asset investments will continue to grow.

Mathew McDermott, global head of digital assets at Goldman Sachs, says: “Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.”

https://www.finextra.com/newsarticle/40252/barclays-and-goldman-sachs-invest-in-digital-asset-platform-elwood

Banking-as-a-service startup Unit closes on $100M at a $1.2B valuation

Unit, a banking-as-a-service startup, has closed on a $100 million Series C round of funding led by Insight Partners.

Existing backers Accel, Better Tomorrow Ventures and Flourish Ventures also participated in the financing, which values the company at $1.2 billion. The raise follows a $51 million Series B financing that was announced last June, and brings its total equity raised since inception to nearly $170 million.

Founders Itai Damti and Doron Somech started Unit, which has dual headquarters in Tel Aviv and New York City, in late 2019. The pair spent the first year stealthily building out the technology with the mission of giving companies a way to embed financial services into their product, accelerating their time to market.

In other words, Unit touts that companies using its technology in a variety of industries — such as freelance or creator economy and personal financial management, for example — can build financial products directly into their software. This gives them the ability to build and launch next-gen bank accounts, cards, payment and lending products.

Unit has seen its transaction volume grow by 7x over the last six months. The startup has crossed an annualized transaction volume of $2.6 billion, issued over 430,000 cards to over 330,000 customers, and saw a 10x increase in deposit volumes.

Damti and Somech are no strangers to growing companies. The duo previously started — and bootstrapped — Leverate, a Tel Aviv-based B2B trading tech provider.

The raise is further evidence that startups that enable other companies to offer financial products are among the most well-funded in the fintech world these days. Last week, TechCrunch reported on Dock, a Brazilian fintech infrastructure provider that raised $110 million at a valuation of over $1.5 billion. The startup operates a full-stack payments and digital banking “platform” across Latin America.

Thought Machine Raises $160 Million in Series D  

Thought Machine, a London, UK-based fintech company that builds cloud-native technology to revolutionize core banking, raised $160 million in a Series D funding, after 6 months since the series c round, now valued at $2.7 billion.

The round was led by Temasek, participation from Intesa Sanpaolo and Morgan Stanley, as well as follow-on investments from existing investors including Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB. 

The new capital will be used to carry the momentum, with APAC markets Vietnam, Thailand, Indonesia, and the Philippines on tap.

Company: Thought Machine Group Limited

Raised: $160.0M

Round: Series D

Funding Month: May 2022

Lead Investors: Temasek

Additional Investors: Intesa Sanpaolo and Morgan Stanley, as well as follow-on investments from existing investors including Eurazeo, ING, JPMorgan Chase, Lloyds Banking Group, and SEB

Company Website: https://www.thoughtmachine.net/

Software Category: Core Banking Software

About the Company: Founded in 2014 by former Google engineer Paul Taylor, Thought Machine provides modern, cloud-native core banking technology to some of the largest financial institutions around the world including investors and clients, Intesa Sanpaolo, Lloyds Banking Group, ING, SEB, and Standard Chartered. Thought Machine describes itself as a cloud-native core banking technology firm and is selling cloud-based banking infrastructure to old and new banks as they look to offer their customers services via the cloud, moving away from the mainframe, legacy banking tech (in the case of old school banks) or offering cloud-based services from the get-go in the case of challenger banks and fintech startups. 

https://www.thesaasnews.com/news/thought-machine-raises-160-million-in-series-d

Southeast Asian payments infrastructure unicorn Xendit banks $300M

Xendit, a payments infrastructure platform for Southeast Asia, has raised $300 million in fresh funding. The company’s new valuation wasn’t disclosed, but it hit unicorn status in its last round of funding in September 2021. The new round brings its total raised to $538 million and was led by Coatue and Insight Partners, with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Goat Capital.

Part of the funding will be used to expand into new markets, like Thailand, Malaysia and Vietnam. The company, which bills itself as “the Stripe of Southeast Asia,” also plans to add value-added services in addition to payments, like working capital loans. Xendit now has more than 3,000 customers, including Samsung Indonesia, GrabPay, Ninja Van Philippines, Qoala, Unicef Indonesia, Cashalo and Shopback.

The company says that over the last year, it grew annualized transactions from 65 million to 200 million, and increased total payments value from $6.5 billion to $15 billion. Xendit has made several strategic investments in companies that serve startups and SMEs, including private bank Bank Sahabat Sampoerna in Indonesia and payment gateway Dragonpay in the Philippines.

Xendit was founded in 2015 by chief executive officer Moses Lo and chief operating officer Tessa Wijaya.

For people who aren’t familiar with Southeast Asia’s fragmented payments landscape and the challenges its poses for businesses, Wijaya explained that “while the U.S. builds everything around credit cards, you just cannot do that in Southeast Asia. Credit card penetration is extremely low especially in countries like Indonesia, so we have to help merchants offer alternative payment methods.”

Fintech Firm Q2 Is Weighing Options After Takeover Interest

Q2 Holdings Inc., a banking-software provider, is weighing options including a sale after receiving takeover interest, according to people familiar with the matter.

The Austin-based company, which is working with a financial adviser, is fielding interest from potential private equity buyers, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and Q2 could opt to remain independent.

Q2 shares climbed as much as 11% after being temporarily halted in New York trading Tuesday. They traded around $46.10 apiece at 11:29 a.m., giving the company a market valuation of about $2.6 billion. Prior to the report, they dropped as much as 5.8% on the day and were down more than 55% in the past year.

A representative for Q2 didn’t immediately respond to requests for comment.

Private equity firms, with mountains of cash to put to work, have been aggressively pursuing software providers, which tend to generate steady cash flow. A dip in financial technology stocks in particular has also created buying opportunities. Thoma Bravo has approached banking software specialist Temenos AG about a takeover, Bloomberg News reported last month.

Q2 offers cloud-based digital banking, lending and other services to banks, financial technology firms, alternative finance providers and other clients. One of its main products, Helix, helps companies that want to be in banking, such as Betterment and Credit Karma Inc., offer finance products from checking accounts to debit cards, according to its website.

https://finance.yahoo.com/news/fintech-firm-q2-weighing-options-153056045.html

SBI Holdings to buy controlling stake in BITPoint for about $99 million, Cryptonews reports

Japanese securities and banking giant SBI Holdings will buy a controlling interest in BITPoint Japan, a crypto trading platform and domestic rival of SBI VC Trade, from its parent company, Cryptonews reported on Saturday, citing Nikkei’s Japanese news service.

SBI will buy a 51% stake of BITpoint from Remixpoint for $98.6 million. BITPoint’s market value was estimated at more than $193 million, the report said.

Remixpoint said it will “form a capital and business alliance” with SBI to expand its business through crypto collaboration, according to the report. SBI will also take a 5% stake in Remixpoint.

The report noted that the deal involves a provision that would entitle Remixpoint to receive future compensation if BITPoint meets a number of financial goals.

https://www.theblockcrypto.com/linked/146991/sbi-holdings-to-buy-controlling-stake-in-bitpoint-for-about-99-million-cryptonews-reports

Q&As with Multiverse Computing and AB Accelerator; Early stage European FinTech deals this week include Stanhope, Scalapay, Argent, Kevin, Starling Bank, Paddle

European FinTech deal this week includes Stanhope, Scalapay, Argent, Kevin, Starling Bank, Paddle

We feature Q&As with Enrique Lizaso Olmos of Multiverse Computing and Hala Zahran of AB Accelerator

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

7 Questions with Enrique Lizaso Olmos of Multiverse Computing

1. Tell us a bit about yourself and your company.

Multiverse Computing. Largest European Quantum Software Company. Backed by the European Investment Council and large VC. Third largest in the world after two American not-so-much-larger competitors. Delivering solutions to financial problems in optimization, machine-learning and pricing that are not correctly answered (or even not answered) with classical computers. Problems that range from $200-300 to $3B in impact in net income. Working for large customers (Top 10 Banks in the world), appeared in the Boston Consulting Group reports, The Economist, Forbes… Single European Company in McKinsey’s Quantum global Technology Council. 24 new patents/year, 34 people now, we are nearly 3 yr old!

Me: Mathematician, 20+ yr in finance (also Computer Engineer, PhD in biostatistics, MBA from IESE Business School -and also MD, yep). I can just speak when my Physics cofounders let me do 

http://www.fintechforum.de/7-questions-with-enrique-lizaso-olmos-of-multiverse-computing/

7 Questions with Hala Zahran of AB Accelerator

1. Please tell us a bit about yourself, both at work and leisure.

I am an early stage investor focusing on FinTech primarily B2C in MENA and B2B globally. I also spend a lot of time thinking and reading about the future of finance and ways technology can close the wealth gap across the globe and improve lives. I am a strong believer in the power of many, and the depth and breadth of the impact collaborative ecosystems and communities can have. I seek such opportunities.

http://www.fintechforum.de/questions-with-hala-zahran-of-arab-bank/

Stanhope Financial Group Raises USD10M in Series Funding

Stanhope Financial Group, a Dublin, Ireland-based global fintech company that provides businesses with a full suite of banking services, raised over USD 10m in Series A funding round.

The round was led by Gate Ventures.

The company intends to use the funds to develop its product offerings, strengthen the management team, increase its market share, and prepare for the launch of its upcoming affiliate digital assets division, SH Digital.

Led by Kevin von Neuschatz, Group CEO, and Mohit Davar, Executive Chairman, Stanhope Financial Group operates:

SH Payments, licensed as an Electronic Money Institution, which offers businesses banking services to send and receive money globally, including FX, multi-currency accounts, and innovative payments solutions

SH Capital, licensed in the DIFC, Dubai, which allows institutions and family offices to gain access to premium global investment products across all capital markets

SH Digital, which offers cryptocurrency liquidity and trading services.

Stanhope Financial Group has also been granted financial services licences by both the Bank of Lithuania and (IPA) by Dubai Financial Services Authority (DFSA).

Scalapay Raises $27M USD in Funding

Scalapay, an Italian Buy Now – Pay Later provider, raised $27M USD in funding in a Series B extension.

Poste Italiane made the investment.

This funding, an extension of Scalapay’s $497M USD Series B fundraising round, which was announced in February 2022, will go towards the continued expansion and development of the team, product development, and brand building. The company is also planning on expanding its executive team and company board. The additional funding brings total funding to date to $727M USD.

Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, without interest. Their BNPL offerings include three options for customers (Pay in 3, Pay in 4, and Pay Later) in which customers are not required to make any payments upfront, and can instead opt to pay in 3 installments, 4 installments, or entirely after 14 days. They are making the purchasing experience more delightful and easy for customers by lightening the financial impact.

Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, in three convenient pleasurable installments, without interest.

Argent decodes $40 million to scale DeFi and Web3 super app globally

The UK-based platform is building a single app for all things DeFi and Web3, and is actively exploring new features and verticals, including virtual real estate, gaming, DAOs and NFTs

London-based wallet for Ethereum-based digital currencies and blockchain applications, Argent has raised $40 million in funding to accelerate its mission to build one app for all things DeFi and Web3. The Series B round was led by Fabric Ventures and Metaplanet, with existing investors Paradigm, Index Ventures and Creandum and strategic investors, including Starkware, Jump and Animoca.

Founded in 2017, the platform is enabling customers to buy, trade and earn crypto at the tap of a button, reducing transaction fees from hundreds of dollars to cents, eliminating dated security measures, such as seed phrases, and all within a simple and clean user interface.

Since the launch of its new Layer 2 account last year, it has attracted more than 500,000 users. Going forward, the platform is building a single app for all things DeFi and Web3, and is actively exploring new features and verticals, including virtual real estate, gaming, DAOs and NFTs. 

Itamar Lesuisse, co-founder and CEO, Argent said: “For crypto to live up to its potential, it needs to break the stranglehold of big exchanges and incumbent wallets. The experience is too scary, expensive and insecure for most people. Argent fixes this.”

https://tech.eu/2022/04/28/argent-decodes-40-million-to-scale-defi-and-web3-super-app-globally/

Accel backs Vilnius startup with $65 million

Lithuanian fintech startup that provides advanced account-to-account (A2A) payment infrastructure to replace costly card transactions, Kevin. has raised $65 million in funding.

The Series A round was led by Accel, with participation from Eurazeo and existing investors, including OTB Ventures, Speedinvest, OpenOcean and Global Paytech Ventures. Other angel investors including Harry Stebbings, founder of 20VC; Ilkka Paananen, CEO and co-founder of Supercell; Amitabh Jhawar, former CEO of Venmo also participated.

The Series A funding comes just six months after the company secured its $10 million seed round and brings the total funding raised to $77 million.

Founded in 2018, kevin. offers innovative and convenient payment solutions that eliminate unnecessary intermediaries in the payment process. The company has taken advantage of the huge opportunity presented by open banking. Recently, the startup also dabbled in payments at point-of-sale terminals in physical stores by introducing NFC A2A payment solution with a seamless user experience comparable to that of a card payment.

https://tech.eu/2022/05/03/accel-backs-vilnius-startup-with-65-million/

Starling Bank Raises £130 Million at £2.5 Billion Valuation

Starling Bank, a top digital bank operating in the UK, has raised more money. According to multiple reports, Starling has raised £130 million at a £2.5 billion valuation. It was reported that Starling may use some of the new money to target acquisitions to complement its digital banking operations.

Goldman Sachs Growth Equity was said to lead the round as part of an extension of a Series D round from last year that valued Starling at £1.1 billion. As the valuation has jumped by more than 2X, it probably should be described as a Series E.

Anne Boden, CEO and founder of Starling, was quoted last month on the digital banks stellar growth. Boden stated: “We’ve had some big successes recently, we now have 7.5% market share of the SME market in the UK and we’ve done that in just four years. We’re now the most switched to bank in the UK in the last four quarters. More people are switching to Starling than any other bank and 68% more than our next competitor Lloyds Bank.”

According to Starling’s website, it has over 2.8 million individual accounts. At the beginning of he year, Starling reported that deposit base now stands at £8.4 billion, up from £4.8 billion this time last year, while we’ve expanded our lending from £1.9 billion to £3.1 billion.

As for potential acquisitions, one report said that Starling was eyeing platforms in the lending sector.

https://www.crowdfundinsider.com/2022/04/190320-starling-bank-raises-130-million-at-2-5-billion-valuation/

Paddle Raises $200 Million in Series D Funding

Paddle, a London, UK-based provider of a complete payments infrastructure for SaaS companies, raised $200m in Series D equity and debt financing at a valuation of $1.4bn.

The round, which brings the total raised to date to $293m, was led by KKR, with participation from existing investors FTV Capital, 83North, Notion Capital, Kindred Capital, and debt financing from Silicon Valley Bank.

The company intends to use the funds to strengthen the growth of its platform and expand its business reach.

Led by Christian Owens, CEO, Paddle provides SaaS companies with a payments infrastructure platform which integrates checkout, payment, subscription management, invoicing, international taxes and financial compliance processes.

The payments infrastructure is used by over 3,000 software companies in more than 200 markets worldwide.

The company has a team of 275 across offices in London and New York, with more hires expected to match its acceleration as a business.

Irish tech unicorn Wayflyer buys funding platform for content creators

After Dublin-based revenue-based financing platform Wayflyer raised $150 million in an all-equity Series B funding round to join the unicorn club at a $1.6 billion valuation in February, the startup is inching up to expand its presence in the influencer marketing space. It has now acquired creator funding provider Peblo.

The new buy will enable individual creators to access up to $2 million in financing, and expects to advance over $500 million to creators over the next year.

Founded in 2019, Wayflyer offers financing and analytics solutions to e-commerce businesses. Following the deal, Peblo will remain a standalone brand and its team of six will join Wayflyer’s team.

There are around 2 million creators globally earning an average of $100,000 each per year. These creators often have to wait up to 120 days to get paid by their partnering brands, which restricts their ability to grow their business. Peblo solves this pain point by providing funding to creators, plugging the gap between upfront cost and client payment. Customers are able to view invoices, brand deals and outgoings on an easy-to-use platform. By enabling creators to pay expenses and increase their spend on content, the platform allows them space to pursue more ambitious brand deals and accelerate their growth. 

Peblo will also be able to efficiently connect influencers with relevant e-commerce brands through Wayflyer’s platform, making the process of selecting and brokering influencer agreements seamless.

https://tech.eu/2022/05/05/irish-tech-unicorn-wayflyer-buys-funding-platform-for-content-creators/

Neobank Bunq Acquires Belgian FinTech TriCount, Adding 5.4M Users

Neobank Bunq, by acquiring Belgian FinTech TriCount, will add 5.4 million new users, a company press release said, and become Europe’s second-largest neobank, behind Revolut. It will also be updating its app to add features.

The bank will also introduce features like Bunq Jackpot, which gives Dutch, German and French users three chances to win €10,000 every month by using the app.

The users will be able to increase their chances of winning by using Bunq cards, by adding and keeping money in their Bunq accounts, and through inviting friends.

The release also noted that there will be other in-app changes, including upgrading its Home and Community tabs. The Home tab will let users group accounts, cards and other things, to customize the app to meet their needs.

The Community tab will add to ways users can interact with Bunq and other users, with sharing and responding options for posts like a social media app. The release said this will let users improve the experience of the app for others through sharing experiences.

The bank has also been vocal about wanting to boost its mergers and acquisitions, and buying TriCount will let the bank add easy access to various features to help make managing money easier.

“TriCount’s commitment to simplicity, transparency and community perfectly aligns with our own values,” said Ali Niknam, CEO and founder of Bunq.

https://www.pymnts.com/acquisitions/2022/neobank-bunq-acquires-belgian-fintech-tricount-adding-5-4m-users/

January Ventures Closed $21M Fund II

January Ventures, a Boston, MA- and London, UK-based venture capital firm, closed its second fund, at $21M.

Fund II investors include institutions like Wellington Management, Bank of America, IDEAL Investments, and The Kapor Foundation.

The fund will continue investing in formation stage B2B software startups. Out of this new $21M Fund II, the firm plans to invest in 35 to 40 companies.

Led by Maren Bannon, and Jennifer Neundorfer, January Ventures provides funding and connects founders to an operator network with more than 100 tech leaders who have worked at over 50 unicorn companies, including Uber, Twitter, Miro, Compass, Toast, Airbnb, Google, Amazon, and Stripe.

Since 2018, the firm has invested in 50 early stage tech startups including Ethena, Kapwing, PlanetFWD, Sonantic, Ntropy, Sorcero, Gable, Oula Health, Kinside and Elektra Health.

January Ventures has proactively built an investor base that reflects the diversity of its portfolio –  60% of its LPs identify as women.

Cipio unveils €202 million fund to back software-enabled businesses in Europe

Targetting B2B SaaS and software-enabled business models, the German company will typically make an investment of €5-15 million in each firm

Munich-headquartered growth stage technology firm Cipio Partners has wrapped up its latest fund with €202 million. Cipio VIII will follow the same investment strategy as its €174 million predecessor fund, CPF VII, which held a final closing in 2017.

According to Roland Dennert, managing partner, Cipio, the company will typically make an initial investment of €5-15 million in each firm. Giving more details about the sectors that will be backed by the recently closed fund, Dennert added: “The fund will focus on B2B SaaS and software-enabled business models such as marketplaces. It will also invest in deep tech businesses such as semiconductors. The current deal activities are particularly strong in big data, cyber security, AI and industrial software applications.”

The new fund has already completed two investments in European growth companies: Nuki, the Austrian smart-home developer, and Navvis, the Munich-based global leader in end-to-end solutions for reality capture and ‘digital twins’.

https://tech.eu/2022/05/04/cipio-unveils-eur202-million-fund-to-back-software-enabled-business-models-in-europe/

Felix Haas and other scene heads launch funds with 160 million euros

By entrepreneurs for entrepreneurs. This is the motto of the Munich investor network 10x, which has now set up a fund worth 160 million euros. According to the company, the money comes from around 200 founders and 48 business angels who are part of this network. The money pot is aimed at startups that are still in the early stages.

The fund was founded by IDnow founder Felix Haas, Andreas Etten, founder of Ada Health, media entrepreneur Andrej Henkler, Claudius Jablonka, former investor in Plug and Play Ventures, angel investors Robert Wuttke and Jan Reichelt and ex-Friendscout24 CEO Jan Becker. The seven Munich-based companies have known each other for years and are all founding partners of 10x. “The network has grown organically over decades and now we are bundling our activities at 10x,” jablonka writes on Linkedin. In total, the founding partners had previously invested in over 300 startups, it says – including Palantir, Tier Mobility and Volocopter.

The seven Munich residents raised the fund in April 2021. From which founders the money comes and from which countries the people come, is not publicly known. With 10x, they have already financed more than two dozen companies, according to Chrunchbase, including the Indian fintech Savein or the e-commerce startup Zowie from the USA

Valia Ventures Closes Fund II, at $50M

Valia Ventures, a New York, San Francisco, and London, UK-based early stage venture capital firm, closed its second fund, at $50M.

Valia Ventures II brings together a strategic group of limited partners including experienced startup founders, technology executives, international family offices, and institutional investors such as Tiger Global Management.

The fund will be initially investing up to $1M at the pre-seed and seed stages, while reserving additional capital for follow-on rounds. The firm will maintain its generalist approach, investing across sectors including, but not limited to; fintech, healthcare, consumer, and enterprise software.

Led by Khaled Jalanbo, Managing Partner, Valia also runs an active co-investment program, investing $2M to $10M in growth stage rounds of its existing portfolio companies and in select new opportunities.

Portfolio companies include Humane, Lendtable, Relativity Space, Selfbook, and System.

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

B2B FinTech Radar: 11th May 2022

On the radar this week:

Q&A with Virginia Bassano of Eight Roads

Estonian financial services outfit LHV Group has invested €1 million in Tuum, its core banking platform provider

Fintech startup Cheq raises $2 million to bring crypto to the masses

Insurtech startup Turtlemint bags $120 million as valuation tops $900 million

Tactic wants to reinvent accounting software for the web3 age

Founders Fund & Ramp co-led a $2.6M financing for the 8-person startup

PayTic secures $2.95M seed financing led by Build Ventures

Masa Finance gets $3.5M pre-seed to build its decentralized credit protocol

Introducing Allocate announcing our Series A round!

Accern lands $20M for AI that analyzes financial documents on the web

Blockchain wallet solution Venly plays in €21 million to bring more gaming and e-commerce users into Web3

Concerto Launches Platform to Reimagine Credit Card Programs; Receives $21 Million From Matrix Partners, PayPal Ventures and GoldenTree Asset Management

rali_cap gets backing from global VCs and launches $30M fintech fund for emerging markets

Amberdata raises $30M to chase the ‘unlimited opportunity’ of bringing traditional finance into web3

Insurtech startup Turtlemint bags $120 million as valuation tops $900 million


Q&A with Virginia Bassano of Eight Roads

1. Please tell us a bit about yourself, both at work and leisure.

I am Italian, I studied in a French Business School and I live in London since 2017. I was previously working in Investment Banking at Citi covering the FinTech sector. I co-founded an HR tech startup named DailyInternship, a talent recruiting platform with over 100k students subscribed. That experience led me very close to the Venture Capital world.. so close that I ended up in VC myself! At Eight Roads I focus on investments in Southern Europe, Nordics, and more broadly speaking in FinTech investments all across Europe. I am passionate about travels, motorbike, photography and all type of animals. A funny fact about me is that by the age of 22 I had already visited all the European capitals in motorbike.

http://www.fintechforum.de/category/7-questions/sef/

Estonia’s LHV Group invests in core banking startup Tuum

Estonian financial services outfit LHV Group has invested €1 million in Tuum, its core banking platform provider.

The strategic investment means that LHV is now a partner, customer and investor in local outfit Tuum, which offers an API-first, cloud-agnostic and modular banking platform that covers all retail and business banking processes.

Last October, Tuum gained access to LHV’s services, enabling it to provide customers with real-time pound and euro payments, virtual Ibans, currency exchange accounts and currency exchange transactions.

Then, last month LHV also selected Tuum to provide the core infrastructure for its banking operations in the UK.

Madis Toomsalu, CEO, LHV Group, says: “For LHV, this is an investment that will help us combine our own interests with a strategically important partner and further strengthen our position among financial technology companies.

“Together with Tuum, we can give fintech start-ups and companies operating in other fields the opportunity to enter the market with new flexible financial products more easily and faster.”

https://www.finextra.com/newsarticle/40164/estonias-lhv-group-invests-in-core-banking-startup-tuum

Fintech startup Cheq raises $2 million to bring crypto to the masses

Cheq, the fintech enabling easier cryptocurrency payments, has raised a $2 million pre-seed round led by Connect Ventures, alongside Semantic Ventures, firstminute Capital, and 30 angels including former leadership from Monzo, Revolut and Tide.

The funding will enable Cheq to establish itself as the primary option for taking payment with stablecoins that are pegged to the US dollar, removing price volatility for both merchant and consumer. The result is a user experience similar to traditional payment platforms but without intermediary fees and cumbersome approval requirements.

Chris Butcher (formerly co-founder and CTO of Portify) founded Cheq in December 2021 after his crypto side-project Token Alerts found success in Latin America. He realised many consumers in the region are turning to stablecoins as a way of protecting their wealth against hyperinflation that their native currencies may be prone to. Traditional payment infrastructures can be less effective in some regions, and crypto payments present the solution for these regions. However, existing crypto payment solutions do not deliver a user experience that is accessible to the mass market.

With Cheq, users can connect a crypto wallet to the platform and instantly access a user interface similar to a modern neobank. Cheq instantly creates payment links that can be embedded on a website or shared on social media so customers can pay with crypto in a single click. Cheq is able to collect information including names and addresses from the buyer and can be configured to perform follow-on actions with other services for merchants to fulfil orders.

https://www.finextra.com/pressarticle/92492/fintech-startup-cheq-raises-2-million-to-bring-crypto-to-the-masses

Tactic wants to reinvent accounting software for the web3 age

Founders Fund & Ramp co-led a $2.6M financing for the 8-person startup

Tactic, a startup that helps businesses manage — and simplify — cryptocurrency finances, is emerging from stealth today with $2.6 million in seed funding.

Founders Fund and finance automation startup Ramp co-led the raise for Tactic, an eight-person outfit based in New York City. Elad Gil and Figma co-founder Dylan Field also participated in the funding.

CEO Ann Jaskiw founded Tactic after learning that founders in web3 were handling their accounting in spreadsheets. Existing accounting software providers, she concluded, “were not built to handle crypto transactions.”

The core of Tactic’s product, said Jaskiw, is to help a CFO or head of finance answer the question, “Where did the money go?” at the end of a quarter.

“Right now for most financial professionals, their audit trail of crypto transactions is a debit transaction from Silicon Valley Bank or whichever bank, into a centralized exchange like Coinbase,” Jaskiw explained. “Tokens leave that central place, and it then becomes a big bit of a question mark. What we’re seeing is people are spending a lot of time in manual spreadsheets, trying to track what transactions happen and trying to calculate their gain and loss. It’s just incredibly cumbersome currently.”

PayTic secures $2.95M seed financing led by Build Ventures

PayTic, a new solution that streamlines the back-office operations and risk control of digital payments for banks and FinTechs, announces the close of a $2.95M funding round led by Halifax-based Build Ventures. Island Capital Partners, Concrete Ventures and Outlierz Ventures completed the remainder of the round. With this technology, PayTic brings together reconciliation, chargebacks, risk control and regulatory reports in one agile SaaS platform.

In the absence of industry-dedicated program management solutions, most of the large banks, processors and more broadly, payment issuers and acquirers are using large excel spreadsheets to reconcile settlements, control risks and track chargebacks. This is causing potential errors, compliance issues and resulting in a high cost of operations. In such a competitive and very sensitive industry, PayTic’s goal is to help Banks and Fintechs increase control, transparency and auditability of payment products with less effort and cost. The solution is cloud based and requires little to zero integration from the client side. Perhaps most appealing, a client can be onboarded with the processor of their choice in less than five business days.

PayTic’s CEO, Imad Boumahdi, immigrated to Charlottetown in 2018 with over 15 years of experience in the payments industry. He recognized that over the last decade, FinTech has been primarily focused on improving the checkout experience, which added more complexity to the operations and risk control. In response, he has built the technology to bring the back-end of managing payments up to speed by streamlining and digitizing the cross functional processes behind payments. PayTic uniquely offers an all-in-one solution that centralizes the program management for banks, FinTechs, and credit unions, so they don’t have to navigate siloed technologies and systems to reconcile payments, detect frauds, manage disputes and fill in the regulatory reports. Paytic’s main competition today is Excel.

Masa Finance gets $3.5M pre-seed to build its decentralized credit protocol

Masa Finance, a hybrid credit protocol and decentralized credit bureau founded by Pngme CEO Brendan Playford in late 2020, has raised $3.5 million in pre-seed funding. According to a statement, the company seeks to “disrupt traditional centralized credit infrastructure by providing individuals, businesses and developers with the tools to access credit” via blockchain technology.

The core principle for blockchain centers on the ownership of assets, including money and financial data. The system somewhat tries to reduce the control of traditional financial institutions such as banks and credit bureaus which have, for decades, collected and stored financial information of the world’s banked people.

Decentralized finance’s premise transcends this segment of banked people. Analysts have argued that the technology can reach places not covered by these financial institutions. According to them, blockchain can allow the unbanked to have faster access to services such as lending, borrowing and buying insurance.

Yet, there’s still room for collaboration between both worlds, or at least in Masa Finance’s case, even as it targets underserved people.

Masa Finance links traditional financial accounts and assets from credit bureau systems and bank data to crypto holdings of users. This connection allows the company to create non-fungible credit reports for users, which they can use to access credit and other financial tools

Introducing Allocate announcing our Series A round!

We’re thrilled to announce the closing of our $15.3MM Series A round led by M13 Ventures, with participation from SignalFire, Bedrock Capital, Intera Capital, Secocha Ventures, and returning investors Broadhaven Ventures, Ulu Ventures, Urban Innovation Fund, Fika Ventures, Basis Set Ventures, Tusk Ventures, and Anthemis Group.

Although we just recently launched, over 200 investors have deployed >$125MM into venture fund products on the Allocate platform. We have also grown our team to seventeen team members across engineering, operations, and investment management who previously held roles at leading institutions such as SVB, First Republic, Icapital, Vistaprint, Hamilton Lane, Fidelity, and AngelList.

https://samirkaji.medium.com/introducing-allocate-announcing-our-series-a-round-b57b531dd0f

Accern lands $20M for AI that analyzes financial documents on the web

Accern, which uses AI to analyze online conversations around particular companies, trends and industries, today announced that it raised $20 million in a Series B round co-led by Mighty Capital and Fusion Fund alongside Tribe Capital, Shasta Ventures, Gaingels, and others. CEO Kumesh Aroomoogan says that the new capital will be put toward “product-led growth,” expansion into new markets and R&D on Accern’s AI technologies.

“More than 80% of the world’s data is unstructured. Unstructured data requires a hyper-manual process to structure data at scale, consuming expensive data science resources throughout an organization,” Aroomoogan told TechCrunch via email. “Due to the extreme human capital and time costs, unstructured data isn’t efficiently analyzed and is often left out of historical data decisions. The end result affects all organizations’ decision-making capabilities and adds additional risk to their respective portfolios and balance sheets.”

Kumesh Aroomoogan, a former research analyst for Wall Street firms including Citigroup, co-founded Accern with Anshul Vikram Pandey in 2014. Originally, New York-based Accern focused on monitoring the web for — and curating — a narrow set of financial information, particularly that pertaining to stocks. But the company later broadened its scope to other aspects of corporate finance, like credit and fraud monitoring and compliance.

To customers, Accern provides AI-powered apps and natural language processing (NLP) models trained to recognize, classify and extract domain-specific financial language. The service can scan public sources, including news publications, blogs and SEC filings, to gauge consumer sentiment, for example, or predict how supply chain disruptions might impact a business.

Blockchain wallet solution Venly plays in €21 million to bring more gaming and e-commerce users into Web3

To increase its reach in the gaming industry, the Belgian startup will launch an accelerator track for game studios and web3 startups

Just as we put the spotlight on Belgium with our Tech.eu Summit in Brussels happening on 17 May, another Belgium-based blockchain technology provider Venly is upping the game in the blockchain segment.

The Antwerp-based blockchain-agnostic technology provider (previously Arkane Network) has raised over €21 million in funding to develop products centered around new benefits to web3 users in gaming and e-commerce. The Series A round was led by Courtside Ventures with participation from Transcend Fund, Coinbase Ventures, Tioga Capital, HTGF, Fortino Capital, Plug and Play, LeadBlock Partners, Imec.Istart, and Alpaca VC.

https://tech.eu/2022/04/28/blockchain-wallet-solution-venly-plays-in-eur21-million-to-bring-more-gaming-and-e-commerce-users-into-web3/

Concerto Launches Platform to Reimagine Credit Card Programs; Receives $21 Million From Matrix Partners, PayPal Ventures and GoldenTree Asset Management

Concerto, a new company created to power credit card partnerships that enhance the user and product experience for consumers and businesses, today unveiled its next-generation card issuing and loyalty platform. The Concerto platform is purpose-built and designed to support the creation and management of co-branded credit card programs. It launched with a number of initial partners, including the Texas Rangers, Los Angeles Angels, Baltimore Orioles and Cincinnati Reds professional baseball teams.

To support the growth of the platform, Concerto also announced that it has raised $21 million in early-stage, strategic funding. Matrix Partners led the round, with PayPal Ventures and GoldenTree Asset Management also participating. Additionally, GoldenTree has formed a joint venture with Concerto that will fund a minimum of $2 billion in credit card receivables.

“Our significant commitments include both an equity investment and an agreement to fund at least $2 billion in credit card receivables, reflecting our strong belief in the Concerto team, its business model and the tremendous opportunity ahead,” said GoldenTree Partner Joe Naggar.

Concerto architected a superior platform that combines leading-edge card issuing technologies and advanced analytics to construct and deliver credit card programs that excite brand partners and thrill their customers. Its cloud-based platform and API-centric approach also dramatically accelerates the development and deployment of large, customized partner programs.

https://www.businesswire.com/news/home/20220428006346/en/Concerto-Launches-Platform-to-Reimagine-Credit-Card-Programs-Receives-21-Million-From-Matrix-Partners-PayPal-Ventures-and-GoldenTree-Asset-Management

rali_cap gets backing from global VCs and launches $30M fintech fund for emerging markets

Rali_cap, an early-stage venture capital firm focused on emerging markets fintech, has launched a $30 million fund. Last month, the firm, formerly known as Rally Cap Ventures, reached its first close of $20 million (its initial target) before increasing the fund size, signaling a strong LP appetite.

The two-year-old VC fund invests in B2B and API-first fintechs across Africa, Latin America and South Asia at pre-seed and seed stages. It expects to achieve a second close by the end of June.

Rali_cap was first a collective before a fund, Hayden Simmons, the general partner who launched the firm in 2020, told TechCrunch in an interview.

As someone who is hands-on — he boasts a decade of experience working for emerging market fintechs such as Migo, Novi and Juvo in business development and partnership roles — Simmons said he saw a prospect in aggregating a community of “experts” (primarily operators and angels) to collaborate via Slack on deal sourcing, due diligence and founder support and invest in emerging market fintechs. 

“This way, we thought we could outperform traditional venture models in driving value to founders and getting more people involved in the venture capital game,” Simmons told TechCrunch on a call. 

Amberdata raises $30M to chase the ‘unlimited opportunity’ of bringing traditional finance into web3

Amberdata, an institutionally focused digital asset data provider, has raised $30 million in its Series B, its CEO Shawn Douglass exclusively told TechCrunch.

The company is now valued at $330 million and has raised a total of $47 million to date, including its seed round worth $2 million and Series A totaling $15 million.

“We decided to do this raise right now because we grew so much in the past year that there’s an unlimited opportunity to go out and be the infrastructure that enables all institutions to onboard digital assets,” Douglass said.

The capital will be used to build new product lines, and although Amberdata has existing deals in the U.S., U.K., Latin America, Singapore and Australia, it wants to expand more globally, Douglass said.

As its name suggests, Amberdata provides data and insights into blockchain networks, crypto exchanges and decentralized finance for some of the largest financial and digital asset institutions, like Citi, Coinbase, Nasdaq and Franklin Templeton, among others.

“If you think about this, digital assets will touch every person and business on the planet and transform finance, and that requires data and insights to be able to embrace that,” Douglass said.

Insurtech startup Turtlemint bags $120 million as valuation tops $900 million

The company intends to use the fresh funds to expand in new geographies, including international expansion into Southeast Asia scale its leadership team and strengthen its product line.

Insurtech startup Turtlemint has raised $120 million led by Amansa Capital, Jungle Ventures and Nexus Venture Partners, the company said on Friday. The online platform for buying insurance has closed the current financing round at a $900-950 million valuation, said a person in the know. The fundraise also saw participation from new backers Vitruvian Partners and Marshall Wace, along with other existing investors.

Turtlemint intends to use the fresh funds to expand in new geographies, scale its leadership team and strengthen its product line.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Mumbai-based Turtlemint is a platform that helps financial advisors understand and distribute insurance to their community of customers. It aims to assist these advisors to cater to the individual needs of each customer by providing digital solutions.

Prabhudesai said in a prepared statement, “India is at a critical juncture, particularly in terms of demand for health insurance products. Tier II-III cities will account for a significant portion of this demand… As individuals continue to seek assistance during purchase and claim journeys, the last-mile distribution needs to be empowered with the best technology. This is what our offline-online strategy solves for customers.”

https://www.insurtechinsights.com/insurtech-startup-turtlemint-bags-120-million-as-valuation-tops-900-million/?utm_medium=email&utm_campaign=Newsletter%209%20May%202022%20New&utm_content=Newsletter%209%20May%202022%20New+CID_529a228cab08ebe2d626e907f0b23dec&utm_source=Campaign%20Monitor&utm_term=Read%20More

Inside MassMutual Ventures’ new fund

MassMutual Ventures’ announcement on April 27 of a new $300 million fund targeting start-ups in digital health, cybersecurity, enterprise SaaS and financial technology looks to be a force for innovation in insurtech.

Doug Russell, managing director and head of MassMutual Ventures, gives examples of types of insurtech technologies and some specific companies and products that the fund looks for or has already invested in.

“For cybersecurity, we look for a piece of technology that a cybersecurity company has developed that is gaining traction with existing insurance and financial services firms,” he says. “When evaluating companies, we spend a lot of time talking to insurance companies’ CISOs, financial services companies’ CISOs and our broad network to understand the degree to which those companies are likely to adopt that technology.”

Within its sector choices of healthcare and financial technology, the venture capital firm is particularly interested in decentralized finance and AI/ML applications.

MassMutual Ventures’ new fund brings its total investment in technology startups to $750 million, spread among several regional portfolios in the US and Asia-Pacific. Two-thirds of that total has already been committed to companies. The new fund marks MassMutual Ventures’ first entry into Europe. Overall, MassMutual Ventures has about $300 million in US funds, with about $100 million in each of three funds. The firm’s Asia-Pacific arm has three funds, the first started with $50 million and the second with $100 million, plus the new $300 million fund. The firm sources all of its capital from its parent MassMutual’s general investment accounts.

https://www.insurtechinsights.com/inside-massmutual-ventures-new-fund/?&utm_medium=email&utm_campaign=Newsletter%209%20May%202022%20New&utm_content=Newsletter%209%20May%202022%20New+CID_529a228cab08ebe2d626e907f0b23dec&utm_source=Campaign%20Monitor&utm_term=Read%20More

‘The Hybrid Broker’ – Tomaso Mansutti, wefox in ‘The Insurtech Magazine’

Europe’s digital wunderkind, wefox, believes a broker network powered by humans is still the future of insurance. Tomaso Mansutti, head of international partnerships at the company, tells us why

There is probably no more oversimplified and overworked word in the insurtech industry than digitisation. It has seized the cultural zeitgeist of insurers across the globe as the be-all-and-end-all of modernisation.

It’s not hard to see why. E-commerce and ever-more-sophisticated APIs have cemented digital as the standard means of communicating B2B and B2C. As it stands, around 62.5 per cent of the world’s population uses the internet, more than half of whom access it through their smartphones, according to DataReportal’s Digital Around The World research report. And, looking at just one type of insurance, in just one country, in 2019 Statista found that over half of the UK population bought vehicle cover online, 62.4 per cent of them drivers over the age of 65. There are 20 million households with motor insurance in the UK – the maths speaks for itself. Digitisation is something insurers couldn’t ignore.

Q&As with PostFinance AG and 9fin; Early stage European FinTech deals this week include Pillar and Seon

European FinTech deals this week include Pillar and Seon

We feature Q&As with Javier Correa of PostFinance AG and Hussam EL-Sheikh of 9fin

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Scaling Enterprise FinTech with Javier Correa of PostFinance AG

1. A year since the first lockdowns- is this a good time to be building or scaling an Enterprise FinTech (/ InsurTech) firm in Europe?

Yes, generally it always is, as long as there is a strong value proposition behind and clearly articulated. There is incremental talent looking to jump into an exciting journey. Customers and prospects have been made strongly aware of additional needs and/or of the advantages from innovative business models/technologies/products and services. In addition, deep pools of capital looking for attractive opportunities to support these teams.

http://www.fintechforum.de/5-questions-with-javier-correa-of-postfinance-ag/

7 Questions with Hussam EL-Sheikh of 9fin

1. Please tell us a bit about yourself, both at work and leisure.

Hey I’m Huss, CTO & Co-founder of 9fin. I think I’d describe myself as an engineer in every sense of the word. So, via a degree in Aerospace Engineering, taking apart my siblings’ toys as a child, learning programming at school from age 12, I find myself now running a technology startup serving up news, data and analysis to the financial markets. I love Formula 1, and it’s been a very stressful (but exciting) 2021 championship this year. I’m trying to get better at badminton after taking it up for the first time a couple of years ago… At least my height lets me get away with not being any good yet!

http://www.fintechforum.de/7-questions-with-hussam-el-sheikh-of-9fin/

UK-based Pillar picks up €15.6 million to tackle credit access problem for migrants

The reality is that new immigrants are excluded from the financial system, on a global level, and it’s a problem that creates financial disparity, social hardship and exclusion. On a mission to eradicate this discriminatory issue, Pillar has just picked up about €15.6 million in pre-seed funding to build a new credit platform. 

The funding was led by VC firms Global Founders Capital and Backed VC. A number of high profile angels have also contributed to the raise, including the founders of WageStream, Peter Briffet and Portman Wills as well as the powerhouse investor and former VP and investor of AirBnB Oliver Jung.

Founded in 2021 by well-known Revolut alumni Ashutosh Bhatt and experienced fintech CTO, Adam Lewis, Pillar’s technology will provide individuals moving to new countries with access to a variety of credit products in their new locations, that would have previously been unattainable.

With the current structure of the credit referencing market, a consumer cannot take their credit file from one country to another. As such, nearly all immigrants find themselves excluded from everyday products such as credit cards and loans. Those that do manage to access a product find themselves paying a disproportionately higher cost of borrowing.

At the heart of Pillar’s product is a proprietary Open Banking-led data and analytics engine that will power the global scalability of the platform. The launch is planned for Q3 in 2022. 

Ashutosh Bhatt, CEO of Pillar, commented: “Ever since I moved to the UK and found I couldn’t access any of the everyday products I had in India this has been a problem I have been passionate about solving. I arrived earning a good salary at Barclays and found I couldn’t even get an iPhone! Fourteen years later, and the world of credit still hasn’t changed, so we have set upon building a globally scalable platform that breaks down data silos and credit borders as well as solves this massive problem faced by financially secure people moving to a new country.”

Fintech Seon, which Specializes in Fraud Prevention, Acquires $94M in Funding

Seon, a startup that’s focused on assisting Fintechs like Revolut with addressing online fraud, has secured $94 million in capital, in order to implement various tools for preventing sanctions evasion by Russia.

The London-headquartered firm secured the funding via an investment round that was led by IVP, which is the Silicon Valley-based investment company that has supported Netflix and Twitter.

IVP Partner Michael Miao has now joined Seon’s board.

Existing investors Creandum, an early Spotify investor, as well as PortfoLion, have contributed to the raise as well. Angel investors such as Coinbase COO Emilie Choi and UiPath CEO Daniel Dines joined as well.

Seon, which counts Afterpay, Nubank, and Revolut, as clients, stated that its tech is specifically developed to make it easier for companies of all kinds to fight fraud.

Its software analyzes a client’s email address, phone numbers and various other data points in order to create a “digital footprint,” and then leverages machine learning to figure out if they’re legitimate or suspicious.

The company has been valued at $500 million following its latest round. This, according to sources cited by CNBC (which claimed to be familiar with the matter).

Tamas Kadar, CEO and Co-founder at Seon, noted that his firm has seen greater demand for tools that identify transfers from sanctioned persons and other entities (in addition to “politically exposed persons” during the Russian invasion of Ukraine).

Part of the proceeds will be channeled towards the potential use of Fintech apps for money laundering and sanctions evasion.

Kadar said that they are “working on an arm to support this need from our client base.”

Seon is also currently working on a function that should be able to verify companies online and determine if their shareholders have been placed on sanctions lists.

These types of tools may identify if someone is “just creating shell companies to launder money,” or “as a fake identity to hide their assets,” Kadar added.

https://www.crowdfundinsider.com/2022/04/189994-fintech-seon-which-specializes-in-fraud-prevention-acquires-94m-in-funding/

Robinhood to Buy London-based Fintech Ziglu

Investing.com —  Robinhood Markets Inc (NASDAQ:HOOD) revealed in a post on its blog on Tuesday that it has signed a deal to acquire Ziglu, a UK-based “electronic money institution and cryptoasset firm.”

Shares of the popular trading app maker rose 3.4% on Tuesday.

Robinhood is waiting to launch in the UK after previously halting plans. However, the deal for Ziglu will help accelerate its expansion in the UK and Europe, the company said.

Ziglu customers are able to buy and sell 11 cryptocurrencies, earn yield through its “Boost” products, pay using a debit card and spend money abroad without fees, Robinhood said in its post.

“Ziglu’s impressive team of deeply experienced financial services and crypto experts will help us accelerate our global expansion efforts,” said Vlad Tenev, CEO and Co-Founder of Robinhood Markets. 

Adding: “Together with the Ziglu team, we’ll work to leverage the best of both companies, exploring new ways to innovate and break down barriers for customers across the UK and Europe.”

Following the news, JMP Securities analyst said the deal should accelerate Robinhood’s crypto expansion.

https://www.investing.com/news/stock-market-news/robinhood-to-buy-londonbased-fintech-ziglu-2806313

Mundi Ventures opens €250-million fund with €120 million to back insuretech firms

The Insurtech Fund II will invest in Series A and Series B with inflows of up to €5 to €10 million in Europe

Madrid-based venture capital firm Mundi Ventures has rolled out its second insuretech fund. The Insurtech Fund II will focus on the insurance sector and cover insuretech as well as fintech, deeptech, or healthtech startups that work with the insurance sector. It has already opened the fund with more than €120 million, out of €250 million it is seeking.

Founded by Moises Sanchez and Javier Santiso, the fund will invest in Series A and Series B with inflows of up to €5 to €10 million in Europe. With the new fund, it is doubling the size and expanding with several additions in the investment team, operations and senior advisors. It has already invested in France-based Convelio. Other investments are pending in the U.K.

The insurtech fund currently has 6 unicorns in its kitty, including Wefox (Berlin), Klarna (Stockholm), Job&Talent (Madrid) and Shift Technology (Paris).

https://mail.google.com/mail/u/0/?ui=2&ik=9833591bd1&view=lg&permmsgid=msg-f%3A1731247105366133700&ser=1

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Previse and Margaris Ventures;FinTech deals this week include Leatherback, Zevoy, Stenn,Wagestream and Capital on Tap

European FinTech deals this week include Leatherback, Zevoy, Stenn,Wagestream and Capital on Tap

We feature Q&As with Paul Christensen of Previse and  Spiros Margaris of Margaris Ventures

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Scaling Enterprise FinTech: with Paul Christensen of Previse

1.​ Tell us a bit about yourself and your company

I have a bit of an unusual background, having been born on a piece of tin in the jungle of Papua New Guinea. Respect to my mother, who is an inspiration! I’m a fintech nut. I’ve been in fintech for 25 years, having been part of the founding team of Volbroker.com in the late nineties. I then spent time in several banks, including a decade at Goldman where I led their strategic investments and corporate venturing team. But I knew that I wanted to get back to building and creating. So I started on a quest, with my amazing co-founders (Andre, Giulio and Philipp) and our team, to fix B2B payments.

Our company is a data science firm, on a mission to instantly pay the world’s millions of small sellers, so that they don’t have to wait and chase for weeks and months to get paid. Our purpose is to unleash the power of data for business.

http://www.fintechforum.de/scaling-enterprise-fintech-with-paul-christensen-of-previse/

 7 Questions with Spiros Margaris, Margaris Ventures

1.  Please tell us a bit about yourself, both at work and leisure.

My name is Spiros Margaris, and I am a venture capitalist (VC) and the founder of Margaris Ventures. I have been in the investment business for quite some time, with more than 25 years of international experience in investment management/research and startups. In my role as a VC, I also act as an advisor to my globally spread FinTech and InsurTech startup portfolio. I am the first international influencer to achieve ‘The Triple Crown’ of influencer rankings by being ranked the global No. 1 FinTech, artificial intelligence (AI) and blockchain influencer by Onalytica in 2018. I am very fortunate to regularly appear in the top three positions of the established global industry influencer rankings due to the generous support of great FinTech industry friends and participants. In 2017, I had the opportunity to give a speech at the TEDxAcademy Talk. In addition, for the enterprise software vendor SAP, I wrote an AI white paper, ‘Machine learning in financial services: Changing the rules of the game’.

http://www.fintechforum.de/7-questions-with-spiros-margaris-margaris-ventures/

UK fintech startup Leatherback raises $10M for its cross-border payments led by ZedCrest

Immigrants, international students, and the migrant population in general all require international payments, or foreign exchange. Revolut and Wise are among those platforms to have taken advantage of this international audience. Now, fintech startup Leatherback, a U.K.-based cross-border payments platform, has raised what it describes as a $10 million pre-seed round led by ZedCrest Capital, a pan-African investment firm.

Leatherback offers a multiple currency solution for cross-border transactions.

Co-founder and CEO Ibrahim Toyeeb said in a statement that the funding would “be deployed to raise Leatherback’s profile in the Fintech arena as well as extend its capacity in the many countries it’s licensed in and where it is about to be approved. These include South Africa, Egypt, Uganda, India, and the UAE.”

Prior to this round, the company said it was bootstrapped by the founders.

“As principal investors, we love opportunities where we can bring our expertise to bear,” Zedcrest Capital’s group managing director, Adedayo Amzat, said. “It has been rewarding to provide operational and strategic support to Leatherback in its quest to build the perfect compliance, technology, and finance infrastructure that will allow it to be the operating system of choice for the global mobility of businesses and individuals.”

U.K.-based Leatherback offers multi-currency accounts with the option to exchange currency across multiple countries, including the United Kingdom, Canada, India, Nigeria, Egypt, Uganda, Tanzania, Angola, South Africa, the UAE, Denmark, Ghana, and Côte d’Ivoire.

Finnish FinTech Zevoy Raises $16M to Roll Out Across Europe

Zevoy, the Finland-based FinTech, has closed on a 15 million euros ($16.3 million) Series A funding round, the startup announced Tuesday (April 12).

The cash will be used to launch in eight European markets during the next few months.

This round was led by Blossom Capital, the London-based venture capital company, alongside European investors Maki.vc and Brightly Ventures.

Founded in the summer of 2020, Zevoy offers an expense management solution, as well as credit and prepaid debit, to its clients.

Zevoy is expected to secure a credit institution license this year, which will allow the firm to accept deposits.

“Expense management is a big pain point for many companies and their employees,” said CEO Christoffer Rosqvist in a statement. “To solve this, Zevoy offers an all-in-one business card with which you can scan receipts, match purchases with receipts, manage and forward expenses digitally into accounting.”

Zevoy focuses on underserved markets and growing companies have proven to be a sweet spot, he added.

Last month, PYMNTS reported that the while Nordic region may be small, with a population fewer than 6 million in Norway, Denmark and Finland, they are global leaders in innovation.

https://www.pymnts.com/news/retail/2022/the-vitamin-shoppe-parent-franchise-group-offers-9b-for-kohls/

London-based fintech Stenn raises $50M on a $900M valuation for its platform that helps SMEs access supply chain finance

Stenn, a global non-bank trade finance provider, has raised $50M (approximately €46M) at a valuation of $900M (approximately €832M). With globalisation at the centre of every major change in the economy, Stenn offers a platform that helps players in this globalisation drive gain access to financing.

The past few years have seen globalisation reach a fever pitch where every company now operates across borders and in order to keep up with this change, the manufacturing and logistics sector has also evolved. While it is easier for product companies to raise capital, Stenn has built a platform that helps players in the supply chain get access to capital.

A research from Accenture shows that SMEs currently face a global financing gap of $3.6T. This gap is expected to rise to $6.1T within the next three years. With SMEs responsible for more than a quarter of global trade, the research shows that these businesses have struggled to access financing despite their major role in global trade.

The lack of access to easy financing has restricted the growth potential of these small and medium enterprises. Stenn was founded in 2015 to solve this very problem and has provided over $6B of financing to SMEs in over 70 countries since its inception. It has helped SMEs from sectors such as retail and IT services to access financing, and its platform has financed over $1B of transactions to date in 2022.

“A lack of access to finance is stunting the growth of SMEs around the world that are engaged in international trade. At Stenn, our purpose has always been to level the playing field for global SMEs, helping to plug a multi-trillion-dollar financing gap by connecting these businesses with low-cost institutional capital,” founder and CEO Greg Karpovsky says.

https://www.finextra.com/pressarticle/92251/indias-lendenclub-launches-fintech-venture-fund

Wagestream Raises $175M in Series C Funding

Wagestream, a London, UK-based provider of a financial wellbeing app, raised $175M in Series C funding.

The round was led by Smash Capital, with participation from Epic Games, Reddit, SonderMind, and DuckDuckGo, with participation from BlackRock, Balderton Capital, Northzone, Fair By Design, and Silicon Valley Bank.

The company intends to use the funds to scale up its presence in new markets such as the U.S.

Founded in 2018 by Peter Briffett (CEO), Portman Wills (CTO) and a group of leading financial charities, including Joseph Rowntree Foundation, Barrow Cadbury Trust, Social Tech Trust, Big Society Capital, and the Fair By Design fund, Wagestream is a financial wellbeing app designed for frontline workers and built around their pay. Offered through caring employers, it makes work more inclusive, fair and rewarding for people – by giving them access to fair financial services built around flexible pay.

Workers access Wagestream through participating employers, who subsidize the service. The app syncs with payroll systems and allows employees to access and manage their income – either directly through the app, or as an integration with workforce management technology partners. Additionally, the app provides users with a variety of financial services to help them build up their financial health over time. For example, people can choose how often they’re paid, track their shifts and pay each day, build savings and win prizes, access free financial coaching, and get fairer deals on products – like insurance and utilities – than they would have access to elsewhere.

More than one million workers in industries such as retail, hospitality and healthcare are currently able to use the app through employers including Burger King, Pizza Hut, Crate & Barrel, Bupa and the UK’s National Health Service. One million workers now can access Wagestream globally through over 300 employers in the U.S., UK, Spain and Australia.

Fintech turns on capital taps with $200m funding for US expansion

London-based fintech Capital on Tap has secured a $200m (£153.6m) investment from HSBC and Värde Partners to continue expanding its SME funding service in the US.

Founded in 2012, Capital on Tap provides business credit cards that come with spending controls, reporting and rewards.

The alternative lender initially focused on the UK market but launched a US business credit card in March 2021.

Across both markets, it has provided more than £3.5bn in funding to over 125,000 SMEs. It provides a credit facility of up to £150,000 and doesn’t charge for ATM use in the UK.

Capital on Tap’s market includes businesses with a turnover of at least £2,000 per month.

As part of its move into the US market, Capital on Tap established an office in Atlanta, adding to its presence in London and Cardiff.

The fintech company has 50 people at its Atlanta office and will use the fresh investment to increase hiring.

Alan Hart, CFO, Capital on Tap, said: “With the closing of this facility we are looking forward to expanding our ability to provide essential funding for small businesses across the United States. We are thrilled to be joined in this mission with Värde Partners as well as extending our already international relationship with HSBC.”

The latest investment follows a £450m funding facility closed in November last year, which also saw HSBC provide capital.

“We see this as a good example of an emerging substantial investable opportunity set for us, providing capital solutions to digitally-oriented non-bank lenders that are financing the needs of businesses investing in their products and customers,” said Aneek Mamik, partner and global co-head of financial services at Värde Partners.

Capital on Tap’s latest funding follows a bumper 2021 for UK fintech investment, with companies raising $11.6bn in capital.

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Bokio and Universal-Investment; European FinTech deals this week include Express Group, Carmoola, Fidel API and RITMO

European FinTech deals this week include Express Group, Carmoola, Fidel API and RITMO

We feature Q&As with Viktor Stensson of Bokio and Daniel Andemeskel of Universal-Investment

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Scaling Enterprise FinTech: with Viktor Stensson, CEO of Bokio

1. Tell us a bit about yourself and your company.

In 2015 me, Mikael Eliasson, Emma Rozada and Joel Rozada founded Bokio. Since then, our AI-powered bookkeeping and accounting software has grown rapidly. We’ve expanded to the UK and our user base is growing at an incredible pace. We have 100 employees and serve over 60,,000 monthly active users in the UK and our native country Sweden.

http://www.fintechforum.de/scaling-enterprise-fintech-with-viktor-stensson-ceo-of-bokio/

7 Questions with Daniel Andemeskel of Universal-Investment

1.  Please tell us a bit about yourself, both at work and leisure.

Hello, I am Daniel Andemeskel, Director and Head of Innovation Management at Universal-Investment. I am currently responsible for the Group’s innovation agenda while at the same time developing the next generation investment platform for digital assets, leveraging on Blockchain and AI. Prior to joining Universal-Investment, I gained over 20 years’ experience in investment management in several functions. My motto is to envision new innovations instead of building faster horses (just like the famous quote of Henry Ford) which is why I enjoy speaking at international conferences and panels on innovation and digital transformation. Besides, I am a member of several Blockchain consortiums and forums and like to initiate collaborations on Blockchain.

Work aside, in my personal life I like to travel and discover new cultures and countries. Alongside my passion for cooking and wine. To compensate my full calendar, I am trying to do as much sports as possible, frequent morning runs are my favorite. This is rounded up with the fact that I am an early bird (waking up every morning between 4:30am and 5:00am). I use these morning hours for the innovation visioning and creative part of my job.

http://www.fintechforum.de/7-questions-with-daniel-andemeskel-of-universal-investment/

ExpressGroup Raises €25M In Series A Funding

ExpressGroup, a Hamburg, Germany-based fintech company, raised €25m in Series A funding.

The round was led by Insight Partners and Project A Ventures.

The company intends to use the funds to grow the organization internationally and to launch aligned products in more fintech verticals.

Founded in 2019 by Maximilian Lambsdorff, Dennis Konrad, Konstantin Loebner, Mehdi Afridi and Andreas Santoro, ExpressGroup provides fintech products for the working class and middle class, starting with taxes. Its first product, “ExpressSteuer,” uses an AI-powered backend system that allows platform partners such as accounting firms, tax consultants, and lawyers to process tax cases in a few minutes. The system uses machine learning and automation features, which in combination with manual work makes processing income tax returns easier, quicker, and more accurate.

According to a written note, the product was well received by the target audience allowing the company to grow to over €45 million GMV run-rate in under 12 months.

Carmoola raises £27m to drive ‘fintech revolution’ in motor finance

Motoring fintech Carmoola has raised £27m in a seed round, including capital from Jaguar Land Rover’s investment fund.

London-based Carmoola will use the seed round investment to develop its product and launch the initial stages of the business, which provides an automated finance check for purchasing a car.

Its motoring finance app lets users find out how much they can borrow in under a minute and has no broker commissions.

It then creates a virtual card that can be used to purchase a vehicle online or at a dealership – including at UK-founded online car retailer Cazoo.

The Carmoola app also gives customers the option to increase, pause or make single payments without any penalties or charges.

The company is aiming to bring the digital disruption of the UK’s vibrant fintech sector to the world of car finance.

“There’s an incredible fintech revolution going on. And yet, car financing seems to have been forgotten about. It’s like a complete old banger,” said Aidan Rushby, CEO, Carmoola.

“The freedom to go shopping anywhere, knowing what you can spend, without sending off reams of forms and payslips, puts the consumer immediately in control of their car purchase.”

Fidel API Raises $65M in Series B Funding

Fidel API, a London, UK-based provider of a financial infrastructure platform, raised $65m in Series B funding.

The round, which brings Fidel API’s total funding to $88 million since inception, was led by Bain Capital Ventures, with participation from existing investors NYCA Partners, QED Investors and more.

The company intends to use the funds to continue to scale its workforce and product offerings. They plan to more than double its global headcount with a particular emphasis on Engineering, Sales and Product hires. The added capital will also accelerate investments into existing products, in addition to newer product capabilities across identity verification, consent management and payments.

Co-founded by Dev Subrata (CEO) and Andre Elias (CTO), Fidel API enables developers to create programmable experiences that enhance the value of using and accepting payment cards. Its platform provides identity, data, and payments products that allow developers to capture consent permissions and securely connect payment cards to a service or application. With this infrastructure, developers are able to create highly contextualized and event-driven user experiences at the point of purchase. Start-ups through global enterprises, including Google, Royal Bank of Canada and British Airways, are leveraging Fidel API’s tools to power a range of solutions including digital receipts, omni-channel attribution, loyalty and rewards, expense management and personal finance management.

Launched in 2018, the company also has offices in Lisbon, New York, and remote employees globally.

Madrid-based RITMO hits a jackpot with $200 million funding to help e-commerce firms raise capital

The Spanish startup aims to help e-commerce entrepreneurs scale up rapidly and overcome the current supply chain challenges by providing them with capital

Offering cash-strapped startups an alternative to venture capital, venture debt or bank loans, revenue-based financing startups are gaining traction. While Berlin-based fintech re:cap raised $111.5 million in a seed funding round last year and Capchase raised $80 Million in March, Madrid-based RITMO is adding sheen to the race.

After raising €13.8 million funding in a seed round in July last year, RITMO is back with a bang. The fintech has now closed a $200 million debt funding round led by i80 Group and Avellinia Capital. According to the company, it is one of the largest funding rounds of any e-commerce finance business in Europe and Latin America. This brings the platform’s total funding raised to $225 million in debt and equity funding in its first year of operations. 

The funding will be used to support the company’s rapid growth, ensuring capital is available to fuel the funding of over 2,000 e-commerce clients over the next 18 months in key European and LATAM countries. It will also drive RITMO’s global expansion strategy and plans to launch in new markets through agreements with key players in the payments and e-commerce sectors.

https://tech.eu/2022/04/08/madrid-based-ritmo-hits-a-jackpot-with-200-million-funding/

Advent buys MANGOPAY, doles out €75 million to fuel expansion beyond Europe

The French startup enables clients to accept consumer payments, onboard sellers, and route funds to them on a global scale

Paris-based provider of payment solutions to e-commerce sites, MANGOPAY has been acquired by US-based private equity investor Advent. The change of hands will see Advent injecting €75 million of primary capital. This investment is expected to accelerate the company’s growth. MANGOPAY will focus on international, vertical and product expansion.

The platform had earlier been acquired by French banking group Crédit Mutuel Arkéa, which will continue to hold a minority stake in MANGOPAY.

Founded in 2013, the French startup offers a payment solution dedicated to marketplaces and platforms. Its technology enables clients to accept consumer payments, onboard sellers, and route funds to them on a global scale. The e-wallet environment provides flexibility allowing for split payments, use of escrow accounts and closed-loop payments.

MANGOPAY has already developed a set of dedicated value-added services to address the needs of the rapidly growing B2B marketplace segment. Throwing light on how the acquisition will fuel the creation of a global category leader in the payment industry, Romain Mazeries, CEO, MANGOPAY said: “The new investment alongside their deep payment expertise and network will help us significantly accelerate our development. Tomorrow, global exchanges, innovative business models and new consumer habits will bring more complexity and intermediaries to the payments landscape. We are well-positioned to tackle these challenges.”

https://tech.eu/2022/04/06/advent-buys-mangopay-doles-out-eur75-million-to-fuel-expansion-beyond-europe/

Delta Partners launches €70m fund to back 30 Irish tech start-ups

The VC plans to invest in 30 companies over the next few years, with Bank of Ireland and Enterprise Ireland as the fund’s cornerstone investors.

Dublin-based venture capital firm Delta Partners is launching a new fund with a target close of €70m to back early-stage technology businesses in Ireland.

The Delta team plans to invest in 30 of Ireland’s most innovative and exciting start-ups over the next three to four years, with a focus on seed-stage investment – where it will be the first institutional investor – and the Series A stage where companies require funds for scaling.

The fund has reached a first close with Bank of Ireland and Enterprise Ireland as cornerstone investors, supported by Fexco and several family offices. Delta plans to add new investors to the fund over the next year, to reach the target amount of €70m.

Commenting on the new fund, Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, TD, said: “We are constantly looking at ways we can back Irish businesses, especially at an early stage when raising finance is often the most difficult.

“This fund will be a €70m pot of money, supported by the Government through Enterprise Ireland, for seed and early-stage technology businesses working on ideas that will create the jobs of the future.”

Delta is also expanding its team with two new partners. Amy Neale is joining from Mastercard, where she was a senior VP leading innovation teams focused on fintech across the globe. Also joining is Richard Barnwell, the founder of Digit Games, which was an investee of Delta Partners before being acquired by Scopely.

Andbank launches €60M fintech fund

Andbank has launched its Actyus Fintech I fund, a €60 million fintech-focused VC fund that will target startups in Latin America, Europe and the US. Andbank Group will provide €6 million in capital; the venture partners of Actyus will invest €2 million.

https://pitchbook.com/newsletter/andbank-launches-60m-fintech-fund

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftfFN FinTech 40 https://www.fnlondon.com

Q&As with Eight Roads and Elevator Ventures; European FinTech deals this week include Lemon Markets, Yonder, Budget Insight and Money Box

European FinTech deals this week include Lemon Markets, Yonder, Budget Insight and Money Box

We feature Q&As with Virginia Bassano of Eight Roads and Maximilian Schausberger of Elevator Ventures

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

Scaling Enterprise FinTech: with Virginia Bassano of Eight Roads

1. Please tell us a bit about yourself, both at work and leisure.

I am Italian, I studied in a French Business School and I live in London since 2017. I was previously working in Investment Banking at Citi covering the FinTech sector. I co-founded an HR tech startup named DailyInternship, a talent recruiting platform with over 100k students subscribed. That experience led me very close to the Venture Capital world.. so close that I ended up in VC myself! At Eight Roads I focus on investments in Southern Europe, Nordics, and more broadly speaking in FinTech investments all across Europe. I am passionate about travels, motorbike, photography and all type of animals. A funny fact about me is that by the age of 22 I had already visited all the European capitals in motorbike.

http://www.fintechforum.de/virginia-bassano-of-eight-roads/

7 Questions with Maximilian Schausberger of Elevator Ventures on Youtube

Interviewed by FinTech Forum Co Founder Frank Schwab.

Elevator Ventures is the Corporate Venture Capital Entity of Raiffeisen Bank International (RBI). Its primary focus is on early stage and growth investments in fintechs and related enabling technologies in Central and Eastern Europe.

http://www.fintechforum.de/7-questions-with-maximilian-schausberger-of-elevator-ventures/

15 million euros for stock trading: Lakestar and others invest in this Saas startup

Many startup founders dream of a million-euro check in the seed financing round. For Max Linden and Marcel Katenhusen from Münsterland, this dream has come true. Well-known investors have invested 15 million euros in their fintech Lemon Markets. The round is led by Klaus Hommels’ VC company Lakestar and the US investor Lightspeed.

Existing investors such as the Swedish fintech investor Creandum or the Berlin early-stage investor System One went along with the round. Prominent business angels also invested, including Taxfix founders Lino Teuteberg and Mathis Büchi or Tekin Has, founders of the car startup Car on Sale and other scene heads.

The founding duo of Lemon Markets has built software designed to make stock trading more efficient and straightforward. The infrastructure of some financial service providers that trade in securities is outdated, linden says in an interview with Gründerszene. “Often there is a lot of manual work behind it.” Companies should save this work with the help of the software, says Linden.

Yonder Raises £20M in Seed Funding

Yonder, a London, UK-based new credit card startup founded by ClearScore alumni, raised £20M in seed funding.

The round was co-led by Northzone and LocalGlobe, with Seedcamp participating alongside a host of angels, including Sharmadean Reid, Marshmallow founders Oliver and Alex Kent-Braham, and Rio Ferdinand.

The company intends to use the funds to grow the team and build their selection of rewards and features.

Co-founded by Theso Jivajirajah, Harry Jell, and CEO Tim Chong, Yonder offers a credit card and rewards program that will provide members with access to exclusive drinking, dining and leisure experiences with partners including The Gladwin Brothers and Kricket restaurants, plus the ability to spend abroad with zero FX fees.

Yonder secured FCA authorisation in just nine months.

From today, Yonder will open its waitlist to customers in London, who can apply to join its Founding Members’ program for early access to the credit card.

Budget Insight Raises $35M in Funding

Budget Insight, a Paris, France-based aggregator of banking and financial data and a pioneer of Open Finance in Europe, raised $35m (€31m) in funding.

PSG Equity made the investment and will be a shareholder alongside the management team and Crédit Mutuel Arkéa.

The transaction is subject to the authorization of France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The company plans to use the funds to expand operations hiring 50 people this year, to grow its tech, product and sales teams.

Founded in 2012 by Romain Bignon, and led by CEO Bertrand Jeannet, Budget Insight is an Open Finance company that provides tech solutions for an ecosystem of more than 200 businesses and institutions, including some of the largest French banks, insurers, and asset managers, along with several other leading names in fintech.

The Budget Insight API enables clients (banks, fintech firms, lenders, asset managers and software companies) and their end users to aggregate financial data and documents, and initiate payments. Thanks to its technologies, Budget Insight provides clients solutions that cover a wide array of services ranging from asset management and credit to corporate cash management, loyalty and payments.

https://www.finsmes.com/2022/04/budget-insight-raises-35m-in-funding.html

Moneybox Raises £35M in Series D Funding

Moneybox, a London, UK-based digital wealth manager, raised £35M in Series D funding.

The round, which brings the total amount of funds raised to date, to £95.1m, was led by Fidelity International Strategic Ventures, with participation from Polar Capital.

The company intends to use the funds to growth its customer base, introduce financial planning services and launch an enhanced investing proposition focused on long-term wealth generation. 

Launched in 2016 by co-founders Ben Stanway and Charlie Mortimer, Moneybox provides a range of products and services across saving, investing, home-buying, and retirement, all within an app, supported by technology and customer support. The company supports a community of more than 800k customers with more than £2.9bn in assets under administration. It has a team of c.300 people including new entries as Laurel Powers-Freeling as Chair of the Board, Karen Kerrigan, formerly COO at Seedr, Cecilia Mourain, MD Moneybox Home-buying and Caroline Murphree, formerly Europe CEO at Wealthsimple, who will join next month.

Buk Acquires Payflow, a Salary on Demand Fintech from Spain

Buk, a Chilean human resources management platform, announced a few days ago the purchase of the Spanish fintech Payflow. It is not the first acquisition that Buk has carried out: in November 2021 it bought three other companies, including Boost and Ninja Excel.

However, Payflow is the first purchase that doesn’t match Buk’s human resources focus. As a company that offers an on-demand salary advance, Payflow brings Buk into the fintech world.

Buk is in an accelerated process of expansion. At the end of last year, it raised a US$50 million round, bringing it to a valuation of US$417 million. Buk is the fourth most valuable startup in Chile after Cornershop (prior to its acquisition by Uber), NotCo and Betterfly.

Buk is a cloud-based platform that allows companies to manage their human resources “end-to-end”; that is, from payroll to professional development, through performance evaluation tools, recruitment modules and attendance monitoring.

London Technology Club launches £30m fund for fintech and AI startups

London Technology Club (LTC) has launched a fund that aims to raise £30m to invest in promising fintech, AI and mobility startups.

This will be the third investment fund from the London Technology Club in the last three years and aims to inject its £30m into 20 to 25 investments over the next year.

The London-based investment company will be prioritising British, US, European and MENA-based startups.

Konstantin Sidorov, founder, chief executive and general partner at LTC, said: “The technology revolution of the 21st century has positively transformed the way we do business, shop, travel and receive healthcare, but for this rate of innovation to continue we must ensure that tech enterprises are backed with the growth capital they require.”

He added: “Our third fund will channel investment into the leading tech companies of tomorrow to enable them to reach their potential.

“The growth will generate long-term returns to investors, employment opportunities for the next generation, and the benefits of innovation to consumers, businesses and the community.”

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Banxware and IDA Ireland; European FinTech deals this week include Moonfare and ArK Kapital

European FinTech deals this week include Moonfare and ArK Kapital

We feature Q&As with Miriam Wohlfarth of Banxware and Daragh Hanratty of IDA Ireland

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

7 Questions – Interview video with Miriam Wohlfarth of Banxware

Banxware’s Embedded Financial Service platform bridges the gap between traditional banks and digital platforms, marketplaces or payment providers. Interviewed by FinTech Forum Co Founder Frank Schwab.

http://www.fintechforum.de/7-questions-interview-video-with-miriam-wohlfarth-of-banxware/

7 Questions with Daragh Hanratty of IDA Ireland

1. Please tell us a bit about yourself, both at work and leisure.

I am VP for financial Services with IDA Ireland, the state agency responsible for FDI into Ireland. I am based in Frankfurt, have a keen interest in fitness and travel. During lockdown I took up running. I am currently working to improve my times for 5km and 10km park runs

http://www.fintechforum.de/7-questions-with-daragh-hanratty-of-ida-ireland/

Meet Moonfare, the German fintech which raised $35 million to lower entry barrier for private investors

With the democratisation of private markets and stock market volatility, high net worth individuals, retail investors and their advisors are looking for alternative investments to benefit from high returns. However, retail access to private equity funds for individuals remain low. Addressing the gap, German fintech company Moonfare has raised a $35 million funding from London-based private equity firm Vitruvian Partners, which has earlier invested in Just Eat , Farfetch, Transferwise and Trustpilot.

The funding will come in handy as the startup is gearing up to fuel its global expansion. The company entered the U.S. market this January after it raised a massive $125 million funding in November last year.

Equipped with fast and easy-to-use digital platform, the startup offers retail investors access to select, top-tier private market funds and venture capital funds that were previously only available for institutions.

https://tech.eu/2022/03/29/meet-moonfare-the-german-fintech-which-raised-35-million-to-lower-entry-barrier-for-private-investors

Stockholm-based ArK Kapital raises €165 million to help startups grow faster and smarter

With the aim to fuel startup growth in a way that is faster and smarter, Swedish fintech company ArK Kapital has today announced it has secured a massive €165 million in seed funding. The funding was led by Local Globe, with participation from Creandum and angel investors including Supercell CEO Ilkka Paananen, iZettle founder Jacob de Geer, and EQT Ventures founding partner Hjalmar Winbladh.

Not only is this funding an impressive boost for the startup, which was only launched in November 2021, but also represents a big lift for the startup ecosystem as a whole, given the firm’s business proposition. 

Ark Kapital fuses banking and artificial intelligence, operating as a data-driven precision finance company that enables technology companies to grow faster and smarter through long-term loans – maintaining control for founders and reducing risk for investors.

CEO and co-founder Oliver Hildebrandt, explained: “Any founder will tell you how difficult fundraising can be: retelling your story and hoping to convince the other side really adds up and results in precious time spent away from a business. We believe that entrepreneurs should retain more ownership of their companies and more transparency is needed throughout the fundraising process. After all, no matter how small, any investor equates to a long-term relationship. This is where the power of an AI-driven approach becomes clear: companies can benefit from tailored financing options based on their potential, backed up by data. As an entrepreneur-first company, we want to offer the best network for founders”.

Eight Roads Launches US$350M China Focused Technology Fund

Eight Roads, a global venture capital firm backed by Fidelity, launched its latest dedicated technology fund for China.

Eight Roads China Technology Fund V, has US$350m of capital to deepen the firm’s focus on core technology areas accompanied by a deep thematic investment approach. 

Since its first investment in China in the 1990s, Eight Roads has evolved with the development of the technology industry in the country and remains committed to supporting local entrepreneurs to develop the next generation of global technology companies with its deep domain expertise and global network. 

Led by Jarlon Tsang, Managing Partner and Head of Eight Roads Ventures China, and Ted Chua, Senior Partner, Eight Roads Ventures China has backed over 130 companies in the country’s healthcare and technology sectors such as Alibaba, Adagene, Asia Info, BangEr, Eyebright, FenBeiTong, Innovent, Innovusion, Kyligence, Medbanks, MediTrust, PingPong, Pony.ai, WuXi Apptec, etc. 

Globally, the Eight Roads platform has backed more than 300 companies including AppsFlyer, Cazoo, Icertis, Made.com, Neo4j, Paidy, Shadowfax, and Spendesk, to name a few. The firm is managing over $8bn of assets across offices in China, India, Japan, Europe and the US.

Berlin-based AlphaQ Venture Capital launches $1 billion ‘fund of funds’

Berlin-based AlphaQ Venture Capital (AQVC) has launched a venture capital fund of funds to strengthen the VC ecosystem by backing top-performing venture capital funds worldwide. Dubbed the ‘VC for VCs’, AQVC will invest in top performing venture capital funds globally.

The initial target fund volume is €500 million, which will be mainly invested in Europe, with exposure to the startup nation Israel and the homeland of venture capital, the U.S.  The capital will be allocated to 50-60 funds which in turn would finance more than 1,200 early and growth-stage startups.

AQVC is screening over 2,000 VC funds per year for investment and has secured allocations or already invested in 50 top-tier VC funds like Northzone, Partech, Speedinvest, Headline, Nucleus Capital, White Star Capital and many others.

https://tech.eu/2022/03/28/berlin-based-alphaq-venture-capital-launches-1-billion-fund/

FTV Capital Raises Seventh Growth Equity Fund, at $2.3 Billion

FTV Capital, a growth equity investment firm, closed its seventh vehicle, FTV VII, at $2.3 billion.

The fund saw substantial renewed and increased commitments from existing investors, with nearly 100 percent of limited partners in its previous fund committing to FTV VII, as well as commitments from new limited partners. These investors are diversified by size, type and geography across North America, Europe, Asia-Pacific and the Middle East.

The firm will continue its 24-year track record of investing in innovative, high-growth companies across the enterprise technology, financial services and payments landscapes. This new fund provides FTV flexibility to make control and significant minority equity investments, often as the first institutional investor, generally ranging from $30 to $200 million that align with the objectives of company management teams to accelerate growth and expansion.

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Billender and SeedX Liechtenstein; European FinTech deals this week include in3, Insurely, Encompass, Xempus, Lunar, +Simple, ClearBank and Lendable

European FinTech deals this week include in3, Insurely, Encompass, Xempus, Lunar, +Simple, ClearBank and Lendable

We feature Q&As with Harald Axelius of Billender and Cynthia Nadal of SeedX Liechtenstein

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

7 Questions with Harald Axelius of Billender 

1. Please tell us a bit about yourself, both at work and leisure.

Billender is the first buy now-pay later solution for paying bills. You simply snap a pic, you can pay any bill in seconds with a variety of flexible payment options. Billender simplifies payment of bills while giving the user a better overview of their personal finance. With services like Klarna, Affirm, Afterpay etc, consumers today are used to having access to all types of payment options, including flexible credits any time they want to purchase something. Billender applies the same model for paying bills. Before I started Billender, I was involved as an angel investor, chairman of the board and many other different roles at Savelend, Sweden’s largest peer-to-peer platform. I have a Master of Laws (LLM) but always worked in tech. I currently reside in Stockholm, Sweden and Marbella, Spain with my girlfriend Jenny. When I’m not working I enjoy taking 20 minute meditation naps with noise cancellation earphones or watching Youtube videos about the construction of different “mega projects” around the world.

http://www.fintechforum.de/7-questions-with-harald-axelius-of-billender/

7 Questions with Cynthia Nadal of SeedX Liechtenstein

1. Please tell us a bit about yourself, both at work and leisure.

My name is Cynthia, I am a Partner at Seed X Liechtenstein. I am an operator turned investor and I have previously worked with different accelerators including Techstars, King’s College and Founders Factory in London. Prior to being an investor I have worked for 11+ years at the fintech unicorn Markit (Now IHS markit, being bought by S&P). I learned there everything I know about great product development, corporate innovation and the hurdles of fast growth (IPO on the NASDAQ in 2014 at $5bn valuation, merger with IHS in 2016, now worth more than $40bn).

Work-wise I like connecting the dots and people, understanding the big problems needing solving and who we can learn from. Having the right network also helps to support founders in their growth.

Some of my spare time is also spent on tech boards that I sit on, and supporting female entrepreneurs across Europe.

http://www.fintechforum.de/7-questions-with-cynthia-nadal-of-seedx/

Dutch BNPL Fintech in3 Secures $11.1M, Enters Deal with Payments Firm Worldline

Dutch Buy Now, Pay Later (BNPL) Fintech in3 has secured $11.1 million in capital and entered a deal with payments company Worldline in order to bring its products and services to more merchants.

In3 was launched back in 2018 by a professional team that had reportedly been a part of the early BNPL trend in the 2010s. It enables clients to make payments for products over three manageable installments within 60 days with 0% interest and without requiring any credit registration.

The company’s management noted that revenue has surged 300% YoY since the firm launched operations, with partner merchants like Kwik Fit, EP, La Souris, Matt sleeps and Dekbed-Discounter all signed up.

Via the collaboration with Worldline, in3 will offer a tech stack that will enable online and offline merchants, who are part of the Worldline network, to provide BNPL services.

And the $11.1 capital injection from Finch Capital will reportedly be used to build out the tech stack and engage in key hiring across the business.

https://www.crowdfundinsider.com/2022/03/188230-dutch-bnpl-fintech-in3-secures-11-1m-enters-deal-with-payments-firm-worldline/

Swedish fintech Insurely claims €19M

Insurely, a Stockholm-based insurtech startup, has raised a €19 million Series A led by Insight Partners. Founded in 2018, the company offers a platform for accessing data on the insurance market.

Developer of an insurance tracking platform built to keep track of insurance policies. The company’s platform retrieves all existing insurances automatically and keeps track of the covers provided and payments made while also showing and comparing other available partner insurances, enabling insurance companies to get more customers and be more transparent with them.

https://pitchbook.com/newsletter/swedish-fintech-insurely-claims-19m

Encompass Raises $33M in Funding

Encompass, a London, UK-based provider of intelligently automated Know Your Customer (KYC) solutions, raised $33M in funding.

The round was led by Perennial Partners, with participation from Serendipity Capital, Seven Seat Capital, Microequities Asset Management, Alan McIntyre, Tim Frost, and Ray Scott.

The company intends to use the funds to accelerate its growth globally, which has included office openings and extensive recruitment in New York and Amsterdam, and ongoing product innovation and development, undertaken from three main engineering centers in Sydney, Belgrade, and Glasgow.

Launched in 2012 by Roger Carson, Encompass transforms regulatory compliance and customer onboarding with Know Your Customer (KYC) automation. As a global leader in automated KYC due diligence worldwide, the company serves global banks and financial institutions to streamline their KYC process and comply with regulations and requirements. Encompass serves customers across the globe with offices in Amsterdam, Belgrade, Glasgow, London, New York, Singapore and Sydney.

Xempus digitizes your pension – and gets 63 million in return

The insurtech Xempus has completed its Series D. In the financing round, the Munich-based company received fresh capital in the amount of the equivalent of 63 million euros (70 million dollars). The majority of this comes from Goldman Sachs Asset Management – the US investment bank has often invested in German tech companies, including the fintech Elinvar, the IT startup Leanix or the savings portal Raisin.

In addition to the lead investor, the existing shareholders, led by HPE Growth and Cinco Capital, have participated “substantially” in the round, according to the company. The new funds are intended to promote internationalisation and the expansion of product categories.

Xempus builds digital products for company pensions. With the so-called “Xempus Manager”, the Munich-based Insurtech is aimed at employers who can digitally offer their employees the pension scheme for self-closure. This should save effort, time and costs, according to Xempus.

With “My Xempus”, employees can adjust their pension provision and get an overview of the current status of their retirement provision from retirement. In addition to the statutory pension, the dashboard shows, for example, the monthly supplementary pension from the pension plan.

Scandinavian Fintech Lunar collects 70 million euros

Neobank is building a complete range of financial services. In addition: Xpeng launches electric sedan in Europe and trade in NFTs increased by 21,000 percent in 2021.
Lunar, a Scandinavian digital banking platform, has announced a €70 million Series D funding round. According to “Techcrunch”, the cloud-based fintech based in Copenhagen thus achieves a valuation of two billion US dollars. Lunar is also launching a crypto trading platform and B2B payments for its small and medium-sized business customers. The latest investment is an expansion of the Series D, which had a first deal of 210 million euros in July last year. The round – led by Heartland with participation from Kinnevik, Tencent and IDC Ventures – will now close with €280 million.

In the last year, Lunar’s customer base has grown by more than 90 percent. With the fresh money, the company wants to expand further. Lunar is building a complete financial services offering: in April 2021, it acquired Swedish consumer credit and peer-to-peer savings platform Lendify to strengthen its position in Scandinavia.

https://docs.google.com/document/d/1vClqiylJ8hBCwlKgwgbY8nuUEGP2BN7Kqd9KK1LF0bI/edit#

French startup +Simple scores €90 million for its insurtech solution

Founded in 2015, +Simple, has scored €90 million and acquired three European companies to grow its insurtech offering. The funding round was led by global investment firm KKR and saw the participation of +Simple’s founders and existing investors, including Eurazeo, Speedinvest and Tikehau Capital. 

The French platform operates as an insurance Robo-Broker for freelancers, small and medium businesses. The tech behind the platform generates tailor-made and competitive insurance packages, based on a simple questionnaire. The firm was founded by Eric Mignot (Chairman), Anthony Jouannau (CEO) and Salah Hamida (Deputy CEO and CTO) with the aim to create a one-stop shop for professional insurance needs. 

Eric Mignot commented: “KKR’s expertise in the insurance sector globally and track record in growth investing makes them ideally placed to support our development. Our ability to raise debt from a player such as Tikehau reflects confidence in our strategy to generate strong growth and profitability.”

UK’s clearing bank now eyes European expansion, swipes off £175 million funding

Next-generation clearing and embedded banking platform in the UK, ClearBank has raised a £175 million equity investment. The round was led by funds advised by Apax Digital, the growth equity arm of private equity advisory firm Apax, and saw the participation of existing investors such as CFFI UK Ventures (Barbados) and PPF Financial Holdings.

The platform created some news in 2017 when it became the first new clearing bank in the UK in 250 years. Now, with the additional capital, it is setting sights on international expansion.

The investment will drive ClearBank’s ambition to power banking services for both financial institutions and non-financial brands, using its single API cloud-native embedded banking platform. It will also drive the company’s global expansion, initially in Europe before moving into North America and Asia Pacific.

Founded by Nick Ogden in 2016, who was also the founder of WorldPay, which was later on acquired by Fidelity, the clearing bank has a portfolio of 13 million accounts and £3 billion held in balances at the Bank of England. The UK banking rails provider serves over 200 financial institutions and fintech customers, including Tide, Coinbase, Chip and Oaknorth Bank.

https://tech.eu/2022/03/21/uks-clearing-bank-now-eyes-european-expansion-swipes-off-ps175-million-funding

Lendable Raises GBP 210M in Funding At Valuation in Excess of GBP 3.5 Billion

Lendable, a London, UK-based AI-powered consumer finance platform, raised GBP210M in funding at a valuation in excess of GBP 3.5 Billion.

The round was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’), through its Teachers’ Innovation Platform (TIP).

The company intends to use the funds to accelerate international growth and expand operations and development efforts.

Founded in 2014 and led by CEO Martin Kissinger, Lendable is an AI-powered consumer finance platform that connects global institutional investors with borrowers across all major products (loans, credit cards, car finance). The company applies AI and automation to enhance underwriting, and offer customers better rates, transparency and service, while offering institutional investors ranging from global banks to family offices access to the asset class.

JPMorgan to buy Irish fintech firm Global Shares

March 15 (Reuters) – JPMorgan Chase & Co (JPM.N) said on Tuesday it would buy Global Shares, an Irish fintech firm whose software helps businesses manage employee stock plans.
The deal, the terms of which were not disclosed, was expected to close in the second half of this year.
Founded in 2005, Global Shares manages nearly $200 billion in assets and its cloud-based platform is used by more than 600 clients.
The U.S. bank plans to integrate the company into its asset and wealth management business, according to a statement. Global Shares will remain headquartered in Cork, Ireland.

https://www.reuters.com/technology/jpmorgan-buy-irish-fintech-firm-global-shares-2022-03-15/

FT Partners’ Long-Term Client PPRO Acquires Alpha Fintech

PPRO, the provider of virtual payments infrastructure, announced the acquisition of Alpha Fintech, a next-gen payments tech firm. The deal will reportedly “expand PPRO’s offering, strengthen its presence and networks in Asia Pacific (APAC), and allow it to deliver products and services faster to its customers.”

Alpha Fintech’s Cloud-powered platform “allows for the seamless integration of digital payments products and services, from payment processing and merchant management to risk management, fraud prevention, and data analytics.”

The APAC-focused firm has served a key role in “accelerating the growth of banks, fintech enterprises, and payment service providers, including New Zealand’s BNZ and Southeast Asia’s super-app Grab.”

By adding Alpha’s platform to its infrastructure, PPRO is now poised “to offer a plug-and-play orchestration layer that will let its customers integrate products and services faster and at scale.” Clients may look forward to more global payment flows, “the ability to integrate third-party applications, stronger compliance and risk capabilities, and deeper data insights.”

https://www.crowdfundinsider.com/2022/03/188076-ft-partners-long-term-client-ppro-acquires-alpha-fintech/

Visa Closes Acquisition of Tink

Visa (NYSE: V) completed its acquisition of Tink, a Stockholm, Sweden-based open banking platform that enables financial institutions, fintechs and merchants to build financial products and services and move money.

The amount of the deal was 1.8 billion Euros, inclusive of cash and retention incentives.

The transaction was announced in June 2021.

Founded in 2012 in Stockholm and led by Daniel Kjellén, CEO, Tink provides an API that enables its customers to move money, access aggregated financial data, and use smart financial services such as risk insights and account verification. Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of bank customers across Europe. Its 500 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries.

With the transaction complete, the combination of Visa and Tink is expected to enable clients to deliver benefits for consumers to control their financial experiences, including managing their money, financial data and financial goals. Businesses large and small will also have access to more customized range of tools to operate digitally and securely, whether initiating payments, reconciling bank statements and accounts or enabling alternative financing.

In the near-term, Tink will operate as a standalone subsidiary of Visa. Kjellén and the existing management team will continue to lead the organization.

Finleap co-founders raise over €100m for new “embedded” fintech VC fund

The fund, called embedded/capital, was founded this year by Ramin Niroumand and Michael Hock, who set up finleap, a Berlin-based fintech business that offers SaaS solutions to enterprises and builds stand-alone fintech companies.

A Berlin-based VC fund focused on the “next generation” of fintech founders has raised over €100m to invest in startups “embedding” financial services in their business models.

The  VC fund, called embedded/capital, was founded this year by Ramin Niroumand and Michael Hock, who set up Finleap, a Berlin-based fintech business that offers SaaS solutions to enterprises and helps build fintech companies.

Embedded/capital’s fund focuses on founders who are “embedding” financial services in their offerings, particularly at pre-seed and seed stages with initial investments of up to €4m.

The fund has raised money from institutional investors, entrepreneurs and founders.

Along with capital support, embedded/capital says it can help fintech founders by drawing on a “strong network” of European financial service providers.

Furthermore, it said it also works with key institutional players, unicorn founders, and global investors to support ventures.

Niroumand said: “We continue doing what we love most: Helping founders in the most critical stages to succeed. 

“The Berlin fintech ecosystem has made incredible progress over the last few years, and it’s exciting that the new generation of fintechs can build on the platforms created. 

https://www.altfi.com/article/8989_vc-fund-raises-over-eur100m-to-invest-in-startups-embedding-financial-services

CommerzVentures Closes €300M Third Fund

CommerzVentures, a Frankfurt, Germany-based specialist fintech investor, closed its third fund, at €300m.

The fund, which saw Commerzbank return as the sole LP, brings their combined total fund size to €550m.

Led by partners Heiko Schwender and Paul Morgenthaler, the vehicle will go towards supporting early and growth-stage companies in the fintech and insurtech sectors, as well as the emerging Climate FinTech space.

The third fund follows on from their first €100m fund, launched in 2014, and their second €150m fund in 2019, as well as investments in 28 companies to date. Continuing their strategy of targeting founder teams with the ambition to solve billion dollar problems, CommerzVentures continue to invest with a global outlook, focusing on Europe, Israel and the USA. 

The launch of Fund III will see the firm grow their headcount by 50%, enabling them to strengthen their position in fintech globally, and establish a foothold in new geographies, notably Africa. This follows CommerzVentures’ recent participation in MFS Africa’s $100m Series C and desire to support founders in the region’s vibrant fintech market.

The firm has already backed unicorns such as Bought By Many, Mambu, eToro and Marqeta and has a strong presence within Climate FinTech, with recent investments including ClimateView and Doconomy. Other notable investments within fintech and insurtech include Afilio, ByMiles, GetSafe and iwoca. Portfolio company Marqeta IPOed on Nasdaq, while Curv and Payworks were acquired by Paypal and Visa, respectively. 

Meet us at:

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Aisot and Fin VC; European FinTech deals this week include HUBUC, Haruko, Ageras group, Weavr, Atom, PayHawk and Scalapay

European FinTech deals this week include HUBUC, Ageras group, Weavr, Atom, PayHawk and Scalapay

We feature Q&As with Stefan Klauser of Aisot and May Wang of Fin VC

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

7 Questions with Stefan Klauser of Aisot

1. Please tell us a bit about yourself, both at work and leisure.

Hi, I am Stefan, Co-Founder & CEO at Aisot Technologies. We are a leading provider of real-time insights for trading and asset management. I always had a passion for both entrepreneurial work and predictive tools. The Oracle of Delphi was by far the coolest thing in Latin class. And my first business I „founded” as a kid, when selling cherries from our garden on our village’s streets. In my free time, I like to be in nature or sing. I have played in rock bands since I was a teenager.

http://www.fintechforum.de/7-questions-with-stefan-klauser-of-asiot/

7 Questions with May Wang of Fin VC

1. Please tell us a bit about yourself, both at work and leisure.

I’m an investor at Fin VC, a B2B Fintech/Insurtech focused global venture capital, based out of San Francisco. Fin VC is a team of FinTech nerds with capital, based in SF/NYC and focus on FinTech SaaS in the US and EU/UK. We deploy out of 3 strategies: Regatta (pre-seed, checks of $100K-$1M), Flagship (Early Stage – Seed->B, checks of $1-10M) and Horizons (Growth – C+, checks of $25-50M+, primary/secondary) and have an operating value playbook focused on global BD, corp dev, capital formation, product/GTM, key talent sourcing, and board leadership.

Personally, I’m an avid traveler and a global citizen who has lived in 4 countries across 3 continents. When not at work, you’ll find me hiking/surfing in the summer and skiing in the winter. I’m also mentoring students from underrepresented communities, and an advisor at a Uganda-based NGO.

http://www.fintechforum.de/7-questions-with-may-wang-of-fin-vc/

Offering any and all brands managed embedded financial services, Y Combinator alum HUBUC raises $10 million

By managing contracts, knowledge, regulatory requirements, integrations, and risk in-house, Barcelona’s HUBUC offers customers the ability to implement embedded finance services and go to market on average in 7-8 weeks.

Barcelona-based embedded financial services startup HUBUC has raised $10 million in a seed round. The new funding will be used to bolster the company’s European footprint, strengthen the compliance team, continue product development and further streamline the customer implementation process.
Traditionally dogged by regulatory restraints that vary from country to country, the process of implementing embedded finance solutions can be complex, time-consuming, and ultimately, costly. And while there’s certainly no shortage of providers on the market today, where HUBUC aims to stand apart from the crowd is through its managed service, and thus, speed of implementation.

https://tech.eu/2022/02/24/offering-any-and-all-brands-managed-embedded-financial-services-y-combinator-alum-hubuc-raises-10-million

Bringing transparency to crypto capital markets fetches $10 million for London-based Haruko

London startup Haruko is building one-stop shop for institutional crypto investors with $10-million seed funding.

The crypto ecosystem shows enormous promise as the breeding ground for game-changing innovation. While institutional capital is increasingly convinced of the opportunity, unfamiliar and unreliable technology remains a major barrier to entry. Bridging this gap with a platform that provides both a sophisticated but easy-to-use API and a convenient dashboard enabling institutional investors to easily interact with crypto markets is London-based Haruko.

The startup bringing an institutional-grade technology layer to connect capital to the blockchains, has now closed a $10 million funding. The seed round was led by Portage Ventures and White Star Capital.

Founded by Adam Carlile, Omer Suleman and Shamyl Malik, the startup powers institutional access to digital assets globally. Its platform enables large institutions to interact with crypto markets both on centralised exchanges (CeFi) and decentralised protocols (DeFi).

https://tech.eu/2022/03/04/bringing-transparency-to-crypto-capital-markets-fetches-10-million-for-haruko/

 

Ageras Group Raises $34M in Funding

The Ageras Group, a Copehagen, Denmark-based small business-focused financial services software and accounting marketplace, closed a €30m ($34m) funding round.

Backers included new investors Centripetal Capital and Saeid Esmaeilzadeh, which joined existing investors Investcorp Technology Partners, Lugard Road Capital and Roosgruppen, which all are participating in the round.

The company intends to use the funds to accelerate the expansion of its marketplace and acquire other fintech software startups.

Founded in 2012 by CEO Rico Andersen and CMO Martin Hegelund, Ageras Group provides small businesses with financial services software and accounting marketplace.

The company began as the online marketplace Ageras.com (matching SMEs with accountants) and has expanded into a 250-person team offering a complete ecosystem of tools and services for SMEs. Today, Ageras Group offers cloud-based accounting software through the products Zervant, Billy and Tellow and payroll software through Salary. In late 2021, the group launched an embedded fintech service providing financing options to its customers directly through its software. Ageras Group’s solutions have been used by more than 1 million small businesses across Europe and the U.S.

Weavr Raises $40M in Series A Funding

Weavr, a London, UK-based fintech provider that enables businesses with Plug-and-Play financial solutions, raised $40M in Series A funding.

The round was led by Tiger Global with participation from QED Investors, Anthemis, Mubadala, Latitude, Headline, Seedcamp, Force Over Mass Capital and UFP Fintech.

The company intends to use the funds to support international expansion plans, beginning with an official U.S. market launch.

Led by CEO Alex Mifsud, Weavr is an open platform for embedded finance for the digital economy.

 

Atom Raises More Than £75M in Equity Funding

Atom bank, a Durham, UK-based app-based bank, raised more than £75m in new equity funding as it continues to grow its profitability and drive to IPO.

The round will be led by BBVA and by Toscafund with participation from co-investors Infinity Investment Partners. The round is now being opened to other existing shareholders. The digital lender has now raised more than £115m in the last 12 months.

Led by Mark Mullen, Chief Executive Officer, Atom launched operations in April 2016, offering Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’), followed by its automated mobile mortgage proposition in December 2016. Atom launched an Instant Saver in September 2020.

With a team of over 400 people, the company delivered its first monthly operating profit during Q2 and has continued to grow its revenues throughout the year while maintaining a tight control on its costs.

Bulgaria now has its first unicorn in Payhawk as the company adds an additional $100 million

In adding another $100 million to an already impressive $115 million Series B round, payments and expense management startup Payhawk has provided Bulgaria with its first card-carrying member of the unicorn club

Payments and expense management firm Payhawk has added $100 million to its Series B round, now standing at $215 million, and in so much, provides the company with a $1 billion valuation and Bulgaria with its first unicorn.

As a testament to the company’s rapidly accelerating velocity, this Series B extension arrives only three months after the company’s initial announcement of $115 million, a round that was announced only 7 months since the closing of a $20 million Series A round.

Preceded only by now publicly listed UiPath, Payhawk’s Series B round is the second-largest ever of its kind for a B2B company in the CEE region, with the new funding fueling the addition of 60 senior software engineers in the Sofia office, alongside planned office openings in Amsterdam and Paris in March, and New York in September. The company reports that it’s well on track to triple the headcount from 100 to more than 300 staff members by the end of this year.

https://tech.eu/2022/03/01/bulgaria-now-has-its-first-unicorn-in-payhawk-as-the-company-adds-an-additional-100-million/

Scalapay Raises $497M in Series B Funding

Scalapay, a Milan, Italy-based payment solution that enables customers to buy now and pay later (BNPL) without interest, raised $497M in Series B funding.

The round, which brought total funding raised to date to over $700M, was led by Tencent and Willoughby Capital, with participation from Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital.

Founded by Simone Mancini and Johnny Mitrevski in 2019, Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, without interest. Their BNPL offerings include three options for customers (Pay in 3, Pay in 4, and Pay Later) in which customers are not required to make any payments upfront, and can instead opt to pay in 3 installments, 4 installments, or entirely after 14 days.

CommerzVentures closes €300 million fund to boost European fintech and insurtech startups

Specialising in fintech companies, Frankfurt-based CommerzVentures has announced the close of their third fund at €300 million. The fund will go towards supporting early and growth-stage companies in the fintech and insurtech space. The freshly emerging climate fintech space will also benefit from the fresh funds – building towards being Europe’s foremost VC in this emerging sector. 

The latest fund, which saw Commerzbank return as the sole LP, brings their combined total fund size to €550 million. 

Launched in 2014, CommerzVentures has successfully invested in 28 companies. Continuing their strategy of targeting exceptional founder teams with the ambition to solve billion-dollar problems, CommerzVentures continues to invest with a global outlook, focusing on Europe, Israel and the USA. 

Catalyst Romania wraps up €50 million fund to invest in early-stage tech firms in South Eastern Europe

Targeting investments in technology companies, Catalyst Romania has announced the closing of its second venture capital fund. On the back of strong demand from institutional and private investors, the original target of €40 million was substantially exceeded and the fund reached its hard cap of €50 million.

The second-generation venture fund in Romania will continue focusing on early-stage technology companies and make investments of €1-3 million to high-potential technology SMEs from Romania and South Eastern Europe.

Since its first closing in November 2020, it has invested in two companies and three more are in the due diligence phase. The first investment was in Seedblink, which is a next generation crowd-investing platform. Its second investment was in Code of Talent, a leading micro-learning solution dedicated to employee training.

https://tech.eu/2022/02/22/catalyst-romania-wraps-up-eur50-million-fund-to-invest-in-early-stage-tech-firms-in-south-eastern-europe

Meet us at:

Finovate Europe 2022, London: 22–23 March 2022

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Aisot and Fin VC; European FinTech deals this week include HUBUC, Ageras group, Weavr, Atom, PayHawk and Scalapay

European FinTech deals this week include HUBUC, Ageras group, Weavr, Atom, PayHawk and Scalapay

We feature Q&As with Stefan Klauser of Aisot and May Wang of Fin VC

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

7 Questions with Stefan Klauser of Aisot

1. Please tell us a bit about yourself, both at work and leisure.

Hi, I am Stefan, Co-Founder & CEO at Aisot Technologies. We are a leading provider of real-time insights for trading and asset management. I always had a passion for both entrepreneurial work and predictive tools. The Oracle of Delphi was by far the coolest thing in Latin class. And my first business I „founded” as a kid, when selling cherries from our garden on our village’s streets. In my free time, I like to be in nature or sing. I have played in rock bands since I was a teenager.

http://www.fintechforum.de/7-questions-with-stefan-klauser-of-asiot/

7 Questions with May Wang of Fin VC

1. Please tell us a bit about yourself, both at work and leisure.

I’m an investor at Fin VC, a B2B Fintech/Insurtech focused global venture capital, based out of San Francisco. Fin VC is a team of FinTech nerds with capital, based in SF/NYC and focus on FinTech SaaS in the US and EU/UK. We deploy out of 3 strategies: Regatta (pre-seed, checks of $100K-$1M), Flagship (Early Stage – Seed->B, checks of $1-10M) and Horizons (Growth – C+, checks of $25-50M+, primary/secondary) and have an operating value playbook focused on global BD, corp dev, capital formation, product/GTM, key talent sourcing, and board leadership.

Personally, I’m an avid traveler and a global citizen who has lived in 4 countries across 3 continents. When not at work, you’ll find me hiking/surfing in the summer and skiing in the winter. I’m also mentoring students from underrepresented communities, and an advisor at a Uganda-based NGO.

http://www.fintechforum.de/7-questions-with-may-wang-of-fin-vc/

Offering any and all brands managed embedded financial services, Y Combinator alum HUBUC raises $10 million

By managing contracts, knowledge, regulatory requirements, integrations, and risk in-house, Barcelona’s HUBUC offers customers the ability to implement embedded finance services and go to market on average in 7-8 weeks.

Barcelona-based embedded financial services startup HUBUC has raised $10 million in a seed round. The new funding will be used to bolster the company’s European footprint, strengthen the compliance team, continue product development and further streamline the customer implementation process.
Traditionally dogged by regulatory restraints that vary from country to country, the process of implementing embedded finance solutions can be complex, time-consuming, and ultimately, costly. And while there’s certainly no shortage of providers on the market today, where HUBUC aims to stand apart from the crowd is through its managed service, and thus, speed of implementation.

https://tech.eu/2022/02/24/offering-any-and-all-brands-managed-embedded-financial-services-y-combinator-alum-hubuc-raises-10-million

Bringing transparency to crypto capital markets fetches $10 million for London-based Haruko

London startup Haruko is building one-stop shop for institutional crypto investors with $10-million seed funding.

The crypto ecosystem shows enormous promise as the breeding ground for game-changing innovation. While institutional capital is increasingly convinced of the opportunity, unfamiliar and unreliable technology remains a major barrier to entry. Bridging this gap with a platform that provides both a sophisticated but easy-to-use API and a convenient dashboard enabling institutional investors to easily interact with crypto markets is London-based Haruko.

The startup bringing an institutional-grade technology layer to connect capital to the blockchains, has now closed a $10 million funding. The seed round was led by Portage Ventures and White Star Capital.

Founded by Adam Carlile, Omer Suleman and Shamyl Malik, the startup powers institutional access to digital assets globally. Its platform enables large institutions to interact with crypto markets both on centralised exchanges (CeFi) and decentralised protocols (DeFi).

https://tech.eu/2022/03/04/bringing-transparency-to-crypto-capital-markets-fetches-10-million-for-haruko/

 

Ageras Group Raises $34M in Funding

The Ageras Group, a Copehagen, Denmark-based small business-focused financial services software and accounting marketplace, closed a €30m ($34m) funding round.

Backers included new investors Centripetal Capital and Saeid Esmaeilzadeh, which joined existing investors Investcorp Technology Partners, Lugard Road Capital and Roosgruppen, which all are participating in the round.

The company intends to use the funds to accelerate the expansion of its marketplace and acquire other fintech software startups.

Founded in 2012 by CEO Rico Andersen and CMO Martin Hegelund, Ageras Group provides small businesses with financial services software and accounting marketplace.

The company began as the online marketplace Ageras.com (matching SMEs with accountants) and has expanded into a 250-person team offering a complete ecosystem of tools and services for SMEs. Today, Ageras Group offers cloud-based accounting software through the products Zervant, Billy and Tellow and payroll software through Salary. In late 2021, the group launched an embedded fintech service providing financing options to its customers directly through its software. Ageras Group’s solutions have been used by more than 1 million small businesses across Europe and the U.S.

Weavr Raises $40M in Series A Funding

Weavr, a London, UK-based fintech provider that enables businesses with Plug-and-Play financial solutions, raised $40M in Series A funding.

The round was led by Tiger Global with participation from QED Investors, Anthemis, Mubadala, Latitude, Headline, Seedcamp, Force Over Mass Capital and UFP Fintech.

The company intends to use the funds to support international expansion plans, beginning with an official U.S. market launch.

Led by CEO Alex Mifsud, Weavr is an open platform for embedded finance for the digital economy.

 

Atom Raises More Than £75M in Equity Funding

Atom bank, a Durham, UK-based app-based bank, raised more than £75m in new equity funding as it continues to grow its profitability and drive to IPO.

The round will be led by BBVA and by Toscafund with participation from co-investors Infinity Investment Partners. The round is now being opened to other existing shareholders. The digital lender has now raised more than £115m in the last 12 months.

Led by Mark Mullen, Chief Executive Officer, Atom launched operations in April 2016, offering Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’), followed by its automated mobile mortgage proposition in December 2016. Atom launched an Instant Saver in September 2020.

With a team of over 400 people, the company delivered its first monthly operating profit during Q2 and has continued to grow its revenues throughout the year while maintaining a tight control on its costs.

Bulgaria now has its first unicorn in Payhawk as the company adds an additional $100 million

In adding another $100 million to an already impressive $115 million Series B round, payments and expense management startup Payhawk has provided Bulgaria with its first card-carrying member of the unicorn club

Payments and expense management firm Payhawk has added $100 million to its Series B round, now standing at $215 million, and in so much, provides the company with a $1 billion valuation and Bulgaria with its first unicorn.

As a testament to the company’s rapidly accelerating velocity, this Series B extension arrives only three months after the company’s initial announcement of $115 million, a round that was announced only 7 months since the closing of a $20 million Series A round.

Preceded only by now publicly listed UiPath, Payhawk’s Series B round is the second-largest ever of its kind for a B2B company in the CEE region, with the new funding fueling the addition of 60 senior software engineers in the Sofia office, alongside planned office openings in Amsterdam and Paris in March, and New York in September. The company reports that it’s well on track to triple the headcount from 100 to more than 300 staff members by the end of this year.

https://tech.eu/2022/03/01/bulgaria-now-has-its-first-unicorn-in-payhawk-as-the-company-adds-an-additional-100-million/

Scalapay Raises $497M in Series B Funding

Scalapay, a Milan, Italy-based payment solution that enables customers to buy now and pay later (BNPL) without interest, raised $497M in Series B funding.

The round, which brought total funding raised to date to over $700M, was led by Tencent and Willoughby Capital, with participation from Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital.

Founded by Simone Mancini and Johnny Mitrevski in 2019, Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, without interest. Their BNPL offerings include three options for customers (Pay in 3, Pay in 4, and Pay Later) in which customers are not required to make any payments upfront, and can instead opt to pay in 3 installments, 4 installments, or entirely after 14 days.

CommerzVentures closes €300 million fund to boost European fintech and insurtech startups

Specialising in fintech companies, Frankfurt-based CommerzVentures has announced the close of their third fund at €300 million. The fund will go towards supporting early and growth-stage companies in the fintech and insurtech space. The freshly emerging climate fintech space will also benefit from the fresh funds – building towards being Europe’s foremost VC in this emerging sector. 

The latest fund, which saw Commerzbank return as the sole LP, brings their combined total fund size to €550 million. 

Launched in 2014, CommerzVentures has successfully invested in 28 companies. Continuing their strategy of targeting exceptional founder teams with the ambition to solve billion-dollar problems, CommerzVentures continues to invest with a global outlook, focusing on Europe, Israel and the USA. 

Catalyst Romania wraps up €50 million fund to invest in early-stage tech firms in South Eastern Europe

Targeting investments in technology companies, Catalyst Romania has announced the closing of its second venture capital fund. On the back of strong demand from institutional and private investors, the original target of €40 million was substantially exceeded and the fund reached its hard cap of €50 million.

The second-generation venture fund in Romania will continue focusing on early-stage technology companies and make investments of €1-3 million to high-potential technology SMEs from Romania and South Eastern Europe.

Since its first closing in November 2020, it has invested in two companies and three more are in the due diligence phase. The first investment was in Seedblink, which is a next generation crowd-investing platform. Its second investment was in Code of Talent, a leading micro-learning solution dedicated to employee training.

https://tech.eu/2022/02/22/catalyst-romania-wraps-up-eur50-million-fund-to-invest-in-early-stage-tech-firms-in-south-eastern-europe

Meet us at:

Finovate Europe 2022, London: 22–23 March 2022

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Eight Roads and FintechOS; European FinTech deals this week include Floodflash, Insify, Banked, Rewire, Vitesse and Seyna

I am Italian, I studied in a French Business School and I live in London since 2017. I was previously working in Investment Banking at Citi covering the FinTech sector. I co-founded an HR tech startup named DailyInternship, a talent recruiting platform with over 100k students subscribed. That experience led me very close to the Venture Capital world.. so close that I ended up in VC myself! At Eight Roads I focus on investments in Southern Europe, Nordics, and more broadly speaking in FinTech investments all across Europe. I am passionate about travels, motorbike, photography and all type of animals. A funny fact about me is that by the age of 22 I had already visited all the European capitals in motorbike.

http://www.fintechforum.de/virginia-bassano-of-eight-roads/

7 Questions with Blidarus of FintechOS

1. Please tell us a bit about yourself, both at work and leisure.

I am Teo Blidarus, CEO and co-founder of FintechOS. We allow banks and insurers to create customer-centric digital financial products and services using our digital on top and lean core solutions. Many financial institutions who want to innovate quickly are underserved or ill-served by current vendors. Our low-code, modular approach augments legacy systems and allows institutions to build, test and scale new digital products and services in weeks, rather than months.

http://www.fintechforum.de/teo-blidarus-of-fintechos/

FloodFlash Raises $15M in Series A Funding

FloodFlash, a London, UK-based parametric insurance technology company that pays catastrophic flood claims within 48 hours, raised $15m in Series A funding.

The round was led by Buoyant Ventures with participation from Munich Re Ventures, Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1, Pentech, Local Globe and Insurtech Gateway.

The company intends to use the funds to accelerate international expansion with target markets including the US, Germany, Australia, and Japan.

Led by CEO Adam Rimmer, FloodFlash is an insurance technology company that combines computer models, cloud software and internet-of-things sensors into flood cover. Customers choose a depth and payout amount for their policy. When flooding reaches the depth selected, the insurance pays out, typically within 48 hours.

FloodFlash is a registered coverholder at Lloyd’s of London and is authorised and regulated by the Financial Conduct Authority.

Amsterdam-based Insify raises €15M to simplify insurance process for European entrepreneurs and SMEs

Insify, an Amsterdam-based digital insurance platform designed for Europe’s entrepreneurs and SMEs, announced on Thursday that it has raised €15M in a Series A round of funding led by global venture firm Accel. 

Other investors, including Visionaries Club, Frontline Ventures, Fly Ventures, and angel investors from European fintech companies, also participated. 

The funding will primarily be used to scale operations, workforce and expand into new markets in Europe, as well as enhance its underwriting and data analytics capabilities.

Koen Thijssen, CEO and founder of Insify, says, “As an entrepreneur myself, I know firsthand that running a small business can be difficult at the best of times. The last thing business owners need is to be overextending themselves with convoluted insurance policies and dealing with excessive premiums. Insurance should be something that supports entrepreneurs, not overwhelms them. We designed our digital insurance platform with the entrepreneur and SMEs at its core.”

Banked adds $20 million to the bank via Bank of America, calculates US expansion plans

Bypassing the exchange of personal details and using biometric authorisations, London fintech Banked has created a Pay by Bank infrastructure that virtually eliminates fraud. Now raising $20 million in a Series A round, the company aims to take on the US.

London’s Banked has raised $20 million in a Series A funding round. The fintech provides an account-to-account payment software platform that virtually eliminates fraud as there is no need to create an account, zero financial details are shared, payment authorisations are biometric. The investment from Bank of America is the telltale sign that the startup is now eying a trans-Atlantic expansion. To date, Banked has raised approximately $30 million.

Although the idea of Banked dates back to 2017, the startup was officially unveiled in November of 2018 and since this time steadily been building a fintech infrastructure that operates within tier 1 banks, payment providers, gateways, and tech platforms allowing them to offer a highly secure Pay by Bank option to their merchants.

https://www.crowdfundinsider.com/2022/02/186942-uk-fintech-vitesse-acquires-26m-via-series-b-to-drive-digitization-of-insurance-sector/

Amsterdam-based startup wires $25 million to make insurance accessible for migrants

Tel Aviv and Amsterdam-based financial services platform Rewire is attempting to make the transactions of migrant workers easier and has raised $25 million funding for doing so

Migrant workers face unique hurdles when transferring money back to their home countries, often navigating financial bureaucracies in languages and cultures they do not understand and dealing with complicated financial obligations in multiple countries. These barriers extend to insurance, as well, where migrants face limited access to coverage, unclear policies and even discrimination.

Tel Aviv and Amsterdam-based financial services platform Rewire is attempting to change this and has raised $25 million funding. The round saw participation from Israeli insurance giant Migdal, Standard Bank of South Africa, BNP Paribas, Opera Tech Ventures, Viola Fintech, Moneta Capital Partners, Renegade Partners, OurCrowd, Yehuda Zisapel, former Yahoo Co-Founder and CEO Jerry Yang and additional angel investors.

https://tech.eu/2022/02/08/amsterdam-based-startup-wires-25-million-to-make-insurance-accessible-for-migrants/

UK Fintech Vitesse Acquires $26M via Series B to Drive Digitization of Insurance Sector

Vitesse PSP, the payment, liquidity and treasury management platform, recently announced that it has secured $26 million in Series B funding led by Prime Ventures.

The Series B investment round also includes contributions from Octopus Ventures, which led the 2020 Series A round and are one of Europe’s most active VC investors as well as Hannover Digital Investments, the corporate VC fund of HDI Group, one of Europe’s largest insurance firms. Additional participants include existing angel investors and industry giants like Ron Kalifa, OBE, former Worldpay CEO and author of the Kalifa Review and Shane Happach, CEO of Mollie, the Dutch payments unicorn.

Vitesse’s tech serves as the backbone to the financial infrastructure that “runs throughout the insurance value chain, as well as for many corporates who use Vitesse for faster, more cost-effective payments.” Its liquidity and treasury management platform is “built on top of a globally distributed payments network providing control and transparency as well as improved capital efficiency and additional investment returns for its customers.”

https://www.crowdfundinsider.com/2022/02/186942-uk-fintech-vitesse-acquires-26m-via-series-b-to-drive-digitization-of-insurance-sector/

Seyna Raises €33M in Series A Funding

Seyna, a Paris, France-based insurtech company, raised €33m in Series A funding.

Pending approval by the French supervisor, this round was jointly led by Elaia Partners and White Star Capital. Existing investors (Global Founders Capital, Allianz and la Financière St James) all participated in the round. This capital brings Seyna’s total funding to €47m.

The company intends to use the funds to scale its service to all brokers and merchants in Europe.

Led by Stephen Leguillon, CEO, Seyna Seyna provides an insurance creation, management and distribution platform for brokers to protect their customers. Since obtaining its licence to operate as an insurance company in December 2019, rhe company now enables over 70 insurance brokerage and retailers, and protects over 200 000 customers.

In 2022, Seyna plans to increase the software feature set offered to brokers, expand into events and health insurance, and start hosting insurance products from other carriers.

Specialist VC launches €50 million fund to back startups based in the Baltics and beyond

Specialist VC (formerly known as United Angels VC) has just announced the first close of a new €50 million fund at €42 million. The main focus of the fund is on pre-seed and seed stage startups and is the first of its kind in the Baltic region to implement a dual strategy of integrating secondary transactions into a traditional venture capital fund. 

Founded in 2017 by Riivo Anton and Gerri Kodres, Specialist VC is an Estonian-based tech investor that focuses on B2B, SaaS, fintech and marketplace startups in the Baltic region. So far, the firm has invested in and built long-term relationships with over 45 tech companies. Specialist VC has unicorns such as Bolt and Veriff in its portfolio, alongside stand-out startups such as Starship, COMODULE, Monese, and NFTPort. 

Meet us at:

4YFN / Mobile World Congress, Barcelona, 1–2 March 2022

InsurTech Insights Europe, London: 15–16 March 2022

Finovate Europe 2022, London: 22–23 March 2022

Money2020 Europe, Amsterdam: 7-9 June 2022 

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Cooler Future and Swisscom Ventures; European FinTech deals this week include Billhop, Vivid, Silvr and Selina Finance

European FinTech deals this week include Billhop, Vivid, Silvr and Selina Finance

We feature Q&As with Matti Rönkkö of Cooler Future and Semih Kacan of Swisscom Ventures

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

 7 Questions with Matti Rönkkö of Cooler Future

1.Tell us a bit about yourself, your background and leisure.

I’m a born and raised Finn but have done most of my career outside of Finland. I am not good at anything, so I have big hopes that soon generalists will be in demand. I am a nature lover; the thicker the forest and the more snow there is, the more I enjoy it.

My career I have built mainly on building and scaling companies. I love the excitement of building something from scratch. In the last few years I have thought a lot about my personal values and the topic of climate change and I decided back in the end of 2017 to make a switch to focus on ways to create a positive impact. That led us into founding Cooler Future back in 2019, to use the skills we have hopefully developed over the years for creating positive climate impact.

http://www.fintechforum.de/7-questions-with-matti-ronkko-of-cooler-future/

7 Questions with Semih Kacan of Swisscom Ventures

1.Please tell us a bit about yourself, both at work and leisure.

My name is Semih Kacan, and I am Investment Manager at Swisscom Ventures. I’ve joined Swisscom Ventures at the beginning of 2021 to strengthen the Fintech and Blockchain allocation in the portfolio. Prior to Swisscom Ventures I spent over 10 years in Strategy Consulting, Corporate Strategy, Business Development and Asset Management at Credit Suisse, BearingPoint and Haspa before I co-founded and successfully exited my venture in Zurich. I hold a Master Degree in Corporate Finance from Henley Business School.

I enjoy the time with friends and family and a cup of coffee on sunny days at the beautiful Zurich Lake but also like reading books and watching videos to educate myself about upcoming trends/technologies.

http://www.fintechforum.de/7-questions-with-semih-kacan-of-swisscom-ventures/

Billhop Raises €10.5M in Funding

Billhop, a Stockholm, Sweden-based B2B payments platform, raised €10.5m in funding.

The round was led by EQT Ventures.

The company intends to use the funds for hiring, customer acquisition, and geographical expansion.

Co-founded by Sebastian Andreescu (CEO), Erik Malm (CTO) and Ingemar Sjögren (CFO), Billhop enables businesses to pay supplier invoices using existing cards, regardless of the suppliers’ payment stack, and allow the, to optimize working capital and gain process efficiencies.

The solution manages the complete payment process without having to onboard the end recipient, who is paid through a bank-to-bank transfer, removing barriers to card acceptance in B2B payments (e.g. setting up new card acceptance infrastructure, processing fees).

Billhop serves over 20 markets, catering to Fortune 500 enterprise customers across Europe; and sole traders and SMEs in the UK, Sweden, Netherlands, Italy, Ireland and Finland.

https://www.finsmes.com/2022/02/billhop-raises-e10-5m-in-funding.html

N26 challenger Vivid receives 100 million euros from investors

The Berlin-based start-up bank Vivid is on its way to a billion-dollar valuation. The competitor of the smartphone bank N26 wants to increase its pace of expansion.

The smartphone bank Vivid Money has successfully completed a financing round of 100 million euros. With the new round, the Berlin-based company doubles its valuation to 775 million euros, Vivid announced on Monday. The third round of investments was led by Greenoaks Capital with participation from Ribbit Capital and Softbank Vision Fund 2.

On the one hand, Vivid wants to use the investors’ money to win additional customers. So far, over 500,000 people have signed up for Vivid. However, the account is not actively used by all users. Artem Iamanov, co-founder of Vivid, said the money will also be used to hire additional employees. The financial platform should be expanded into a “super app”.

Vivid not only offers the classic functions of a current account. Customers can also invest their money in stocks, funds and other financial products in the app. In addition, you can also invest in crypto currencies via Vivid. Even after the downturn in the prices of Bitcoin, Ethereum and other coins in recent weeks, interest in crypto currencies remains unbroken. Industry insiders expect that the larger Vivid competitor N26 will also introduce similar investment functions in the foreseeable future.

https://www.wiwo.de/onlinebanken-n26-herausforderer-vivid-erhaelt-100-millionen-euro-von-investoren/28044312.html

French fintech startup Silvr secures €130 million in its mission to support companies to grow

Founded in 2020, French fintech Silvr is reinventing the way entrepreneurs get funded, and they’ve just secured €130 million to do so – one of the largest fundraising operations in the RBF sector in Continental Europe.

The funding was led by XAnge, Otium, Bpifrance, Eurazeo, ISAI and business angels, Alexandre Prot and Steve Anavi (co-founders of Qonto), Raphaël Vullierme (co-founder of Luko), Louis Chatriot (co-founder of Alma) and Pierre Dutaret (co-founder of Libeo).

Silvr works to empower entrepreneurs that are building the businesses of the future by making access to funding easier, more scalable and equity-free. The startup leverages digital businesses data to predict future revenues and offer funding in just 24 hours. Currently, the startup is focusing on two verticals – ecommerce and SaaS.

Headquartered by Paris and created by two serial entrepreneurs Nima Karimi and Grégory Tappero, this new finding comes after a €3 million seed raise in 2021. The startup now has about 20 employees and has already financed more than 100 companies – including Pixpay, Cuure, Poiscaille, Lovys and Partoo.

https://www.eu-startups.com/2022/02/french-fintech-startup-silvr-secures-e130-million-in-its-mission-to-support-companies-to-grow/

UK fintech Selina Finance raises $150m in Series B funding round

Consumer lending fintech Selina Finance has raised a total of $150 million in a Series B round made up of a combination of equity and debt financing.

The firm secured $35 million in equity funding led by Lightrock with additional participation from existing investors.

Additionally, $115 million in debt was secured from Goldman Sachs and GGC to fund further expansion as Selina builds towards going public.

Founded in 2019, Selina describes itself as “the UK’s first Home Equity Line of Credit (HELOC) fintech”. It enables homeowners to unlock the value in their homes by borrowing against their equity at low interest rates with a flexible line of credit, only paying for the funds they use.

The practice is already widespread in the US, where the market is valued at $150 billion annually.

Since it gained regulatory approval for consumer lending in 2020, Selina says it has made over $100 million (£74m) worth of loans via its HELOC product in the UK.

https://www.fintechfutures.com/2022/02/uk-fintech-selina-finance-raises-150m-in-series-b-funding-round/

BNPL Biller Acquires Banking Circle

AI-powered buy now, pay later (BNPL) service Biller, has acquired and “joined” Banking Circle.

Biller states that it will benefit from immediate access to the firm’s technology infrastructure, financial resources, payment rails, and licenses to accelerate its European expansion.

Banking Circle is a provider of financial infrastructure that is said to provide Biller with access to “fronting banking services” and “account infrastructure” while Banking Circle will support Biller’s growth plans.

Biller, based in Amsterdam, offers an AI-driven payment method that allows business buyers to order online and pay directly while performing real-time credit and fraud checks along with an automated debt management service.

Biller was founded by three former managers of Mollie and Klarna, and Dutch venture studio, Slimmer AI. The Biller founders state they were operational and live with their first customer in just three months.

Biller now expects to boost its European expansion plans covering the UK, Germany, Belgium, and Nordics in the first half of 2022. Full European coverage is expected to be achieved within 12-24 months.

https://www.crowdfundinsider.com/2022/02/186390-bnpl-biller-acquires-banking-circle/

Amsterdam’s Connected Capital closes €154 million fund to boost European B2B SaaS startups

Connected Capital, a leading investor focused on rapidly growing B2B SaaS businesses, has just closed its oversubscribed Fund 11 at a total of €154 million, bringing the firms total committed capital to over €200 million. 

After a massive 2021 for European tech, we are seeing more and more of these big funds being announced by European VC’s – it’s a good sign of things to come for the year, fresh money boosting fresh innovation and ambition.

2021 was a record-breaking year for the European tech startup ecosystem, and European innovation is captivating attention across the world for its dynamic and progressive energy. Amsterdam-based Connected Capital is reaffirming its commitment to growth and buy-out investment in European B2B SaaS businesses with this fund, which is 3x the size of its previous fund.

https://www.eu-startups.com/2022/02/amsterdams-connected-capital-closes-e154-million-fund-to-boost-european-b2b-saas-startups/

Meet us at:

4YFN / Mobile World Congress, Barcelona, 1–2 March 2022

InsurTech Insights Europe, London: 15–16 March 2022

Finovate Europe 2022, London: 22–23 March 2022

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

 

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

 

 

 

 

Q&As with AAZZUR and Arab Bank; Early stage European FinTech deals this week include Laka, Circula, Tumm, PennyLane, Moss, Descartes Underwriting and Wayflyer

European FinTech deals this week include Laka, Circula, Tumm, PennyLane, Moss, Descartes Underwriting and Wayflyer

We feature Q&As with Philipp Buschmann of AAZZUR and Hala Zahran of Arab Bank

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

 7 Questions with Philipp Buschmann of AAZZUR

1.Tell us a bit about yourself, your background and leisure.

I am an entrepreneur, a husband and passionate about fintech. At my first job at Razorfish I helped build trading tech for State Street Bank; as a strategy consultant I helped design the portal for online banking at Sparkasse and as an entrepreneur have helped lenders and challenger banks get launched.

My personal passion is cooking and snowboarding. One is good for the head (almost like a meditation) and the other is good at enjoyment and hurting myself on the slopes. These I think are natural Austrian hobbies: eat, drink and ski!

http://www.fintechforum.de/7-questions-with-philipp-buschmann-of-aazzur/

Questions with Hala Zahran of Arab Bank

1.Please tell us a bit about yourself, both at work and leisure.

I am an early stage investor focusing on FinTech primarily B2C in MENA and B2B globally. I also spend a lot of time thinking and reading about the future of finance and ways technology can close the wealth gap across the globe and improve lives. I am a strong believer in the power of many, and the depth and breadth of the impact collaborative ecosystems and communities can have. I seek such opportunities

http://www.fintechforum.de/questions-with-hala-zahran-of-arab-bank/

UK’s mobility insurtech startup Laka secures €10.6M from Ponooc, ABN AMRO, others

London-based Laka, a peer-to-peer bicycle insurance platform that insures bicycles and cycling equipment against theft or damage, announced on Wednesday that it has raised $12M (approx €10.6M) in its Series A round of funding. Prior to this, the company had raised €4.29M in funding, in February 2020.

According to a statement, the e-mobility sector is set to grow further as consumers and commercial businesses turn to cleaner forms of transport. With 19 per cent of commuters now likely to cycle to work after the lockdowns due to the Covid-19 pandemic, the retail mobility market has a strong growth outlook. Laka aims to capitalise on this year-on-year sector growth.

https://siliconcanals.com/news/startups/travel-mobility/laka-secures-10-6m/

Berlin-based employee finance app, Circula, scores €12 million and plans international expansion

SaaS fintech startup Circula has today announced the close of a €12 million funding round for its employee finance app that is bringing more time and money to employees. The funding includes participation from ALSTIN Capital, Peak, and Storm Ventures.  Existing investors Capnamic, Main Incubator and WENVEST Capital are also participating again. 

The Berlin-based startup offers companies a comprehensive employee finance app that can be used by employees to digitally process expenses (e.g allowance and travel costs), and use employee benefits in a tax-compliant manner.  It also provides employees with corporate credit cards with real credit lines, cashback and real-time statements, seamlessly integrated with Circula workflows.

Founded in 2017, Circula offers mid-sized and large companies alike a consolidated platform for managing expenses, credit card payments and corporate benefits in the areas that are important to every employee: meals, mobility and home office. The product reflects the current changes in the working world: simplicity, automation and appreciation are not only reflected in the expectations for modern products but also for employee experiences.

https://www.eu-startups.com/2022/01/berlin-based-employee-finance-app-circula-scores-e12-million-and-plans-international-expansion/

Tuum Raises €15M in Series A Funding

Tuum, a Tallinn, Estonia-based core banking platform, raised €15m in Series A funding.

The round was led by Portage Ventures joined by existing investors Blackfin Capital Partners and Karma Ventures.

The company intends to use the funds to continue investing in product innovation and support global growth, focusing initially on strengthening its EU and UK presence, and to make investment in its team, projecting to double the team to 140 employees by the end of 2022. 

The new funding announcement follows a robust year of growth, with Tuum’s contracted annual recurring revenue increasing more than 3 times in 2021 compared to the previous year. 

Founded in 2019 and led by CEO Vilve Vene, Tuum is a next-generation core banking technology provider. Its API-first, cloud-agnostic and highly configurable banking platform covers all retail and business banking processes, allowing banks, fintech startups or even non-financial companies to easily roll out customer-centric financial solutions. The modularity aspect enables each company to pick and choose the exact capabilities they wish to start with and always add additional ones in the future.

https://www.finsmes.com/2022/01/tuum-raises-e15m-in-series-a-funding.html

French fintech Pennylane raises €50 million to accelerate expansion of its financial OS for European SMBs and accounting firms

Launched in 2020, Pennylane is continuing its journey of fast-paced growth with a fresh funding boost of €50 million just secured. The company wants to become the leading financial OS on the European market, enabling thousands of small businesses to centralize their financial management in a single tool. 

This latest round of funding for the Parisian fintech comes from existing investors Sequoia Capital, Global Founders Capital and Partech and will make Pennyland one of the only platforms combining a complete software solution for accountants and a financial management tool for VSEs/SMEs.

Since raising €15 million last year, the French startup has seen incredible progress in its mission to help companies regain control of their finances. We also reckoned they were one to watch last year.  Over the past few months, it has built and delivered a unique solution to the market: a platform that combines a complete software solution for accountants and management and a decision-making tool for company managers. Pennylane also provides small and medium-sized businesses with the ability to manage their cash flow, pay their clients, use numerous integrations, and exchange information with their accountants in real-time.

The company now has 180 employees representing 20 nationalities, with a plan to grow to 500 employees by the end of the year, creating one of the largest tech teams seen in the European account-tech industry. To drive this recruitment effort they have a 15 person talent team and crucially they operate as remote-first throughout Europe for their technical team. With almost half of the developers recruited in 2021  located in Spain, Germany or Romania, Pennylane has developed a highly successful remote-first working culture.  

https://www.eu-startups.com/2022/01/french-fintech-pennylane-raises-e50-million-to-accelerate-expansion-of-its-financial-os-for-european-smbs-and-accounting-firms/

German fintech start-up Moss secures $86m Series B funding at $573m valuation

Berlin-based spend management start-up Moss has raised €75 million ($86 million) in Series B financing.

Moss has raised around $149m in total funding

The round was led by US VC firm Tiger Global with participation from A-Star and comes just six months after a $29 million Series A extension round led by Peter Thiel’s Valar Ventures.

The firm says it has doubled the size of its team and quadrupled its number of customers in the months since its last round.

Moss has now raised around €130 million ($149 million) in total funding, and this latest cash injection takes the company’s valuation to over €500 million ($573 million).

The start-up offers corporate credit cards and spend management software for start-ups and small to medium-sized enterprises (SMEs).

Moss claims to have dished out more than 20,000 physical and virtual credit cards since its launch in 2020, processing more than 250,000 transactions.

Initially only available in Germany, the fintech expanded its services to the Netherlands last year, and now has its eyes set on further growth into the UK market.

The firm says it plans to launch in the UK in the “next few months”, with other markets set to follow “later this year”.

Moss adds the new funds will also be used for further product development, with a focus on “spend controlling, liquidity planning and accounting automation”, as well as expanding its team “significantly” in the areas of product, technology, marketing and sales.

https://www.fintechfutures.com/2022/01/german-fintech-start-up-moss-secures-86m-series-b-funding-at-573m-valuation/

Index-based insurance provider Descartes Underwriting triggers $120 million in new funding

Parisian insurtech Descartes Underwriting has raised $120 million in a Series B funding round. The company is specifically helping corporate customers mitigate their exposure to climate-related and emerging risks through a number of parametric insurance products. The new funding will be used to further develop its technology platform, expand new business verticals, and continue global expansion plans. Since 2019, Descartes Underwriting has raised a total of $122.8 million.

According to a 2019 report from the UN’s International Labour Organization, “80 million jobs would be at risk if rising temperature predictions materialize, with productivity impacted by unlivable working environments.” Couple that with a Nature report that noted, “the U.S. alone could lose $520 billion across 22 sectors due to global temperature rise,” and connecting the dots begins to become a much easier exercise.

Taking on one of the insurance industry’s traditional methods, catastrophe (CAT) risk modeling, Descartes Underwriting is leveraging new data sources and fusing them with a host of AI algorithms to provide what they refer to as a “product offering which covers the full spectrum of natural catastrophes and emerging risk exposures.”

Working in tandem with corporate brokers Descartes Underwriting and its team of 50 engineers and data scientists, offer over 200 corporate clients, many in the Fortune 500, fully tailored insurance solutions to provide adequate insurances in a rapidly changing environment, both physically and on the markets.

https://tech.eu/brief/index-based-insurance-provider-descartes-underwriting-triggers-120-million-in-new-funding/

Revenue-based financing platform Wayflyer brings in $150 million, now at $1.6 billion valuation

Dublin-based revenue-based financing platform Wayflyer has raised $150 million in an all-equity Series B funding round, and in doing so, joins the unicorn club at a $1.6 billion valuation. A portion of the funding is slated to be used to double the startups’ headcount to a robust 500+ staff within the next six to nine months, as well as increase the amount of capital it is able to provide to qualified clients. Since October of 2020 Wayflyer has raised approximately $336 million.

Wayflyer is now the sixth home-grown unicorn for the Emerald Isle, and the fastest to achieve unicorn status, having garnered the title in just 2.5 years.

Much like their competitors, Wayflyer provides non-dilutive, revenue-based debt funding to fledgling companies, and in the case of e-commerce, paves the way for the advanced purchasing of inventory. I.e. working capital.

Having only gone live in April of 2020, Wayflyer has distributed over $500 million to qualified businesses, with 2021’s year-over-year number rising a staggering 900 percent, and typically issues a ticket size ranging between $10,000 and $20 million. The company counts a healthy 800 customers across 11 countries and has a staff of approximately 250 working from Dublin, London, New York, Atlanta, and Sydney.

https://tech.eu/brief/revenue-based-financing-platform-wayflyer-brings-in-150-million-now-at-1-6-billion-valuation/

BitMEX’s Acquisition of Bankhaus von der Heydt is Another Step in the Rehabilitation of the Crypto Trading Platform

Last week, BitMEX announced its intent to acquire Bankhaus von der Heydt. The deal is actually structured so that BXM Operations AG, founded by BitMEX CEO  Alexander Höptner and CFO Stephan Lutz, will acquire the bank located in Munich, Germany. While the purchase is subject to the standard approvals of BaFin, the acquisition should propel BitMEX forward in its quest to offer a regulatory compliant crypto exchange operating in Europe. The terms of the deal were not disclosed.

Founded in 1745, Bankhaus von der Heydt has been open to Fintech innovation. Last fall, the privately-owned bank announced a partnership with Fireblocks to expand into digital assets and provide crypto custody.

For BitMEX, it aims to offer a single location for regulated crypto in Europe, and around the world,  starting with DACH countries.

https://www.crowdfundinsider.com/2022/01/186062-bitmexs-acquisition-of-bankhaus-von-der-heydt-is-another-step-in-the-rehabilitation-of-the-crypto-trading-platform/

Focusing on European marketplace startups, DutchFounders close second fund at €62 million

Amsterdam-based DutchFounders has announced the close of their second fund at €62 million, a figure nearly quadruple the first fund which clocked in at €16.7 million. The boutique firm places a specialist emphasis on supporting European marketplace platforms, with 70% of its pre-seed and seed-stage funding reserved specifically for this geography.

While DutchFounders is reaffirming its commitment to marketplace platforms, with this iteration, supply chain services, including technologies that enable frictionless transactions, such as fintech solutions or web3 applications, are at the top of the list.

DutchFounders, or Dutch Founders Fund, was established in the late summer of 2018 and consists of a cooperative that includes ​​successful Dutch entrepreneurs Laurens Groenendijk (Just Eat, Treatwell, Miinto, Hiber), Patrick Kerssemakers (fonQ), Bas Beerens (WeTransfer), Hidde Hoogcarspel (Spacebuzz) and Remco van Zanten (Booking.com, Zalando, Vinted and BCG).

“Besides efficiency gains, a marketplace allows for a more equitable distribution of resources. Not so long ago, the rules were set by the dominant player. Now, people can track their orders, compare reviews, and bargain for a better price, which has created a level playing field for both supply and demand,” elaborated Groenendijk.

https://tech.eu/brief/focusing-on-european-marketplace-startups-dutchfounders-close-second-fund-at-e62-million/

 

Meet us at:

4YFN / Mobile World Congress, Barcelona, 1–2 March 2022

InsurTech Insights Europe, London: 15–16 March 2022

Finovate Europe 2022, London: 22–23 March 2022

South Summit 2022, Madrid: 8–10 June 2022

SuperVentures Berlin: 14–15 June 2022

Digital Insurance Agenda, Amsterdam: 29–30 June 2022

 

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

 

 

 

 

7 Questions with Hala Zahran of AB Accelerator

1.Please tell us a bit about yourself, both at work and leisure.

I am an early stage investor focusing on FinTech primarily B2C in MENA and B2B globally. I also spend a lot of time thinking and reading about the future of finance and ways technology can close the wealth gap across the globe and improve lives. I am a strong believer in the power of many, and the depth and breadth of the impact collaborative ecosystems and communities can have. I seek such opportunities.

2.What are your focus areas, overall and within the FinTech space?

Embedded finance is a big one especially right now. We believe however in models that target the millennials whether its trading apps and BNPL, NFTs, and the creative economy.

3.Any recent deals that you would like to share with us, and why you invested or partnered?

We recently invested in Khazna, a company in Egypt that is addressing the underbanked segment by availing salary advances, bill payments, P2P transfers. We are very proud of the growth Khazna has accomplished, especially as their services improves the well-being of a very large segment in the Egyptian market. We are also proud of Baraka, which is the first neo-broker in MENA, based in the UAE they already have a strong MENA scope, we like them because they are laser focused on first-time investors and their product is clearly very centric around that.

4.What does it take to get to Series A today?

Aggressive growth, laser focus on execution, and investors who can support.

5.Which are the trends to watch out for in the next 6-18 months?

Embedded Finance and banking as a service. NFTs and crypto.

Q&As with 9fin and RGAX; Early stage European FinTech deals this week include Banxware and Global Processing Service

European FinTech deals this week include Banxware and Global Processing Service

We feature Q&As with Hussam EL-Sheikh of 9fin and Karim Rabbani of RGAX

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

 7 Questions with Hussam EL-Sheikh, 9fin

1.Tell us a bit about yourself, your background and leisure.

Hey I’m Huss, CTO & Co-founder of 9fin. I think I’d describe myself as an engineer in every sense of the word. So, via a degree in Aerospace Engineering, taking apart my siblings’ toys as a child, learning programming at school from age 12, I find myself now running a technology startup serving up news, data and analysis to the financial markets. I love Formula 1, and it’s been a very stressful (but exciting) 2021 championship this year. I’m trying to get better at badminton after taking it up for the first time a couple of years ago… At least my height lets me get away with not being any good yet!

http://www.fintechforum.de/7-questions-with-hussam-el-sheikh-of-9fin/

7 Questions with Karim Rabbani of RGAX

1.Please tell us a bit about yourself, both at work and leisure.

I’m a Senior Analyst in the Ventures & Acquisitions team of RGAX, based out of Amsterdam. RGAX is the transformation engine of RGA, promoting and accelerating innovation within the Life and Health insurance sectors by means of organic and inorganic initiatives. RGA is one of the largest global life and health reinsurance companies.

I joined the organization in 2018 to support the EMEA region on deal sourcing activities, executing partnerships and managing our portfolio of 30+ startups globally.

Prior to joining RGAX I worked in Corporate Banking at ABN AMRO and in Port Logistics at the Port of Rotterdam. I hold a Master Degree in Business Management from Cass Business School in London and a Corporate Communication’s Master from the University of Amsterdam.

Personally, I enjoy travelling and experiencing new cultures. I’m also a sports fan and play soccer and squash. In addition, I volunteer for a foundation that promotes dialogue and understanding between the Arab World and Europe through education.

http://www.fintechforum.de/7-questions-with-karim-rabbani-of-rgax/

Embedded finance fintech Banxware raises EUR 10 million in seed expansion round

Germany-based embedded finance fintech Banxware has announced raising EUR 10 million in a seed expansion round led by Element Ventures. 

Co-investors included D4 Ventures, FinVC, and Varengold Bank AG and Banxware’s existing investors Force over Mass, VR Ventures and HTGF significantly increased their investments in this round. In February 2021, the company already collected EUR 4 million and the leading investors at the time were UK-based venture capitalist Force over Mass and VR Ventures.

Banxware sees itself as a lending-as-a-service provider and its solution enables digital platforms as well as marketplaces and payment service providers to offer their business customers embedded financing products in real-time. The United Volksbank Raiffeisenbank is the first bank partner to provide a total of EUR 100 million in credit for SMEs. According to a Banxware representative, the capital injection will be used to further develop the offer, enlarge the team and expand product development, sales and marketing to digital platforms across Europe.

https://thepaypers.com/online-mobile-banking/embedded-finance-fintech-banxware-raises-eur-10-million-in-seed-expansion-round–1253859

Founded in 2019, Element Ventures has backed some of the best founders and companies in the industry over the last decade and had the privilege of investing with the world’s leading financial services and venture firms.

Global Processing Services adds $100 million to the pile, closes round at $400 million

London-based Global Processing Services has announced an additional $100 million raise, adding on to an already impressive $300 million round. The funding is slated to be used in further R&D projects as the company aims to remain at the forefront of powering some of the world’s leading fintechs that include Revolut, Curve, Starling Bank, Zilch, WeLab Bank, and Paidy. Since 2018 GPS has raised a total of $458 million.

Providing a host of underpinning services including virtual cards, mobile wallet solutions, real-time transaction data, chargeback facilitation, and the list goes on and on, GPS might not be a household name, but chances are you’ve indirectly used one of their products within the past few years.

In so much, through its customers and partners, the company is active in 48 countries and has issued over 190 million physical and virtual cards, and last year processed more than 1.3 billion transactions.

Adding on to an impressive track record, GPS has also scored a win in the recent appointment of Gene Lockhart as chair of the GPS board. Lockhart, chair and general partner at investor MissionOG will be able to provide valuable insight to the company as he formerly served as CEO and president at Mastercard International and president of the global retail bank at Bank of America.

Global Processing Services’ additional $100 million in funding was provided by Temasek and MissionOG who follow the lead investment from Advent International and Viking Global.

https://tech.eu/brief/global-processing-services-adds-100-million-to-the-pile-closes-round-at-400-million/

Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 13 offices internationally, Temasek owns a net portfolio value of S$381 billion (US$283 billion) as at 31 March 2021. Their portfolio covers a broad spectrum of sectors, including: financial services; telecommunications, media & technology; transportation & industrials; consumer & real estate; life sciences & agribusiness; as well as energy & resources. 

Headquartered in Pennsylvania, MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. 

Levenue acquires Amsterdam-based fintech company Requr to consolidate its position in RBF market

Levenue, a revenue-based finance marketplace, announced that it has acquired Amsterdam-based fintech company Requr for an undisclosed fee. With this move, Levenue aims to capitalise on the growing popularity of Revenue-Based-Financing (RBF). 

For the uninitiated, RBF is a way to raise funds based on the company’s revenues. Companies that opt for RBF will have to pledge a part of their annual revenue in exchange for capital. In this case, founders do not have to give up equity or collateral.

Levenue says the acquisition of Requr has consolidated its position as the “one-stop go-to funding solution” for all European subscription-based businesses. 

Requr’s founders have emphasised that they believe their data flow, underwriting, and data analysis model will work well with Levenue’s technological capabilities, international team, marketing strategy, and experience.

The acquisition follows Levenue’s expansion into the Nordics after successful launches in the Benelux and the UK.

https://siliconcanals.com/news/startups/levenue-acquires-requr/

Tandem Bank Acquires Manchester based Oplo, a Consumer Lending Platform

Tandem Bank has reportedly acquired consumer lending platform Oplo.

The strategic acquisition has formed a combined business with £1.2 billion of total assets, £1 billion of funding and 171,000 clients being serviced by a UK-headquartered team of 500 professionals.

Tandem was established back in 2014 as one of the United Kingdom’s first digital banking challengers. Over the years, the firm has undergone several key changes in order to establish a profitable business model. The firm acquired Harrods Bank back in 2018, closing down its credit card business in 2020 and repositioning itself as a “green” lender with the acquisition of Allium Lending Group a few years back.

https://www.crowdfundinsider.com/2022/01/185504-tandem-bank-acquires-manchester-based-oplo-a-consumer-lending-platform/

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022 https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

 

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

Q&As with Universal-Investment and Hufsy; Early stage European FinTech deals this week include Sygnum and PrimaryBid

European FinTech deals this week include Sygnum and PrimaryBid

We feature Q&As with Daniel Andemeskel of Universal-Investment and Kristoffer Borg Petersen of Hufsy

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

 7 Questions with Daniel Andemeskel of Universal-Investment

1.Tell us a bit about yourself, your background and leisure.

Hello, I am Daniel Andemeskel, Director and Head of Innovation Management at Universal-Investment. I am currently responsible for the Group’s innovation agenda while at the same time developing the next generation investment platform for digital assets, leveraging on Blockchain and AI. Prior to joining Universal-Investment, I gained over 20 years’ experience in investment management in several functions. My motto is to envision new innovations instead of building faster horses (just like the famous quote of Henry Ford) which is why I enjoy speaking at international conferences and panels on innovation and digital transformation. Besides, I am a member of several Blockchain consortiums and forums and like to initiate collaborations on Blockchain.

Work aside, in my personal life I like to travel and discover new cultures and countries. Alongside my passion for cooking and wine. To compensate my full calendar, I am trying to do as much sports as possible, frequent morning runs are my favorite. This is rounded up with the fact that I am an early bird (waking up every morning between 4:30am and 5:00am). I use these morning hours for the innovation visioning and creative part of my job.

http://www.fintechforum.de/7-questions-with-daniel-andemeskel-of-universal-investment/

 

7 Questions with Kristoffer Borg Petersen, Hufsy

1.Please tell us a bit about yourself and Hufsy.

I’m Kristoffer and I’m the CEO of Hufsy. I’m overall responsible for running the business both in our HQ in Copenhagen as well as our office in Berlin. Prior to working with Hufsy I spent many years in the digital media business. I have worked for Microsoft and Bonnier Publications amongst others. My focus has always been commercial whether it has been sales management or business development and I bring my experience from the more corporate world to the start-up world of Hufsy.

http://www.fintechforum.de/7-questions-with-kristoffer-borg-petersen-hufsy/

Swiss digital asset bank Sygnum secures €79.5M funding, eyes global expansion

Sygnum, a Zurich-based digital asset bank, and trading platform, announced on Thursday that it has raised $90M (approx €79.5M) funding in an oversubscribed Series B funding round. 

Sun Hung Kai & Co. Limited, a Hong Kong-listed alternative investment financial services institution, led the round.

Other new and existing investors such as Meta Investments, Animoca Brands, Wemade, SBI Holdings, and Siam Commercial Bank’s digital investment arm, SCB 10X, also participated in the round. 

The round also saw the participation of a large group of employees as personal investors, claims the company in a press release. The Series B round gives Sygnum a post-money valuation of $800M (approx €707M). 

https://siliconcanals.com/news/startups/sygnum-secures-79-5m/

Sun Hung Kai & Co. Limited (SEHK: 86) is a leader in alternative investing headquartered in Hong Kong. Since its establishment in 1969, the Group has owned and operated market-leading platforms in Financial Services. The Group invests across public markets, alternatives and real assets and has an established track record of generating long-term risk adjusted returns for its shareholders. 

British fintech PrimaryBid close to finalising $150 mln funding from SoftBank – Sky News

Jan 8 (Reuters) – British fintech company PrimaryBid is close to finalising the details of a $150 million funding round led by SoftBank’s Vision Fund II, Sky News reported on Saturday.

The Series C fund-raising was likely to value the company at more than $500 million on a pre-money basis, Sky News said, citing sources.

PrimaryBid’s latest capital-raising will take the total sum it has raised since it was founded in 2016 to more than $200 million, the report said.

The funding from Softbank’s Vision Fund II will provide PrimaryBid with “greater financial firepower” to continue its expansion beyond the UK, Sky News said.

SoftBank and PrimaryBid were not immediately available for comment outside business hours.

https://www.reuters.com/markets/europe/british-fintech-primarybid-close-finalising-150-mln-funding-softbank-sky-news-2022-01-08/

Through the SoftBank Vision Funds, SoftBank Investment Advisers, headquartered in London, are investing in more than $100 billion in the businesses and technologies. They offer the operational expertise, global network and patient capital required to help exceptional founders build market-leading companies.

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022 https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

 

 

 

 

Q&As with Margaris Ventures and Soehnholz ESG GmbH; Early stage European FinTech deal this week include Ibancar

European FinTech deals this week include Ibancar

We feature Q&As with Spiros Margaris of Margaris Ventures and Dirk Soehnholz of Soehnholz ESG GmbH

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar

 7 Questions with Spiros Margaris, Margaris Ventures 

1.Tell us a bit about yourself, your background and leisure.

My name is Spiros Margaris, and I am a venture capitalist (VC) and the founder of Margaris Ventures. I have been in the investment business for quite some time, with more than 25 years of international experience in investment management/research and startups. In my role as a VC, I also act as an advisor to my globally spread FinTech and InsurTech startup portfolio. I am the first international influencer to achieve ‘The Triple Crown’ of influencer rankings by being ranked the global No. 1 FinTech, artificial intelligence (AI) and blockchain influencer by Onalytica in 2018. I am very fortunate to regularly appear in the top three positions of the established global industry influencer rankings due to the generous support of great FinTech industry friends and participants. In 2017, I had the opportunity to give a speech at the TEDxAcademy Talk. In addition, for the enterprise software vendor SAP, I wrote an AI white paper, ‘Machine learning in financial services: Changing the rules of the game’.

http://www.fintechforum.de/7-questions-with-spiros-margaris-margaris-ventures/

7 Questions with Prof. Dr. Dirk Soehnholz, Soehnholz ESG GmbH

1. Please tell us a bit about yourself, both at work and leisure.

After my business studies in Germany and the US, I started my career as a management consultant. In 1999, together with a German multi-family office, I started an alternative investment fund of funds advisor. From 2012 to 2015, I was executive board member of a mutual fund company focusing on portfolios of index funds and we started three responsible Environmental, Social and Governance (ESG) funds. In 2016, I started my own company Diversifkator. The focus is on pure and customized ESG portfolios.

My hobbies are table tennis, reading and writing.

http://www.fintechforum.de/7-questions-with-prof-dr-dirk-soehnholz-diversifikator/

Ibancar Raises €10M in Funding

Ibancar, a Madrid, Spain-based provider of a credit platform for consumers, received a debt facility up to an amount of €10m.

The round was led by Knuru Capital.

The facility has been led by global venture capital and private credit investor Knuru Capital and will allow the platform to fund its growing loan book and continue its explosive growth trajectory. The facility will complement Ibancars existing and ongoing debt funding from crowdlending marketplaces. The company intends to use the funds to scale fast in Spain, expand its activity to Mexico as well as launch other auto related credit products.

Led by Alex Melis, founder and CEO, Ibancar provides an asset based consumer credit platform that makes affordable online loans available to the full social and credit spectrum of borrowers with a focus on ethical and inclusive lending practices. Its use of cars as collateral also allows it to bring underbanked, unbanked and credit invisible borrowers into the online consumer finance market.

https://www.finsmes.com/2021/12/ibancar-raises-e10m-in-funding.html

Headquartered in Dubai, Knuru is a venture capital investor deploying transformative capital into growth stage technology businesses globally with a particular interest in the financial services industry and emerging markets.

Tink Completes Acquisition of FinTecSystems

Tink, a Swedish open banking platform, completed the acquisition of FinTecSystems, a Germany based open banking infrastructure fintech companyy, following regulatory approval.

The amount of the deal was not disclosed.

Following the acquisition, the combination of Tink’s pan-European open banking platform and FinTecSystems’ product suite and expertise in the DACH market, will offer both local and international customers in the region a xomprehensive solution when partnering for open banking technology.

The completed acquisition also brings fintech and banking customers to Tink, including N26, DKB, Santander, Solarisbank and Check24. FinTecSystems’ 78 employees become part of the Tink organization, with the new DACH management team including René Sauer, Hannes Rogall and Caroline Jenke alongside Tink’s Cyrosch Kalateh.

Through this completed acquisition, Tink now increases its total number of employees to almost 600. FinTecSystems will continue to function as an independent, regulated company in Germany.

Founded in 2012 in Stockholm, Tink is an open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one API, the system allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools. Tink connects to more than 3,400 banks that reach over 250 million bank customers across Europe. The company serves more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries.

https://www.finsmes.com/2021/12/tink-completes-acquisition-of-fintecsystems.html

ACE & Company Closes Fourth Buyout Co-Investment Fund, at $244M

ACE & Company, a Geneva, Switzerland-based global investment firm, closed its fourth private equity co-investment fund, at $244m.

Led by Rob Callahan, Head of ACE Buyout Strategy, ABO IV will continue the strategy of its predecessor funds, supporting high caliber sponsors in their core areas of expertise. While the fund has a North American focus, it will include 20 to 25 companies diversified by sector, size, deal archetype and general partner. The fund will identify and pursue the best opportunities across the private equity universe.

The firm’s buyout program has completed over 70 co-investments since 2011.

Led by Adam Said, Founder and CEO, ACE & Company is a global investment group specialized in private investments with total assets of over $1.6 bn across three investment strategies and investment solutions. Headquartered in Geneva with offices in London, New York, Hong Kong, and Cairo, ACE’s global presence brings the company in direct contact with sourcing partners, investment firms, as well as entrepreneurs and provides investors unparalleled access to a network of opportunities.

https://www.finsmes.com/2021/12/ace-company-closes-fourth-buyout-co-investment-fund-at-244m.html

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022 https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

 

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

 

 

 

 

Q&As with Multiverse Computing and InnoCells; Early stage European FinTech deals this week include Numeral, Silverflow, Pliant, Re:cap and Modifi

European FinTech deals this week include Numeral, Silverflow, Pliant, Re:cap and Modifi

We feature Q&As with Enrique Lizaso Olmos of Multiverse Computing and Paula Blazquez Solano of InnoCells (Banco Sabadell)

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to Frank Schwab or Samarth Shekhar

FinTech Rising Stars 2021 – nicht verpassen

Der jährliche Online-Report der Szene. Junge FinTech- & InsurTech-Startups aus Deutschland und Österreich, die aktuell den Markt erobern. Rising Stars kommt 2021 das erste Mal heraus. Und ab sofort jährlich im Herbst. Jedes Jahr die neuesten FinTechs/InsurTechs zu entdecken, die im aktuellen Jahr auf den Markt kamen. Und die Trends und Entwicklungen der anderen jungen FinTechs/InsurTechs (die schon in den Jahren davor gelauncht sind — im Report bei jedem Startup steht zB: welche Meilensteine sie in den letzten 12 Monaten erreicht haben, was sie im nächsten Jahr planen, welche Kontakte sie aktuell suchen, etc.)

https://fintech-i.com/report21mb

7 Questions with Enrique Lizaso Olmos of Multiverse Computing

1. Please tell us a bit about yourself, both at work and leisure.

Multiverse Computing. Largest European Quantum Software Company. Backed by the European Investment Council and large VC. Third largest in the world after two American not-so-much-larger competitors. Delivering solutions to financial problems in optimization, machine-learning and pricing that are not correctly answered (or even not answered) with classical computers. Problems that range from $200-300 to $3B in impact in net income. Working for large customers (Top 10 Banks in the world), appeared in the Boston Consulting Group reports, The Economist, Forbes… Single European Company in McKinsey’s Quantum global Technology Council. 24 new patents/year, 34 people now, we are nearly 3 yr old!
Me: Mathematician, 20+ yr in finance (also Computer Engineer, PhD in biostatistics, MBA from IESE Business School -and also MD, yep). I can just speak when my Physics cofounders let me do

http://www.fintechforum.de/7-questions-with-enrique-lizaso-olmos-of-multiverse-computing/

7 Questions with Paula Blazquez Solano of InnoCells (Banco Sabadell)

1. Please tell us a bit about yourself, both at work and leisure.

My name is Paula Blazquez, I lead the Corporate Investment Vehicle of Banco Sabadell, the 4th largest private bank in Spain. At InnoCells, we invest in Fintech related startups across the globe, from seed to series A (tickets between $500k up to $3M). I have worked in venture capital most of my career, having worked for a listed Venture Debt fund based out of Palo Alto, California and later on in a venture fund based in Madrid with a focus on Latam, Spain and India prior to joining InnoCells. I am a proud advisor, investor and Board Member in several Fintech startups.

http://www.fintechforum.de/7-questions-with-paula-blazquez-solano-of-innocells-banco-sabadell/

Addressing the bank payments bottleneck, Numeral raises €13 million

After only six months since its inception, Paris-based Numeral has raised €13 million. The company provides a payment operations automation service specifically targeted at tech companies operating in a variety of industries. The funding will be used to grow the team size from 10 to 40 over the coming months, continue product development, and augment its bank coverage.
Co-founded by Édouard Mandon (previously at Ibanfirst and Jumia) and Hichem Mâalmi (previously at Qonto and Boursorama Banque), Numeral is the newest startup arising from Logic Founders, a joint venture between Camille Tyan and eFounders.
The startup is working on an API and web app solution that allows tech companies to automate payments from creation to reconciliation through a direct bank link. The API side of the offer gives developers the tools to integrate payment options within their own productions, while the web app can be used by the finance and operations teams to keep tabs on the books and make sure payments and accounts are all up to date.

https://tech.eu/brief/addressing-the-bank-payments-bottleneck-numeral-raises-e13-million/

Balderton Capital is a venture capital firm based in London, UK, that invests in early-stage, technology and internet startup companies in Europe. It is considered to be among the four-biggest venture capital firms in the English capital.

Amsterdam-based fintech startup Silverflow raises €15M; plans to grow its team in next 2 years

Amsterdam-based fintech startup Silverflow announced that it has raised $17M (approx €15M) in its Series A round of funding led by Coatue Management.
The round also saw participation from existing investors Crane Venture Partners and INKEF Capital, along with Global Paytech Ventures. In addition, angel investors Jason Gardner, founder and CEO of Marqeta, and Gokul Rajaram, a former Square product lead and current Coinbase board member, also invested in this round.
Michael Gilroy, General Partner at Coatue, says, “The Founder-market fit is the first thing we noted when looking at the Silverflow team. The depth of experience within payments gives this team a unique perspective from which to solve a problem plaguing the industry – outdated infrastructure. The platform is built for the payments industry of today, and has the scalability, flexibility, and usability its partners need.”

https://siliconcanals.com/crowdfunding/silverflow-raises-15m/

New York based Coatue Management LLC is a global investment manager focused on public and private companies in the technology, media and telecommunications industries. Coatue invests in public and private markets with a focus on technology, media, telecommunications. the consumer and healthcare sectors

Berlin-based pliant scores €18 million for its corporate credit card solution

Just 4 months after announcing its first seed round, Berlin-based pliant has closed €18 million for its corporate credit card. The funding was led by Alstin Capital, Main Incubator and Saber, with participation from Ramin Niroumand.
Pliant offers a flexible corporate credit card solution that focuses on seamless integrations into existing processes, alongside providing fully digital card management and cashback. The fintech startup was founded in 2020 by Malte Rau and Fabian Terner.
The young company aims to offer customers an optimal solution through adopting a technology-first approach. The credit card solution can be combined with other SaaS offerings – namely in the areas of accounting, travel expense, and, invoice management. In doing so, pliant is pioneering a flexible credit card solution for companies.
The flexibility of pliant means that its product can individually adapt to the needs, processes and structures of both scaling and established companies. Seamless integration removes the headache that normally arises for companies bringing in new technology to their processes.

https://www.eu-startups.com/2021/12/berlin-based-pliant-scores-e18-million-for-its-corporate-credit-card-solution/

ALSTIN Capital is an independent venture capital fund based in Munich. Their sector focus is technology companies in the field of Fintech / Insurtech / Regtech & Cyber ​​Security / Mobility

German revenue-based financing platform Re:cap raises $111.5M Seed round

Re:cap, a non-dilutive funding platform in a similar vein to Pipe.com and Capchase but based in Europe, has closed a Seed financing round of $111.5 million, in a mix of growth capital and liquidity for the revenue-based financing platform. re:cap’s first product is now officially going live, following a pre-seed funding in May of this year.
The growth capital has come from pan-European VCs Felix Capital and Project A Ventures, with participation from existing investor Entrée Capital. The new capital will be invested into further expansion of the team as well as product and entering new European markets from its launch base of Germany. Initially focused on SaaS businesses, it has plans to move into other verticals.
The company was founded by Paul Becker (CEO) and Jonas Tebbe (CPO), who previously built the LIQID fintech startup.
re:cap allows recurring revenue businesses to fund their growth, but without needing to dilute ownership via VC or taking on debt, with the ability to convert up to 50% of their ARR into instant, non-dilutive upfront cash. At the same time, institutional investors can invest directly in the recurring revenues of software companies.

https://techcrunch.com/2021/12/16/german-revenue-based-financing-platform-recap-raises-111-5m-seed-round/

London based Felix Capital offers flexible capital, investing $500,000 to $10 million early, typically in first or second rounds, and up to $15 million at growth stage or even later in breakout companies in our target segments

Modifi Raises 145MUSD in Debt Financing

Modifi, a Berlin, Germany-based global fintech company, raised 145M USD in debt financing.
Backers included Silicon Valley Bank and Solarisbank.
The company intends to use the funds to expand its reach among small and medium-sized enterprises who want to trade internationally on its digital platform.
Led by CEO and Co-Founder Nelson Holzner, Modifi is a global fintech company that allows small and medium sized businesses (SMEs) to finance and manage their international trades. Serving over 1,000 buyers and sellers across more than 40 countries, the company offers digital solutions that enable SMEs to trade like large corporates.
Modifi currently operates out of 9 offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka. Having raised its Series B round in September, the company is now working on major upgrades to its digital platform, which will expand the product offering beyond trade finance and allow customers to take care of all trade-related activities in one place.

https://www.finsmes.com/2021/12/modifi-raises-145musd-in-debt-financing.html

Silicon Valley Bank, a subsidiary of SVB Financial Group, is a U.S.-based high-tech commercial bank. The bank has helped fund more than 30,000 start-ups.

Founded in 2016, Solarisbank is a Berlin-based fintech company that offers Banking-as-a-Service Platform with its German banking license

US subsidiary sold for $16.3 billion

The major French bank BNP Paribas is withdrawing from the American retail banking business. It sells its subsidiary, the Bank of West, to a Canadian competitor.
The major French bank BNP Paribas is selling its Californian subsidiary Bank of the West to the Bank of Montreal (BMO) from Canada. The purchase price is 16.3 billion US dollars, BNP said. With this, the French end their involvement in the American retail market, which has never really been crowned with success because the competition from the domestic banks is great.

Management expects the deal to be completed within the coming year. Shareholders should benefit from this: BNP then wants to buy back its own shares from the market. In addition, it intends to use proceeds from the sale for the expansion of its own business and for possible takeovers. The authorities have yet to approve the sale.

https://www.spiegel.de/wirtschaft/bnp-paribas-verkauft-us-tochter-fuer-16-3-milliarden-dollar-a-cb74eaec-5ee3-4943-9d09-b1d331124a48#ref=rss

Deutsche Börse Finalizes Acquisition of Majority Stake in Crypto Finance

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022  https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

Meet Our Partners: 

Heussen https://www.heussen-law.de
IDA Ireland https://www.idaireland.com
Opportunity Network https://www.opportunitynetwork.com/fintech-forum
Money2020 Europe https://europe.money2020.com
InsurTech Insights https://insurtechinsights.com
Finovate Europe https://informaconnect.com/finovateeurope/
FN FinTech 40 https://www.fnlondon.com

7 Questions with Enrique Lizaso Olmos of Multiverse Computing

1. Tell us a bit about yourself and your company.

Multiverse Computing. Largest European Quantum Software Company. Backed by the European Investment Council and large VC. Third largest in the world after two American not-so-much-larger competitors. Delivering solutions to financial problems in optimization, machine-learning and pricing that are not correctly answered (or even not answered) with classical computers. Problems that range from $200-300 to $3B in impact in net income. Working for large customers (Top 10 Banks in the world), appeared in the Boston Consulting Group reports, The Economist, Forbes… Single European Company in McKinsey’s Quantum global Technology Council. 24 new patents/year, 34 people now, we are nearly 3 yr old!

Me: Mathematician, 20+ yr in finance (also Computer Engineer, PhD in biostatistics, MBA from IESE Business School -and also MD, yep). I can just speak when my Physics cofounders let me do 😉

2.Give us the backstory- how did you get the founding idea, and how did the first sale come about?

The group meet first time in a not-for-profit association (Quantum World Association) who set up a workgroup called “Quantum for Quants”, intended for finance where I was the President. 12 people in this workgroup, just four working for real. These four people are the founders of Multiverse

3.Could you summarize your journey to scale from a sales, go-to-market and business development perspective, perhaps split into 2-3 key phases?

Beware, this is Deep-tech, not just Fintech
i. Initial paper on what you can do and don’t in quantum for finance
ii. Initial customer (BBVA)
iii. Initial round 10M
iv. 2nd year revenues, €3M
v. And now cycling everything again, and again

4.Which was the most challenging phase, and what would you have done differently?

a. Funding
b. So far, trajectory is not so bad. Maybe, a faster acceleration

 

5.When did you decide to expand to the international/ US market, and how?

From the very beginning. Canadian subsidiary with equal size in HR was created nearly at the same time that the European one.

6.When did you first decide to raise venture capital, and what has been your approach to financing growth over the years?

From the very beginning. Speed is key; so funding is key

7.How is building an Enterprise FinTech firm different from a “regular” SaaS / Enterprise Tech company, and what three things should founders get right?

This is deep tech. You must first demonstrate that the solutions work with this edge technology. Paid project come next. And SaaS product later.

8.What’s on the priority list for you and your team for the next year?

a. Massive round
b. Scaling to €6M revs
c. Team to 60 people

9.Where is the financial services sector headed in the next 12-18 months, and what should we be watching out for?

From our point of view, Quantum is here to stay. The BCG also states that. We are even working with Central Banks. Core methods of pricing, allocation of capital, segmentation, etc are going to change for faster, more precise and even greener ones.

10.Your favorite place(s) for a meal, coffee or drink (pre-/ post-COVID19)?

Akelarre, 3 Michelin stars, San Sebastian. Because finance people have always been so posh 😉

 

Q&As with Cooler Future and SeedX Liechtenstein; Early stage European FinTech deals this week include SPG

European FinTech deals this week include SPG

We feature Q&As with Matti Rönkkö of Cooler Future and Cynthia Nadal of SeedX Liechtenstein

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

 7 Questions with Matti Rönkkö of Cooler Future

1.Please tell us a bit about yourself, both at work and leisure.

I’m a born and raised Finn but have done most of my career outside of Finland. I am not good at anything, so I have big hopes that soon generalists will be in demand. I am a nature lover; the thicker the forest and the more snow there is, the more I enjoy it.

My career I have built mainly on building and scaling companies. I love the excitement of building something from scratch. In the last few years I have thought a lot about my personal values and the topic of climate change and I decided back in the end of 2017 to make a switch to focus on ways to create a positive impact. That led us into founding Cooler Future back in 2019, to use the skills we have hopefully developed over the years for creating positive climate impact.

http://www.fintechforum.de/7-questions-with-matti-ronkko-of-cooler-future/

7 Questions with Cynthia Nadal of SeedX Liechtenstein

1.Please tell us a bit about yourself, both at work and leisure.

My name is Cynthia, I am a Partner at Seed X Liechtenstein. I am an operator turned investor and I have previously worked with different accelerators including Techstars, King’s College and Founders Factory in London. Prior to being an investor I have worked for 11+ years at the fintech unicorn Markit (Now IHS markit, being bought by S&P). I learned there everything I know about great product development, corporate innovation and the hurdles of fast growth (IPO on the NASDAQ in 2014 at $5bn valuation, merger with IHS in 2016, now worth more than $40bn).

Work-wise I like connecting the dots and people, understanding the big problems needing solving and who we can learn from. Having the right network also helps to support founders in their growth.

Some of my spare time is also spent on tech boards that I sit on, and supporting female entrepreneurs across Europe.

http://www.fintechforum.de/7-questions-with-cynthia-nadal-of-seedx/

Fintech group SPG raises £25m to grow payments businesses

UK fintech group SPG, which owns Shieldpay and Paycast, has raised $34m (£25m) in a Series A funding round. The investment was led by Marqeta and Mastercard along with participation from CreditEase, Elliott Management, and Techstars.

With the fresh capital, SPG aims to scale up Shieldpay and capitalise on growing demand in the professional services market. Funds will also be used to fuel Paycast in its early stage of growth and bring the payments platform to a consumer audience.

London-headquartered SPG was founded in 2016 and aims to help unknown people transact securely.

The company says it processed more than payments totalling $3bn for its clients and has witnessed a surge in business during the pandemic. Its revenue grew by more than 360% in 2020, according to its own figures.

SPG’s first business, Shieldpay, is a digital platform used in the professional and financial services sectors. It aims to simplify payments and uses automation to replace paper-based transactions.

https://www.uktech.news/fintech/fintech-group-spg-funding-20211207

Founded in 2009, Marqeta Instantly issues & processes card payments with their world class open API platform.

Mastercard is a leading global payments & technology company that connects consumers, businesses, merchants, issuers & governments around the world.

British-based FNZ is acquiring Appway, a Swiss fintech which has worked with a major Swiss bank.

Appway, which provides digital solutions for banks to onboard and advise clients, is selling to FNZ, a British-based firm, the two companies said in a statement on Tuesday. They didn’t disclose financial details of the deal.

Part of the deal is for Appway founder-CEO Hanspeter Wolf (pictured below) to become technology chief of FNZ as well as part of top management.

For FNZ, founded in Wellington, NZ and now based in London, the deal will speed up personalized propositions at scale with its financial services clients. The company said Appway, which developed Credit Suisse’s digital onboarding process, will enable up to 90 percent faster client onboarding.

https://www.finews.com/news/english-news/49108-appway-fintech-fnz

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022 https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

 

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

 

 

 

 

FinTech Rising Stars 2021 – nicht verpassen

Der jährliche Online-Report der Szene. Junge FinTech- & InsurTech-Startups aus Deutschland und Österreich, die aktuell den Markt erobern.
Rising Stars kommt 2021 das erste Mal heraus. Und ab sofort jährlich im Herbst. Jedes Jahr die neuesten FinTechs/InsurTechs zu entdecken, die im aktuellen Jahr auf den Markt kamen. Und die Trends und Entwicklungen der anderen jungen FinTechs/InsurTechs (die schon in den Jahren davor gelauncht sind — im Report bei jedem Startup steht zB: welche Meilensteine sie in den letzten 12 Monaten erreicht haben, was sie im nächsten Jahr planen, welche Kontakte sie aktuell suchen, etc.)

https://fintech-i.com/report21mb

 

Q&As with Wequity and F10 Global; Early stage European FinTech deals this week include Enfuce

European FinTech deals this week include Enfuce

We feature Q&As with Gabriel Levie of Wequity and Gerrit Sindermann of F10 Global.

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to us: Frank Schwab or Samarth Shekhar.

 7 Questions with Gabriel Levie of Wequity

1.Please tell us a bit about yourself, both at work and leisure.

I was born and raised in Belgium and was lucky to have a Dutch-speaking mother and French-speaking father, which means I speak both languages fluently. Before starting Wequity I completed my undergraduate studies in Economics and Philosophy in the UK. Since 2019 I have been back in Belgium.

With my cofounder Franck we launched Wequity in February 2021, and we have been working full time with a team of 5 people. On the side I run, climb, and play the piano.

http://www.fintechforum.de/7-questions-with-gabriel-levie-of-wequity/

7 Questions with Gerrit Sindermann of F10 Global

1.Please tell us a bit about yourself, both at work and leisure.

I am leading the Swiss business for F10 Global, a Fintech and Insurtech-focused open accelerator, headquartered in Zurich with further hubs in Singapore and Spain. I am also in the board of our investment company, which invests in F10 startups. Besides that, I am representing F10 in the Swiss Green Fintech Network, launched 2020 to support and leverage the Swiss government’s ambition to develop the country into a leading hub for sustainable finance. With the Green Fintech Network I co-drafted the Swiss Green Fintech Action Plan, and with F10’s partner New Energy Nexus I work on our new global Climate Fintech Accelerator programming.

Prior to F10, I worked 10 years in banking (mostly at ABN AMRO Bank) and 10 years in tech (mostly fintech), founded one and worked with several startups at different stages and on topics ranging from mobile and micropayments to data and analytics.

Off work, I love any kind of outdoor sports (Switzerland being a perfect spot for that…), love(d) traveling and learning about different cultures. Due to the latter and an adventurous mind/heart, I left Germany in 2006 and lived since in The Netherlands, Colombia, Morocco and Ireland. Climate change and environment are major topics of concern and interest for me, thus I am excited that Sustainable Finance is picking up broadly now!

http://www.fintechforum.de/7-questions-with-gerrit-sindermann-of-f10-global/

Female-founded fintech Enfuce raises €45m

The Finnish fintech Enfuce has today announced its €45m Series C, the largest funding round for a female-founded fintech in the Nordics this year.

The round was led by UK-based VC firm Vitruvian Partners, known for having invested in startups like Marqeta and Wise — both now publicly listed at unicorn valuations. Enfuce is one of only a few female-founded fintechs in Europe, along with the likes of MoneyHub and Juno. The two founders, Monika Liikamaa and Denise Johansson, are both in their 40s and both come from a banking background.

Founded in 2016, the company describes itself as a CaaS (card-as-a-service) platform for card issuing. It has  plenty of customers in the non-banking community including Danish expense management startup Pleo, Swedish financial services companies Gee Finance and Qred as well as loyalty programmes like ST1.

https://sifted.eu/articles/fintech-enfuce-raise-45m/

Founded in 2006, UK based Vitruvian Partners is an international investment firm that supports the most ambitious and talented entrepreneurs and companies to achieve their goals. They target growth capital and management buyout deals, investing between €25m-€350m in companies typically valued between €75m-€1bn+.

Moody’s Corporation Acquires PassFort

Moody’s Corporation (NYSE:MCO) acquired PassFort Limited, a UK-based provider of onboarding and Know Your Customer (KYC) technology solutions.

The amount of the deal – funded with cash – was not disclosed.

The acquisition complement Moody’s technology, data, and analytical capabilities, and enhance its customer solutions for KYC, anti-money laundering, compliance, and counterparty risk. Moody’s will integrate the service into its KYC business within Moody’s Analytics, where they will augment the Orbis company database and the GRID database of risk profiles, adverse news, politically exposed persons, and sanctions.

Founded in the UK by Donald Gillies, PassFort is a U.K. SaaS-based workflow platform for identity verification, customer onboarding, and risk analysis. Its software delivers data from over 25 third-party providers and automates the collection, verification, and secure storage of customer and supplier due diligence documentation. The integration of PassFort’s platform into Moody’s suite of KYC and compliance offerings will create a more holistic workflow solution, allowing customers to incorporate Moody’s data, including credit, cyber, ESG, and climate analytics, directly into their proprietary processes.

The company raised $16m in September 2021.

https://www.finsmes.com/2021/12/moodys-corporation-acquires-passfort.html

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022 https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

Meet Our Partners: 

Heussen https://www.heussen-law.de

IDA Ireland https://www.idaireland.com

Opportunity Network https://www.opportunitynetwork.com/fintech-forum

FinTech Innovators https://fintech-i.com/?sumsrc=ftf

FN FinTech 40 https://www.fnlondon.com

 

 

 

 

Q&As with Insaas.ai and Swisscom Ventures; Early stage European FinTech deals this week include Timeless, Pomelo and Thought Machine

European FinTech deals this week include Timeless, Pomelo and Thought Machine.

We feature Q&As with Korbinian Spann of Insaas.ai and Semih Kacan of Swisscom Ventures.

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to Frank Schwab or Samarth Shekhar

7 Questions with Korbinian Spann of Insaas.ai

1. Please tell us a bit about yourself, both at work and leisure.

My name is Korbinian, I’m the founder and managing director of Insaas.ai. Our company and I are based in Munich, Germany. I have one son, live in the countryside and love sports like cycling, sailing, running and hiking. As Insaas.ai is a remote-first team, I´m used to working with my team every day via Zoom, Slack and Google. I love being an entrepreneur and work in a team on difficult problems. The understanding and processing of languages is my favorite topic since my studies (Arabic, Hebrew). I enjoy digital marketing and communication, as an expert and as a lecturer at Steinbeis SMI. I’m open minded, curious, and full of positive energy.

http://www.fintechforum.de/7-questions-with-korbinian-spann-of-insaas-ai/

7 Questions with Semih Kacan of Swisscom Ventures

1. Please tell us a bit about yourself, both at work and leisure.

My name is Semih Kacan, and I am Investment Manager at Swisscom Ventures. I’ve joined Swisscom Ventures at the beginning of 2021 to strengthen the Fintech and Blockchain allocation in the portfolio. Prior to Swisscom Ventures I spent over 10 years in Strategy Consulting, Corporate Strategy, Business Development and Asset Management at Credit Suisse, BearingPoint and Haspa before I co-founded and successfully exited my venture in Zurich. I hold a Master Degree in Corporate Finance from Henley Business School.

I enjoy the time with friends and family and a cup of coffee on sunny days at the beautiful Zurich Lake but also like reading books and watching videos to educate myself about upcoming trends/technologies.

http://www.fintechforum.de/7-questions-with-semih-kacan-of-swisscom-ventures/

 
German NFT pioneer Timeless receives twelve million euros

In Europe, a winner has already been determined: Within a short time, the football card startup Sorare has grown into a billion-dollar company. There was a real competition between the prominent financiers to be allowed to invest in the NFT company. German footballers such as André Schürrle or Oliver Bierhoff joined in, the main investor in an early round of financing was Headline (formerly Eventures) and the community has also arrived in Germany, which trades with the football cards on the blockchain. The hyped company is only based in Paris.
While fintechs around the hype topic of non-fungible tokens – NFT for short – are booming, especially in the USA, it was surprisingly quiet in Germany in particular. Despite Berlin’s bustling crypto scene, the big breakthrough has so far failed to material materially.
Now there is a first market signal that a larger player could emerge: Timeless from Berlin secures twelve million euros. The Swedish financier EQT has invested nine million euros, with a further three million coming from existing investors such as Porsche Ventures or EOS VC as well as La Roca Capital.

https://financefwd.com/de/timeless-nft-runde/

EQT Ventures, headquartered in Sweden is the venture capital arm of the Swedish company EQT Partners. EQT Ventures deploys a multi-stage, sector-agnostic strategy, making equity investments from €1 to €75 million in start-ups and scale-ups across Europe and the US.

Pomelo Pay Raises US$10M in Series A Funding

Pomelo Pay, a London, UK-based digital payments company, raised US$10m in Series A funding.
The round was led by Inference Partners.
The company intends to use the funds to expand its presence across global markets including Europe and Asia, starting with plans to double their workforce in London, Singapore, Vietnam, Thailand and the Philippines.
Launched in 2018 in the UK and Singapore and led by Vincent Choi, CEO, Pomelo is an innovative digital payments service provider that allows businesses to take payments from anyone, in any location (physical or digital), at a low cost and without the need for hardware. The company provides an integration with over 30 payment networks globally. Its payments platform is also used by banks and non-banking financial institutions (NBFIs) for an improved acquiring experience, enabling them to offer a broad suite of payment acceptance solutions to their end customers.

https://www.finsmes.com/2021/11/pomelo-pay-raises-us10m-in-series-a-funding.html

Inference Partners is an independent technology investment firm exclusively focused on early-stage infrastructure software investments.

Thought Machine Raises $200M in Series C Funding

Thought Machine, a London, UK-based cloud native core banking technology company, closed $200m Series C funding round.
This round, which saw the company achieve unicorn status, was led by Nyca Partners, with participation from ING Ventures, JPMorgan Chase, and Standard Chartered Ventures, Lloyds Banking Group, British Patient Capital, Eurazeo, SEB, Molten Ventures (formerly Draper Esprit), Backed, and IQ Capital.
The company intends to use the funds to continue developing and expanding Vault and its Universal Product Engine, expand its international reach, strengthening its five global offices and targeting new key markets to accelerate the adoption of cloud native core banking globally.

https://www.finsmes.com/2021/11/thought-machine-raises-200m-in-series-c-funding.html

Nyca is a New York based fintech venture capital firm focused on connecting innovative companies to the global financial system. With over $500 million under management and investments in more than 80 portfolio companies, Nyca is one of the premier fintech venture capital firms in the world.

Luxembourg-based Banking Circle acquires London-based B4B Payments to streamline payment infrastructure

Luxembourg-based Banking Circle, a financial infrastructure provider built for payments businesses and banks, has announced the acquisition of London-based B4B Payments, a company that specialises in smart corporate payments and card solutions for businesses.

The deal is currently going through the regulatory approval process. After closing the acquisition, B4B Payments will operate as an independent sister company of Banking Circle.

Founded in 2006 by Paul Swinton and Rob Anderson, B4B Payments (formerly Payment Card Solutions) is a fintech company that offers payment processing solutions for businesses to manage expenses, simplify payroll, reimbursements, and offer employee rewards and incentives.

https://siliconcanals.com/promoted-content/banking-circle-acquires-b4b-payments/

Introducing Partech Growth II, the $750M Fund Dedicated to European Scale-Ups

Back in 2016, we were thrilled to announce the final closing of our first $440M Growth fund, a true pioneer in its asset class. We made our initial investments in leading companies such as Amboss, M-Files, NA-KD, Sendinblue, and Ecovadis. We helped the likes of MADE.com navigate the journey to IPO; and supported Brandwatch, through a $450M acquisition, finding a larger platform in Cision to help achieve its mission.
It’s been a rewarding journey to say the least, and today we get to celebrate another milestone as we mark the closing of Partech Growth II. The debut of the sequel!

https://partechpartners.com/news/introducing-partech-growth-ii-750m-fund-dedicated-european-scale-ups/

German VC Greenfield One Raises $160M Crypto Fund With Backing From Swisscom, Others

Berlin-based venture capital (VC) firm Greenfield One has raised a $160 million (142 million euros) fund from telecom giant Swisscom, Galaxy Digital and others, to invest in crypto projects, according to a press release shared with CoinDesk.
Greenfield One’s third fund is likely one of the largest crypto funds in Europe to date. Fabric Ventures’ $130 million fund, which was announced earlier this year, was previously thought to be one of the largest European crypto funds.
German media giant Bertelsmann also invested in the $160 million fund. Bertelsmann had invested in Greenfield One’s second fund, which had a target volume of $56 million (50 million euros).
Other investors include Hamburg-based family office Lennertz & Co., Frankfurt-based VC CommerzVentures, and Barcelona-based fund of funds Aldea Ventures. All investors in the fund come from the private sector.

https://www.coindesk.com/business/2021/11/24/german-vc-greenfield-one-raises-160m-crypto-fund-with-backing-from-swisscom-others/

Estonia’s Karma Ventures brings in €100 million to continue backing European deeptech

Tallinn-based Karma Ventures has closed its second fund with a hard cap at €100 million. The firm will use the capital to continue backing the most promising early-stage European deeptech startups in Seed and Series A rounds, with a ticket size ranging up to €5 million.
Led by Tommi Uhari, Margus Uudam, and Kristjan Laanemaa, the trio has over a decade of experience both working with, and investing in deeptech startups with a number of successful exits to SAP, Dynatrace, and Splunk, to name a few.
The firm’s second fund is backed by Baltic Innovation Fund 2 (BIF 2), an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and European Investment Fund, the founding engineers of Skype, Jaan Tallinn and Ahti Heinla (currently at Starship Technologies), Till Quack (Qualcomm, Apple, Mapillary), Jani Huoponen (Google) and Sergei Anikin (CTO at Pipedrive). They join longstanding investors Isomer, Skype founder’s investment company ASI and the pension funds of Swedbank and LHV.

https://tech.eu/brief/estonias-karma-ventures-brings-in-e100-million-to-continue-backing-european-deeptech/

Apply to South Summit, Madrid’s Startup Competition

South Summit (Madrid, June 8th-10th, 2022) is a three-day event that supports entrepreneurship and innovation. It is where startups, investors and corporations come together to share ideas, form alliances, and shape the future. This year’s edition of the Startup Competition welcomes projects from any industry, development stage and country. Apply before February 28th to become one of our 100 finalists and get free tickets, a 3min pitch on stage, networking with our partners and investors, media coverage, mentoring, demo stand and more!

Read more (www.southsummit.co/startup-competition) –Apply now (https://cms.southsummit.co/register/2e2x)

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022  https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

Meet Our Partners: 

Heussen https://www.heussen-law.de
IDA Ireland https://www.idaireland.com
Opportunity Network https://www.opportunitynetwork.com/fintech-forum
Money2020 Europe https://europe.money2020.com
InsurTech Insights https://insurtechinsights.com
Finovate Europe https://informaconnect.com/finovateeurope/
FN FinTech 40 https://www.fnlondon.com

FinTech Forum wraps up Hybrid Edition-Q&As with Fin VC and Aisot; Early stage European FinTech deals this week include Payhawk

Early stage European FinTech deals this week include Payhawk

We feature Q&As with May Wang of Fin VC and Stefan Klauser of Aisot.

Check out the 2nd edition of Scaling Enterprise FinTech | The Handbook, launched in partnership with Money20/20 and SixThirty Ventures is out: http://www.fintechforum.de/sef/

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to Frank Schwab or Samarth Shekhar.

FinTech Forum concludes its first hybrid edition at the Airport Club, Frankfurt

Kicking off with a networking lunch, the event – streamed digitally to participants who could not make it in person – started with Samarth Shekhar, Co-Founder of FinTech Forum, summarising the European FinTech scene’s record funding volumes and deals of note this year. This was followed by the first round of startup presentations (Aazzur, aisot, ALLINDEX and Delega – check out the “startups in a tweet” below). David Schaeffler from Hannover Digital Investments / Talanx and Cynthia Nadal of SeedX Liechtenstein covered the trends to watch in InsurTech and FinTech respectively.
Daragh Hanratty of IDA Ireland provided an overview of how Ireland’s agencies can help leading FinTechs and financial institutions scale, following which we made time for a short coffee break.
The 2nd round of startup presentations (QuickCashAI, Insaas.ai, Vermögensheld and Wequity) set the scene for some interesting discussions around ESG for startups and VC firms to follow.
Ertan Can from Multiple Capital shared a fascinating account of his journey setting up one of the first European Fund of Funds, which has invested into 500 ventures via 30 micro VC funds across Europe and the US.

http://www.fintechforum.de/fintech-forum-concludes-its-first-hybrid-edition-at-the-airport-club-frankfurt/

7 Questions with May Wang of Fin VC

1. Please tell us a bit about yourself, both at work and leisure.

I’m an investor at Fin VC, a B2B Fintech/Insurtech focused global venture capital, based out of San Francisco. Fin VC is a team of FinTech nerds with capital, based in SF/NYC and focus on FinTech SaaS in the US and EU/UK. We deploy out of 3 strategies: Regatta (pre-seed, checks of $100K-$1M), Flagship (Early Stage – Seed->B, checks of $1-10M) and Horizons (Growth – C+, checks of $25-50M+, primary/secondary) and have an operating value playbook focused on global BD, corp dev, capital formation, product/GTM, key talent sourcing, and board leadership.
Personally, I’m an avid traveler and a global citizen who has lived in 4 countries across 3 continents. When not at work, you’ll find me hiking/surfing in the summer and skiing in the winter. I’m also mentoring students from underrepresented communities, and an advisor at a Uganda-based NGO.

http://www.fintechforum.de/7-questions-with-may-wang-of-fin-vc/

7 Questions with Stefan Klauser of Aisot

1. Please tell us a bit about yourself, both at work and leisure.

Hi, I am Stefan, Co-Founder & CEO at Aisot Technologies. We are a leading provider of real-time insights for trading and asset management. I always had a passion for both entrepreneurial work and predictive tools. The Oracle of Delphi was by far the coolest thing in Latin class. And my first business I „founded” as a kid, when selling cherries from our garden on our village’s streets. In my free time, I like to be in nature or sing. I have played in rock bands since I was a teenager.

http://www.fintechforum.de/7-questions-with-stefan-klauser-of-asiot/

 
London’s fintech startup Payhawk secures €99.44M; plans to open offices in the US, Netherlands, Australia, Singapore

Payhawk, a London-based fintech startup that provides spending software to simplify expenses, payments, and card spending for growing businesses, announced that it has raised $112M (approx €99.44M) in its Series B round of funding.
With this, the company’s valuation jumped to $570M (approx €506.1M) in just three years after its inception.
The news comes after the London-based platform’s $20M (approx €16.55M) Series A round of funding announced earlier this year in April. The funding was led by QED Investors, which has a strong track record of investing in 18 fintech unicorns including Klarna and Nubank.

https://siliconcanals.com/crowdfunding/payhawk-secures-99-44m/

San Francisco-based investor Greenoaks, a firm that has a strong track record of investing in high-growth technology companies such as Gorillas, Robinhood, Stripe and Brex. Greenoaks Capital makes concentrated, long-term investments in technology-enabled businesses globally

United Fintech acquires trading analytics firm FairXchange

As a first transaction in a multi-stage acquisition towards full ownership, United Fintech has acquired a 25 per cent stake in London-based FairXchange for an undisclosed amount in a transaction integrating the company, its products and employees onto its digital platform.
Trading firms use FairXchange’s state-of-the-art analytical tools to facilitate data-driven dialogue with their counterparties, bringing clarity and transparency to execution performance through the provision of independent data. And according to United Fintech CEO Christian Frahm, FairXchange fits hand-in-glove with United Fintech’s strategy of acquiring state-of-the-art Capital Markets software products ready for scaling and global roll-out on United Fintech’s platform.

https://www.hedgeweek.com/2021/11/23/309601/united-fintech-acquires-trading-analytics-firm-fairxchange

Balderton Capital announces €529 million early-stage fund to back Europe’s next wave of breakout tech

London-based Balderton Capital has raised its second fund of 2021, and their largest-ever fund for early-stage startups, of €529 million. The fund is part of a wider mission to be the leading provider of venture capital and founder support to European startups with global ambitions.
Earlier this year the firm launched an ‘early growth’ fund to invest in future tech giants born in Europe.
Founded 21 years ago, Balderton Capital has made almost 300 investments and has extensive experience backing founders from seed to growth stage across Europe. In 2021, the company has invested in 20 new startups in sectors ranging from reproductive health and instant commerce to data labelling and gaming.

https://www.eu-startups.com/2021/11/balderton-capital-announces-e529-million-early-stage-fund-to-back-europes-next-wave-of-breakout-tech/

South Summit, Madrid

South Summit (Madrid, June 8th-10th, 2022) is a three-day event that supports entrepreneurship and innovation. It is where startups, investors and corporations come together to share ideas, form alliances, and shape the future. This year’s edition of the Startup Competition welcomes projects from any industry, development stage and country. Apply before February 28th to become one of our 100 finalists and get free tickets, a 3min pitch on stage, networking with our partners and investors, media coverage, mentoring, demo stand and more!

Read more (www.southsummit.co/startup-competition) –Apply now (https://cms.southsummit.co/register/2e2x)

Meet us at:

InsurTech Insights Europe, London: 15-16 March 2022 https://www.insurtechinsights.com/europe/

Finovate Europe 2022, London: 22-23 March 2022 https://informaconnect.com/finovateeurope/

South Summit 2022, Madrid: 8-10 June 2022 https://www.southsummit.co/

SuperVentures Berlin: 14-15 June 2022 https://informaconnect.com/superventure/

Digital Insurance Agenda, Amsterdam: 29-30 June 2022 https://next.digitalinsuranceagenda.com/dia-amsterdam-2022/

Meet Our Partners: 

Heussen https://www.heussen-law.de
IDA Ireland https://www.idaireland.com
Opportunity Network https://www.opportunitynetwork.com/fintech-forum
Money2020 Europe https://europe.money2020.com
InsurTech Insights https://insurtechinsights.com
Finovate Europe https://informaconnect.com/finovateeurope/
FN FinTech 40 https://www.fnlondon.com

Q&As with IDA Ireland and AAZZUR; Early stage European FinTech deals this week include Zilch

Early stage European FinTech deals this week include Zilch

We feature Q&As with Daragh Hanratty of IDA Ireland and Philipp Buschmann of AAZZUR

Check out the 2nd edition of Scaling Enterprise FinTech | The Handbook, launched in partnership with Money20/20 and SixThirty Ventures is out: http://www.fintechforum.de/sef/

If you are an early stage startup in Europe building the next big thing in FinTech, reach out to Frank Schwab or Samarth Shekhar.

 
FinTech Forum concludes its first hybrid edition at the Airport Club, Frankfurt

Kicking off with a networking lunch, the event – streamed digitally to participants who could not make it in person – started with Samarth Shekhar, Co-Founder of FinTech Forum, summarising the European FinTech scene’s record funding volumes and deals of note this year. This was followed by the first round of startup presentations (Aazzur, aisot, ALLINDEX and Delega – check out the “startups in a tweet” below). David Schaeffler from Hannover Digital Investments / Talanx and Cynthia Nadal of SeedX Liechtenstein covered the trends to watch in InsurTech and FinTech respectively.
Daragh Hanratty of IDA Ireland provided an overview of how Ireland’s agencies can help leading FinTechs and financial institutions scale, following which we made time for a short coffee break.
The 2nd round of startup presentations (QuickCashAI, Insaas.ai, Vermögensheld and Wequity) set the scene for some interesting discussions around ESG for startups and VC firms to follow.
Ertan Can from Multiple Capital shared a fascinating account of his journey setting up one of the first European Fund of Funds, which has invested into 500 ventures via 30 micro VC funds across Europe and the US.

http://www.fintechforum.de/fintech-forum-concludes-its-first-hybrid-edition-at-the-airport-club-frankfurt/

7 Questions with Daragh Hanratty of IDA Ireland

1. Please tell us a bit about yourself, both at work and leisure.

I am VP for financial Services with IDA Ireland, the state agency responsible for FDI into Ireland. I am based in Frankfurt, have a keen interest in fitness and travel. During lockdown I took up running. I am currently working to improve my times for 5km and 10km park runs

http://www.fintechforum.de/7-questions-with-daragh-hanratty-of-ida-ireland/

7 Questions with Philipp Buschmann of AAZZUR

1. Please tell us a bit about yourself, both at work and leisure.

I am an entrepreneur, a husband and passionate about fintech. At my first job at Razorfish I helped build trading tech for State Street Bank; as a strategy consultant I helped design the portal for online banking at Sparkasse and as an entrepreneur have helped lenders and challenger banks get launched.
My personal passion is cooking and snowboarding. One is good for the head (almost like a meditation) and the other is good at enjoyment and hurting myself on the slopes. These I think are natural Austrian hobbies: eat, drink and ski!

http://www.fintechforum.de/7-questions-with-philipp-buschmann-of-aazzur/


BNPL Zilch Claims Title of Fastest European Firm to Gain Unicorn Status, Raises $110 Million Series C at $2 Billion Valuation

Zilch, a London-based buy now, pay later (BNPL) Fintech, has closed on a $110 million services C funding round at a $2 billion valuation. Zilch last raised money in 2020 at a valuation of “just” $500 million. Zilch is claiming the title of the fastest European company to earn unicorn status. Zilch states that it has “leapfrogged” other high-flying firms to become a double unicorn in just 14 months, faster than any other in the European Union. Zilch says its growth is “unparalleled within the BNPL industry” having increased by 8X since this past March.
The funding round was led by Ventura Capital and Gauss Ventures with numerous other new investors and existing investors participating in the round.
https://www.crowdfundinsider.com/2021/11/182760-bnpl-zilch-claims-title-of-fastest-fintech-to-gain-unicorn-status-raises-110-million-series-c-at-2-billion-valuation/
Founded in 2012, London based Ventura Capital provides investors with exposure to disruptive consumer technology companies that are growing exponentially and approaching IPO. To date, the firm has invested over $750m in 23 pre-IPO companies including Spotify, Paytm, Delos, and Lyft, delivering high returns and building a strong reputation for ‘picking winners’ on behalf of its investors.

Guass Venture specialises in hands-on domain specific investments in fintech and smart industry companies.

Revolut backer Balderton raises $600m for early-stage European startups

British VC firm Balderton Capital, known for backing companies such as Revolut and Depop, has raised its largest early-stage fund ever.
The firm says it will deploy the $600m into 25-30 new companies in the region and is sector agnostic. The average cheque size will be between $1m-$20m.
Balderton has historically been known as one of Europe’s most prolific Series A investors, but has transitioned to a multistage strategy, launching its first later-stage fund earlier this year. The firm has also historically invested opportunistically at the seed stage. (Revolt was a late-seed/early A deal.)

https://sifted.eu/articles/balderton-capital-early-stage-fund/

Meet Our Partners: 

Heussen https://www.heussen-law.de
IDA Ireland https://www.idaireland.com
Opportunity Network https://www.opportunitynetwork.com/fintech-forum
Money2020 Europe https://europe.money2020.com
InsurTech Insights https://insurtechinsights.com
Finovate Europe https://informaconnect.com/finovateeurope/
FN FinTech 40 https://www.fnlondon.com

FinTech Forum concludes its 13th (and first hybrid) edition at the Airport Club, Frankfurt

Kicking off with a networking lunch, the event – streamed digitally to participants who could not make it in person – started with Samarth Shekhar, Co-Founder of FinTech Forum, summarising the European FinTech scene’s record funding volumes and deals of note this year.

This was followed by the first round of startup presentations (Aazzur, aisot, ALLINDEX and Delega – check out the “startups in a tweet” below). David Schaeffler from Hannover Digital Investments / Talanx and Cynthia Nadal of SeedX Liechtenstein covered the trends to watch in InsurTech and FinTech respectively.

Daragh Hanratty of IDA Ireland provided an overview of how Ireland’s agencies can help leading FinTechs and financial institutions scale, following which we made time for a short coffee break.

The 2nd round of startup presentations (QuickCashAI, Insaas.ai, Vermögensheld and Wequity) set the scene for some interesting discussions around ESG for startups and VC firms to follow.

Ertan Can from Multiple Capital shared a fascinating account of his journey setting up one of the first European Fund of Funds, which has invested into 500 ventures via 30 micro VC funds across Europe and the US.

Theresa Bardubitzki of KfW Capital brought the ESG topic front and centre, sharing key results from the recently published study of BCG and KfW Capital, the regulatory pressure that is driving alignment to ESG across LPs, GPs and startups, as well