There is a particular kind of energy that moves through the financial world right now — quiet, precise, and deliberate. It is the energy of builders.
This week, we bring you a curated window into where serious capital is meeting serious conviction. We open with Samarth Shekhar’s Deal Highlights, where three companies — Kayna, Loxa, and DiligenceSquared — are rewriting the rules of embedded insurance and AI-driven due diligence with seed rounds that belie their ambition. Small numbers, outsized implications.
Frank Schwab follows with a sharp provocation on the future of banking — from biometric heartbeats to a machine economy of 29.4 billion connected devices. If your bank isn’t on your phone, Frank argues, it simply doesn’t exist. What comes after the phone is the question worth asking.
Our Q&A this week takes us inside Kayna, where CEO Paul Prendergast makes the case that the next era of insurance distribution won’t be built by brokers — it will be built inside the software small businesses already trust. A conversation that rewards close reading.
And finally, our Funding Roundup maps the landscape of the week: from a €5bn valuation milestone for Alan to an $80M stablecoin bet on KAST, from fraud fighters in Milan to trade infrastructure for a world rewiring itself in real time.
Thirteen companies. One clear signal: the future of finance is being built now, deal by deal, founder by founder.
Read on.
A Q&A with Paul Prendergast from Kayna on Embedding Insurance into Vertical SaaS for SMBs.
In the high-stakes world of small business protection, where nearly half of UK SMBs remain underinsured and traditional brokers leave critical gaps, two serial entrepreneurs decided enough was enough.
Paul Prendergast (CEO & Co-Founder) and Peter Bermingham (CTO & Co-Founder) — a powerhouse duo with over two decades of insurtech experience, Lloyd’s Lab alumni, and winners of the 2023 InsurTech NY Carrier/Broker Competition — launched Kayna in 2021 with a radical conviction: insurance must live inside the software SMBs already trust every day.
Fresh from a €1.5M seed round and live with partners like WTW and Markel, the Cork-based team is turning vertical SaaS platforms into powerful, data-rich distribution channels. Get ready for a masterclass in the future of embedded insurance.
1- Tell us about yourself / your co-founder(s).
We’re a team of insurance, technology and distribution veterans who grew frustrated watching the industry fail SMBs at the point they need protection most — when they’re actually running their business. The founding team combines deep insurtech infrastructure experience with hands-on understanding of how software platforms operate and how small businesses actually make purchasing decisions. We started Kayna with one conviction: the next era of insurance distribution won’t be built on comparison sites or broker networks — it will be built inside the software SMBs already use every day.
Read more from the interview: Kayna on Rewiring Insurance Distribution for the SMB Era
Deal Highlights
The un- and under-insured SMB segment presents a massive market opportunity. However, getting access to SMB data and distribution channels have been the barrier. Incumbent brokers going via vSaaS have a great shot at capturing this market, especially lucrative but complex, midsize players and long-tail professions. Kayna’s approach unlocks a low-cost, scalable way for brokers to access and underwrite SMBs, and for vSaaS to offer better-priced premiums to their customers.
Embedded insurance startup Kayna raises $1.7m…Kayna develops infrastructure that allows vertical SaaS (VSaaS) platforms to embed insurance directly into their software products used by small businesses. The platform provides AI-powered policy analysis tools designed to identify coverage gaps while connecting software platforms to multiple insurers and brokers. This allows businesses to access quotes and tailored insurance coverage through the operational software they already use.
Loxa takes another interesting approach to expanding insurance – in this case connecting via ecommerce platforms – but with a full-stack MGA model. This is not an easy market, with several embedded insurance players operating across sectors, but their fast onboarding can help them scale among their target segment.
InsurTech Loxa raises £2.7m seed round to fund EU expansion…Loxa’s platform connects with more than 70% of UK ecommerce infrastructure through integrations with Shopify, Magento, WooCommerce, PrestaShop, and BigCommerce, alongside direct API connections. The system allows retailers to launch embedded insurance programmes in as little as 48 hours.
This sounds futuristic, but with a team from Blackstone, BCG’s private equity division, and Google, who knows? Still trying to digest that AI voice agents will be conducting DD calls with customers, competitors and market insiders. It is hard enough to get IRL reference calls. The hybrid AI + human in the loop approach can help allay fears about quality and accuracy, but still thinking about how this would stack up vs. incumbent AI-enabled consulting firms. More services enabled by AI?
DiligenceSquared targets PE due diligence with $5m raise… At present, funds routinely spend between $500,000 and $1m per project with firms to carry out this work. DiligenceSquared’s approach cuts through that model by combining AI voice agents, automated synthesis and a fully traceable interactive reporting interface, giving investors the ability to assess a greater number of deals, at an earlier stage, and at a fraction of the traditional cost…Each engagement begins with a bespoke research blueprint that maps out the key questions and market dimensions relevant to a given deal. AI voice agents then identify and engage suitable expert profiles without delay, conducting multilingual one-to-one conversations with customers, competitors and market insiders at whatever scale the situation demands.
Read on for more on the founders and investors in the news last week. If you are building or backing “what’s next in finance” and want to spread the word with our network of 20K+, reach out to Samarth Shekhar or Frank Schwab.
If a bank isn’t on your phone, it doesn’t exist.
by Frank Schwab
…Today, we are moving beyond the screen:
Hyper-Personalization: Moving toward Financial Digital Twins that simulate your wealth impact for the next 50 years.
Biometric Security: Shifting from FaceID to security based on your unique heartbeat.
The Machine Economy: By 2030, we will have 29.4 billion connected devices. Banking is no longer just for people; it’s for the billions of machines they own.
Funding Rounds
BrightPlan lands new funding to fuel global AI expansion
BrightPlan, an AI-powered financial well-being platform for global enterprises, has secured a new investment from Riverside Acceleration Capital (RAC), with participation from existing investors, as the company reports 41% year-over-year recurring revenue growth.
The funding will support continued global expansion, enterprise distribution, and product innovation. BrightPlan now serves more than 9.2 million employees across more than 50 countries and advises on $7.6bn in assets under advisement (AUA). The company also reported a customer churn rate of just 1.2%.
BrightPlan closed 2025 having achieved a 68% compound annual growth rate (CAGR) over the past five years, driven by expansion within its existing customer base and new global employer wins. The company has continued to grow through strategic partnerships and AI-driven personalisation, reinforcing its position in the global financial well-being market.
https://fintech.global/2026/03/13/brightplan-lands-new-funding-to-fuel-global-ai-expansion/
Adaptive secures strategic investment from Citi and HSBC
Adaptive, a provider of custom trading technology solutions, has secured strategic investment from global financial institutions Citi and HSBC to accelerate its growth and product innovation roadmap.
The funding will enable Adaptive to scale its delivery of high-performance, cloud-native solutions centred around its suite of Aeron® products, as liquidity and trading infrastructure increasingly migrate to the cloud.
The investment also positions the firm to meet growing demand for client-owned, differentiated and bespoke trading technology amid evolving market dynamics and heightened competition.
The capital will support Adaptive’s growth plan by boosting product development and delivery capabilities, building on its track record of developing sophisticated trading platforms that offer competitive advantage through technological differentiation.
https://fintech.global/2026/03/09/adaptive-secures-strategic-investment-from-citi-and-hsbc/
Embedded insurance startup Kayna raises $1.7m
Embedded insurance platform Kayna has raised €1.5m ($1.7m) in a seed funding round to support expansion in the UK and US markets.
The round was led by Delta Partners, with participation from existing investors MiddleGame Ventures and Aperture. New investors Leo Capital, Enterprise Ireland and Digital Irish also joined the funding round.
Kayna develops infrastructure that allows vertical SaaS (VSaaS) platforms to embed insurance directly into their software products used by small businesses.
The platform provides AI-powered policy analysis tools designed to identify coverage gaps while connecting software platforms to multiple insurers and brokers.
This allows businesses to access quotes and tailored insurance coverage through the operational software they already use.
https://fintech.global/2026/03/11/embedded-insurance-startup-kayna-raises-1-7m/
InsurTech Loxa raises £2.7m seed round to fund EU expansion
UK InsurTech Loxa has raised £2.7m in seed funding across three tranches to support European expansion, grow its retail partner network, and broaden its embedded insurance platform.
The round was backed primarily by angel investors and family offices, including the Lazaroo-Hood Group. Introductions were facilitated by Angel Investment Network, FundMyPitch, and the Entrepreneur’s Collective, according to Business Cloud.
Capital from the round will be used to expand Loxa’s presence in Europe, increase its retail network to 150 live partners, and extend its platform to support every insurable product category.
Jamie Hamer, co-founder and CEO of Loxa, said: “We started Loxa because we believed embedded product protection should be as universal as the checkout itself, available to every retailer, for every customer, everywhere.
https://fintech.global/2026/03/13/insurtech-loxa-raises-2-7m-seed-round-to-fund-eu-expansion/
Prepaid payments startup raises $4m pre-seed round
finperks, a prepaid payments infrastructure startup has raised $4m in a pre-seed funding round, backed by investors including Carsten Maschmeyer, seed + speed Ventures and Motive Partners, as it looks to build the global payment infrastructure for prepaid.
Just six months after its first employee joined, finperks has already made significant strides. It has onboarded its first banking and FinTech partners, including FLIZpay, and is in the process of onboarding its first HR SaaS partners, paylo and Recardy. It has also enabled more than 1,000 brands across 30 markets, with names such as Zalando and Flix among them.
https://fintech.global/2026/03/12/prepaid-payments-startup-raises-4m-pre-seed-round/
DiligenceSquared targets PE due diligence with $5m raise
DiligenceSquared, a New York-headquartered AI platform built to overhaul how investment teams conduct commercial due diligence, has secured $5m in seed funding in a round spearheaded by RELENTLESS, with Y Combinator joining as a participant.
The fresh capital will be channelled into accelerating the company’s growth as appetite builds among private equity firms for smarter, faster alternatives to conventional consulting engagements.
At present, funds routinely spend between $500,000 and $1m per project with firms to carry out this work. DiligenceSquared’s approach cuts through that model by combining AI voice agents, automated synthesis and a fully traceable interactive reporting interface, giving investors the ability to assess a greater number of deals, at an earlier stage, and at a fraction of the traditional cost.
https://fintech.global/2026/03/10/diligencesquared-targets-pe-due-diligence-with-5m-raise/
Cleafy raises €12m to fight banking fraud in Europe
Cleafy, a Milan-based enterprise cybersecurity company specialising in banking fraud prevention, has raised €12m in a Series B round co-led by United Ventures and eCAPITAL, bringing total funding to €22m.
The capital will be used to develop its predictive capabilities, scale threat analysis, and expand across Europe and Latin America.
The company serves more than 150 financial institutions — including ING, BCC Iccrea Group, Illimity Bank, and BPS (Suisse) — and protects over 250 million end users.
Founded in 2014, Cleafy detects hostile attacker infrastructure and intent before fraud materialises, using a proprietary engine backed by more than 85 international patents. Its newly launched Cleafy for Workforce product extends this to insider threats within corporate systems.
https://fintech.global/2026/03/13/cleafy-raises-e12m-to-fight-banking-fraud-in-europe/
Outpost raises $17.5m Series A to simplify global trade
Outpost, the AI-powered payments and compliance infrastructure platform for cross-border commerce, has raised $17.5m in a Series A funding round led by Ribbit, the venture firm behind category-defining companies such as Revolut, Coinbase, and Stripe.
The round also received backing from existing investor Better Tomorrow Ventures, which previously led a $3m seed round less than a year ago. Angel investors participating in the raise include executives from Revolut, Uber, Affirm, Airwallex, Checkout, and others.
The funding comes against a backdrop of growing complexity in international trade. Global trade reached record levels in 2025, with UNCTAD projecting it would surpass $35 trillion for the first time. However, a shift towards protectionism — driven by rising US tariffs and a broader rewiring of supply chains and regional trade alliances — has created a more fragmented trading environment.
https://fintech.global/2026/03/11/outpost-raises-17-5m-series-a-to-simplify-global-trade/
Security data platform Scanner secures $22m funding
Scanner, a cybersecurity company building a data platform designed for modern security operations, has announced new funding of $22m.
The company has raised $22m in a Series A funding round led by Sequoia Capital, with additional participation from CRV and Mantis VC. The investment is intended to accelerate the company’s mission to deliver faster and more scalable security data infrastructure for enterprise security teams.
Scanner develops a platform that allows organisations to search and analyse large volumes of security log data quickly, even when that information is stored in cost-efficient object storage systems.
https://fintech.global/2026/03/12/security-data-platform-scanner-secures-22m-funding/
PactFi raises $25m Series A to modernise private credit
PactFi, a secure end-to-end operational platform for private credit, has raised $25m in a Series A funding round led by 7RIDGE Ecosystem Impact Fund (EIF), with participation from Vestigo Ventures.
The round will be used to accelerate PactFi’s position as core infrastructure for the private credit ecosystem across four key areas: product expansion, go-to-market growth, continued research and development alongside artificial intelligence integration, and team expansion. The company is actively hiring across product, engineering, and client-facing roles.
PactFi was founded by industry practitioners who experienced firsthand how disconnected tools introduced risk, inefficiency, and control gaps across the transaction lifecycle.
https://fintech.global/2026/03/11/pactfi-raises-25m-series-a-to-modernise-private-credit/
Digital asset data platform Cryptio lands $45m round
Cryptio, a company specialising in financial data transformation and ERP solutions for digital assets, has secured fresh funding of $45m.
The firm announced a $45m Series B funding round co-led by BlackFin Capital Partners and Sentinel Global. The round also attracted participation from existing and new investors including 1kx, Alven, BlueYard Capital and Ledger Cathay Capital.
Cryptio provides infrastructure designed to address the growing complexity of accounting and financial reporting for blockchain-native assets. As banks, asset managers and exchanges move deeper into digital assets, traditional accounting systems have struggled to accommodate real-time blockchain data, custody models and token lifecycle activity.
https://fintech.global/2026/03/13/digital-asset-data-platform-cryptio-lands-45m-round/
Stablecoin FinTech KAST raises $80m Series A
KAST, a global financial platform built on stablecoin rails, has secured fresh backing as investors increasingly look to digital dollar infrastructure as the next phase of modern financial services.
The company was founded by former Circle executive Raagulan Pathy and is positioning itself as a neobank designed for a global, digitally native user base that relies on faster and more flexible financial tools than traditional banking systems can offer.
The company has raised $80m in a Series A funding round co-led by QED Investors and Left Lane Capital. The round also included participation from returning investors Peak XV Partners, HSG and DST Global Partners, signalling continued investor confidence in stablecoin-based financial infrastructure.
https://fintech.global/2026/03/10/stablecoin-fintech-kast-raises-80m-series-a/
Alan valued at €5bn after €100m funding round
Parisian InsurTech Alan has reached a valuation of €5bn following a €100m funding round, strengthening its position as one of Europe’s most valuable insurance startups.
The round was led by existing investor Index Ventures and included new participants Greenoaks, Kaaf, SH, and strategic partner Belfius, as well as angel investors Shopify founder Tobi Lütke and French footballer Antoine Griezmann, according to InsurTech Insights.
Founded in 2016, Alan now serves more than one million customers, including employees, freelancers, and retirees. Its digital platform allows users to manage reimbursements, consult doctors, and track health and wellness activities directly through the mobile app.
https://fintech.global/2026/03/12/alan-valued-at-e5b-after-e100m-funding-round/
As we conclude this edition, we hope you feel as energized and informed as we do by the relentless pace of innovation in FinTech. The stories and analyses shared today are not just about financial technology; they are about the visionaries, the problem-solvers, and the pioneers who are redefining how we interact with money and value.
Stay curious, stay connected, and continue to explore the vast opportunities that FinTech presents. We look forward to bringing you more insights and inspiration in our next issue. Until then, keep building the future.