Another strong week for FinTechs with 26 deals recorded

FinTech Global reported on another powerful week in the FinTech sector, with a total of $783m raised across 26 deals.  

This top performing deal this week was found from a Dallas, Texas-based firm, Yendo, who pulled in an impressive $165m in debt financing. Yendo is a provider of a vehicle-secured credit card.

Here are this week’s deals.

Yendo secures $165m to expand vehicle-backed credit services

Yendo, a Dallas, TX-based provider of a vehicle-secured credit card, has successfully raised $165m in debt financing.

Founded in 2021 by Jordan Miller, George Utkov, and Daniel Ashy, Yendo offers a vehicle-secured credit card with prime rates to millions of Americans who have historically lacked access to the financial system due to their credit scores.

By leveraging the equity in their cars, underserved consumers can access up to $10k of revolving credit at interest rates comparable to unsecured super-prime credit cards. The card is also available to customers who refinance their auto loans through Yendo, with credit availability increasing as they pay down their auto loans each month.

Network infrastructure leader Alkira secures $100m Series C raise

Alkira, the leader in on-demand network infrastructure as-a-service, has announced the successful closing of a $100m Series C.

Alkira specialises in providing a comprehensive network infrastructure as-a-service platform that enables businesses to deploy, manage, and optimise their network infrastructure seamlessly. The platform is designed to prioritise efficiency, agility, security, and scalability, making it an ideal solution for the growing demand for cloud applications and A.I. workloads.

With the new funding, Alkira plans to accelerate its innovation efforts and revolutionise how networks are consumed by enterprises.

Cover Genius secures $80m in Series E Funding

Cover Genius, a leading embedded insurance provider, has raised $80m in a Series E funding round that was led by Spark Capital.

The newly acquired funds will enable Cover Genius to accelerate its growth initiatives, enhance its digital insurance distribution solutions, implement Artificial Intelligence (AI) for claims processing, and broaden its range of protection solutions available on the platform, according to InsurTech Insights.

Despite challenges in the investment landscape, Cover Genius has demonstrated exceptional growth and expansion over the past year.

Annapurna Finance secures $75m investment

Piramal Alternatives, the fund management division of the Piramal Group, today announced a significant investment of $75m in Annapurna Finance Private Limited, a leading non-banking finance company focused on microfinance.

The investment includes a mix of secondary share purchases and provision of Tier-2 capital, which will enable the company to continue its risk-adjusted growth strategy.

With 1,372 branches, the company not only focuses on microfinance but has also expanded into MSME financing. This strategic diversification is poised to sustain Annapurna’s growth and reinforce its leadership in the financial sector.

Aplazo raises $70m in Series B funding

Aplazo, a Mexico-based BNPL (Buy Now, Pay Later) FinTech platform, recently announced the closure of an impressive $70m in equity funding.

Since its inception in late 2020, Aplazo has amassed over $100m in equity financing and an additional $75m in committed debt funding.

The funds will be utilized to further refine Aplazo’s top-tier product offerings for both consumers and merchants, and to accelerate product innovation, including the integration of AI to enhance consumer and merchant insights and improve risk assessment.

Chapter Medicare secures $50m in Series C round

Chapter Medicare, a leading broker headquartered in New York, has successfully raised $50m in its Series C funding round.

Established in 2020, Chapter Medicare has quickly become a frontrunner in simplifying the complex landscape of Medicare for seniors.

Offering end-to-end Medicare assistance, Chapter aids Medicare-eligible individuals in making informed decisions to optimise their coverage and benefits.

Linnovate Partners secures $40m from SeaTown

Linnovate Partners, an innovative leader in asset servicing and FinTech for the alternative investment sector, has successfully closed a $40m investment commitment from SeaTown Private Capital Master Fund.

SeaTown, managed by SeaTown Holdings International Pte. Ltd., stands out in the Asian market as a prominent alternative investments firm under Seviora, Temasek’s asset management group. This financial boost is set to propel Linnovate Partners further into its growth trajectory.

The $40m investment by SeaTown will significantly bolster Linnovate Partners’ operational capabilities and drive technological innovation. Amid rapid growth and increasing demand for its tech-enabled services, the funding will enable Linnovate to meet evolving client needs and maintain its industry leadership by advancing its technology frontiers.

Identity verification firm Data Zoo raises AU$35M

Data Zoo has successfully secured AU$35 million in Series A funding from Ellerston JAADE, an Ellerston Capital fund.

The investment will bolster the firm’s efforts to drive adoption and innovation of its identity verification software, which offers direct access to authoritative data from over 170 countries. The software features advanced data sequencing to enhance efficiency and maximize conversions, while prioritizing data protection and privacy by eliminating identity data storage.

The company stands out for its ability to improve customer approval rates and revenue realization through access to global data and logic-driven data source sequencing. This process automatically verifies or retries identities against the next best source, reducing dropout rates and lowering the total cost of ownership

Real estate tech firm Agora secures $34m Series B funding

Real estate investment management solutions provider, Agora, has announced the completion of its $34m Series B funding round.

Agora, a leading innovator in real estate investment management, offers comprehensive solutions for real estate professionals, helping them streamline operations, enhance efficiency, and deliver exceptional client experiences. The company assists real estate firms globally in managing over 70,000 investors and $150bn in assets under management across various asset classes.

The $34m investment will enable Agora to accelerate its expansion efforts and further enhance its innovative product offerings.

Fintech Farm expands to India with a fresh $32m investment

Fintech Farm, a London-based startup, has successfully raised $32m in funding.

The company, which offers technology solutions to mid-sized banks in emerging markets, enabling them to develop digital banking tools, secured this capital through a Series B funding round, according to a report from Sifted.

Fintech Farm’s primary service involves partnering with banks in emerging markets to build neobank applications. Fintech Farm provides comprehensive operational support through its ‘neobank in a box’ model, which includes essential digital banking services like debit and credit cards, and investment options.

Aeropay secures $20m in Series B funding

Aeropay, a leading provider of Pay-By-Bank solutions for businesses, announced $20m in Series B financing.

The financing comes at a time when Aeropay has experienced tenfold revenue growth over the past year, now processing over $1bn in volume annually. Aeropay’s platform helps businesses move money faster, affordably and securely with its proprietary Pay-By-Bank technology, achieving cash-flow profitability in Q4 2023.

Aeropay’s platform seamlessly connects bank accounts using Aerosync, a homegrown bank aggregator. The platform supports customizable integrations via a full suite of open APIs, significantly benefiting businesses with industry-high approval rates while minimizing return and fraud risk.

FinLocker secures $17m in Series B

FinLocker, a prominent developer of financial readiness applications, has recently completed a significant milestone by closing its Series B funding round, securing $17m.

Specialising in financial readiness, FinLocker provides an innovative app that prepares consumers for homeownership. The app offers tools and resources for financial management, budgeting, and understanding mortgage processes, all tailored to facilitate consumer engagement and enhance the home buying experience.

The funds from this round will be used to enhance the app’s capabilities, including introducing advanced generative AI and machine learning technologies. These enhancements aim to provide personalized recommendations, improved credit management solutions, and streamlined mortgage processes.

FinTech leader Osome bags $17m Series B

FinTech leader Osome bags $17m Series B round for automation and expansion

Osome, a leading finance admin platform for founders and small and medium businesses (SMBs), has announced the completion of its Series B funding round, raising $17m. The funding, a mix of equity and debt, comes from both new and existing investors.

Osome is dedicated to streamlining accounting, financial compliance, and other repetitive business tasks through automation.

The new funding will be used to strengthen Osome’s balance sheet with the key objective of accelerating its path to profitability.

NYC-based fintech Annuity.com raises $15.7m

Annuity.com, a newly formed NYC-based fintech and financial media company, has raised $15.7m in seed funding.

Led by CEO Brett Blake, Annuity.com is dedicated to innovating the annuity distribution landscape. The company aims to empower independent agents, increase consumer awareness, and make annuities more accessible to individuals seeking financial security in retirement. It operates under the Annuity.com, Inc. name and will be known as Annuity.com Insurance Marketing in some states.

The funds will be used to expand Annuity.com’s operations and development efforts. The company plans to relaunch Annuity.com as an education-focused consumer marketplace for annuities in the summer of 2024.

Work payments platform Native Teams raises €6.2m

Native Teams, a work payments platform for freelancers, remote workers, and business owners, has successfully raised €6.275m to further its ambitious plans of becoming the go-to platform for work payments.

This new investment highlights Native Teams’ dedication to enhancing their financial services platform for better performance in key markets and expanding into Asia.

Native Teams specialises in work payment solutions, assisting individuals and businesses in streamlining global remuneration through a centralised platform. Established in 2020, the company has rapidly expanded to over 65 countries, boasting a global team of more than 200 employees across its target markets.

Mexico’s Worky bags $6M Series A

Worky, a Mexico-based provider of an HR and payroll software solution for companies, has successfully raised $6 million in Series A funding.

Founded in 2018 by Maya Dadoo and Carlos Marina, Worky aims to modernize how companies recruit, manage, and pay their employees, particularly focusing on the often-overlooked operative workforce sector. Worky is dedicated to serving Latin America, starting with Mexico, where approximately 60 percent of the 20 million SME employees change jobs annually, significantly impacting the country’s labor and economic productivity.

The firm intends to utilize the funds to accelerate product development, expand sales and marketing efforts, as well as strengthen the team.

Niro’s expansion fuelled by $4.3m investment

Niro, a Bengaluru-based FinTech startup, has raised $4.3m in a pre-Series B funding round, with contributions from the notable Japanese retailer, the Marui Group, among other existing backers.

The funding round includes participation from several seasoned investors such as Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, ZNL Growth Fund, and Suneight, according to a report from Inc 42. Notably, the investment amount might increase should more investors join.

Founded in 2021 by Aditya Kumar and Sankalp Mathur, Niro specialises in providing embedded lending solutions. These services are tailored for online platforms, helping businesses integrate customised credit offerings to stimulate revenue growth.

OTPless raises $3.5m

OTPless, a mobile authentication startup, has secured $3.5m in its pre-series A funding round.

Founded to transform the landscape of mobile authentication, OTPless aims to eliminate the need for traditional one-time passwords (OTPs). Instead, it offers seamless and secure sign-in methods via WhatsApp and other platforms, addressing security risks and simplifying user experience.

The new funding will be used to scale OTPless’s operations globally. The company plans to expand its services beyond authentication to include authorization, thus providing a comprehensive and secure solution to its users and partners.

Sustainability platform ekko raises $2.5m

Sustainability platform ekko has announced a $2.5m investment round, led by Fuel Ventures.

Ekko focuses on enabling banks, FinTechs, and payment companies to integrate planet-positive impacts into their products.

The recent funding round saw participation from Mishcon de Reya LLP and Sorven Capital, alongside existing investors. This investment will be used to supercharge ekko’s sustainability platform, further empowering customers to have a tangible and meaningful impact on the world.

BimaPay secures $2m funding

BimaPay has successfully secured a funding boost of $2m, orchestrated by LC Nueva Investment Partners, according to a report from the Hindu Business Line.

BimaPay is at the forefront of transforming the insurance industry through its digital lending services. It offers personal loans for the purpose of insurance premium payments.

The platform boasts the ability to complete the entire process, from onboarding and KYC through to contract signing and disbursements within eight minutes.

Grasp raises $1.9M to revolutionise finance

Sweden startup Grasp recently announced a significant milestone in its journey towards transforming the financial industry.

This investment marks a crucial step forward for Grasp as it continues to disrupt traditional approaches to financial management and analysis.

Grasp, headquartered in Sweden, burst onto the scene in 2020 as one of the pioneers in AI-assisted finance solutions. Founded by former McKinsey consultants Richard Karlsson and Johan Cederqvist Devér, alongside AI engineer Simon Hällqvist, the company has rapidly gained traction within the industry.

Cybersecurity firm c/side raises $1.7m

Cybersecurity company c/side, which specialises in monitoring, optimising, and securing vulnerable browser-side third-party scripts, has emerged from stealth with $1.7m in funding.

The pre-seed round was led by Scribble Ventures, with additional investments from Roar Ventures, Kathy Korevec, Dan Scheinman, Jason Warner, Mike Taylor, Kevin Van Gundy, Zain Rizavi, Daniel Lopez, Dan Smith, and Nick Gianos.

C/side is developing unique AI-fueled solutions to address zero-day attacks in the browser supply chain. The funding will be utilised to accelerate product development, partner programmes, and go-to-market initiatives.

Baseline secures $1.6m

Baseline Financial Technologies, a pioneering financial technology firm, has successfully closed a $1.6m funding round.

This significant financial injection marks a strategic milestone for the company, enabling it to amplify its growth in the real estate private lending market.

Operating at the intersection of technology and real estate lending, Baseline offers an integrated loan management system. This comprehensive platform seamlessly connects borrower-facing point-of-sale, loan origination, loan servicing, and investor management functionalities into one cohesive unit.

Irish AI startup Numra secures €1.5m

Irish AI startup Numra, previously known as Autonifai, has announced a €1.5m funding round to introduce its AI finance assistant, Mary, to the market.

Founded in August 2023 by David Kearney and Conor Digan, Numra aims to revolutionise finance operations with its AI-powered accounts assistant. Kearney, a Chartered Accountant with PwC, previously co-founded Peblo, an invoice factoring FinTech acquired by Wayflyer for €10m in March 2022.

Digan, originally an actuarial science student who transitioned to tech with a master’s in Data Science at Northwestern, has spent a decade building data and machine learning products for startups in the US and Germany.

Incredible bags $1m pre-seed funding

Incredible, the London-based FinTech startup, has recently secured $1m in pre-seed funding aimed at enhancing consumer credit management.

Incredible’s mobile platform utilizes Open Banking and Artificial Intelligence to help consumers manage and automate their credit card debt repayments.

By consolidating debts across multiple credit cards, the platform offers a more efficient repayment method, potentially lowering interest payments through features like Roundups and IncrediPay.

Vanguard secures $1m funding

Maritime technology startup Vanguard has secured $1m in new funding to advance their automated insurance underwriting platform tailored for maritime operations.

Vanguard’s platform is engineered to streamline interactions among underwriters, brokers, and shipping clients by automating various processes, from initial broker introductions to the underwriter’s final decisions.

The company’s core mission is to bridge the gap between technology adoption on vessels and the insurance premiums charged to ships.

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