Fundraises

If fintech isn't back, why did 30+ fintechs fundraise this week? (TWIF 9/14)

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Hello Fintech Friends,

We're kicking off Finosummit 2024 in Mexico City in-style, with 3 big meetups in 2 weeks, including one with our friends at Ripple (below). Check out the full list here.

I'll also be talking about AI x Fintech at the inaugurual summit on the topic being hosted by Spring Labs in Salt Lake City. What burning topics or questions should we cover?

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Get your tickets for the AI-Native Banking & Fintech Conference 2024. Don’t miss out on a chance to engage with financial services leaders and AI experts at this must-attend event for responsible AI adoption.

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Lastly, our Fintech Breakfast is coming back to London this month, in partnership with CMS and Plaid!

Please find another week of fintech financing events below. (PS: Have feedback for us? 👍👎 Let us know! Enjoying TWIF? Tips are always appreciated 🙏)

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📊 Stat of the Week

By now you've probably seen the FT chart showing that the number of startups founded in China plummeted in recent years. Check out our China Editor, Ning Ye's, writeup this week on China's fintech ecosystem, and where things go from here.

💸 Venture Financing

MirrorWeb, a communications monitoring platform that helps financial institutions track comms across channels, raised $63 million.
Form3, a UK embedded payments provider that works with customers like Klarna, N26 and SumUp, and Thought Machine, raised $60 million at a $570 million valuation.
Finally, a small business-focused accounts and bookkeepping startup, raised a $50 million Series B and secured a $150 million credit line.
Novatus, a software to help financial institutions manage complex data structures, raised $40 million.
Huma, a borderless liquidity and financing network using digital currencies, raised $38 million.
FlexiLoans, an Indian small business digital lending non-bank financial corporation, raised a ₹290 crore ($34.5 million) Series C.
Versana, a syndicated loan platform spun out from the major banks, raised $26 million from backers including Bank of America, Citi, Deutsche Bank, JPMorgan, Morgan Stanley and Wells Fargo.
Polly, a mortgage capital markets tech provider, raised $25 million.
Nirvana, a startup that focuses on providing healthcare bill transparency before client appointments, raised a $24.2 million Series A.
Drip Capital, a working capital provider for small businesses whose 2023 revenues passed $83 million, raised $23 million in equity and $90 million in debt.
Every, a platform for HR, payroll, and banking for startups, raised a $22.5 million Series A.
Paymob, an Egyptian payment processing platform with 350,000 business customers, raised a $22 million Series B extension.
Centricity, an Indian wealth management provider, raised $20 million in seed funding.
Twenty7tec, a British mortgage technology provider, raised £16.5 million.
Datricks, an Israeli AI-enabled financial risk and compliance platform, raised a $15 million Series A.
PastPay, a business-to-business buy-now-pay-later platform, raised a €12 million Series A.
Illuma Labs, a voice authentication technology for banking contact centers, raised a $9 million Series A.
Brico, an automation platform for fintech licensing, raised an $8 million seed round.
IN1, a financial management app for fiat and crypto, raised $6 million in seed funding.
Push Cash, a UK multi-network platform for instant bank transfers, raised $4 million.
Cercli, a Dubai-based provider of an HR and payroll platform, raised a $4 million seed round.
Cashmere, a wealthtech platform focused on generational wealth transfer (below), raised a $3.6 million seed round.
Titan, a decentralized exchange aggregator on Solana, raised $3.5 million.
Optalitix, a platform for migrating financial and insurance models to the cloud, raised $3 million.
Ammalgam, a Singaporean decentralized lending exchange, raised $2.5 million in seed funding.
LO:Tech, a British digital asset trading platform, raised $1.6 million in seed funding.
NetNow, a Canadian trade credit automation platform for the lumber and building materials industries, raised a C$1.8 million pre-seed.
EMTECH, a startup that provides software-as-a-service platforms to help central banks leverage blockhain, raised strategic funding from Accenture.
FlapKap, an Abu Dhabi-based startup providing embedded lending and revenue-based financing, raised a combined $34 million in debt and equity.
Sequoia completed an $861 million purchase of secondary Stripe shares through a tender offer sale with the company.

💵 Debt Financing

Validus, a Singaporean digital lending platform for small and medium businesses, secured $50 million in debt financing from HSBC.

💰 Venture Funds

PruVen Capital, a venture fund started by ex-Citi Ventures investors focused on financial services and enterprise startups, raised a $378.5 million Fund II.
Outward VC, a UK early-stage venture capital fund, raised a £51 million fund to back founders at the intersection of fintech and connected sectors.

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