Fundraises

Monzo hits 10M users (TWIF 8/17)

Sha'Carri Richardson celebrates after winning gold in the women's 4 x 100m relay final. (Sarah Meyssonnier)

Hello Fintech Friends,

🤔 It's interesting to see that more startups are starting to announce partial fundraises of ongoing rounds, presumably to drum up investor interest in a period of capital scarcity. (We shared two new partial fundraise announcements below.)

🚀 We were also happy to share two (complete) fundraises from early portfolio companies, Conduit, who raised a $6 million seed extension this week, and Mesh, who raised a strategic round. Onward!

👋 Do you live in NY or visiting for Finnovate Fall? We're excited to invite you to an exclusive happy hour event hosted by This Week in Fintech, in collaboration with our friends at Atelio, Codat, Taktile and Finley.

🎟️ Join us at the Sandbar Rooftop on September 10th at 6pm:

Please find another week of fintech financing events below. (PS: Have feedback for us? 👍👎 Let us know!)

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📊 Stat of the Week

British neobank Monzo passed 10 million user accounts, while Brazilian neobank Nu added one in four new accounts in Mexico last quarter – 1.2 million new accounts overall.

💸 Venture Financing

Amount, a banking digitization app that helps legacy banks compete head-on with fintechs, raised $30 million on a SAFE. The company was last valued at over $1 billion.
PayZen, a software (shown above) which lets hospital patients better afford healthcare by paying their bills in installments, raised a $32 million Series B at a $200 million+ valuation, and a new $200 million debt facility.
Setpoint, a company automating the loan process and paperwork, raised $31 million from strategic backers including Citi and Wells Fargo.
Yuze, a Dubai-based lender to small businesses, raised $30 million.
Syfe, a Singaporean investment app, raised a $27 million Series C.
Vayana, an Indian trade credit infrastructure platform, raised $20.5 million in an ongoing Series D.
Capitalize, a startup that automates 401(k) rollovers, raised a $19 million Series B, after growing 6x in the last 18 months.
Sling Money, a global instant money transfer app, raised a $15 million Series A.
Parfin, a digital assets infrastructure company, raised an initial $10 million of its Series A.
Conduit*, a cross-border payments and banking provider focused on Africa and Latin America (shown below), raised a $6 million seed extension.
Skydo, a cross-border payments platform for enterprises and SMBs, raised a $5 million pre-Series A.
Ion Protocol, a DeFi platform for generating yield from staked assets, raised $4.8 million.
Lucky One, an Egyptian provider of credit products and cashback rewards, raised $3 million in convertible debt.
Mesh*, a connectivity layer for crypto payments and deposits, raised a strategic investment from Revolut founder Nik Storonsky.
Simplicity, a financial products distribution platform, received a strategic investment.
Chinese tech giant Tencent sold off its 14% stake in British business banking platform Tide, last valued at $650 million.

💰 Venture Funds

European venture capital firm Balderton Capital raised a new $615 million early-stage fund and $685 million growth fund to invest in fintech across the continent.