Fundraises

One is Enough for $300 Million (TWIF 12/14)

Glen Baxter, the “Yorkshire surrealist” who’s spent decades drawing cowboys in strange scenarios

Hello Fintech Friends,

Fintech capital markets are picking up, as companies rush to finalize (and announce) their fundraises before the end of the year.

25 new fundraises were announced this week, with 1 upcoming announce raised. And these were not tiny rounds: Walmart-backed One secured another $300 million at a $2.5 billion pre-money, Zest AI brought in $200 million, and Upvest announced its €100 Series C.

Perhaps this is a rebound from a sluggish November:

I also had a chance this week to sit down with the team at Confluence VC and share some thoughts on our Fund II; you can check it out below.

Please find another week of fintech financing events below.

(👍👎 Have feedback for us? Let us know! Find me at @nikmilanovic, @twifintech, and @ndm)

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📊 Stats of the Week

By the end of 2024, Bank of America corporate clients will have made over $1 trillion in payment approvals on the bank’s CashPro App, the mobile application that companies use to manage their treasury operations.

Over 10% of U.S. 🇺🇸 to Mexico 🇲🇽 remittances now move via crypto rails, in a corridor that’s already among the most competitive and important globally.
— Christian Catalini (@ccatalini) August 9, 2024

💸 Venture Financing

One, the consumer fintech platform mostly owned by Walmart, raised a funding round over $300 million at a $2.5 billion pre-money.
Zest AI raised a $200 million growth investment to accelerate the adoption of its machine learning tools for credit underwriting.
Upvest secured €100 million in a Series C funding round to enhance its investment API services for embedded finance platforms.
CarDekho SEA, a Singapore-based auto financing service platform, raised $60 million in equity, valuing the company at over $300 million.
Stigg, a smart billing platform for SaaS pricing changes that helps companies optimize revenue strategies, raised $40 million.
Current, the US neobank valued at $2.2 billion in 2021, raised $30 million in equity and $175 million in debt.
Jiko secured $29 million in Series C funding to enhance its treasuries technology platform and expand its board and advisory teams.
Atlas Card announced a $27 million Series B for its members-only concierge service and charge card.
Mynt raised €22 million in Series B funding to advance its financial solutions for businesses and expand operations in Europe.
Lava raised $20 million for its Bitcoin lending platform.
Truewind secured $13 million in funding to further develop its AI-powered accounting solutions, focusing on streamlining financial operations for startups.
Relai secured $12 million to enhance its Bitcoin buy-and-sell app, aiming to simplify cryptocurrency transactions for retail.
KAST, a dollar-denominated neobank-like platform that lets customers hold and spend stablecoins through traditional payment avenues, raised a $10 million seed round.
Interlace, a global card issuance and digital asset management platform based in Singapore, raised a $10 million Series B1.
Wafeq, a Dubai-based accounting and invoicing software for (SME) business owners and accountants, raised a $7.5 million Series A.
The UK's Themis raised $7.25 million for its compliance solutions, focusing on global financial security.
Finny raised $4.3 million to assist financial advisors in finding and engaging new clients.
Haven1, a real-world asset platform for tokenized real estate, raised $4.6 million.
Double Finance, a startup providing zero-expense ratio direct index investing, raised a $3.9 million seed round.
NAO, a German wealthtech startup, raised €3.4 million in seed funding.
Superform Labs, an onchain wealth app to grow crypto portfolios, raised a $3 million strategic round.
Quine Co., the core contributor of Perena, the first stablecoin infrastructure protocol based on Solana, raised a $3 million pre-seed.
Ayan Capital, a London-based Islamic fintech provider, secured £2.8 million.
Paidly, a platform for student loans and indebtedness, raised a Series A of undisclosed size.
24 Exchange, the first exchange operator to receive SEC approval to trade around the clock, is looking to raise around $50 million.

💵 Debt Financing

Multitude Bank will invest €14 million in loans to small- and medium-sized agricultural businesses to support their transition to sustainable practices through climate tech provider HeavyFinance.

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