Hello Fintech Friends,

Signals: LatAm SMBs struggle to access capital. Is that a market opportunity?

Small-to-midsize businesses in Latin America and the Caribbean are flourishing. SMBs account for about one third of the region’s GDP, employ roughly 70% of the official labor force and represent one of the fastest-growing segments of the economy. Collectively, LatAm SMBs have grown to $2-$3 trillion…

This Week in FintechAlisa Rusanoff

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

Klarna reported that GMV was up 14% across Europe in the last quarter, and up 26% in the UK. (Source)

💸 Venture Financing

1. Ramp, the corporate card and spend management provider, raised $300 million at a $5.8 billion post-money valuation.
2. Korea Credit Data, a South Korean small business-focused financial services provider, raised ₩100 billion ($76 million) at a ₩1.3 trillion ($983 million) valuation.
3. Nomad, a Brazilian fintech which provides users with US-based bank accounts, raised $61 million at a $361 million valuation.
4. LemFi, which provides banking and remittance services to African immigrants in the US, raised a $33 million Series A.
5. Bushel, a platform that provides financing and marketplace tools to farmers and agribusinesses, raised $26 million.
6. Koverly, a cash-flow management platform for businesses participating in international commerce, raised $7.6 million.
7. Translucent, an accounting platform for international businesses, raised £5 million in seed funding.
8. Maple Finance, a blockchain-based credit marketplace, raised $5 million.
9. ScribeUp, an automated subscription management tool, raised $3 million.
10. Communion, a UK app designed to encourage savings, raised £2.5 million.
11. Micronotes, a cloud-based big data, analytics, and digital engagement solutions provider to financial institutions, raised a $2 million Series C extension.
12. Pi-xcels, a Singaporean software firm that uses NFC to process digital rich receipts, raised $1.7 million.
13. Craftgate, a Turkish payments orchestration platform, raised £1 million.
14. Circle, the USD stablecoin provider, received a strategic investment from Coinbase.Zanifu, a Kenyan fintech providing inventory financing to small businesses, raised $11.2 million in combined equity and debt.
15. Swiss fintech venture capital firm Tenity invested in 11 new startups.
    

Investment in Canadian fintech companies dropped from $1.09 billion in the second half of 2022 to $354 million in the first half of 2023 (a 67% drop). Irish fintech funding slowed down as well: from 9 deals that raised $742 million in the first half of 2022, to 9 deals raising $59 million in 2023.

💵 Debt Financing

• Klar, the Mexican consumer neobank, secured a $100 million credit facility from Victory Park Capital.

Pssst - if you like early-stage fintech investing, come join our angel syndicate.