This Week in Fintech (4/17)

Hello Fintech Friends,

This week, we released our first Signals of the quarter, breaking down fintech fundraises from Q1.

Please find another week of financings and transactions below.

Editor’s Note: If you’re an early-stage startup founder raising equity or debt, I may be able to help - reach out to nik@thisweekinfintech.com.

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💸 Venture Financing

OfBusiness, a credit provider to Indian SMBs, raised $110 million at an $800 million valuation as it prepares for IPO.
Ethereum venture studio ConsenSys raised $65 million from financial services providers including JP Morgan, Mastercard and UBS.
Netstars, Japan’s largest QR code payment gateway, raised ¥6.6 billion ($60.6 million).
Atom Bank’s valuation halved from 2019 levels on its latest £40 million fundraise.
Routable, a B2B payment service provider, raised a $30 million Series B.
Sunday, a checkout and point-of-sale solution for restaurants, raised a $24 million seed round.
Hatch, an SMB neobank, raised $20 million in new funding.
Alpian, a Swiss mass-affluent neobank, raised an $18 million Series B.
AppZone, a Nigerian banking-as-a-service provider, raised a $10 million Series A.
OneCard, a mobile credit card provider, raised $10 million.
Cardlay, a Danish expense handling and commercial card startup, raised €8 million from Javier Perez, the former president of Mastercard Europe.
Clim8 Invest, a platform for making ethical investing more intelligible, raised $8 million.
OpenEnvoy, an invoice processing RPA platform, raised a $6.5 million seed.
Safexpay, an Indian white-label payment gateway provider, raised $6 million at a $100 million valuation.
Shopse, an Indian buy-now-pay-later provider, raised $5.5 million.
Wage, a payroll data API, raised $5 million.
Enso Finance, a decentralized platform for currency trading, raised $5 million.
Nelo, a Mexican buy-now-pay-later service, raised $3 million.
Numida, a Ugandan lending and risk-based pricing service, raised a $2.3 million seed.
Plentina, a Filipino buy-now-pay-later startup, raised a $2.2 million seed round.
CredFlow, an Indian SMB cashflow management startup, raised a $2.1 million seed round.
Thirdfort, a KYC / AML platform, raised £1.5 million.
Payable, an Australian bill payment subsidiary of Identitii, raised a £1 million strategic round from CommBank.
Fintern, a UK no-credit-score-needed consumer lender, raised £32 million in equity and debt funding.
Avanti Finance, a digital lending platform, raised $26 million in combined debt and equity.
Modulr, a wholesale bank payments software, raised an undisclosed amount from FIS.
Kudos, an Indian digital lending infrastructure provider, raised an undisclosed pre-Series A.
Findeed, a consumer financial services provider to underserved Indians, raised a seed round.
South Africa’s MTN is preparing to sell a minority stake in its mobile money business at a $5 billion valuation.
Embedded banking solutions provider Zeta is in talks with SoftBank to raise a $250 million Series D at a $1 billion valuation.

💵 Debt Financing

Mexican mortgage investor FHipo took out a $126 million revolving credit line with the International Finance Corporation.
Revenue-based financing platform Bigfoot Capital took out $30 million in debt for its SaaS loans.
Indian lender Lendingkart took out $15 million in debt from Dutch development bank FMO.

💰 Venture Funds

Ant Financial is launching a $100 million fintech fund in Berlin.

☯️ Exits and M&A

💻 Fintech

Coinbase shares jumped 32% in its direct listing, valuing the company at around $80 billion.
Swedish payment platform Trustly confirmed it will IPO, selling €785 million of shares at a €9 billion valuation.
Core banking software provider Alkami raised $180 million in its IPO at a valuation of $2.9 billion.
Payables automation platform Tipalti acquired procurement solution Approve.com.
Benelux compliance platform Delta Capita acquired International Compliance Partners.

🏦 Bank

BancorpSouth Bank and Cadence Bancorporation are merging to create a Texas and southeastern US bank with a $6 billion valuation.
Hungarian bank OTP is in talks to buy Slovenian bank Nova KBM from its private equity owners in a deal valued at €1 billion.
Bank of Montreal is selling its Europe, Middle East and Africa asset-management unit to Ameriprise Financial Inc. for £615 million.
Italian bank Credit Agricole raised its bid for rival bank Creval to €737 million.
Russian retailer Ozon is expanding into financial services through its acquisition of Oney Bank for around $10 million in cash.
PNC is on track to complete its acquisition of BBVA USA by mid-year.

💲 Investment Management

Insurer Prudential Financial is weighing the sale of its retirement investment business for over $2 billion.
UK investment platform FNZ failed in its appeal to the Competition and Markets Authority to move ahead with its 2019 acquisition of rival investment platform GBST for £150 million.
Pension management firm Prime Pensions is buying the assets of Squire Retirement Plan.

📈 SPACs

Southeast Asian superapp and financial services marketplace Grab released more details on its plans to go public in the largest SPAC merger ever, with an equity value of around $40 billion and a $4.5 billion fundraise.

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