This Week in Fintech (5/22)

Hello Fintech Friends,

Excited to share a project that a few of us have been working on: Fintech Nerd Collective! We’ve pulled together a few of my favorite people in fintech to collaborate on one deep-dive question each month.

Have a question? Let us know here.

Please find another week of fintech financings and exits 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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(Answer: 39 fintechs fundraised this week)

💸 Venture Financing

Trade Republic, the German no-fee brokerage, raised a $900 million Series C at a $5 billion valuation.
Figure, a mortgage and financial services platform built on blockchain, raised a $200 million Series D at a $3.2 billion valuation.
Pine Labs, which offers payment terminals, invoicing tools, and working capital to businesses in Asia and the Middle East, raised $285 million at a $3 billion valuation (including from Mastercard).
Extend, which provides product warranties, raised a $260 million funding round at a valuation over $1 billion.
DailyPay, a streaming payroll provider for US employees, raised a $175 million Series D.
Sunbit, a buy-now-pay-later startup, raised a $130 million Series D.
Pipe, a revenue-based financing marketplace, raised $100 million at a $2 billion valuation on top of the $150 million we reported in April.
Amount, a white-label buy-now-pay-later service for banks, raised a $99 million Series D at a $1 billion valuation.
Vise, a platform for independent financial advisors, raised a $65 million Series C at a $1 billion valuation.
Thunes, a Singaporean cross-border payments startup, raised a $60 million Series B.
BukuKas, an Indonesian startup focused on digitizing payments and operations for small businesses, raised a $50 million Series B from investors including Wise founderTaavet Hinrikus.
Copper, a custodian that helps conventional financial services firms invest in crypto, raised a $50 million Series B.
ProducePay, a financing market for farmers, raised a $43 million Series C.
Privacy, a card issuing platform, raised a $43 million Series B and rebranded as Lithic.
Amazon Pay, the mobile payment service built by Amazon in India, received a ₹2.25 billion (~$30 million) investment from its parent.
ThetaRay, an Israeli cross-border payments startup, raised $31 million.
Rally, an alternative investment platform for collectible assets, raised a $30 million Series B.
Stake, an Australian no-fee brokerage, raised $30 million.
Laybuy, a New Zealand buy-now-pay-later provider, raised A$35 million to expand to the UK market.
Hearth, a homebuilding fintech platform, raised a $23 million Series B.
ComplyAdvantage, a risk and compliance platform, extended its Series C with $20 million from Goldman Sachs.
Pento, a Danish payroll provider, raised $15.6 million, including from Monzo founder Tom Blomfield.
Zapper, a PFM for DeFi, raised a $15 million Series A.
Settle, a working capital provider to e-commerce businesses, raised $15 million.
Found, a financial platform for self-employed workers, raised $12.75 million.
Zoe Financial, a platform for connecting consumers to financial advisors, raised a $10 million Series A.
Payslip, an Irish payroll manager, added $10 million to its Series A.
Mamo, a Dubai peer-to-peer payment app, raised an $8 million pre-Series A.
Telda, an Egyptian neobank, raised a $5 million pre-seed.
Kredito, a Chilean small business lender, raised a $4 million pre-seed.
Algbra, a sustainable finance provider, raised £3.75 million.
Maviance, a Cameroon-based service for banking and bill payments, raised $3 million (€2.5 million).
Lance, a bank for freelancers, raised a $2.8 million seed round from Barclays.
SoftLedger, which provides an accounting and finance ledger, raised a $2.1 million seed round.
Wingocard, a teen banking app, raised $1.7 million in seed funding.
Two Ivorian startups, Keiwa, an accounting and financial management app, and Legafrik, a tax and accounting platform, raised seed rounds.
Uncapped, a revenue-based financing company, raised $80 million in equity and debt.
Glint, a UK gold investing app, is crowdfunding to raise £2 million.

💵 Debt Financing

Square is looking to raise $2 billion of debt in the 3-4% yield range in order to fund potential acquisitions, capital expenditures and other investments.
DailyPay raised $325 million in credit capital alongside its Series D.

💰 Venture Funds

Plaid CEO Zach Perret is launching a fund.

☯️ Exits and M&A

💻 Fintech

Indonesian financial superapp and rideshare provider Gojek will merge with online marketplace Tokopedia to form GoTo Group, Indonesia’s largest technology group, as it prepares for a dual Indonesia / US listing.
TradersClub, a Brazilian financial social media platform, is seeking a $565 million valuation in its upcoming IPO.
Angel Oak Mortgage, a REIT, filed for a $150 million IPO.
PhonePe, the Indian payments platform backed by Walmart, is in talks to acquire Indus OS, a third-party app store, for $60 million.
Exegy merged with Vela Trading Systems to create a low-latency market data platform.
Open banking platform Tink acquired German open banking platform FinTecSystems.
Private equity firms Astorg and Bridgepoint acquired Irish regtech platform Fenergo.
Growth equity firm PSG took a controlling stake in German recurring billing platform billwerk.
SaverLife, a non-profit financial startup, will acquire Onward Financial, a non-profit with an employer mobile savings app.
IPO Updates:
- Marqeta could raise up to $1.5 billion in its upcoming Nasdaq IPO, at a $16-17 billion valuation, ~4x its valuation of $4.3 billion when it raised last year.
- Klarna’s decision to IPO in the US or UK hinges on the UK’s post-Brexit financial regulation.
- Paymentus is looking to raise $210 million in a targeted IPO valuation of $2.43 billion.
- Flywire plans to raise $200 million in its IPO at a valuation of around $2.4 billion.

🏦 Bank

Italian payments giant Nexi is in talks to buy Greek bank Alpha Bank’s retailer payment business.
Rabobank is spinning off TreasurUp, its white-label treasury solution, into a standalone company with an accompanying Series A raise.
Deutsche Bank is considering selling its leasing unit.

📈 SPACs

InFinT Acquisition filed for a $175 million SPAC to purchase a fintech.
Owl Rock and Dyal’s alternative investment SPAC merger is finally going ahead.

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