This Week in Fintech (7/31)

Hello Fintech Friends,

We have three fintech happy hours around the country coming up next Thursday (8/5):

New York, sponsored by Bain Capital Ventures (NYC fintech investor Ashley Paston will be at the event). Proceeds will go to Doctors Without Borders.

San Francisco, sponsored by Costanoa Ventures& Battery Ventures (investors Amy Cheetam and Aaron Neil will be at the event) and co-organized with Peggy Mangot.

Los Angeles, co-organized with John Josi and Peter Nebitt.

A big focus of these events is giving back to communities. Many of us got into fintech to build a better version of the world, and these happy hours are no exception, which is why donating the proceeds to charities is so important to us. In the next couple weeks, we’ll be announcing more charitable donations from each of our events.

Please find another week of fintech financings and exits below.

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💸 Venture Financing

iCapital Network, a financial advisor software platform for private equity investing, raised $440 million at a $4 billion valuation.
Solarisbank, a German banking-as-a-service startup, raised a €190 million Series D at a €1.4 billion valuation.
Airtel Mobile, the mobile money business from Airtel Africa, raised $200 million.
Nium, the Singaporean global cross-border payments solution, raised a $200 million Series D at a valuation over $1 billion.
Paxos, a blockchain infrastructure provider for partners like PayPal, raised a $300 million Series D from backers including Bank of America.
VNLIFE, a Vietnamese payment app, raised a $250 million Series B.
Mercury, a neobank for businesses, raised a $120 million Series B.
LogicGate, a risk and compliance solution for lenders, raised a $113 million Series C.
Yoco, an African offline merchant payments startup, raised an $83 million Series C.
Prime Trust, an API-based financial infrastructure provider, raised a $64 million Series A.
Lithic, a card issuing startup, raised $60 million at an $800 million valuation.
Eco, a decentralized finance neobank for the future of money, raised a $60 million Series B.
Paystand, a commercial payments firm using its own blockchain, raised a $50 million Series C.
Spriggy, an Australian family-focused financial app, raised $35 million.
Xepelin, a Chilean small business financial services startup, raised $30 million in equity.
Valora, a digital wallet spun out of decentralized stablecoin Celo, raised a $20 million Series A.
Behalf, an Israeli buy-now-pay-later startup, raised $19 million.
Sila, a new stablecoin rail for bank payments in the US, raised a $13 million Series A.
Global66, a Chilean cross-border payments platform, raised $12 million.
Saber Labs, a Solana stablecoin exchange, raised a $7.7 million seed round.
Prepaid2Cash, a prepaid card startup, raised a $5.1 million Series A.
Secured Finance, a crypto platform for structured derivatives, raised a $4 million seed round.
OwnHome, an Australian alternative home financing startup, raised $3.6 million.
Quansa, a Chilean employee financial health provider, raised $3.6 million to expand to Brazil.
Darwinex, a UK broker and asset manager, raised €3 million.
Ntropy, a purchase transaction categorization engine, raised $3.2 million in seed funding.
Julaya, an Ivory Coast online payments platform for businesses, raised $2 million.
Relief, a credit card debt renegotiation startup, raised $2 million.
Chaka, a Nigerian borderless investment platform, raised a $1.5 million pre-seed.
PayQin, a West African mobile wallet, announced a new €300,000 seed round.
Factorin, a trade finance blockchain platform, raised a strategic investment from Mobile TeleSystems.
Landis, a financial literacy for home ownership platform, raised $165 million in a combination of debt and Series A equity.
Ramp is reportedly getting valued at $3.8 billion in a new funding round.
Settle, a cash management platform for e-commerce companies, is in talks to raise $600 million.
Zopa, the UK peer-to-peer lender, hired JP Morgan to advise it on a £100 million funding round.
The Big Exchange, a financial health service, is planning a crowdfunding round.
BlockFi reportedly had an investing offer pulled due to regulatory challenges.

💵 Debt Financing

Chilean SMB fintech Xepelin raised $200 million in debt.
Buy-now-pay-later provider Behalf raised $100 million in debt.

💰 Venture Funds

Olumide Soyombo, the African fintech entrepreneur behind PiggyVest and Paystack, is launching Voltron Capital to deploy capital to 30 startups in Africa.
Convergence Partners, a private equity firm, raised a $120 venture fund for digital inclusion in Africa, including fintech.

☯️ Exits

💻 IPOs

Robinhood went public in an unconventional IPO this week, reserving significant share volume for its retail investors, who valued it at $32 billion, but then sold off significantly.
MeridianLink priced its IPO at the top of its range, valuing the company at $2 billion.
Brazilian payments firm Conductor is planning a US IPO.

🤝 M&A - Fintech

Irish financial onboarding software Fenergo sold itself to two private equity companies at a €4.1 billion valuation.
Lloyds Bank will acquire digital wealth platform Embark Group for £390 million.
German banking-as-a-service startup Solarisbank is using its new Series D fundraise to acquireContis, a competitor that will help it expand across Europe and into Asia.
Buy-now-pay-later firm Klarna acquired marketing platform APPRL as part of its acquisition spree.
Nigerian consumer investing startup Piggyvest acquired wealth management app Savi.ng.
NielsenIQ acquired revenue-management startup Cornerstone.
UK neobank Starling acquired digital mortgage lender Fleet Mortgages.
Bangalore-based financial products platform Razorpay acquired underwriting platform TERA Finlabs.
German fintech conglomerate Finleapacquired Spanish open banking provider MyValue Solutions.
Chilean investment platform Fintual acquired digital LatAm funds provider Invermérica.
Financial markets technology Calypso merged with regulatory reporting software AxiomSL.
Australian banking software provider Iress rejected two takeover offers.

🏦 M&A - Bank

Citizens Financial bank will acquire New Jersey-based bank Investors Bancorp for cash and stock valued at $3.5 billion.
Rwandan bank KCB will acquire Banque Populaire du Rwanda.
Wells Fargo Asset Management will be acquired by private equity firms GTCR and Reverence Capital Partners and rebranded to Allspring Global Investments.

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