ShopUp and Sary combine to form Silq, raising $110M (TWIF 4/12)

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Hello Fintech Friends,

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After years and years of listening to the Breaking Banks podcast, it was fun to finally join an episode.

We had a chance last week to discuss current events – of which there are many:

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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📊 Stat of the Week

Global spending on financial market data and news grew a modest 6.4% in 2024 to $44.3 billion. (Source)

💸 Venture Financing

FNZ, a global wealth management platform, secured $500 million in new capital funding to accelerate its platform growth.
Silq, a B2B commerce firm with a financing arm, created through the merger of ShopUp, Bangladesh’s largest business-to-business commerce platform, and Sary, one of the Gulf’s biggest marketplaces, raised $110 million.
Sipay, a Turkish payment processor, raised $78 million to into emerging markets.
Pennylane, a French accounting software provider, doubled its valuation to $2.2 billion with a €75 million raise.
Rain, a Los Angeles-based earned wage access provider, raised a $75 million Series B.
Ethic, a sustainable asset manager, raised a a $64 million Series D.
Juspay, a payment orchestration platform, raised a $60 million Series D to scale its digital payments infrastructure in India.
Hawk, an anti-money laundering, screening and fraud prevention platform, raised a $56 million Series C.
Blackbird raised $50 million for its blockchain-based payment and loyalty app tailored for restaurants.
Scapia raised $40 million to grow its travel fintech offerings.
Easebuzz, an Indian a payments aggregator platform, secured $30 million in funding to launch offline payment solutions.
TransFICC, a London-based provider of low-latency connectivity and workflow services for fixed income and derivatives markets, raised $25 million to expand its fixed-income trading fintech platform.
CAP, an interest-bearing stablecoin initiative, raised $11 million.
Alinea Invest, a Gen Z investment platform, raised $10.4 million.
Wallet Studio, which transforms wallet cards into access points, received an $8 million investment.
Ryft raised $7.3 million to expand its embedded payment solutions.
Miss Moneypenny Technologies raised €7 million for its SaaS wallet studio platform.
DealStack, co-founded by an ex-Kirkland partner, secured $5.5 million to streamline legal deal processes.
Haball, a Pakistani supply chain financing company, raised $5 million in pre-Series A equity and $47 million in debt to digitize B2B payments in Pakistan.
Pax raised $4.5 million in seed funding to build AI-powered duty drawback solutions.
Damisa raised £2.25 million to simplify stablecoin-powered cross-border payments.
Firefish secured $1.8 million in seed funding to grow its Bitcoin-backed lending platform.
Sats Terminal raised $1.7 million to simplify and scale Bitcoin DeFi services.
Plume, a real-world asset platform, received investment from private equity giant Apollo.
Mynt, a spend management platform, attracted investment from Visa to enhance its offerings.
Yonder received investment from NatWest to support its fintech services.
Rippling entered early talks to raise funding at a $16 billion valuation amid a spy drama involving the company.