Fundraises

The fintech founders are as good as ever (TWIF 6/17)

Carthage, by KB

Hello Fintech Friends,

I'm excited about the great fintech founders that The Fintech Fund has backed over the past few months.

A viral small business bookkeeping tool, an Asian financial reconciliation platform (in stealth), an integrated financial suite for home healthcare, Australia's leading expense management provider...

As popular attention has shifted to newer areas, it's created rich conditions for fintech founders to grow with lower CACs, build without overfunded competitors, and hire more thoughtfully and strategically.

The frenzy may be over (for now...) but the products and founding teams are as strong as they've ever been.

Please find another week of fintech financing events below. (PS: Have feedback for us? 👍👎 Let us know!)

If you’re an early-stage startup founder raising equity or debt, we may be able to help - come check out our fund, The Fintech Fund (including a link to pitch us). Are you a fintech angel investor? Come join our syndicate.

AWS Corner, from our Partners at Amazon

How machine learning helps Fraud.net to build a modern app on AWS to combat financial fraud.

Startups know firsthand how better technology can improve the quality of life: From AI/ML allowing scientists to better predict patient health outcomes, to cloud computing driving life-saving innovation, and modern apps enhancing accessibility.

With better technology also comes the opportunity for criminals to commit more advanced levels of crime. Fraud, especially, is occurring with greater technical sophistication as society transitions into a digital-first world. Fraud and cybercrime are also growing at significant rates, and now cost businesses around the world over $6 trillion per year or an average of 5% of their revenues.

To outpace and outsmart the technology criminals use to commit fraud, former bankers Whitney Anderson and Cathy Ross founded Fraud.net, amodernfraud and compliance platform, in 2016. Fraud.net offers customers in the banking and fintech industries across the globe a serverless modern application that uses artificial intelligence and machine learning to rapidly identify fraud, leading to more efficient operations and higher customer satisfaction.

💸 Venture Financing

Indifi Technologies, an Indian digital lender to small and medium businesses, raised $35 million.
FIA Tech, the former technology arm of the US Futures industry association, which is building a post-trade service for exchange traded derivatives, raised $25.4 million.
Paro, an on-demand finance and accounting expertise software, raised a $25 million Series C.
TrueWork, an income verification platform and API, raised a $24 million round from TransUnion.
OneVest, a wealth management experience for financial institutions and their customers, raised a C$17 million Series A.
Nelly, a digital process provider for medical billing, raised a €15 million Series A.
Nocnoc, a cross-border e-commerce and payments firm for Latin America, raised a $14 million Series A.
Kanastra, a Brazilian capital markets infrastructure provider, raised $13 million in seed funding.
DJUST, an e-commerce facilitation and payments platform, raised a €12 million Series A.
MAJORITY, a neobanking platform for migrants in the US, raised $9.75 million.
Atoa Payments, an open banking alternative to debit card payments, raised a $6.5 million seed round.
Apron, a UK B2B payments platform for small businesses, raised $5.5 million in seed funding.
BoomFi, a stablecoin settlement provider, raised a $3.8 million seed round.
Omnevue, an accounting platform for ESG, raised a $3.1 million seed round.
Trezy, an AI-driven predictive cash flow management platform, raised a €3 million seed round.
Finfra, an Indonesian embedded lending provider, raised $1 million.
Avaloq, a wealth management technology provider, received a strategic investment from Blackrock.
ID Finance, a Spanish alternative lending platform, began crowdfunding a €30 million equity round.
Freetrade, the German stock trading app, cut its valuation by 65%.
Revolut was written down 40% by fintech investor Molten Ventures, who changed the disclosed value of their stake from £91.3m in March last year to £54.5m at the end of March this year.
Checkout.com cut its internal valuation by another 15% for internal stock options, representing a 77% total drop from its all time high.

💵 Debt Financing

Wayfler, a revenue-based financing platform for ecommerce businesses, renewed its $300 line of lending credit from JP Morgan.
Teylor, a Swiss small business lending startup, secured €275 million from Barclays to support 500 small businesses with loans.
Sprinque, a Dutch B2B payments platform, raised €20 million in debt capital.

💰 Venture Funds

Card network provider Discover announced a new $36 million venture fund focused on backing startups working to improve people’s financial health.

Source: Moving Forward in a Post-SVB World: Part I

📺

Sponsored Content

The Fraud Fighters Manual is now available for digital download 🎉 In six exciting chapters across 168 pages, authors from top companies like Brex, Mercury, and Lithic share the best practices of fraud prevention—offering practical strategies and real-world examples to empower fellow professionals in the fight against fraud 💪 Download the Manual now.