Fundraises

Global fintech investment dropped 48% in 2023 (TWIF 1/13)

Hello Fintech Friends,

Our friends at Better Tomorrow Ventures are getting ready for their next cohort at accelterator The Mint, "the fintech pre-seed program minted just for you." Check it out here:

And check out a few more pieces from across TWIF this week:

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

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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.

Though the Fintech IPO Index is up 55.7%, only four of the more than 40 names in the index are trading above their offer price.

📊 Stat of the Week

Global investment in fintech nearly halved in 2023 to $51 billion, a decrease of 48% compared to 2022, when total investment amounted to $99 billion. 2023 saw 3973 deals compared to 6397 deals in 2022, according to analyst group Tracxn.

The US saw a 36% decline in funding in 2023 to $18.2 billion.

Fintech Venture Capital’s Undoing — The Information

Fintech Venture Capital’s Undoing — The Information.pdf

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However, there are still good data! The UAE, defying the trend, saw a 92% jump in fintech funding in 2023 and Scotland’s fintech cluster has seen a 24% increase in jobs since 2021.

💸 Venture Financing

Conta Simples, a Brazilian expense management platform, raised a $41.5 million Series B.
Zilo, a UK-based asset and wealth management software, raised a £25 million Series A.
Solva, a Kazakhstani provider of digital lending products, including revolving credit lines, instalment loans and short-term working capital, raised $20 million as it prepares to transition from a microfinance fintech into an SME-focused bank.
Finoa, a German crypto custodian for institutional clients, raised $15 million in funding.
Unbox, a Belgian company that allows firms to distribute and track value, cashflows and funding, raised a €12 million Series A from investors including HSBC.
Grip Invest, an Indian alternative investment provider, raised a $10 million Series B.
OneAdvisory, a wealthtech platform, raised an $8 million seed round.
Rivero, a Swiss payment operations and dispute management startup, raised a $7 million Series A.
AbbeyCross, a wholesale FX platform focused on emerging market currencies, raised a $6.5 million seed round.
Payzli, an end-to-end payment provider that acts as a single source for payment services, raised $6 million.
Komunal, an Indonesian lending startup, raised $5.5 million.
Maalexi, a dynamic risk management platform for small agribusinesses, raised a $3 million pre-Series A.
Pier, an embedded credit originator, raised a $2.4 million seed.
Umoja, a DeFi platform for traders to insure their market losses, raised $2 million in funding.
Bracket Labs, a volatility trading product for crypto, raised a $2 million pre-seed.
Cleva, a Nigerian platform for African individuals and businesses to receive international payments by opening USD accounts, raised a $1.5 million pre-seed.
Downpayments, which offers real estate investors interest-free financing, raised $1 million in equity and $31.8 million in lending capital.
ProjectPay, a UK-based construction project payment platform, raised £700,000 in grants.
Ryft, a UK payments platform, raised an undisclosed amount.

💰 Venture Funds

Charley Ma and Mahdi Raza, Plaid and Robinhood alums, raised Exponent, a $75 million fintech fund.
Partner Ruth Foxe Blader left Anthemis Group to start a fintech venture firm Foxe Capital.