Wealth management fintechs bring in the big bucks (TWIF 7/27)

Britain, 1960

Hello Fintech Friends,

Wealth tech and asset management platforms are the new darlings of fintech: this week alone, 6 of the 14 fintech startups that raised funding were in the wealth management space.

And if you read our Q2 overview last week, you know that wealth management took the lions' share of funding last quarter (matched only by AI products and stablecoins).

It will be interesting to see whether this leads to a wave of consolidation down the line.

In the meantime, Egyptian consumer finance platform MNT-Halan raised a mega-round to expand internationally, and our Fintech Fund portfolio company Fragment* came out of stealth to announce their seed round:

This August, we're coming to Denver for DevCon and Bogota for Colombia Tech Week! Come join us:

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

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📊 Stat of the Week

In the UK, neobank users are on track to surpass the users of legacy bank apps for the first time by Q1 2025. (Source)

Meanwhile, over 10 million consumers and small businesses in the UK are now regularly using open banking products. (Source)

💸 Venture Financing

MNT-Halan, an Egyptian firm building products to provider underbanked consumers and businesses with loans, pre-paid cards, e-wallets, e-commerce, gold, and money market funds, raised $157.5 million to expand internationally in the region.
Vanta, a compliance and trust management platform that helps businesses automate their security (below), raised a $150 million Series C.
Payt, a Dutch invoice and payments management software provider, raised €55 million.
Strive Enterprises, the provider of a wealth and asset management platform, raised a $30 million Series B.
TigerBeetle, a financial transactions database designed for mission critical safety and performance, raised a $24 million Series A.
GeoWealth, a turnkey asset management platform, raised $18 million.
Plum, a British personal financial management app, raised £16 million.
bunch, a platform that simplifies investment management for VCs and private markets investors, raised a $15.5 million Series A.
Bitlayer Labs, which is working to enable ethereum-style financial smart contracts on the bitcoin blockchain, raised an $11 million Series A led by financial services firm Franklin Templeton.
Fragment*, a startup that offers a ledger API that makes real-time, double-entry accounting accessible to engineers, raised a $9 million seed round.
Powder, which uses generative AI agents to read bank and estate documents that come in during a wealth management firm’s proposal process, raised a $5 million seed round.
Grazzy, a provider of a digital payments platform for hospitality and service-focused businesses, raised a $4 million seed round.
Jarvis, a British pension fintech that lets employees plan for retirement, raised £1.8 million.
Wintermute, the crypto trading and market-making platform, is in talks to raise $300 million at a $2 billion valuation.

💵 Debt Financing

Digitt, a Mexican startup that offers refinancing to credit card borrowers, secured a $50 million debt facility from CoVenture Management to expand its loan book.

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