Hello Fintech Friends,
According to CB Insights and TechCrunch, we’re seeing a reversion to the mean in fintech funding - where do we go from here? Do people think we’re at a local trough, coming back, or more down to go?
If you missed our Q3 Signals from last week, Sophie Vo does an excellent job summarizing the state of the market: Fintechs raised a total of $5.9 billion in Q3, a nearly $13 billion decrease quarter-over-quarter. In line with the broader tech sector, a number of fintech companies revised down valuations, called off acquisitions, postponed listings, or raised extensions of prior rounds (averting the prospect of a down round). Read more here.
Please find another week of fintech financing events below.
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) and see our primer on how we make introductions to friendly VCs and debt providers.
Are you a fintech angel investor? Come join our syndicate.
Plaid's third-annual Fintech Effect report is now live! After surveying fintech consumers in the US and UK, Plaid’s deep-dive into the financial technology landscape explores why fintech adoption has grown 38% in the last 2 years.
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💸 Venture Financing
- Lulo Colombia, the holding company for Colombian neobank Lulo Bank, raised $200 million.
- Banyan, a SKU-level rich receipts provider for financial institutions, raised a $43 million Series A.
- Vanta, provider of compliance modules like SOC II to financial institutions, raised a $40 million Series B extension.
- Landis, a financial education and coaching platform to turn renters into tenants, raised a $40 million Series B.
- Shibumi, a portfolio management software for enterprise, raised $30 million.
- Mercantile, a corporate card issuer for professional associations, raised $22 million across multiple rounds.
- Credit Key, a B2B payments and lending startup, raised $15 million in equity and a $100 million credit facility.
- Arro, a consumer credit democratization platform, raised a $10 million seed.
- Ordo, a UK open banking provider, raised a £10 million Series A.
- Nerve, an embedded banking solution for creators, raised $7 million from TalentPlus, a financial app built for creators.
- Kudos, a credit card rewards browser extension, raised a $7 million seed.
- Bookkeep, an accounting automation platform, raised a $6.6 million seed+.
- Maplerad * (fka Wirepay), an African banking-as-a-service startup and Fintech Fund portfolio company, raised a $6 million seed round.
- Adonis, a medical billing platform, raised a $5.6 million seed.
- Paytrix*, a payments orchestration platform for e-commerce and vertical software, raised £5 million.
- Perch, a Canadian platform that helps users make data-driven mortgage decisions, raised a $4 million Series A.
- Bumpa, a Nigerian merchant mobile website development app that also manages bookkeeping, raised $4 million.
- Ottr, a Solana-based defi wallet, raised $3.1 million.
- Nexta, an Egyptian banking app, raised $3 million.
- Bags, a lending marketplace for underrepresented businesses, raised $3 million.
- Upkeep, a booking and payments platform for medspa treatments, raised a $2 million seed round.
- Super Advisor, a wealth management platform to let financial advisors run their own businesses, raised CAD $2 million.
- Uplinq, a global credit assessment and scoring platform for SMBs, raised $1.25 million.
- Tilia, a payment platform powering the virtual world of Second Life, raised funding from JP Morgan.
- Sightline, a payments tech for gaming, raised a strategic round from JP Morgan.
- Progcap, an Indian supply chain finance provider, raised funding.
- Commodities AI, a commodity price forecasting software, raised funding.
💵 Debt Financing
- German buy-now-pay later startup Mondu raised €20 million in debt financing from German bank Vereinigte Volksbank Raiffeisenbank.