This Week in Fintech
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This Week in Fintech (10/16)

This Week in Fintech (10/16)

Hello Fintech Friends,

Fintech startups raised $4.5 billion in combined equity this week.

This doesn’t even include the CRED, Flutterwave, and Slice $100mm+ rounds in which the final amount is still undisclosed. There were 42 total equity raise announcements.

Elsewhere and much less excitingly, I did an AMA with the team at Heyday.

Please find another week of fintech financings and exits below.

Editor’s Note: If you’re an early-stage startup founder raising equity or debt, I may be able to help - reach out to nik@thisweekinfintech.com.

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💸 Venture Financing

  • GoodLeap, a solar roof and green home financing platform, raised $1 billion.
  • MoonPay, a payments on-ramp for cryptocurrency investing, is raising $400 million at a $3.4 billion valuation.
  • Celsius Network, a decentralized earning and lending protocol, raised $400 million.
  • Bolt, an online one-click checkout provider, raised $389 million at a $6 billion valuation.
  • Global Processing Services, an API-based payments and embedded finance platform, raised $300 million.
  • TradingView, a financial information API, platform, and social network, raised $298 million at a $3 billion valuation.
  • Tripactions, a corporate employee expense management startup, raised $275 million at a $7.25 billion valuation.
  • Trumid, an electronic credit trading platform, raised $208 million.
  • Swile, a French payment card for employee benefits, raised a $200 million Series D at a $1 billion+ valuation.
  • Interfirst Mortgage, a mortgage originator, raised $175 million in a superheated homebuying market.
  • Tala, an emerging markets microlender, raised a $145 million Series E from backers including Upstart and Stellar.
  • Halo Investing, an investing platform for structured notes, annuities, and buffered ETFs, raised a $100 million Series C.
  • Open, an Indian neobank, raised a $100 million Series C.
  • ZoneBilling, a NetSuite billing technology provider, raised a $76 million growth investment.
  • Alviere, an embedded finance startup, raised $70 million (a $20 million Series A and $50 million Series B).
  • Beacon, a custom trading and risk management solution, raised a $56 million Series C.
  • Juni, a Swedish e-commerce banking provider, raised a $52 million Series A.
  • M2P Fintech, an Asian financial API infrastructure provider, raised a $35 million Series C.
  • Fount, a South Korean roboadvisory investor, raised $33.4 million.
  • Ramp, (the other ramp) a Polish fiat to crypto on-ramp, raised a $30 million Series A at a $300 million valuation.
  • Atomic, a payroll API, raised $22 million in Series A funding.
  • Nelo, a Mexican buy-now-pay-later company, raised $20 million.
  • Productfy, an embedded financial services platform for fintechs, raised a $16 million Series A.
  • FrankieOne, an ID and fraud management service for fintechs, raised A$20 million ($16 million).
  • Xpansiv, an ESG commodities marketplace, raised $15 million from Commonwealth Bank of Australia.
  • Mono, an African open banking API provider, raised a $15 million Series A.
  • MagicCube, a chip replacement provider for mobile payment terminals, raised $15 million.
  • Mondu, a German B2B payments company, raised $14 million in seed funding.
  • Lendflow, an embedded small and medium business lender, raised a $10.8 million Series A.
  • Pagos, a payments intelligence infrastructure, raised $10 million in seed funding.
  • Chari, a Moroccan business-to-business payment and commerce startup, raised a $5 million seed.
  • Niro, an Indian consumer lending startup, raised $3.5 million in seed funding.
  • Sparkle, a Nigerian neobank, raised $3.1 million.
  • Klasha, a Nigerian cross-border commerce and payments API, raised $2.4 million in seed funding.
  • Ejara, a Cameroonian investing and crypto trading platform, raised $2 million.
  • SUMA Wealth, a financial management app for young Latino users, raised a $2 million pre-seed.
  • Perch, a Canadian real estate investing platform, raised a $1 million seed round.
  • Payday, a “PayPal for Africa,” raised a $1 million pre-seed.
  • CRED, an Indian credit card rewards startup, is raising a new round of funding at a $5.5 billion valuation.
  • Flutterwave, a Nigerian financial infrastructure provider, is raising funds at a $3 billion valuation.
  • Slice, an Indian credit card issuer, is reportedly raising over $100 million.
  • Finbourne, a UK financial data management startup, raised strategic funding from the London Stock Exchange.

Forge Global Inc. also launched a new fund, D/XYZ, which raised $100 million for its first investment portfolio and aims to list it publicly as a closed-end exchange-traded fund for retail investors.

💵 Debt Financing

  • Atome, an Asian buy-now-pay-later platform, raised $500 million in (committed) lending capital from Standard Chartered.
  • Ampla, an embedded lender for consumer brands, raised a $250 million credit facility from Atalaya Capital Management.
  • Lendable, which provides debt financing to fintech startups across emerging markets, is raising a further $100 million.

☯️ Exits

💻 IPOs
  • Personal financial advice and product marketplace NerdWallet filed for a US IPO on the back of strong earnings (including a 32% jump in revenue).
  • AvidXchange successfully raised $660 million in its IPO.
  • Australian neobank Judo Bank is looking to raise A$653 million in its IPO at a valuation around A$2.3 billion.
  • Enfusion, an investment management software provider, set terms for a $300 million IPO that would value it around $1.9 billion.
  • AvidXchange,
  • P10, an alternative asset investment management software provider, began its IPO roadshow.
📈 SPACs
  • Green Visor Financial Technology Acquisition, a fintech SPAC, filed for a $150 million IPO.
  • Finnovate Acquisition, an Israeli fintech SPAC, filed for a $150 million IPO.
🤝 M&A - Fintech
  • SumUp, a European point of sale provider, acquired customer loyalty startup Fivestars for $317 million in cash and stock.
  • Vroom, a UK car-buying e-commerce platform, acquired auto lender United Auto Credit Corporation for $300 million in cash.
  • finova, a UK core banking solutions provider, acquired mortgage and savings software BEP.
  • Danish neobank Lunar acquired payments gateway provider Paylike.
  • Goodlord, a UK property tech firm, acquired acasa, a fintech platform for tenant household bills.
  • Financial data platform FactSet acquired portfolio monitoring provider Cobalt Software.
  • European blockchain company R3 acquired stablecoin issuance platform Invo.
🏦 M&A - Bank

Bank mergers are on-track to hit their highest level since (ominously) the financial crisis.

  • American banks Umpqua and Columbia Banking are combining in a merger valuing the combined bank at $5.1 billion.
  • Capital One is acquiring boutique investment bank TripleTree.
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🌎 Fintech Around the World

British Business Bank’s Regions and Nations Tracker 2021

UK banks plan to grow partnerships with fintech firms in wake of pandemic

Brazil’s Central Bank Built a Mobile Payment System With 110 Million Users

Why WhatsApp payments failed to click in India

Regulating African Fintech Space: Promoting Innovation Or Stifling Growth

Sub-Saharan Africa mobile financial services use triples in 6 years (Paywall)

📚 Deeper Reads

Neobanks, and Investment Platforms Stepping Into Crypto – Should Crypto Exchanges Be Concerned?

Open Source Is Finally Coming to Financial Services

Traders phone up gambling helplines as game-like broker apps spread

How fintech can bridge the credit gap for first-time borrowers

BaaS served three ways: A closer look at a rapidly evolving market

The eNaira Project

A Servicing Health Check (October 2021)

Fintech, adoption growing even after pandemic

The 2021 McKinsey Global Payments Report

Dog Always Brings A Leaf To 'Buy' Himself Treats At The Store

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