Hello Fintech Friends,
We announced yesterday that we’ll be closing out the year at The Fintech Formal, a black tie charity gala in New York on December 2nd. Will we see you there?
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 email@example.com.
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💸 Venture Financing
European fintech funding hit €15 billion in the first half of 2021.
- N26, the pan-European neobank, raised a $900 million Series E at a $9 billion valuation.
- Deel, a remote worker payroll platform, raised a $425 million Series D at a $5.5 billion valuation.
- FTX, one of the largest and most active digital currency exchanges, raised $420 million at a $25 billion valuation.
- Brex, the corporate card platform, raised $300 million at a $12.3 billion valuation.
- Zopa, one of the original peer-to-peer lenders in the UK that pivoted into banking last year, raised $300 million at a $1 billion valuation.
- CRED, an Indian credit card rewards platform, confirmed its $251 million fundraise at a $4 billion valuation.
- Republic, a democratized private equity investment platform for retail investors, raised a $150 million Series B.
- Pismo, a Brazilian banking and payments infrastructure provider, raised a $108 million Series B.
- Primer, a merchant payment flow provider, raised a $50 million Series B at a $425 million valuation.
- Hash, a Brazilian payment infrastructure provider, raised a $40 million Series C.
- Pomelo, an Argentinian fintech-as-a-service platform for Latin America, raised a $35 million Series A.
- Element Finance, a decentralized fixed rate lending protocol, raised a $32 million Series A at a $320 million valuation.
- XanPool, a Hong Kong decentralized payment network, raised a $27 million Series A.
- Clyde, an extended purchase warranty company, raised a $25 million Series B.
- Sommelier, a decentralized finance protocol for automated portfolio management, raised a $23 million Series A.
- Embed, an embedded investment API for nimble financial products, raised a $20 million Series A.
- UpEquity, an online mortgage platform, raised $20 million in equity and $30 million in new debt financing.
- Resistant AI, a financial anti-fraud platform, raised a $16.6 million Series A.
- B12, a startup focused on payments and digitization for small businesses, raised $15.7 million.
- Sequence, a UK “developer-friendly finance software’ company, raised $15 million at a $70 million post-money.
- Plum, a UK money-management app, raised $14 million of an expected $24 million Series A.
- Chip, a UK money management app, raised an £11.5 million crowdfunding round.
- SMBX, a small business bond marketplace, raised $11.5 million.
- Kevin., a Lithuanian account-to-account payment startup, raised a $10 million seed.
- Volante, a cloud payments platform, raised $10 million from Wells Fargo.
- Asante, an African small business impact lender, closed the first tranche of a $7.5 million Series A.
- BondAval, a platform that specifically insures B2B supply chain payments, raised $7 million.
- Ando, a sustainable banking service, raised a $6 million seed round.
- Ziglu, a UK banking, exchange, and investment app, crowdfunded £5 million.
- CollateralEdge, a banking risk-mitigation tool, raised $3.5 million in seed funding.
- Reworth, a Mexican API solution for financial institutions cashback, raised a $2.8 million seed round.
- Brass, a Nigerian provider of digital banking services to small businesses, raised $1.7 million.
- Ilumoni, a UK borrower financial wellbeing app, raised £1.63 million.
- Updraft, a UK financial wellness app, raised £72 million in combined equity and debt.
- Roaring, a Nordic financial data service provider, raised strategic funding from bank SEB’s venture capital arm.
- Daxko, a wellness industry payment provider, raised strategic funding in a recap by Genstar Capital.
- PaySika, a neobank for Cameroon, Benin, and Gabon, raised $350,000.
- Copper, a UK crypto custodian, is raising a $500 million investment round.
- Kakao Pay, the South Korean financial services agglomeration app, raised $1.28 billion in its IPO at a $10 billion valuation.
- Asset management software Enfusion saw its stock jump 18% in its market debut, raising $260 million at a $2.3 billion valuation.
- Texas alternative asset manager P10 priced its IPO at $1.4 billion, below its target range.
- 12-branch Texas bank Third Coast Bancshares filed for a $75 million IPO.
- Russia’s second-largest equities exchange, SPB, filed for a US IPO.
- Newcourt Acquisition, a SPAC targeting fintech and financial services, raised $220 million in its IPO.
- McLaren Technology Acquisition, a fintech SPAC, lowered its target size from $200 to $175 million.
- Chardan NexTech Acquisition, a SPAC targeting a health or fintech company, also lowered its target from $200 to $150 million.
- InFinT Acquisition, a fintech-focused SPAC, also lowered its target size to $150 million.
- Fintech Ecosystem Development, a SPAC targeting a South Asian fintech company, priced a $100 million SPAC.
🤝 M&A - Fintech
- Stripe acquired Recko in India, a payments reconciliation provider.
- Financial services giant Ally Financial will acquire credit card provider Fair Square Financial for $750 million to enter the credit card business.
- Intercontinental Exchange sold its 10% stake in clearing and settlement platform Euroclear to private equity firm Silver Lake for €709 million.
- Elsewhere, Silver Lake acquired Spanish mortgage management software Grupo BC.
- Dispersion, a defi incubator, acquired Accru Finance, a crypto trading platform, for £8.75 million.
- Capital markets software developer Options Technology will acquire market data provider ACTIV Financial.
- The Chicago Board Options Exchange, one of the major US futures and derivatives market, acquired crypto exchange ErisX.
- Fiserv will acquire digital marketing and commerce platform BentoBox.
- Private equity consortium Gilde Buy Out Partners made a takeover attempt at Italian fintech group TAS.
- Private equity firm LEA acquired German banking software B+M Group.
🏦 M&A - Bank
- Neobanking provider M1 Finance acquired Minnesota’s 11-person First National Bank of Buhl.
- Cardif Pinnacle, a UK pet insurer owned by bank BNP Paribas Cardif, sold a majority stake to investor JAB Holding Co.
- Japan’s Shinsei Bank opposes rival SBI Holdings’ $1.1 billion takeover bid for it.
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🌎 Fintech Around the World
📚 Deeper Reads
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