This Week in Fintech (10/30)

This Week in Fintech (10/30)

Hello Fintech Friends,

100 tickets down, a few hundred to go,

Bring your team, your cofounder, yourself, or your beau.

We’ll have mistletoe meetings to form professional connections,

And a menu and music curated to perfection.

They say prizes and surprises, are best after dark,

Won’t you come with us, for a walk in the park?


Editor’s Note: If you’re an early-stage startup founder raising equity or debt, we may be able to help - please see our primer for more details and reach out to nik@thisweekinfintech.com.


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💸 Venture Financing

  • Groww, the Indian investment platform, raised a $251 million Series E at a $3 billion valuation.
  • Mission Lane, a consumer lender (formerly LendUp) raised $150 million in redeemable preferred equity and completed a $320 million ABS transaction.
  • Persefoni, a corporate accounting platform for climate management, raised a $101 million Series B.
  • Billie, a German buy-now-pay-later lender, raised a $100 million Series C on a $640 million valuation.
  • CoinList, a digital currency financial data platform, raised a $100 million Series A at a $1.5 billion valuation.
  • Clear, an Indian platform for filing tax returns, raised a $75 million Series C at a $700 million valuation from Stripe.
  • Maxwell, a mortgage software developer, raised $52.5 million at a $450 million valuation from investors including Wells Fargo.
  • TIFIN, a personalized wealth management platform, raised a $47 million Series C.
  • Extend, a digital payment infrastructure platform that helps banks compete with fintechs, raised a $40 million Series B.
  • Zolve, a Bangalore-based startup for immigrant banking services in the US, raised a $40 million Series A.
  • Drip Capital, a cross-border trade finance platform for SMBs, raised a $40 million Series C.
  • Citcon, a mobile wallet payment provider, raised a $30 million Series C.
  • GB Bank, a UK neobank, secured a banking license and raised £28 million.
  • Yokoy, a Swiss spend management software for businesses, raised a $26 million Series A.
  • Selfbook, a hotel payment platform, raised a $25 million Series A.
  • Swap, a Brazilian banking-as-a-service startup, raised a $25 million Series A.
  • YieldX, a fixed-income investment platform, raised an $18 million Series A.
  • Anomaly, a medical billing and payments platform, raised a $12 million Series A.
  • Rally, a one-click headless checkout solution, raised $6 million.
  • Beta Finance, a defi platform to short crypto assets, raised $5.75 million.
  • APLYiD, a New Zealand AML and KYC platform, raised NZ $7 million.
  • Denim Social, a social media and marketing platform for community banks, raised a $5 million Series B.
  • Ondato, a compliance-as-a-service startup, raised a €3.6 million seed extension.
  • Union54, a Zambian card-issuing API, raised a $3 million seed round.
  • Sublime, a decentralized lender that allows users to stake their reputations, raised a $2.5 million seed.
  • Button Finance, a mortgage platform, raised a $2 million seed.
  • Stitch, a South African financial data API, raised a $2 million seed extension to expand into Nigeria.
  • Torpago, a corporate card and SMB spend management provider, raised a $2 million seed round.
  • Union Nationale des Caisses Rurales d’Epargne et de Prêt, a microfinance institution in Benin, raised $1.8 million.
  • Risk Ledger, a UK financial cybersecurity company, raised £2.1 million.
  • Dhani Services, an Indian healthcare payments platform, raised $160k (Rs 1.2 crore).
  • Medistreams, a remittance, reconciliation, and payment automation provider for healthcare, raised funding.
  • Bolt, an online checkout provider, is reportedly raising $777 million at an $11 billion valuation. (After just closing a $393 million Series D this month.)
  • Monzo, the UK neobank that recently pulled out of the US, is in talks to raise £300m at £3 billion valuation.
  • Cogo, a climate impact spending app, is raising a $20 million Series A.
  • Deserve, a white-label credit card platform, raised a strategic investment from Visa.
  • Taina Technology, a regulatory tech provider, raised funding from Deutsche Bank and HSBC.

Guess how many of these rounds were from Tiger Global….

💵 Debt Financing

  • Capital on Tap, a UK SMB lender, secured a £450 million funding facility.
  • Storfund, an e-commerce financier, raised a £300 million warehouse line.
  • Cross-border trade platform Mundi secured a $100 million credit line from Silicon Valley Bank.

☯️ Exits

💻 IPOs
  • Brazilian payments company Getnet, owned by Spanish bank Banco Santander SA, went public on the Sao Paolo stock exchange at a $1.3 billion valuation.
  • E-finance, an Egyptian platform for online and mobile investing, saw shares jump 40% to a $2.36 billion valuation in Egypt’s biggest IPO since 2015.
  • US neobank Chime is in talks to go public at a $35 to $45 billion valuation in March 2022, with revenue expected to hit $1 billion this year.
  • As expected, Nubank filed (confidentially) to go public in the US at a valuation that could be over $50 billion.
  • Latin American payment solutions provider Ebanx confidentially filed for a $10 billion IPO and announced its acquisition of Brazilian B2B billing and banking provider Juno.
  • Paytm received Indian regulatory approval for its $2.2 billion IPO - which would be the largest in Indian history.
  • Nerdwallet set its IPO terms to 7.3 million shares at $17-19, giving it a fully-diluted value of $1.3 billion.

NYC Fintech Women is now open to submissions for the Inspiring Fintech Females 2021 list! The deadline to submit is November 5th. If you know an inspiring woman in fintech (I hope you do…) please nominate her!

🤝 M&A - Fintech
  • Private equity firms EQT and Thoma Bravo are reportedly evaluating a buyout of Swiss core banking platform Temenos, valuing the firm at close to $10 billion.
  • Credit bureau Transunion sold its healthcare data and analytics business to nThrive for $1.74 billion.
  • Pawn shop operator FirstCash acquired Texas buy-now-pay-later provider American First Finance for $1.17 billion.
  • Klarna acquired Inspirock, a travel-planning service, marking its fifth acquisition of the year.
  • Cloud HR platform Gusto acquired payroll software startup Remote Team.
  • Neobank Revolut acquired the team of New York-based recruiting marketplace Wanted.
  • SecureTrust, a provider of Payment Card Industry (PCI) compliance, was acquired by cybersecurity firm Sysnet.
🏦 M&A - Bank
  • Investment bank Raymond James Financial acquired Pittsburgh retail bank TriState Capital Holdings for $1.1 billion.

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🌎 Fintech Around the World

Macedonian fintech Robin Hood Reloaded is helping Balkan customers with investing

Open Banking’s route to payments…in Nigeria

Nigeria’s National Financial Inclusion Strategy

Some of Africa’s largest banks are using a new blockchain-based payments processor

SA Startup Act representatives meet with President Cyril Ramaphosa

Over $347m has been invested in Saudi fintech industry in the last 12 months

70% of the population in Latin America does not have a bank account

📚 Deeper Reads

It’s time to knock down the walled gardens of the payments system

Making Financial Services Easy to Code

Credit card and payments companies compete for a slice of the growing BNPL market

PayPal CEO Discusses Responsible Innovation at DC Fintech

PayPal and Pinterest

The CFPB could be kryptonite to fintech's super apps

5 Ways FinTech Is Transforming the Daily Routine

Stablecoins Could Reshape Short-Term Debt Markets

Banking sucks, so we made it great. Now let’s fix carbon.

A Fight Over Biden’s Pick for a Banking Watchdog Gets Nasty

It’s Pet Week On Capitol Hill