This Week in Fintech (12/11)

This Week in Fintech (12/11)

Hello Fintech Friends,

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Please find another week of fintech financings and exits below.


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💸 Venture Financing

  • Monzo, the UK neobank, announced a new $500 million funding round at a $4.5 billion valuation amid growing revenues.
  • Tipalti, an accounting automation software, raised a $270 million Series F at an $8.3 billion valuation.
  • Mambu, a German core banking platform for Europe, raised a €235 million, a Series E at a €4.9 billion valuation.
  • WeLab, a Hong Kong-based neobank, raised a $240 million round in order to buy out Bank Jasa Jakarta, an Indonesian commercial bank.
  • Incode, an omnichannel biometric ID provider to banks and fintechs, raised a $220 million Series B.
  • Pleo, a developer of corporate card and expense management tools, raised $200 million at a $4.7 billion valuation.
  • 1inch Network, the creator of the eponymous decentralized exchange, raised a $175 million Series B to broaden its offering to bank clients.
  • Lydia, the French financial services marketplace that recently added crypto trading, raised $100 million.
  • Rho, a builder of SMB corporate spend, cash management, and banking solutions, raised a $75 million Series B.
  • Clara, a Latin American corporate card provider, expanded to Brazil and raised a $70 million Series B.
  • TRM Labs, a blockchain intelligence and compliance platform, raised a $60 million Series B from backers including Visa, AmEx, Cit, PayPal, and Block (Square).
  • Hometap, a home equity financing platform, raised $60 million.
  • Nearside, a small business-focused neobank (formerly known as Hatch), rebranded and raised a $58 million Series B.
  • Enfuce, a Finnish card-as-a-service platform, raised a €45 million Series C.
  • TradeDepot, a pan-African commerce and buy-now-pay-later lending provider, raised $42 million in new equity and $68 million in debt.
  • Pento, a UK payroll automation platform, raised a $35 million Series B.
  • Paradigm, a no-fee liquidity network for derivatives traders, raised a $35 million Series A.
  • Stacked, a developer of passive tools for retail investors in crypto, raised a $35 million Series A.
  • Hummingbird, an all-in-one compliance tooling platform for financial services, raised a $30 million Series B.
  • Yassir, an Algerian app that is building banking and payments on top of ride-hailing, raised a $30 million Series A.
  • Posh Technologies, an AI call center platform for financial institutions, raised a $27.5 million Series A.
  • MAJORITY, a neobank for immigrants, raised a $27 million Series A.
  • Resolve, a business-to-business buy-now-pay-later provider that spun out of Affirm, raised $25 million.
  • Plum, a European personal finance manager, raised a $24 million Series A.
  • Cassini Systems, an analytics platform for the derivatives market, raised $20.5 million.
  • Stride Funding, a student loan provider, raised a $12 million Series A.
  • Tulipshare, a UK platform activist retail investing, raised a £8.15 seed round.
  • Zeta Markets, a defi exchange for futures and options, raised an $8.5 million round.
  • FlyFin, an AI tax and CPA engine for freelancers and the self-employed, raised $8 million in seed funding.
  • Burrata, a developer of identity devtools, raised $7.75 million from investors including Stripe.
  • fonYou, an international payments developer, raised €7 million from backers including Santander.
  • Sympl, an Egyptian buy-now-pay-later provider, raised a $6 million seed round.
  • TabTrader, a Dutch mobile aggregator of crypto exchange data, raised a $5.8 million Series A.
  • Arch Labs, an alternative asset investment platform, raised a $5.5 million seed round.
  • Kwara, a Kenyan credit union core banking platform, raised a $4 million seed round to build a neobank app.
  • CinetPay, a payment gateway for Francophone Africa, raised $2.4 million in seed funding, including from Flutterwave.
  • Asilimia, a Kenyan mobile money transaction service, raised $1 million in equity and $1 million in debt.
  • Belvo added Visa as a strategic investor to its Series A.
  • Tradeshift, a platform for supply-chain finance, raised $200 million in combined equity and debt.

☯️ Exits

💻 IPOs
  • Brazil’s Nubank, as expected, had a blockbuster IPO, closing up 15% on its first day of trading at a nearly $50 billion market cap to make it the most valuable publicly-traded neobank.
📈 SPACs
  • Corcentric, a payments and accounting tech provider, will go public through a merger with North Mountain Merger Corp at a $1.2 billion valuation.
🤝 M&A - Fintech
  • The London Stock Exchange is acquiring portfolio optimization platform Quantile for £274 million.
  • Stripe acquired OpenChannel, which helps businesses build app ecosystems for third-party developers.
  • Dock, a Visa-backed Brazilian financial infrastructure provider, will acquire Mexican card processor Cacao Paycard Solutions.
  • PracticeTek, a healthcare payments solution provider, was acquired by Lightyear Capital.
  • UK embedded fintech provider Rapyd acquired Hong Kong-based SMB cross-border trade platform Neat.
  • Kazakhstani brokerage Freedom Holding will acquire US trading firm MKM Partners.
  • KYC / AML platform Jumio will acquire identity platform 4Stop.
  • Wealth management platform FNZ will acquire financial institution client onboarding provider Appway.
  • Binance Asia Services took an 18% stake in Southeast Asian private securities exchange Hg Exchange.
  • Fintech SaaS business Numerated will acquire financial analysis app Fincura.
  • Issuer-processors Paymentology and Tutuka are combining to create a new payments and card processing business.
  • $2 billion market cap payments and invoicing solution Bottomline Technologies is looking for a buyer.
🏦 M&A - Bank and FinServ
  • Dutch financial services conglomerate Intertrust agreed to a €1.8 billion takeover bid from corporate services firm CSC.
  • British fund manager Liontrust Asset Management will buy rival Majedie Asset for £120 million.
  • Greek bank Eurobank will sell 80% of its merchant acquiring business to French payments firm Worldline.
  • Australian bank Westpac will acquire personal financial management app MoneyBrilliant.

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🌎 Fintech Around the World

Brazil’s PIX and the parallels with UPI

How can banks still thrive as fintech meets 5G in Thailand?

European tech booms, but Southern Europe and founder diversity are still lagging

📚 Deeper Reads

DeFi’s Decentralization Is an Illusion: BIS Quarterly Review

FT Partners’ December Update (and WSJ Profile)

The crypto industry is scrambling to build a lobbying machine as Washington scrutiny intensifies

Monzo Makes Money Work For Everyone

Fed-Up Banker Quit for Nubank, and Now She’s a Billionaire

FCA boosts Open Banking by removing 3-month re-authentication requirement

Insider Q&A: Explaining the Fast Growth of Stablecoins

Wall Street Wants to Sell a Special Index, Just for You

Special Ep 1: The New Money Machines

Many BNPL users are unclear what they're signing up to

Courtney Love explains financial literacy

Antarctic penguin waddles ashore in New Zealand, 2,000 miles from home


Have a news item for us? Reach out to news@thisweekinfintech.com.