This Week in Fintech (1/8)

This Week in Fintech (1/8)

Hello Fintech Friends,

South and Southeast Asian fintech are on fire this week! Startups from Singapore, Bangladesh, Vietnam, India, and Indonesia all started the year with fundraises.

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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, we may be able to help - please see our primer for more details and reach out to nik@thisweekinfintech.com.


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💼 Open Role Spotlight

Come find your place on the team at the most inspiring fintech startups! Browse open roles on This Week in Fintech’s job board.


💸 Venture Financing

  • Payfit, a UK-based payroll solution provider raised €254 million in Series E financing.
  • Petal, a consumer credit card provider for the underbanked (disclosure: where I worked), raised a $140 million Series D at an $800 million valuation.
  • Monzo, the UK neobank, raised an additional $100 million at a $4.5 billion valuation.
  • Sygnum, a defi asset management platform, raised $90 million at an $800 million valuation.
  • Spenmo, a Singaporean payables software, raised an $83.35 million Series B.
  • CHAI, a Southeast Asian end-to-end payment infrastructure provider, raised a $45 million Series B extension.
  • Alto, a platform for adding alternative assets to IRAs, raised a $40 million Series B.
  • ShopUp, a Bangladeshi merchant tool that includes payment services and capital, raised a $34 million Series B extension.
  • Goldfinch *, a defi lending protocol that forwards stablecoin debt capital to emerging markets fintechs, raised $25 million.
  • CellPoint Digital, a UK e-commerce payment solution, raised $25 million.
  • Rupifi, an Indian B2B payments platform, raised $25 million.
  • Brankas, an open banking startup for Southeast Asia, raised a $20 million Series B.
  • Timo, a Vietnamese neobank, raised a $20 million round.
  • Pine Labs, an Indian payment terminal provider, raised $20 million from the State Bank of India.
  • Arcade, an NFT-backed lender, raised a $15 million Series A.
  • Finexio, an accounts payable-as-a-service startup, raised $10 million.
  • Upbanx, an Indonesian financial services platform for content creators, raised a $5.2 million pre-seed round.
  • LiveFlow, an accounting data synchronization platform, raised $3.5 million in seed funding.
  • IMPESA, a Costa Rican financial software developer, raised $2.7 million.
  • Bfree, a Nigerian credit management startup, raised a $1.7 million pre-Series A.
  • Bink, a loyalty app, is receiving an investment from Lloyds Bank.
💵 Debt Financing
  • Tribal Credit raised $40 million in hybrid debt powered by dollars and Stellar’s stablecoin.
💰 Venture Funds
  • Ribbit Capital, one of the most well-recognized fintech venture firms, raised $1.15 billion for its seventh fund.

☯️ Exits

💻 IPOs & SPACs
  • FinTech Acquisition Corp. V announced that its proposed acquisition of eToro will go forward, but at a lower $8.8 billion valuation and with a 6-month delay.
  • Payroll and HR platform Justworks is targeting a $2 billion valuation at the top-end of its IPO range.
  • Banking fee-focused consumer finance platform Dave went public via a SPAC.

(Source: Fintech Business Weekly)

🤝 M&A - Fintech
  • Worldline completed its acquisition of Italian merchant acquirer Axepta.
  • Financial markets trade execution and data platform Pico announced its acquisition of market data provider Redline Trading. The combined entity will be valued at $1.4 billion.
  • International payments provider Moneygram bought a 4% stake in crypto ATM operator Coinme.
  • WonderFi, a Canadian platform democratizing access to defi, acquired crypto platform Bitbuy.
  • Market data provider S&P Global acquired climate risk data provider The Climate Service.
  • Private equity firm Corsair acquired a majority stake in SMB payments provider Aurora Payments.
  • Capital markets specialist Delta Capita acquired JDX Consulting.
  • Australian digital payments and lending firm Latitude will acquire BNPL provider Humm Group for A$335 million.
🏦 M&A - Bank and FinServ
  • Brazilian brokerage XP will buy Brazilian investment bank Banco Modal, valuing it at $529 million.
  • French bank Societe Generale's lending division will buy Dutch rival LeasePlan for €4.9 billion.

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