This Week in Fintech (2/20)

This Week in Fintech (2/20)

Hello Fintech Friends,

Fintech founders tend to understand better than most of tech the value of raising non-dilutive debt alongside equity. I recently partnered with the team at Coromandel Capital to help more fintechs raise debt successfully. If your company is looking to raise funds, happy to put you in touch with the team there.

Please find another week of financings and transactions below.

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💵 Financings

  • finalized its fundraise: $220 million at a $1.2 billion valuation.
  • Varo raised a $63 million strategic round from investors including Russell Westbrook, who plans to build out banking services for underserved communities.
  • Personetics, which uses AI to help financial services firms boost personalization, raised $75 million.
  • Promise, a platform focused on modernizing outdated government payment systems, raised a $20 million Series A.
  • SeedFi, a credit-building and savings startup, raised a $15 million Series A.
  • Zolve, a cross-border India / US neobank, raised $15 million in seed funding.
  • Titan, a retail investment management app for millennials, raised a $12.5 million Series A.
  • Mirato, a third-party risk management platform for banks, raised $9 million.
  • Mundi, a trade fintech company, raised $7.8 million in seed funding.
  • AccountsIQ, an Irish business financial management software, raised €5.8 million in funding.
  • PayZen raised a $5 million seed to build out its payment platform for hospitals.
  • Gravy, which helps subscription businesses recover failed payments, raised a $4.5 million Series A.
  • Billhop, a Swedish payments conversion company that makes bills payable with credit cards, raised a €4 million Series A.
  • Citadel ID, a payroll verification API, raised $3.5 million.
  • Thrive, an Australian business financial management startup, raised $2 million.
  • Swiss core banking provider Avaloq made a strategic investment in German software provider Raquest.
  • Japanese financial services provider SBI Holdings took a stake in Swiss digital asset bank Sygnum.
  • SMB neobank Cashplus is looking to raise £50 million.

☯️ Exits and M&A

💻 Fintech
  • Marqeta filed confidentially with the SEC for an IPO that could value it at $10 billion.
  • Corcentric, a provider of enterprise spend and revenue management software, acquired B2B payments network Vendorin for $100 million.
  • PensionBee, a UK pension management technology platform, has partnered with PrimaryBid to give its own customers first dibs on its upcoming IPO.
🏦 Bank
  • Western Alliance Bancorp agreed to buy mortgage servicer AmeriHome for $1 billion in cash to strengthen the bank’s home finance business.
  • Independence Holdings, a fintech SPAc led by FT Partners’ Steve McLaughlin, filed for a $400 million IPO.
  • FinServ Acquisition II, a financial services SPAC, priced a $265 million IPO.
  • SoFi founder Mike Cagney’s Figure Acquisition I SPAC raised $250 in its IPO.
  • DHB Capital, a financial services SPAC, filed for a $250 million IPO.
  • SilverSPAC, a fintech and property-focused SPAC, filed for a $250 million IPO.
  • Sixth Street Partners has sued Dyal Capital Partners to block their proposed merger with direct lender Owl Rock Capital through SPAC Altimar Acquisition Corp.