Hello Fintech Friends,
This week, we released our first Signals of the quarter, breaking down fintech fundraises from Q1.
Please find another week of financings and transactions 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
- OfBusiness, a credit provider to Indian SMBs, raised $110 million at an $800 million valuation as it prepares for IPO.
- Ethereum venture studio ConsenSys raised $65 million from financial services providers including JP Morgan, Mastercard and UBS.
- Netstars, Japan’s largest QR code payment gateway, raised ¥6.6 billion ($60.6 million).
- Atom Bank’s valuation halved from 2019 levels on its latest £40 million fundraise.
- Routable, a B2B payment service provider, raised a $30 million Series B.
- Sunday, a checkout and point-of-sale solution for restaurants, raised a $24 million seed round.
- Hatch, an SMB neobank, raised $20 million in new funding.
- Alpian, a Swiss mass-affluent neobank, raised an $18 million Series B.
- AppZone, a Nigerian banking-as-a-service provider, raised a $10 million Series A.
- OneCard, a mobile credit card provider, raised $10 million.
- Cardlay, a Danish expense handling and commercial card startup, raised €8 million from Javier Perez, the former president of Mastercard Europe.
- Clim8 Invest, a platform for making ethical investing more intelligible, raised $8 million.
- OpenEnvoy, an invoice processing RPA platform, raised a $6.5 million seed.
- Safexpay, an Indian white-label payment gateway provider, raised $6 million at a $100 million valuation.
- Shopse, an Indian buy-now-pay-later provider, raised $5.5 million.
- Wage, a payroll data API, raised $5 million.
- Enso Finance, a decentralized platform for currency trading, raised $5 million.
- Nelo, a Mexican buy-now-pay-later service, raised $3 million.
- Numida, a Ugandan lending and risk-based pricing service, raised a $2.3 million seed.
- Plentina, a Filipino buy-now-pay-later startup, raised a $2.2 million seed round.
- CredFlow, an Indian SMB cashflow management startup, raised a $2.1 million seed round.
- Thirdfort, a KYC / AML platform, raised £1.5 million.
- Payable, an Australian bill payment subsidiary of Identitii, raised a £1 million strategic round from CommBank.
- Fintern, a UK no-credit-score-needed consumer lender, raised £32 million in equity and debt funding.
- Avanti Finance, a digital lending platform, raised $26 million in combined debt and equity.
- Modulr, a wholesale bank payments software, raised an undisclosed amount from FIS.
- Kudos, an Indian digital lending infrastructure provider, raised an undisclosed pre-Series A.
- Findeed, a consumer financial services provider to underserved Indians, raised a seed round.
- South Africa’s MTN is preparing to sell a minority stake in its mobile money business at a $5 billion valuation.
- Embedded banking solutions provider Zeta is in talks with SoftBank to raise a $250 million Series D at a $1 billion valuation.
💵 Debt Financing
- Mexican mortgage investor FHipo took out a $126 million revolving credit line with the International Finance Corporation.
- Revenue-based financing platform Bigfoot Capital took out $30 million in debt for its SaaS loans.
- Indian lender Lendingkart took out $15 million in debt from Dutch development bank FMO.
💰 Venture Funds
- Ant Financial is launching a $100 million fintech fund in Berlin.
☯️ Exits and M&A
- Coinbase shares jumped 32% in its direct listing, valuing the company at around $80 billion.
- Swedish payment platform Trustly confirmed it will IPO, selling €785 million of shares at a €9 billion valuation.
- Core banking software provider Alkami raised $180 million in its IPO at a valuation of $2.9 billion.
- Payables automation platform Tipalti acquired procurement solution Approve.com.
- Benelux compliance platform Delta Capita acquired International Compliance Partners.
- BancorpSouth Bank and Cadence Bancorporation are merging to create a Texas and southeastern US bank with a $6 billion valuation.
- Hungarian bank OTP is in talks to buy Slovenian bank Nova KBM from its private equity owners in a deal valued at €1 billion.
- Bank of Montreal is selling its Europe, Middle East and Africa asset-management unit to Ameriprise Financial Inc. for £615 million.
- Italian bank Credit Agricole raised its bid for rival bank Creval to €737 million.
- Russian retailer Ozon is expanding into financial services through its acquisition of Oney Bank for around $10 million in cash.
- PNC is on track to complete its acquisition of BBVA USA by mid-year.
💲 Investment Management
- Insurer Prudential Financial is weighing the sale of its retirement investment business for over $2 billion.
- UK investment platform FNZ failed in its appeal to the Competition and Markets Authority to move ahead with its 2019 acquisition of rival investment platform GBST for £150 million.
- Pension management firm Prime Pensions is buying the assets of Squire Retirement Plan.
- Southeast Asian superapp and financial services marketplace Grab released more details on its plans to go public in the largest SPAC merger ever, with an equity value of around $40 billion and a $4.5 billion fundraise.
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