This Week in Fintech (7/17)

This Week in Fintech (7/17)

Hello Fintech Friends,

Thank you to Martin, Pattie, and Zarik for the great photos from our Chicago happy hour. And a big, big thank you to Fifth Third Bank for sponsoring!

For anyone who missed yesterday’s announcement, we now have two international issues!

Lastly, calling all New Yorkers: our fintech happy hour is back on August 5th! Sign up here.

Please find another week of fintech financings and exits below.

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British fintech companies raised $5.7 billion over the first half of the year.

💸 Venture Financing

  • Revolut, the global neobank, raised $800 million, valuing the company at $33 billion. (John Street Capital gives a great breakdown of the business here.)
  • Insightsoftware, a global CFO suite, raised $800 million.
  • Carta, the cap table management software, is raising $500 to $600 million at a $7.4 billion valuation.
  • Lunar, a Scandinavian neobank, raised a €210 million Series D.
  • Quantexa, a financial crime platform, raised a $153 million Series D.
  • M1 Finance, a money management platform, raised a $150 million growth round at a $1.45 billion valuation.
  • Tide, a UK business finance platform that does business in India, raised a $100 million Series C.
  • Railsbank, a German banking-as-a-service provider, raised $70 million.
  • Augmentum, a publicly-listed UK fintech investment trust, raised £55 million.
  • Oy!, an Indonesian inter-bank transfer app, raised a $45 million Series A.
  • Cardless, a platform for brands to launch co-branded credit cards, raised a $40 million Series B.
  • Jasper Card, a rewards credit card, raised a $34 million Series A.
  • Sezzle, a buy-now-pay-later platform, raised $30 million from Discover, in an agreement which will also allow the network to launch Sezzle’s services to its customers.
  • Syfe, a Southeast Asian investment app, raised a $30 million Series B.
  • Morty, an online mortgage marketplace, raised a $25 million Series B.
  • Daloopa, an Indian financial data extraction startup, raised a $20 million Series A from Credit Suisse.
  • Play2Pay, a startup that allows customers to pay off bills by playing games, raised a $13 million Series A.
  • Tinvio, a Singaporean supply chain financing startup, raised a $12 million Series A.
  • Proper, an accounting platform for the real estate industry, raised a $9 million Series A.
  • Superfluid, a real-time finance platform, raised a $9 million seed round.
  • Marco Financial, a Latin America-focused business financier, raised a $7 million seed round.
  • Weavr, a UK embedded finance platform, raised a £7 million seed funding round.
  • Nethone, a Polish anti-fraud platform, raised $6.7 million.
  • Vara, an Indonesian digital payroll platform, raised a $4.8 million seed.
  • KodyPay, a payment method API for the hospitality industry, raised $3.25 million.
  • Limina, a Swedish platform modernizing investment management workflows, raised a $3 million Series A.
  • HelloFlow, a Danish no-code KYC platform for financial institutions, raised $1.6 million in seed funding.
  • CrediLinq, a Singaporean business lender, raised S$1.35 million.
  • Dinie, a Latin American embedded finance platform, raised funding from Accion.
  • Greenphire, a financial software for clinical trials, raised strategic funding from Thoma Bravo.
  • Apex Group, a global financial services provider, received an investment from Mubadala and Carlyle.
  • N26, a neobank, is looking to raise capital at a $10 billion valuation.
  • Mercury has reportedly raised a Series B at a $1.6 billion valuation.
  • Bolt, an online payments startup, is preparing to raise $300 million at a valuation potentially over $1 billion.

💵 Debt Financing

  • Jasper Card received $100 million in receivables financing from WebBank.
  • Marco Financial raised $75 million in debt alongside its seed round.

☯️ Exits

💻 IPOs
  • Blend Labs raised $360 million at a $5 billion valuation.
  • Paycor HCM - a payroll and HR software - set terms for an IPO at a $3.6 billion valuation.
  • Paytm is seeking Indian regulatory approval for an IPO that would value the company at $2.2 billion.
  • Indian mobile wallet MobiKwik is planning to raise up to $255 million at a $1 billion valuation in its IPO.
  • Bridge Investment Group, a real estate investment firm, raised $300 million in its IPO.
  • FinWise Bancorp, a Utah digital bank, filed for a $50 million IPO.
  • Southern States Bancshares, an Alabama bank, filed for a $35 million IPO.
  • Bullish, an American crypto exchange, will go public at a $9 billion valuation through a merger with the Far Peak Acquisition Corporation SPAC.
  • Sunlight Financial completed its SPAC merger with Spartan Acquisition Corp II on the NYSE.
  • Abri SPAC I filed for a $50 million IPO to buy a fintech.
🤝 M&A - Fintech
  • ABD Insurance and Financial Services is merging with Newfront Insurance at a $1.35 billion valuation.
  • Global payments platform Nium agreed to buy Wirecard’s Indian foreign exchange business and Nomu Pay bought the disgraced payments company’s Southeast Asian assets.
  • P27 Nordic Payments received approval for its pan-Nordic fintech payments platform.
  • Swiss exchange operator SIX bought international index and ETF data specialist Ultumus.
  • US homebuying platform Better acquired UK online mortgage broker Trussle.
  • Australian neobank Volt acquired fintech lender Australian Mortgage.
  • Healthcare payments software Waystar will acquire patient payments platform Patientco.
  • UK lender Together Financial is evaluating selling itself for $1.4 billion.
  • Klarna acquiredHero, an in-store social shopping platform.
  • RVU, the owner of Uswitch, and, boughtMojo Mortgages in order to expand into UK mortgage leadgen.
🏦 M&A - Bank
  • National Australia Bank is in talks to buy Citigroup’s Australian business.
  • First United Bank acquired a minority interest in Exencial Wealth Advisors.
  • Japanese bank Sumitomo Mitsui will buy 5% of American investment bank Jefferies.
  • Citigroup will sell its Venezuelan operations to Banco Nacional de Crédito.
  • Vanguard, the asset manager, made its first acquisition in its 46-year history: California-based wealth management boutique Just Invest.

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🌎 Fintech Around the World

Quirks and Opportunities in the LATAM Fintech Ecosystem | 77% of profitable challenger banks are in APAC with a market ripe for picking | Analyzing the Rise of Pakistani Startups | Southeast Asia Is World’s Fastest-Growing Mobile Wallet Market | Agency banking is transforming Nigerian business | Do white founders in Africa have an easier time getting capital? | All you need to know about Africa’s four (or maybe six) unicorns | African start-ups attract international investors — but need local ones too

📚 Deeper Reads

Fintech Doesn't Matter | Canceling Cash | Fintech Infrastructure 1.0: Coming of Age | How Revolut, Wise and DarkTrace must take on WhatsApp and TikTok | The Depths of DeFi | Buy Now, Pay Later Statistics | Apple may squash the buy now, pay later party | Redneck Bank | Dogs ‘just get’ humans in a way other animals don’t, evolutionary scientists conclude

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