This Week in Fintech (8/21)

This Week in Fintech (8/21)

Hello Fintech Friends,

Our first Signals of Q2 is now out, breaking down the record-breaking fintech venture capital activity over the past quarter. Our next one on M&A activity will be arriving shortly. 👀

Also, big props to Wiza, Folayemi, and Tori for lining up a great list of sponsors and a great venue for our Lagos meetup on October 28th. This community is epic.

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, I may be able to help - reach out to nik@thisweekinfintech.com.


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💸 Venture Financing

  • DriveWealth, an embedded investing infrastructure provider, raised $450 million at a $2.85 billion valuation.
  • Sightline Payments, an electronic payments company for the gaming industry, raised $244 million.
  • Divvy Homes, a startup that helps consumers save for and buy homes, raised a $200 million Series D.
  • Reali, an Israeli platform for real estate financing, raised $250 million.
  • MobileCoin, a private stablecoin mobile payments network, raised a $66 million Series B.
  • CloudPay, an employee payments platform, raised $58 million.
  • Branch, an employee payroll provider, raised a $48 million Series B.
  • One, a neobank for middle-class consumers, raised a $40 million Series B.
  • Smallcase, an Indian wealth management startup, raised $40 million in Series C funding.
  • jaris, a full-stack embedded lending solution, raised a $31 million Series B.
  • Klub, an India and Singapore-based revenue-based financing platform, raised $20 million.
  • Pngme, an African financial data infrastructure platform, raised $15 million.
  • Jenfi, a Singaporean revenue-based financing platform, raised a $6.3 million Series A.
  • Yield Guild Games, which provides gamers a decentralized infrastructure for monetizing their play, raised $4.6 million.
  • Ondo Finance, a defi protocol for loan origination, raised a $4 million seed round.
  • Moneyworld, a money management gaming app, raised a $2 million seed.
  • PayEngine, a payment facilitation platform for vertical SaaS, raised a $1.6 million seed.
  • Showlove, a Nigerian fintech platform for social gifting, closed a $300,000 pre-seed.
  • Plaid, the US open banking giant, raised additional Series D capital from JP Morgan and AmEx Ventures.
  • OneBanks, the UK maker of a pop-up kiosk to replace bank branches, raised funding from Japanese tech group Glory.

💵 Debt Financing

  • Employee payroll provider Branch raised $500 million in debt alongside its Series B.

💰 Venture Funds

  • Fintech Collective, a fintech specialist early-stage investor based out of New York, raised $250 million - $200 million to focus on fintech investments and $50 million to focus on decentralized finance investments.

☯️ Exits

💻 IPOs
  • Klarna, which was last valued at $45.6 billion, said that a public listing in 2022 is likely but not imminent.
📈 SPACs
  • Aspiration, a socially conscious neobank, landed a $2.3 billion deal to go public through the InterPrivate III Financial Partners SPAC.
  • WinVest Acquisition, a financial services SPAC, filed for a $100 million IPO.
🤝 M&A - Fintech

Even Techcrunch is getting in on the fintech M&A coverage this week, in Why fintechs are buying up legacy financial services companies.

  • Startup banking and card provider Brex acquired Weav, a universal API for e-commerce platforms, for $50 million.
  • Deko, a point of sale vendor and retail finance platform, acquired tech services provider Imegamedia.
  • UK financial data provider FE fundinfo bought out its Danish counterpart FundConnect.
  • Azentio Software, a Singaporean software development shop, acquired the core banking assets of Path Solutions for Islamic finance.
  • US exchange provider CME Group (Chicago Mercantile Exchange) denied rumors that it is in the market to acquire rival Cboe Global Markets.
🏦 M&A - Bank
  • HSBC, Europe’s largest bank, made its largest acquisition since 2012, buying up insurer AXA’s Singapore assets for $575 million.

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🌎 Fintech Around the World

Fintechs Geru and Rebel want 5% of the personal credit market

Fintech in Southeast Asia, by Chia Jeng Yang & Sharon Lourdes Paul

Fintech is poised for consolidation in the Middle East

Stablecoins find a use case in Africa’s most volatile markets

The hottest fintech market you aren’t paying attention to

Explosion in electronic payments powers start-up boom in Nigeria

📚 Deeper Reads

Good stablecoins, a protocol for money, and digital wallets: the formula to fix our broken payment system

PayPal – Super App?

Venture capitalists are slinking away from the payday lending space

Inside Cuba’s bitcoin revolution

Network-Based Finance And “Open Commercial Transactions”

Baby elephant enjoys eating watermelon slices


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