Hello Fintech Friends,
This week came with an interesting investment announcement: US Bank made an investment into two fintech-focused venture capital firms. This is one way for banks to hedge their bets and defray risk by participating in the gains of the fast-growing fintech ecosystem. What do people think, will we see more banks taking stakes in fintech venture investors?
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Please find another week of fintech financings and exits below.
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💸 Venture Financing
- OPay, a Nigerian mobile payments platform, raised $400 million at a $2 billion valuation.
- Ramp, the corporate card and automated CFO suite for startups and SMBs, raised $300 million at a $3.9 billion valuation.
- Zepz, the re-branded cross-border transfer firm WorldRemit, raised $292 million at a $5 billion valuation.
- QuintoAndar, a Brazilian property tech platform, raised $120 million with plans to offer mortgage, title insurance and escrow services.
- Cora, a Brazilian small business lender, raised a $116 million Series B.
- Khatabook, an Indian SMB bookkeeping and accounting startup, raised a $100 million Series C at around a $600 million valuation.
- Flink, a Mexican neobroker similar to Robinhood, raised a $57 million Series B.
- Aumni, an investment analytics platform, raised a $50 million Series B.
- elopage, a German payments provider for contractors and small businesses, raised a $38 million Series A.
- Moss, a German financial management platform for business spend analytics, raised a €29 million Series A extension.
- Bazaar, a Pakistani B2B marketplace and corporate accounting ledger, raised a $30 million Series A.
- Balance, a B2B payments platform for merchants and marketplaces, raised a $25 million Series A.
- XREX, a financial institution liquidity provider that uses blockchains, raised a $17 million pre-Series A.
- Royal, a music marketplace planning to monetize royalties as NFTs, raised a $16 million seed round.
- Recognise Bank, a small business-focused neobank, raised £14 million.
- Zeal, an embeddable payroll infrastructure software, raised a $13 million Series A.
- Iniagold, an Indian gold-based alternative credit provider, raised a $12 million Series A.
- PawaPay, a mobile payments technology for African businesses outside of Nigeria and South Africa, raised a $9 million seed.
- Finexio, an embedded payments infrastructure provider, raised $8 million.
- Taktile, a machine learning platform for financial services, raised $4.7 million in seed funding.
- Pry Financials, a startup accounting platform, raised $4.2 million.
- Tuna, a platform for e-commerce payments in Latin America, raised a $3 million seed.
- Briqpay, a B2B checkout solution, raised a €2 million seed round.
- Phos, a mobile point-of-sale (or SoftPOS) vendor, raised €2 million in seed funding.
- Treasure, a cash management solution for companies, raised a seed+ round.
- Kai Senegal, a Senegalese fleet financing platform, raised strategic funding from Toyota’s venture arm.
- Serrala, a B2B payments software, raised funding from software investor Hg.
💰 Venture Funds
- In an interesting move to combat innovators’ dilemma, U.S. Bank announced a strategic investment in two fintech-focused venture capital funds, Fin Venture Capital and Commerce Ventures.
- Nubank, last valued at $30 billion, is looking for a $55 billion valuation in its upcoming US IPO.
- Toast, a Boston-based restaurant point-of-sale software provider, filed for IPO on $704 million of revenue in H1 2021.
- EngageSmart, the parent company of payments and invoicing software InvoiceCloud, filed for IPO on $99 million in revenue.
🤝 M&A - Fintech
- Paysafe, a UK-based global payment solutions provider, acquired e-commerce payments facilitator SafetyPay for $441 million (shortly after acquiring Peruvian payments provider PagoEfectivo).
- Corporate card provider and automated CFO suite Ramp acquired startup Buyer to give SMBs the ability to negotiate vendor contract quotes using collective price information.
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- US neobank Chime acquired debt navigation and financial security platform Charlie Finance.
- Mexican online lender and payments company Konfío acquired competitor Sr. Pago.
- Risk-centric wealth management platform Riskalyze was acquired by software provider Hg.
- Financial services provider Siebert announced its acquisition of Tigress Financial Partners, a disabled and woman-owned financial services firm.
- Twenty7Tec, a mortgage provider, made an investment into AI software firm Meet Parker.
- Britain’s antitrust regulators are probing financial data provider S&P Global’s proposed $44 billion takeover of competitor IHS Markit.
🏦 M&A - Bank
- Spanish bank Santander’s US arm is acquiring the minority stake in its US operation that it does not already own (20%) for $2.5 billion.
- Norway’s antitrust regulator is opposed to Norwegian bank DNB’s proposed takeover of online rival Sbanken.
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