This Week in Fintech (9/18)

Hello Fintech Friends,

We’re out here. Now you can find us on Twitter, LinkedIn, and Instagram. More to come to these spaces soon!

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

  • SpotOn, a restaurant payments provider, raised a $300 million Series E at a $3.2 billion valuation. The company, which has seen 100% year-over-year growth, was valued at $1.9 billion just this May.

  • Melio, a B2B payments platform, completed the fundraise we previously announced - $250 million at a $4 billion valuation. 

  • Papaya Global, a payroll and workforce management platform, raised a $250 million Series D at a $3.7 billion valuation.

  • Form3, a cloud-native payments-as-a-service platform, raised $160 million from Goldman Sachs.

  • Xendit, an Indonesian digital payments infrastructure provider, raised a $150 million Series C.

  • Persona, an identity infrastructure company for financial services, raised a $150 million Series C.

  • Pine Labs, an Indian point of sale payments startup, raised $100 million (only weeks after a prior $600 million fundraise).

  • Omaze, a fundraising tool for charities, announced an $85 million Series C.

  • Abra, a wealth management platform for cryptocurrency investors, raised a $55 million Series C.

  • Self Financial, a subprime consumer lender and credit builder, raised a $50 million Series E.

  • Billogram, a platform for recurring payments, raised $45 million.

  • Sayari Labs, a builder of financial intelligence tools for supply chains, raised a $40 million Series C.

  • Pluang, an Indonesian personal wealth-building app, raised $35 million.

  • Landed, a home purchase lending platform for essential professionals, raised a $31 million Series B.

  • Peach Finance, a loan servicing platform, raised a $20 million Series A.

  • PassFort, a UK financial crime KYC/AML platform, raised a $16.2 million Series A.

  • Amberdata, a digital assets data company, raised $15 million from Citibank.

  • TomoCredit, an alternative credit provider, raised a $10 million Series A.

  • Lightyear, a multicurrency investing app, raised $8.5 million.

  • Grow Credit, a Black-owned platform that enables users to grow their credit scores from subscription payments, raised $6.3 million.

  • Concreit, a global private real estate investment platform, raised a $6 million seed round.

  • Sequin, a debit card built for women, raised a $5 million seed round.

  • Ascend, a buy-now-pay-later service to revolutionize commercial insurance, raised a $5.5 million seed round.

  • Peaks, a Dutch digital investment platform, raised €5 million in growth capital.

  • MaxRewards, a digital wallet that manages cards on behalf of users, raised a $3 million seed.

  • Integrated Finance, an API infrastructure platform for financial services, raised a £2 million seed round.

  • Sprinque, a Dutch B2B digital checkout platform, raised €1.7 million in funding.

  • Kashat, an Egyptian microloan platform, raised $1.75 million.

  • OurPass, building a one-click online checkout for Africa, raised a $1 million pre-seed.

  • ekko, a debit card with a climate twist, opened a crowdfunding campaign.

  • Ajaib, an Indonesian brokerage, is reportedly raising $150 million.

  • Plum, a UK money management app, is launching a crowdfunding campaign.

💵 Debt Financing

  • Coinbase was looking to raise up to $1.5 billion in a bond sale… and ended up raising $2 billion, with $7 billion in demand.

  • DivideBuy, a buy-now-pay-later provider, raised a £300 million lending facility.

  • Credit score building platform Grow Credit also raised $100 million in debt.

  • Finclusion Group, an east African lending startup, raised $20 million from Lendable.

💰 Venture Funds

  • SoftBank circled another $3 billion in capital committed to investing in Latin America, a geography where fintech has exploded over the last year.

  • Perennial fintech investor QED, one of the older dedicated fintech VCs, raised $1.05 billion across an early-stage and growth-stage fund.

☯️ Exits

💻 IPOs
  • Fintech megalith Stripe is beginning to discuss a 2022 IPO with bankers that would likely value the company at over $100 billion.

  • Restaurant payments service Toast plans to raise up to $717 million at a $16.5 billion valuation in its IPO.

  • Remittances platform Remitly plans to raise up to $332 million at a $6.5 billion valuation.

  • EngageSmart, a customer management and payment solution, plans to IPO at a $4 billion valuation.

  • Clearwater Analytics, a software developer for the investment management industry, is targeting an IPO at a $4 billion valuation.

  • Enact Holdings, a mortgage provider, launched an IPO that would value it at $3.3 billion.

📈 SPACs
  • Pagaya, a machine learning second-look lending decisioning company, announced that it will go public through a merger with EJF Acquisition at a $9 billion valuation.

  • Forge Global, a marketplace for private company equity and secondary sales, will go public at a $2 billion valuation through a deal with Motive Capital.

  • Mercado Libre and venture capital firm Kaszek are partnering to launch a SPAC and acquire a Latin American fintech company.

🤝 M&A - Fintech
  • Intuit, the maker of Quickbooks and Turbotax, will acquire email platform Mailchimp for $12 billion.

  • TransUnion will acquire identity management and resolution company Neustar for $3.1 billion.

  • Swedish private equity firm EQT walked away from its $2.3 billion bid for Australian financial services software Iress.

  • Investment bank Goldman Sachs, the owner of neobank Marcus, announced that it will acquire home improvement and healthcare lender GreenSky in an all-stock deal valued at $2.24 billion.

  • Restaurant payments platform SpotOn will use some of the funds from its $300 million fundraise to acquire Appetize, a mobile payments platform for entertainment venues.

  • Exchange data group ION Markets acquired analytics firm Clarus Financial Technology.

  • Online mortgage provider Better acquired UK-based property lending service Property Partner.

  • Small business financing and payment platform Qred received a strategic investment form Nordic Capital.

🏦 M&A - Bank
  • Montana’s First Interstate bank announced that it will buy South Dakota’s Great Western Bancorp for $2 billion.

  • Japanese bank Mitsubishi UFJ is reportedly looking to sell its US arm.


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🌎 Fintech Around the World

Meet Uruguay’s Fintech Tycoons Powering Payments For Netflix And Amazon

Africa: The Case for Innovation in Corporate Banking

Ivorians’ aversion to traditional banks is a boost for mobile banking

Fintech Partnerships in the Middle East & Africa

Wave - Building a Cashless Africa

4 CBDC Projects in Africa You Need to Know

Digital banking in Asia-Pacific

Forbes ranks Fawry as the top fintech App in the Middle East

📚 Deeper Reads

USSD Menus are a Public Utility

The Fintech Startups Plaid, JPMorgan and Stripe Could Buy Next (Paywall)

The Use of Machine Learning for Credit Underwriting: Market & Data Science Context

Business Proposition for a Neo Bank

I Have Summarised the Most Recent CBDC Experiments So You Don't Have To

Baby Rhino Born at San Diego Zoo Safari Park in Time to Celebrate World Rhino Day


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