This Week in Fintech (4/3)

Hello Fintech Friends,

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 nik@thisweekinfintech.com.


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💸 Venture Financing

  • HighRadius, an automated accounts receivable and treasury management platform, raised $300 million at a $3.1 billion valuation.

  • dLocal, a Uruguayan enterprise merchant payment platform, raised $150 million at a $5 billion valuation.

  • Pipe, a revenue-based financing alternative for cash flowing businesses, raised an additional $150 million at a $2 billion valuation.

  • Paidy, a Japanese buy-now-pay-later firm, raised a $120 million Series D.

  • Airtel Africa, the mobile money unit of telco Airtel, announced a $100 million strategic investment from Mastercard (weeks after a $200 round).

  • Sightline Payments, a gambling payments company, raised a $100 million growth round.

  • Capitolis, a financial resource optimization platform for capital markets, raised a $90 million Series C.

  • Ajaib, the Indonesian investment platform, added $65 million to its extended Series A.

  • Striim, a cloud data management company for financial services, raised a $50 million Series C from backers including Goldman Sachs.

  • Ethic, an asset management personalization platform, raised a $29 million Series B.

  • DotPe, an Indian offline commerce and payments platform, raised a $27.5 million Series A.

  • Open Co, a financial access joint venture of Brazilian fintechs Geru and Rebel, raised about $27 million (R$150 million).

  • Singaporean investment advisor Endowus raised an S$23 million Series A.

  • Butter, a UK buy-now-pay-later startup, raised £15.8 million.

  • Auditoria raised a $15.5 million Series A to build an autonomous finance solution for corporate finance teams.

  • Spiral, which is building a banking solution for charities, raised $14 million and debuted its app.

  • Velocity, an Indian business lender, raised $10.3 million in seed funding.

  • Flobiz, an Indian SMB accounting platform, raised a $10 million Series A.

  • Brightplan, an employee financial wellness tool, raised a $9.5 million Series A.

  • Blaze, a point of sale software for cannabis businesses, raised an $8 million Series A.

  • SadaPay, a Pakistani digital wallet and debit card, raised a $7.2 million seed round.

  • Gro, a startup led by a former Revolut exec which pbridges decentralized and legacy financial services, raised a $7.1 million seed.

  • NOW Money, a UAE digital bank account provider for migrant workers, raised $7 million in funding.

  • Monavate, a UK card sponsorship platform, raised £5 million.

  • IndiaLends, a digital lending platform with 8 million customers, raised $5.1 million.

  • Financial research platform Unhedged raised $4.4 million.

  • Tugende, a Ugandan lease-to-own asset financing startup, raised a $3.6 million Series A.

  • ArifPay, an Ethiopian mobile POS system, raised $3.5 million in financing.

  • KPI Sense, a strategic finance platform for SaaS companies, raised a $1.1 million seed.

  • muvin, an Indian youth-focused neobank, raised a $1 million seed round.

  • NextPay, a Filipino business-focused neobank, raised a $125,000 pre-seed.

  • Gimo, a Vietnamese payroll provider for underbanked workers, raised an undisclosed round.

  • Fundiin, a Vietnamese BNPL platform, raised an undisclosed amount of funding.

  • Ramp reportedly raised funding from Stripe.

  • Indian tax filing startup ClearTax is in talks to raise a $100 million round at a $750 to $850 million valuation.

  • Hi55 Ventures, a working capital and salary company, is raising a Series A.

Source: Quartz

💵 Debt Financing

  • Drip Capital, a California-based cross-border Indian trade financier, raised $40 million in a warehouse credit line.

  • True Balance, an underbanked lending app in India, raised $10 million in debt.

💰 Venture Funds

  • Clocktower Technology Ventures is raising a $25 million seed fund focused on Latin American fintechs.

☯️ Exits and M&A

💻 Fintech
  • Nordic Capital agreed to sell Swedish trading software provider Itiviti to US-based  Broadridge Financial Solutions for €2.1 billion.

  • Bairong, a Chinese financial data analytics provider, slumped 16% in its market debut, raising $507 million in a Hong Kong IPO.

  • Embattled supply chain lender Greensill agreed to sell its Finacity subsidiary to the head of the division for $24 million.

  • Khatabook, an Indian SMB accounting and payment solution, acquired Biz Analyst for $10 million.

  • Early-stage UK fintech venture capital firm Finch Capital is acquiring the Turkish subsidiary of Wirecard to create an Irish entity called Nomu Pay.

  • Banking neo-core provider Q2 acquired the original direct deposit swiching startup, ClickSWITCH.

  • Payments technology giant Fiserv will acquire omnichannel business payments acceptance solution Pineapple Payments.

  • Uphold, a crypto digital currency platform, acquired JNK Securities to offer access to fractional securities as well.

  • Avantax, a wealth management platform, acquired GuideVine, a lead-gen and marketing tool for financial services.

  • Crypto provider Ripple acquired a 40% stake in Asian cross-border payments specialist Trianglo.

  • Tutuka, a virtual card development platform, and Paymentology, a cloud payment processor, were both acquired by SaltPay to enable issuer processing in 50 countries.

  • Coinbase scheduled its direct listing for April 14.

  • Wise (fka Transferwise) could IPO in May for a valuation up to $7 billion.

  • Linklogis, a Chinese supply chain financing provider, is targeting a $1.1 billion Hong Kong IPO.

  • PensionBee, a UK pension combination platform, plans to float (like a butterfly) on the London Stock Exchange in April and raise £55 million. 

  • The private equity owners of Schufa, the German credit rating provider, are looking to sell the firm to other private equity firms.

🏦 Bank
  • Private equity firm CVC Capital agreed to buy 90% of the insurance unit of National Bank of Greece for €505 million.

  • Bank of America bought healthcare payments company Axia.

  • Creval, an Italian regional bank, rejected a takeover offer from Credit Agricole Italia, arguing the price should be 23% higher.

💲 Investment Management
  • European asset manager Arrow Global agreed to a takeover offer from private equity firm TDR Capital at a £563 million valuation.

  • Wealth manager Quilter agreed to sell its international business to Utmost Group for £483 million.

  • Euroclear, a Belgian securities settlement company, agreed to acquire fund management and distribution platform MFEX Group.

📈 SPACs
  • We were so close to a week with no fintech SPACs... and then Galata Acquisition filed for a $125 million IPO focused on tech-enabled financial services in emerging markets.


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Japan’s Zengin Payments System

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