This Week in Fintech (5/22)

Hello Fintech Friends,

Excited to share a project that a few of us have been working on: Fintech Nerd Collective! We’ve pulled together a few of my favorite people in fintech to collaborate on one deep-dive question each month.

Have a question? Let us know here.

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.


Sponsored Content

Join TripActions' Fintech Forward Summit, sponsored by Visa, to learn about the future of finance and payments during periods of great change and uncertainty with Mike Mcgee, VP of Finance and Operations at VaynerMedia, Megan Duman, Controller at EMJ Construction, TripActions CFO Thomas Tuchscherer, and Liquid GM Michael Sindicich.


(Answer: 39 fintechs fundraised this week)

💸 Venture Financing

  • Trade Republic, the German no-fee brokerage, raised a $900 million Series C at a $5 billion valuation.

  • Figure, a mortgage and financial services platform built on blockchain, raised a $200 million Series D at a $3.2 billion valuation.

  • Pine Labs, which offers payment terminals, invoicing tools, and working capital to businesses in Asia and the Middle East, raised $285 million at a $3 billion valuation (including from Mastercard).

  • Extend, which provides product warranties, raised a $260 million funding round at a valuation over $1 billion.

  • DailyPay, a streaming payroll provider for US employees, raised a $175 million Series D.

  • Sunbit, a buy-now-pay-later startup, raised a $130 million Series D.

  • Pipe, a revenue-based financing marketplace, raised $100 million at a $2 billion valuation on top of the $150 million we reported in April.

  • Amount, a white-label buy-now-pay-later service for banks, raised a $99 million Series D at a $1 billion valuation.

  • Vise, a platform for independent financial advisors, raised a $65 million Series C at a $1 billion valuation.

  • Thunes, a Singaporean cross-border payments startup, raised a $60 million Series B.

  • BukuKas, an Indonesian startup focused on digitizing payments and operations for small businesses, raised a $50 million Series B from investors including Wise founderTaavet Hinrikus.

  • Copper, a custodian that helps conventional financial services firms invest in crypto, raised a $50 million Series B.

  • ProducePay, a financing market for farmers, raised a $43 million Series C.

  • Privacy, a card issuing platform, raised a $43 million Series B and rebranded as Lithic.

  • Amazon Pay, the mobile payment service built by Amazon in India, received a ₹2.25 billion (~$30 million) investment from its parent.

  • ThetaRay, an Israeli cross-border payments startup, raised $31 million.

  • Rally, an alternative investment platform for collectible assets, raised a $30 million Series B.

  • Stake, an Australian no-fee brokerage, raised $30 million.

  • Laybuy, a New Zealand buy-now-pay-later provider, raised A$35 million to expand to the UK market.

  • Hearth, a homebuilding fintech platform, raised a $23 million Series B.

  • ComplyAdvantage, a risk and compliance platform, extended its Series C with $20 million from Goldman Sachs.

  • Pento, a Danish payroll provider, raised $15.6 million, including from Monzo founder Tom Blomfield.

  • Zapper, a PFM for DeFi, raised a $15 million Series A.

  • Settle, a working capital provider to e-commerce businesses, raised $15 million.

  • Found, a financial platform for self-employed workers, raised $12.75 million.

  • Zoe Financial, a platform for connecting consumers to financial advisors, raised a $10 million Series A.

  • Payslip, an Irish payroll manager, added $10 million to its Series A.

  • Mamo, a Dubai peer-to-peer payment app, raised an $8 million pre-Series A.

  • Telda, an Egyptian neobank, raised a $5 million pre-seed.

  • Kredito, a Chilean small business lender, raised a $4 million pre-seed.

  • Algbra, a sustainable finance provider, raised £3.75 million.

  • Maviance, a Cameroon-based service for banking and bill payments, raised $3 million (€2.5 million).

  • Lance, a bank for freelancers, raised a $2.8 million seed round from Barclays.

  • SoftLedger, which provides an accounting and finance ledger, raised a $2.1 million seed round.

  • Wingocard, a teen banking app, raised $1.7 million in seed funding.

  • Two Ivorian startups, Keiwa, an accounting and financial management app, and Legafrik, a tax and accounting platform, raised seed rounds. 

  • Uncapped, a revenue-based financing company, raised $80 million in equity and debt.

  • Glint, a UK gold investing app, is crowdfunding to raise £2 million.

💵 Debt Financing

  • Square is looking to raise $2 billion of debt in the 3-4% yield range in order to fund potential acquisitions, capital expenditures and other investments.

  • DailyPay raised $325 million in credit capital alongside its Series D.

💰 Venture Funds

☯️ Exits and M&A

💻 Fintech
  • Indonesian financial superapp and rideshare provider Gojek will merge with online marketplace Tokopedia to form GoTo Group, Indonesia’s largest technology group, as it prepares for a dual Indonesia / US listing.

  • TradersClub, a Brazilian financial social media platform, is seeking a $565 million valuation in its upcoming IPO.

  • Angel Oak Mortgage, a REIT, filed for a $150 million IPO.

  • PhonePe, the Indian payments platform backed by Walmart, is in talks to acquire Indus OS, a third-party app store, for $60 million.

  • Exegy merged with Vela Trading Systems to create a low-latency market data platform.

  • Open banking platform Tink acquired German open banking platform FinTecSystems.

  • Private equity firms Astorg and Bridgepoint acquired Irish regtech platform Fenergo.

  • Growth equity firm PSG took a controlling stake in German recurring billing platform billwerk.

  • SaverLife, a non-profit financial startup, will acquire Onward Financial, a non-profit with an employer mobile savings app.

  • IPO Updates:

    • Marqeta could raise up to  $1.5 billion in its upcoming Nasdaq IPO, at a $16-17 billion valuation, ~4x its valuation of $4.3 billion when it raised last year.

    • Klarna’s decision to IPO in the US or UK hinges on the UK’s post-Brexit financial regulation.

    • Paymentus is looking to raise $210 million in a targeted IPO valuation of $2.43 billion.

    • Flywire plans to raise $200 million in its IPO at a valuation of around $2.4 billion.

🏦 Bank
  • Italian payments giant Nexi is in talks to buy Greek bank Alpha Bank’s retailer payment business.

  • Rabobank is spinning off TreasurUp, its white-label treasury solution, into a standalone company with an accompanying Series A raise.

  • Deutsche Bank is considering selling its leasing unit.

📈 SPACs
  • InFinT Acquisition filed for a $175 million SPAC to purchase a fintech.

  • Owl Rock and Dyal’s alternative investment SPAC merger is finally going ahead.


Sponsored Content

Don’t Miss Out! 1,850+ participants and 900+ organizations have already signed up for Fintech Meetup--don’t be left out!  Everyone’s joining to meet senior people (33% C-Level, 81% Director Level or higher) from 300+ startups, 200+ banks & credit unions, 100+ investors, established fintechs, tech. cos & more! Get your ticket now!


📚 Deeper Reads

Stripe and Solid-State Economics

How venture capitalists are adjusting to the brave new world of DeFi

Can green fintechs solve the polluting pension problem?

Money Talks: Does the world still need banks?

The start-ups disrupting the corporate credit card market

‘Buy now, pay later’: Lack of data slows growth in Latam

Mobile money is helping Airtel Africa and its rivals bounce back from Covid-19

Fueling Endless Rally Is Raft of Real-Time Reopening Data

Central bankers are split on CBDCs

Digital wallets poised to overtake contactless cards as instore payment of choice in Australia

Delivering Financial Products and Services to the Unbanked and Underbanked in the United States - Challenges and Opportunities

Woman Discovers Her 'Sick' Kitten Is Actually a Rare Wolf Cat