This Week in Fintech (6/12)

Hello Fintech Friends,

I think we’re running at an average of high-30s / low-40s fintech VC deals per week.

From this week’s financings, it looks like earned wage access (salary advances) is the next big fintech product trend.

We’ve had some requests to host our happy hours outside of NYC (we’re joining forces with Peggy Mangot on SF events). Would anyone want to host another city?

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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💼 Open Role Spotlight

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💸 Venture Financing

  • Nubank, the Brazilian neobank, raised $750 million at a $30 billion valuation, including a $500 million stake from Berkshire Hathaway.

  • Klarna, the global buy-now-pay-later platform,raised $639 million at $45.6 billion valuation.

  • Trulioo, an identity verification solution, raised a $394 million series D at a $1.75 billion valuation.

  • Solana, a decentralized finance platform, raised $314 million in a token sale.

  • Clip, a Mexican digital payments platform, raised $250 million at a $2 billion valuation.

  • Scalable Capital, a German fee-free investment platform, raised a $180 million Series E at a $1.4 billion valuation.

  • Flyhomes, a home purchase lending and cash offer platform, raised a $150 million Series C.

  • MatchMove, a Singaporean banking-as-a-service startup, raised $100 million from strategic investor Nityo, valuing the company at $600 million.

  • nesto, a Canadian mortgage lending startup, raised a $76 million Series B.

  • BukuWarung, an Indonesian financial services provider to small and medium businesses, raised a $60 million Series A.

  • Airbase, a corporate spend management startup, raised a $60 million Series B.

  • Credit Sesame, a credit score solutions provider, raised $51 million.

  • idwall, a Brazilian provider of ID authentication solutions, raised a $38 million Series C.

  • Briq, a fintech for the construction industry, raised a $30 million Series B.

  • Blockdaemon, a blockchain infrastructure platform for financial services providers, raised a $28 million Series A from investors including Goldman Sachs.

  • AZA Finance, a Kenyan currency trading solution, raised $20 million of funding.

  • Refyne, a salary advance solution in India, raised a $16 million Series A and disclosed a $4.1 million seed round from December.

  • Osome, a Singaporean accounting and compliance solution, raised a $16 million Series A.

  • Pennylane, a financial management and accounting platform for startups, raised €15 million.

  • Clair, an earned-wage access provider, raised a $15 million Series A.

  • Blooma, a credit underwriting platform for commercial real estate investment, raised a $15 million Series A.

  • Kafene, a buy now pay later tool for subprime consumers, raised $14 million.

  • TreasurySpring, a platform providing access to fixed-term funds for investors, raised a $10 million Series A.

  • Now, an invoice payment solution, raised a $9.5 million Series A.

  • Ziina, the Venmo for MENA, raised a $7.5 million seed round to expand into Saudi Arabia and Jordan.

  • BondEvalue, a Singaporean debt trading platform, raised a $6 million Series A from investors including Citigroup.

  • Wagely, an Indonesian salary advance platform, raised $5.6 million.

  • KTrade, a Pakistani stock-trading app, raised $4.5 million.

  • LemonEdge, a UK complex accounting startup, raised $2.5 million.

  • Stemly, a supply chain financing startup spun out of Singapore’s ING Labs, raised $2.5 million in seed funding.

  • Nordigen, an open banking solution in Europe, raised €2.1 million in seed funding.

  • Abhi, a startup providing salary advances in Pakistan, raised $2 million.

  • Clim8, a UK sustainable investing app, raised £1.26 million in crowdfunding.

  • Cashfree, an Indian payments processor incubated by PayPal, raised funding from the State Bank of India.

  • PPRO Financial, a European cross-border payments solution, had a €160 million secondary sale.

  • Blockfi, the crypto lending company, is in talks to raise a $500 million Series E at a $5 billion valuation.

  • 10x Future Technologies, a banking technology company, is in talks to raise £130 million at a £500 million valuation.

  • Open, an Indian neobank, is in talks to raise $100 million.

💵 Debt Financing

  • Real estate investment platform Fundrise received a $300 million credit facility from Goldman Sachs.

💰 Venture Funds

  • UNICEF raised the UNICEF CryptoFund to invest in startups focused on financial inclusion in emerging markets. Its inaugural investments will be in Xcapit, Grassroots Economics, Somish Blockchain Labs, BX Smart Labs, Leaf Global FinTech, Rumsan Associates, KotaniPay.

☯️ Exits

💻 IPOs
  • Payments processor and card issuing platform Marqeta raised $1.23 billion in its IPO, valuing the company at $14 billion.

  • Intapp, a financial services software provider for banking and investment, announced that it will IPO on the Nasdaq.

  • Webull, a Chinese online brokerage, is considering raising $300 to $400 million in a US IPO.

  • AMTD Digital, the fintech spinoff of Hong Kong’s AMTD, plans to raise $120 million at a $1.4 billion valuation on the NYSE.

  • Robinhood is targeting July for its IPO

  • Remitly confidentially submitted a draft registration for its IPO.

📈 SPACs
  • Dave, a personal finance and overdraft protection app, will go public through a merger with VPC Impact Acquisition Holdings III at an implied $4 billion valuation.

🤝 M&A - Fintech
  • Nium, a Singaporean fintech enablement firm that manages everything from issuing to cross-border payments, bought payments firm Ixaris to expand into the UK.

  • Prosa, a Mexican payments gateway, is exploring a sale at a $1 billion valuation.

  • SoundPoint, an alternative asset manager, will buy the direct lending arm of CVC Capital Partners, which lent $1 billion to small and medium businesses in the US.

  • Canadian PoS provider Lightspeed will acquire Ecwid, an e-commerce platform, and NuORDER, a supply chain platform.

  • Australian Financial Group, a mortgage aggregator, acquired a 7.6% stake in neobank Volt for $15 million.

  • Kenyan currency trading solution AZA Finance acquired cross-border payments company Exchange4Free to expand into South Africa.

  • Investment management service provider Archer received a growth equity investment from LLR Partners.

  • Cryptocurrency exchange Gemini acquired custody technology Shard X.

💲 M&A - Investment Management
  • Sanne, an operations outsourcing service for investors, is entering buyout talks with private equity firm Cinven at a £1.4 billion valuation.


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🌎 Fintech Around the World

Fintech Success In Latin America Opens Doors For US Venture Funds

Why I am betting on LATAM’s Fintech Boom

Why Europe’s banks want to end US dominance in payments

Bangladesh is the new Asian Tiger

People's Republic of FinTech - FinTech sector in China

Bahrain – The Rising FinTech Hub in the Middle East

Is Dubai-based Baraka the Middle East's answer to Robinhood?

📚 Deeper Reads

Rise’s Climate Fintech Report

FT Partners’ June Update

Forbes’ 50 Most Innovative Fintech Companies

What’s driving the rise of the £16bn embedded finance sector?

FinTech 3.0 Re-Architecting Financial Market Infrastructure & DeFi

Reviving the relevance of the credit card business

Marqeta IPO puts spotlight on fintech fees

Venture capital fund plays role of credit union-fintech matchmaker

The Key to Improving Challenger Bank Metrics

Better Financial is building a challenger bank to help customers with financial shocks

How Three Brothers Took A Basement Brainstorm (Truebill) To A $500M+ Valuation

Seal slaps a kayaker in the face with an octopus

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