This Week in Fintech (6/26)

Hello Fintech Friends,

For years, competitiveness in the fintech space has prompted many to speculate that we’d eventually see a wave of consolidation and fintech M&A, as banks and large fintechs rolled up small fintechs.

The ‘wave’ still has yet to materialize, but it seems to be picking up as banks (JP Morgan, Cross River, Fifth Third) and financial technology providers (Visa, Stash) get more thoughtful about how to use their balance sheets to speed their entry into new markets. More financial services companies than ever seem to be hitting the ‘buy’ button in the build / buy / partner option-set.

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

  • Mollie, a Dutch API provider for businesses to integrate payments to their sites, raised €665 million at a €5.4 billion valuation.

  • Viva Republica, a South Korean maker of a financial superapp, raised $410 million at a post-money valuation of $7.4 billion.

  • Clearscore, a UK provider of credit score transparency, raised $200 million at a $700 million valuation.

  • Upgrade, a consumer lender and credit card provider, raised $200 million at $3 billion valuation.

  • CD Finance, a Chinese rural microfinance platform, raised $154 million in funding.

  • Konfio, a Mexican SMB credit and payments provider, raised a $125 million Series E.

  • SmartAsset, a financial advisor network, raised a $110 million Series D.

  • Lower, a home finance platform, raised a $100 million Series A.

  • Lendbuzz, an auto finance platform, raised a $60 million Series C.

  • Deserve, a white-labeled credit card program, raised a $50 million Series D.

  • Zeller, an Australian financial services provider to small businesses, raised A$50 million at a A$400 valuation.

  • Securitize, a platform that facilitates business capital markets investments via its own blockchain, raised a $48 million Series B from backers including Morgan Stanley.

  • Solfácil, a Brazilian solar energy financing platform with a credit card, raised a $30 million Series B.

  • RoadSync, an invoices and payments platform for the trucking industry, raised a $30 million Series B.

  • Atom Finance, an investment research platform, raised $28 million in funding.

  • Myos, a German platform for financing startup companies, raised a €25 million Series A.

  • Progcap, a collateral-free lender to retail locations in India, raised a $25 million Series B.

  • Tesseract, an institutional lending platform that includes white-label crypto packages, raised $25 million.

  • Kaiko, a cryptocurrency market data provider to financial institutions, raised a $24 million Series A.

  • DataRails, a provider of accounting and financial reporting solutions for SMBs, added $25 million to its Series A.

  • MAJORITY, a mobile banking solution for migrants to the US, raised a $19 million seed round.

  • Volt, a UK instant payment infrastructure company, raised a £17 million Series A.

  • Fintual, a Chilean automated passive investment platform, raised $15 million.

  • d1g1t, a Canadian wealth management platform, raised C$16 million.

  • TRM Labs, a compliance and risk management platform for financial institutions to manage crypto, raised a $14 Million Series A from PayPal Ventures.

  • Taptap Send, a no-fee cross-border payments platform for emerging markets, raised $13.4 million.

  • Accepti.inc, a mortgage lending platform, raised $12 million in equity.

  • Yield, a provider of fixed-rate DeFi lending, raised $10 million.

  • Hawk AI, an artificial intelligence platform for financial crime, raised a $10 million Series A.

  • GoTrade, a Singaporean fractional trading app, raised $7 million in seed funding.

  • EquityMultiple, a commercial real estate investment platform, raised $4.8 million.

  • Crediverso, a credit improvement platform for the Hispanic US community, raised a $3.1 million seed round.

  • Airbank, an open banking aggregation startup, raised a €2.5 million seed round.

  • Hugo, a Singaporean healthy investing app, raised $2 million.

  • MFast, a Vietnamese financial services provider for remote areas, raised a $1.5 million pre-Series A.

  • Aveni, an NLP provider for financial services customer support, raised £1.1 million.

  • Maxex, a mortgage clearinghouse, raised an undisclosed amount of funding from JP Morgan.

  • BharatPe, the massive Indian payments provider, is in talks to raise a $250 million Series E at a $2.75 billion post.

💵 Debt Financing

  • Auto financing platform Lendbuzz raised $300 million in debt.

  • Denver mortgage lending platform Accepti.inc raised $78 million in debt.

  • Dubai-based buy-now-pay-later startup tabby raised $50 million in debt financing.

💰 Venture Funds

  • Dutch bank ABN AMRO announced a €425 million fund for sustainable impact startups.

  • Visa and PayPal both invested in Blockchain Capital’s $300 million Fund V.

☯️ Exits

💻 IPOs
  • Paytm is preparing to ask shareholders for permission to sell $1.6 billion in new stock as part of India’s largest-ever IPO.

  • White-label mortgage application and underwriting platform Blend Labs filed to raise around $100 million at a $3.3 billion valuation on the NYSE.

📈 SPACs
  • Portage Ventures filed for a $200 million IPO for its Portage Fintech Acquisition SPAC.

🤝 M&A - Fintech
  • In a follow-up to the termination of its proposed acquisition of Plaid, Visa will acquire European open banking provider Tink for €1.8 billion.

  • Fintech investing platform Stash acquired financial literacy app PayGrade, following the former’s growth to 6 million users.

  • Fintech partner bank Cross River Bank acquired lending risk management tool PeerIQ.

  • Symphony, a financial communication platform, acquired voice trading software Cloud9 Technologies.

  • Fifth Third Bank announced that it will acquire Provide, a platform for healthcare practices.

  • Financial IT provider ION Group took a 9.99% stake in Italian neobank illimity.

  • International payment software solution provider TAS Group took a minority stake in wearable payments provider Flywallet.

🏦 M&A - Bank
  • Is Credit Suisse in the market for a merger?

(Source)


🌎 Fintech Around the World

Western Union cross-border money transfer through Google Pay: How it works

Digital Banking in Latin America

Emerging Challengers and Incumbent Operators Battle for Asia Pacific’s Digital Banking Opportunity

📚 Deeper Reads

Financial data unbound: The value of open data for individuals and institutions

Financial Data: The Consumer Perspective

DeFi-ing the rules of traditional finance

The World’s Financial Centers Struggle Back to the Office

Fintech lenders are critical to small businesses accessing PPP

Why Facebook Is Still Playing Catch-Up In Payments

Robinhood’s growing crypto business is delaying its IPO plans

Stripe: Thinking Like a Civilization

Inside Moov’s two-sided approach to partnerships

Introduction to the Open Banking Phenomenon

The Composability of Identity across Web2 and Web3

The payments revolution

One App To Rule Them All: Rise of the Superapps

Fintech helps small banks, credit unions break into student lending

Wirecard: a record of deception, disarray and mismanagement

World FinTech Report 2021

Disney’s Animal Kingdom Welcomes Baby Giraffe to the Savanna