This Week in Fintech (6/5)

Hello Fintech Friends,

If you’re a fintech angel investor interested in more deals, drop me a note.

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

  • GBM, a 35 year-old Mexican stock market investment platform, raised $150 million in new funding.

  • Capchase, a revenue-based financing option for companies, raised a $125 million Series A. (The series designation is pretty meaningless at this point…)

  • Chipper Cash, a Nigerian payments app, raised a $100 million Series C at a $650 million post-money valuation.

  • Yieldstreet, a discovery platform for alternative investments, raised a $100 million Series C.

  • Kushki, an Ecuadorian fintech building money transfer infrastructure, raised an $86 million Series B at a $600 million valuation.

  • Bench, an accounting platform for small businesses, raised a $60 million Series C and announced the launch of Bench Banking.

  • MotoRefi, an auto lending startup, raised $45 million from investors including Goldman Sachs.

  • Truebill, a personal financial management app, raised a $45 million Series D.

  • Belvo, a financial data API for Latin America, raised a $43 million Series A.

  • Synctera, a bank-fintech partnership platform, raised a $33 million Series A.

  • Jeeves, a Latin American expense management platform, raised $31 million in equity.

  • Divido, a white-label e-commerce retail finance platform, raised a $30 million Series B, including from banks HSBC and ING.

  • Jai Kisan, a financial services provider for rural India, raised $30 million.

  • Cushon, a UK platform for pension and savings, raised a £26 million funding round.

  • Pinwheel, a payroll API for neobanks, raised $20 million.

  • PrizePool, a lottery-based savings app, raised a $10 million Series A.

  • Impossible Finance, an incubator for new finance and DeFi products, raised $7 million.

  • MoneyHash, a financial data and payment API, raised a $6 million pre-seed.

  • Sentinels, a Dutch transaction monitoring system, raised a €5.7 million seed round.

  • neon, a Switss neobank, raised ₣7 million. 

  • Tag, a Pakistani digital retail bank, raised a $5 million seed.

  • Fintoc, a Chilean open banking startup, raised a $3.1 million seed round.

  • Ikigai, a UK wealth management app for affluent millennials, raised £2 million via crowdfunding.

  • Clim8, a sustainable investment app, raised £2 million.

  • The Beans, a financial wellness platform for teachers, nurses and social workers, raised $2 million.

  • Lightyear, a European fee-free investing platform, raised a $1.5 million pre-seed.

  • re:cap, a German company that allows businesses to sell their recurring revenues, raised a $1.5 million pre-seed.

  • Linus, a high-yield cash account & crypto provider, raised a $1 million seed.

  • appsNmobile, a Ghanaian mobile payment solution, raised $1 million.

  • Dibsy, a Qatari one-click business payment tool, raised $300,000.

  • Socure, a digital identity authenticator, raised strategic funding from Capital One.

  • LoginID, a biometric identification and access startup, raised funding from Visa.

  • A$AP Rocky invested in Klarna and became CEO for the day.

💵 Debt Financing

  • Expense management platform Jeeves raised $100 million in debt.

💰 Venture Funds

  • PayPal invested $135 million into credit unions serving black and underserved communities as part of its $535 million commitment to racial equity.

  • Architect Capital raised a $100 million asset-based lending fund to give fintech startups an alternative to equity.

  • UK payments service provider Rapyd launched its own venture arm to invest in early-stage fintech startups.

  • Intersection Fintech Ventures (the investment arm of fintech recruitment firm Intersection Growth Partners) raised a fintech fund and launched.

(Source)

☯️ Exits

💻 IPOs
  • Uruguayan payments giant dLocal successfully raised $617.65 in its Nasdaq IPO at a $6 billion valuation (spiking to $9 billion in late trading).

  • Marqeta is projecting a valuation of over $12 billion in its IPO.

📈 SPACs
  • SoFi successfully combined with SPAC Social Capital Hedosophia V to list on the public markets. Its shares rose 12%, bringing it to a market cap around $2 billion.

  • Etoro and Fintech Acquisition Corp announced their registration for a SPAC merger.

🤝 M&A - Fintech
  • Payments platform Worldline signed an agreement to acquire Cardlink, Greece’s largest card network services provider.

  • New Zealand-based employment solutions provider PaySauce will acquire payroll software SmoothPay.

  • Scandinavian digital identity provider Signicat acquired Strong Customer Authentication expert Encap Security.

  • US exchange Nasdaq acquired carbon removal startup Puro.earth.

  • Digital ID software provider Mitek acquired voice and face recognition tool ID R&D.

  • Quatrro, a financial and accounting outsourcing provider, acquired non-profit Egger Accounting & Business Solutions.

  • Private equity firm Silver Lake took a strategic interest in Benelux accounting software Exact.

  • Private equity firm Millpond Equity took a stake in college financial aid platform Financial Aid Services LLC.

  • Private equity firm York Capital took a stake in financial institution service provider Cennox.


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(Source)


📚 Deeper Reads

America’s poor foot much of the bill for credit card points, miles, and cash back

Embrace Network Effects to Win in Fintech

Americans trust banks over fintechs and Big Tech with personal data

Visa And The Cryptocurrency Opportunity

New green investment apps want to fight climate change — not just limit it

How Africa could become a world leader in central bank digital currencies

Africa’s booming fintech scene has Jeff Bezos back for more

How DeFi lending can restructure older financial systems

Australia's Path to Digital Identity

Using QR Codes to Accelerate Business Growth

Watch This Hungry Herd of 20 Capybaras as They Eat a Giant Pumpkin