This Week in Fintech (7/10)

Hello Fintech Friends,

We previously hosted two sets of fintech geographic deep-dives online in November ‘20 and March ‘21. Would people want to join another round? Let me know!

Our prior deep-dives:

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

  • Pine Labs, an Indian creator of a payments terminal, raised $600 million at a $3 billion valuation.

  • Bunq, a Dutch neobank, raised a €193 million Series A.

  • Clearco, a Canadian revenue-based financing platform for online companies, raised $215 million (just weeks after its last $100 million round at a $2 billion valuation).

  • Younited Credit, a French automated credit decisioning and document management platform, raised $170 million.

  • Pleo, a European spend management and CFO tool for European businesses, raised a $150 million Series C.

  • LoanPro, a loan management and servicing software provider, raised a $100 million growth round.

  • Unit21, a no-code anti-fraud platform for financial services, raised a $34 million Series B.

  • Entera, a startup that provides data to residential real-estate investors, raised $32 million.

  • Juni, a neobank for e-commerce and online marketing companies, raised a $21.5 million Series A.

  • Willa, a fintech platform for freelancers and the creative economy, raised an $18 million Series A.

  • Moneyhub, a UK open banking platform, raised $18 million.

  • Mintable, an NFT marketplace, raised $13 million from strategic investor Ripple.

  • Canopy, a technology provider for accounting firms, raised $11 million in funding.

  • Toqio, a white-label open banking startup, raised a $9.4 million seed.

  • AREX Markets, a Spanish and UK-based embedded lending and accounting provider, raised an €8.8 million Series A.

  • Lidya, a Nigerian small business lender that recently expanded to Europe, raised an $8.3 million pre-Series B.

  • Zerion, a decentralized finance investing platform, raised an $8.2 million Series A.

  • Smile Identity, a pan-African KYC and identity solution for financial services providers, raised a $7 million Series A. 

  • British in-store payment service provider PayPoint made a £6.6m strategic investment in delivery company Snappy Group.

  • XCLAIM, a bankruptcy claim financing company, raised a $6.6 million seed.

  • Coast, a payments platform for trucking fleets, raised a $6 million seed round.

  • Glint, a UK gold-based payments system, raised over £3 million in crowdfunding.

  • Z1, a Brazilian neobank for teenagers, raised $2.5 million.

  • DigiKhata, a Pakistani small business accounting software, raised a $2 million seed.

  • StepEx, a UK student income-share agreement platform, raised a £1.1 million pre-seed.

  • Yalla Xash, a Moroccan money transfer platform, raised $675,000 to expand internationally.

  • UK neobank Revolut is reportedly raising between £750 million and £1 billion.

  • Perennial fintech banking partner Cross River Bank is raising $200 million at a $2.5 billion valuation.

☯️ Exits

💻 IPOs
  • UK cross-border payments company Wise, formerly known as Transferwise, completed the largest direct listing in UK history, ending the day up 10% at an $11 billion enterprise valuation, well above $6-7 billion market expectations.

  • Stripe, the US online payments monolith, hired a law firm to help it prepare for an IPO that will likely value it over its last private valuation of $95 billion.

  • Blend Labs, the digital banking transformation provider, set terms for its upcoming IPO at a valuation of nearly $4 billion.

  • Paytm, the Indian online payments monolith, plans to file for IPO (which is called a Draft Red Herring Prospectus in India) this month at an expected Rs16,600 crore ($2.23 billion) valuation.

  • Kakao Pay, South Korea’s e-commerce payment provider, plans to raise around $1.4 billion in its upcoming IPO in August.

  • Preston Hollow Community Capital, a lender for socially-conscious local community projects, filed for IPO.

  • Bridge Investment Group, a real estate investment manager, filed for a $300 million IPO.

📈 SPACs
  • Circle, a payments and treasury software solution for firms looking to compliantly manage cryptocurrencies, will go public through a combination with the Concord Acquisition SPAC at a $4.5 billion valuation.

  • Armada Acquisition, a fintech-focused SPAC, filed for a $150 million IPO.

🤝 M&A - Fintech
  • In an interesting deal, Malaysian airline AirAsia will buy the Thailand-based assets of Indonesian financial superapp Gojek for around $1 billion.

  • Google acquired Japanese cashless payments provider Pring for between $180 million and $270 million.

  • Private equity firm Sun Capital acquired digital mortgage software LoanLogics for between $50 and $100 million.

  • Sovos, a tax software provider, acquired Portugal-based accounting and invoicing companies PetaPilot and Saphety.

  • Swedish buy-now-pay-later startup Klarna is potentially sizing up its Australian rival Zip (a publicly-traded firm) for acquisition, having acquired 4% of the A$160 million lender.

  • Indian payment gateway PayU is reportedly considering an acquisition of business payments provider BillDesk for between $3 and $4 billion.

🏦 M&A - Bank
  • Japanese bank Sumitomo Mitsui will buy a controlling stake (74.9%) in Indian lender Fullerton India Credit Co. for $2 billion.

  • CaixaBank, Spain’s largest bank, will sell two businesses from its recently acquired rival Bankia to Global Payments for €277 million.

💲 M&A - Investment Management
  • US investor services firm American Stock Transfer & Trust Company will sell to private equity firm Siris Capital for $630 million.

  • Private equity firm Genstar Capital will acquire a majority stake in investment advisor Foreside Financial Group.


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🌎 Fintech Around the World

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Everything you need to know about fintech financing in Africa

A pretty phenomenal H1 in Africa

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The Latin American Startup Opportunity

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Fintech 50 2021: The Newcomers

London fintechs enjoy record VC investment in H1

The ‘Great Reshuffling’ Is Shifting Wealth to the Exurbs

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