Weekly funding highlights 31 July 2020

Weekly funding highlights 31 July 2020

Weekly funding highlights 31 July 2020

Auth0 platform, a secure and universal service which ensures authentication and authorization functionality, has raised a $120 million (€101m) Series F round led by Salesforce Ventures. Existing investors Bessemer Venture Partners, Sapphire Ventures, Meritech Capital, World Innovation Lab, Trinity Ventures, Telstra Ventures and K9 Ventures also participated in this round, as well as new investor DTCP. With the new funding, Auth0 plans to further invest in innovation and market expansion. Auth0 stated it has a market valuation of $1.92 billion (€1.63bn). Read more

Mobile bank Revolut has managed to secure another $80 million (€67.9m) in series D funding from TSG Consumer Partners, a San Francisco-based private equity company. Revolut is an app-based consumer bank account that allows customers to send and receive money and use built-in budgeting tools. With the new financial support, the company wants to invest and add new features for the US market and also roll out banking operations in Europe. Read more

Thought Machine, an UK-based cloud native core banking technology firm, raised an additional $42m (€35.6m) in funding for its series B funding round, led by Eurazeo Growth, with participation from British Patient Capital and SEB.This brings the round’s total value to $125m (€106m), following $83m (€70.5m) secured in March, led by Draper Esprit and joined by Lloyds Banking Group, IQ Capital, Backed and Playfair Capital. With the new funding, Thought Machine plans on pursuing international investments, while also developing new products and features. Read more

Hong Kong-based EMQ, a start-up that develops network infrastructure to make international payments faster, raised $20 million (€16.9m) for its cross-border financial settlement tech from WI Harper Group. The funding, which also included participation from AppWorks, Abu Dhabi Capital, DG Ventures, Intudo Ventures, VS Partners, January Capital, Hard Yaka, Vectr Fintech Partners, Quest Venture Partners and SparkLabs, will be used for expanding EMQ’s international business, product development and licensing in key markets. Read more

Swiss crypto financial services provider, Bitcoin Suisse completes its first financing round of $ 48 million (€40.7m), led by Roger Studer, the former Head of Investment Banking at Vontobel. Bitcoin Suisse is planning to use this fresh capital to scale its platform, among other measures, according to Arthur Vayloyan, CEO of Bitcoin Suisse. Furthermore, the company plans to also add crypto to its portfolio, launch a financial and digital asset service and expand internationally. Read more

Robo advisor operator StashAway raised $16 million (€13.6m) in a series C funding from Square Peg, the largest venture capital fund in Australia, Burda Principal Investments, Hubert Burda Media, as well as existing investor Eight Roads Ventures and also company Fidelity. With the new raised money, StashAway plans on accelerating product development and also expanding further their wealth management for the Malayasian and Singaporian markets. Read more

Instrumental, a startup that uses vision-powered AI to detect manufacturing anomalies, announced that it has closed a $20 million (€16.9m) Series B led by Canaan Partners. Series B was participated in by other venture groups, including Series A investors Root Ventures, Eclipse Ventures and First Round Capital, which also led its seed round. Stanford StartX also took part in the new investment. Read more

Remittance companies that are building solutions based on technology are seeing a surge in business. Remitly raised $85 million (€71.9m)  in equity to double down on its growth, from investors PayU, DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures and Top Tier. Read more

Explorium, a data science platform that unlocks the potential of data science and its ability to build the more impactful models that empower better business decisions, announced a $31 million (€26.2m) Series B funding. The round was led by Zeev Ventures,  with help from Dynamic Loop, Emerge, 01 Advisors and F2 Capital. The total investment so far is $50 million (€42.3m), according to the company. Read more

True Link taps $35m (€30.4m)  for financial services tailored for elderly, disabled and recovering consumers from investors Khosla Ventures and Centana Growth Partners, an investor that specialises in financial services. With this funding, True Link hopes to develop its business and further help out vulnerable groups of people in need of financial services. Read more

ComplyAdvantage, an AI platform and database to detect and stop financial crime, gets a $50m (€42.3m) funding from investor Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a huge pension plan out of Canada (U.S. $155 billion – €1131.2bn) that is known as a prolific growth-stage tech investor. Previous backers Balderton and Index are also in the round. Read more

Data pipeline start-up Hevo raised an $8 million (€6.7m) Series A round led by Singapore-based venture capital firm Qualgro and Lachy Groom, a former executive at payments company Stripe. Hevo’s Series A will be used to increase the number of integrations available on its platform, and hire sales and marketing teams in more countries, including the United States and Singapore. Read more

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