Funding News

Weekly Funding Highlights – 25 November 2020

In case you’re curious about the latest transactions, funding rounds and investments from fintech, you’ve come to the right place! We bring you news from InsurTech, WealthTech, mobile banking apps, cybersecurity solutions, payments platforms, loans, and more! Enjoy the materials and happy reading!

On InsurTech…

Hippo Secures $350M (€294.12m) in Funding (FinSMEs)

Hippo Enterprises (Palo Alto, CA, US), an insurtech group focused on home insurance, raised $350m (€294.12m) in funding. Investors included Mitsui Sumitomo Insurance Company, Limited. Through this partnership, Takashi Sato, a managing partner of MS&AD Ventures, the corporate venture capital fund of MS&AD Insurance Group Holdings, will join Hippo’s board of directors as an observer. With the recently raised investment, the company will expand its products on additional US markets, as well as providing additional capital for its insurance and reinsurance companies. Read more

And WealthTech…

WealthTech platform Addepar nets $177m(€148.74m) in its new funding round (Fintech Global)

Addepar (Mountain View, CA, US), a WealthTech platform, has closed its Series E funding round on $177m (€148.74m), led by WestCap Group, with support also coming from 8VC and Sway Ventures. The equity line brings the company’s total funding to $325m. As next steps, Addepar is looking to expand its data aggregation, analysis and reporting services. Read more

Mobile banking app Current raises $131M (€110.08m) Series C, tops 2 million members (TechCrunch)

Current (NY, US), a challenger bank, announced that it has raised $131 million (€110.08m) in Series C funding, led by Tiger Global Management. The additional financing brings Current to over $180 million in total funding to date, and gives the company a valuation of $750 million. The round also brought in new investors Sapphire Ventures and Avenir and existing investors Foundation Capital, Wellington Management Company and QED. With the new raised sum, Current plans to improve the company’s mobile banking offerings. Read more

Cybersecurity solutions see an increase in demand…

Forter Raises $125M (€105.04m) in Series E Funding (FinSMEs)

Forter (NY, US), an e-commerce fraud prevention company, raised $125m (€105.04m) in Series E funding, led by Bessemer Venture Partners, Felix Capital and Itai Tsiddon, with participation from Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners and Commerce Ventures. With a valuation of over $1.3 billion, Forter plans to use the funds to expand its suite of solutions and global data network. Read more

InsurTech platform HOVER scores $60m (€50.42m) in its Series D (Fintech Global)

HOVER (San Francisco, CA, US), an end-to-end platform for improvement and property insurance professionals, has raised $60m (€50.42m) in Series D funding round, led by State Farm Ventures and Nationwide. Other investors included Standard Industries, Menlo Ventures, GV, Alsop Louie Partners and Guidewire Software. With the new capital injection, HOVER will further enhance the company’s 3D data platform and expand its e-commerce efforts. Read more

Payments, Banking & Mobile Apps…

YC-backed Cashfree raises $35.3M (€29.68M) for its payments platform Manish Singh (TechCrunch)

Cashfree (Bengaluru, India), a payments and banking technology company, has raised $35.3 million (€29.68M) in a new financing round. The startup’s Series B was led by Apis Partners, with participation from existing investors Y Combinator and Smilegate Investments. The new round brings the startup’s to-date raise to $42 million. With the new raised sum, Cashfree plans on building cross-border payments solutions to explore opportunities in emerging markets. Read more

Chipper Cash picks up $30m (€25.21m) in raise backed by Jeff Bezos (Fintech Global)

Chipper Cash (San Francisco, CA, US), an African cross-border fintech startup, has now added another $30m (€25.21m) in a raise backed by Jeff Bezos’ private VC fund Bezos Expeditions. The funding was led by Ribbit Capital, the investor that has previously backed FinTech success stories like Robinhood and Razorpay. Read more

Other funding rounds which caught our eye…

Dorsey’s Square invests €15M in Italian mobile payment startup Satispay (Nasdaq)

Square, a mobile payments firm of Twitter co-founder Jack Dorsey, has invested €15 million in the start-up Satispay (Milan, Italy). Read more

Property insurance underwriting platform Flyreel soars to $10m (€8.4m) Series A close (Fintech Global)

Flyreel (Denver, Colorado, US), an AI-assisted underwriting solution for commercial and residential properties, has closed its Series A round at $10m (€8.4m). Read more

Facio Raises $5M (€4.2m) Seed Supporting Brazilian Payroll Loan Platform (Crunchbase)

Facio (São Paulo, Brazil), a digital platform that facilitates the process of contracting loans for the working class, raised $5 million (€4.2m) in a seed round, led by Monashees and ONEVC. Read more

Sweden-Based Fintech Juni Secures €2 Million Through Latest Seed Round (Crowdfund Insider)

Juni (Sweden), a pre-launch startup that’s building a banking app and platform for e-commerce, announced that it has secured €2 million through its Seed funding round, which was led by Cherry.  Read more

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