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Weekly Funding Highlights – 4 November 2020

Following last week’s investment deals and main highlights, such as Ant Group and Lufax preparing for their IPOs, we further presented you with an overview of transactions in terms of cloud & API brokerage, retail investors, indexing databases, SaaS, mobile banking, and gig economy payrolling. For this edition of funding news, we focused on crypto asset management & infrastructure, investments and social impact, banking challengers, AI, anti-counterfeiting tech, fintech-as-a-service. Enjoy the materials!

Conductor: BaaS platform

Conductor (Barueri, Brazil), a card issuer and banking-as-a-service platform, has raised $150 million (€128.04m) in a funding round led by Viking Global Investors. With the new raised funding, Conductor plans to accelerate their product investment and tackle new markets, in Brazil and across Latin America. Read more

Jiko Group: Decentralized full-stack bank

Jiko Group (Oakland, CA, US), a fintech company that automatically invests money in liquid US government-backed securities, announced that it has raised $40 million (€34.14m) in a Series A round of funding, led by Upfront Ventures and Wafra. As next steps, Jiko Group plans on launching a fluid mobile app that will be available to the general public. Read more

Tomo Networks: Mortgages

Tomo Networks (Stamford, CT, US), a digital mortgage and transaction startup, raised $40m (€33.67m) in seed funding, led by Ribbit Capital, NFX and Zigg Capital with participation from Alex Sacerdote, Kurt Mobley & Eli Weinberg, Spencer Rascoff, and Ted Ackerley. With the new acquired funding, Tomo Networks plans to expand its services and business reach. Read more

Marshmallow: InsurTech

Marshmallow (London, UK), an insurtech company, has raised a $30 million (€25.25m) round of funding from Outrun Ventures and other investors that remain undisclosed. With a current valuation of $310 million, Marshmallow started out as a car insurance provider and is now tackling the legacy insurance giants, with new offerings in terms of determining risk. With the new raised sum, the company plans on further expanding internationally and developing new insurance products. Read more 

Clarity AI: Investments & Social Impact

Clarity AI (New York, US), a fintech startup focused on developing technology that analyses the social impact of companies and investments, has raised $15M (€12.8M) in a new round of funding, led by Deutsche Borse AG and co-investor Mundi Ventures. With the new raised sum, Clarity AI aims at further expanding its investments in proprietary technology and AI, and further enhancing its financial services offerings. Read more

Funding U: Private student loans

Funding U (Atlanta, GA, US), a private student loan company, closed a $14m (€11.79m) debt and equity funding. $4m (€3.37m) in equity was made available by investors Deciens Capital, Valor Ventures, MacKenzie Scott, Next Act Fund LLC and The JumpFund. The rest of the sum was provided by Goldman Sachs Urban Investment Group. With the new raised funding, Funding U will be able to scale up its operations and enhance their current services. Read more

Wise: Banking challenger

Wise (San Mateo, CA, US), a business banking challenger, has raised a $12 million (€10.24m) Series A round, led by, with participation from Grishin Robotics. With the new raised sum, Wise plans on further expanding onto the Canadian market, tackling the healthcare and telemedicine startups markets, improving current services for customers and investing in partnerships. Read more

Transcend: Business Optimization

Transcend (New York, US), a provider of business optimization solutions for financial firms, closed a $10m (€8.54m) Series A financing, led by Nyca Partners. The company intends to use the funds to scale product and sales infrastructure. Read more

Goodcover: Insurance

Goodcover (San Francisco, CA, US), an insurance agency which returns unclaimed premiums to policyholders at the end of the year, has closed a $7.5 million (€6.31m) Series A funding round, led by Goodwater Capital, with participation from Fuel Capital, Broadhaven Ventures, Global Founders Capital, Liquid 2 and TransRe. As main plans, Goodcover aims at expanding its workforce to continue providing customers with best offerings. Read more

Keyrock: Crypto asset infrastructure

Keyrock (Brussels, Belgium), a developer of crypto asset financial infrastructure, has raised €4.3 million in funding, led by SIX Fintech Ventures and MiddleGame Ventures, with participation from Volta Ventures, Seeder Fund and TNN Patrimony. With the new received sum, Keyrock further plans on accelerating its efforts to build efficient markets for digital assets. Read more

Authentic Vision: Anti-counterfeiting tech

Authentic Vision (Salzburg, Austria), an anti-counterfeiting and authentication technology provider, has closed a $5 million (€4.27m) Series B, with the purpose of further expanding to Europe and the US. The investors participating for this round are: Custos Privatstiftung, Dolby Family Ventures, Gronova Vision, TAKKT and some business angels. Read more

Statrys: SMEs

Statrys (Wan Chai, Hong Kong), a fintech company aimed at providing services for SMEs, has raised $5 million (€4.27m) in a funding round from an angel investor. With the new received sum, Statrys will be able to further develop the company’s products and services, and expand into new markets in Southeast Asia including Singapore, Thailand, and Indonesia. The company also plans to launch its own Statrys Debit Payment MasterCard in Hong Kong. Read more Crypto asset management (Tallinn, Estonia), a crypto-asset management platform, raised $3M (€2.56m) in Series A financing, led by Alameda Research. With the new funding, the company is looking to enhance its current roadmap in order to include new innovations and products with a focus on DeFi, and also add new asset classes to its portfolio, while focusing on expansion to different markets. Read more

Arcus: Fintech-as-a-Service

Arcus (New York, US), a FaaS (Fintech-as-a-Service) company, announced an investment from Citi Ventures for an undisclosed amount. The company’s total amount raised is $17.9 million (€15.28m). The funding will enable Arcus to expand its biller network and facilitate consumer payments in the region. Read more

Other fundings we found interesting for this week: GetYourGuide, an online operator for booking tours, attractions, and activities worldwide  – $133M (€111.96m), Pulumi, a cloud engineering startup – $37.5M (€31.57m), Donut, a platform that aims to better connect employees in the workplace – $12M (€10.10m). Read more

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