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Weekly Funding Highlights – 27 January 2021

For this week’s funding rounds, we dive into different fintech sectors. We look at SMEs, financial automation forms, payments and software, payroll infrastructure startups, WealthTech, InsurTech, ICS cybersecurity, open banking, online checkout and identity products, financial advisory companies and much more.

Happy reading!

Melio Raises $110 Million (€90.8m) at $1.3 Billion Valuation

Melio (Tel Aviv, Israel), a fintech company that gives small businesses a way to digitally manage their business-to-business payments and receivables, has raised $110 million (€90.8m) at a valuation of $1.3 billion.The funding round was led by Coatue and also included participation from previous backers Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst and Latitude. Read more

Fast announced its $102 million (€84.1m) funding

Fast (San Francisco, CA, US), a startup that provides online checkout and identity products, announced a $102 million (€84.1m) Series B funding round, led by Stripe and Addition, with participation from Index Ventures and other existing investors. Fast will use the money to double down on product expansion to reach more sellers through new use cases such as subscriptions and one-click online media purchases. Read more

Albert Raises $100 Million (€82.5m) Through Series C Funding Round

Albert ( Walnut, CA, US), a financial service that automates clients’ finances, announced it raised $100 million (€82.5m) through its Series C funding round, which was led by General Atlantic with participation from  CapitalG, Alphabet’s independent growth fund, Portag3, and QED. The company plans to use the funding to expand its team and product while furthering its mission to improve financial wellness. Read more

Paystone Raises $69M (€56.9m) in Financing

Paystone (London, UK; Ontario, Canada), a payments and integrated software company, closed a $69m (€56.9m) strategic financing. Backers included Canadian Business Growth Fund (CBGF) and National Bank of Canada. The funds will be used to accelerate growth in customer engagement services and electronic payment processing solutions. Read more

Alma raises $59.4 million (€49.03m)

Alma (Neuilly-sur-Seine, France), a fintech offering installment and deferred payment solutions for merchants and consumers, is raising a $59.4 million (€49.03m) Series B funding round. Cathay Innovation, Idinvest, Bpifrance’s Large Venture fund, Seaya Ventures and Picus Capital participated in the funding round. The startup plans to triple the size of its team and reach €1 billion in annual payment volume within two years. Read more

Check receives $35 million (€28.8m) in funding round

Check (New York, US), a payroll infrastructure startup whose mission is to make paying people simple, announced its public launch with $35 million (€28.8m) in Series B funding from Stripe and Thrive Capital. The company plans to use the funding to grow existing and new partnerships and hire about a dozen people across different departments, such as engineering, sales, marketing and others. Read more

Elinvar raises €25 million funding

Elinvar (Berlin, Germany), a WealthTech company, has raised €25 million funding to scale its offering in a round led by Toscafund Asset Management. The round also included existing shareholders Ampega Asset Management, finleap and Goldman Sachs. Read more

Remagine Raises €20M in Seed Funding

Remagine (Berlin, Germany), a finance platform for businesses, secured EUR 20m in seed funding. Backers included fintech angel investors such as former Global Head of Google Payment Jonathan Weiner and former COO of Venmo Michael Vaughn. The company intends to use the funds to accelerate its product development and expand its team. Read more

Mission Secure Closes Series B Venture Funding

Mission Secure (Charlottesville, VA, US), an ICS cybersecurity technology company, closed a Series B financing round which brings total funding to date to $22.5M (€18.5m). Backers included Ireon Ventures Ltd., Energy Innovation Capital, Blue Bear Capital Partners, Chevron Technology Ventures and the University of Virginia LVG Seed Fund. The company will use the new funding to advance the innovative technologies in its patented cyber-protection platform. Read more

CapBay bags $20m (€16.5m) in series A

CapBay (Petaling Jaya, Selangor, Malaysia), a multibank supply chain finance company and peer-to-peer (P2P) financing platform, announced that it has secured US$20 million (€16.5m) in a series A round from existing investor KK Fund, a Singapore-based VC firm. With the fresh capital, the fintech startup will further strengthen its technological and funding capabilities. Read more

Minna Technologies raises €15.5m in Series B funding round

Minna Technologies (Gothenburg, Sweden), a subscription management software provider to banks, has raised €15.5 million in its Series B funding round. The round was led by Element Ventures, with support from MiddleGame Ventures, Nineyards Equity and Visa. The company will use the funding to expand globally. Read more

Token Secures $15 Million (€12.3m) Though Series B Financing Round

Token (London, UK), an open banking payments platform, announced it raised $15 million (€12.3m) through its Series B financing round, which saw participation from SBI Investment Co. Ltd. Sony Innovation Fund By IGV, Octopus Ventures, EQT Ventures, and BNP Paribas’ venture arm Opera Tech Ventures. Read more

SafetyWing receives $8 million (€6.6m) in funding

SafetyWing (Palo Alto, CA, US), a startup that offers health insurance solutions for the growing remote workforce, has raised $8 million (€6.6m) in a Series A round led by early Spotify and Klarna investor Creandum with participation from previous investors Rocketship and byFounders. Read more

Wealthpilot raises €8 million

Wealthpilot (München, Germany), a financial advisory services company, has raised €8 million to continue developing its SaaS platform for wealth management. New investor Seventure pitched in €3.4 million, and the rest came from previous investors Bayern Kapital, MIG Fonds and business angels. Read more

Pula raises $6M (€4.9m) Series A funding round

Pula (Nairobi, Kenya), an InsurTech startup that specialises in digital and agricultural insurance to derisk millions of smallholder farmers across Africa, has closed a Series A investment of $6 million (€4.9m). The round was led by Pan-African early-stage venture capital firm, TLcom Capital, with participation from nonprofit Women’s World Banking. The new financing will scale up the company’s operations in its existing 13 markets across Africa. Read more

Joshu Scores $3.7 Million (€3.06m) Through Seed Funding Round

Joshu (Menlo Park, CA, US), an InsurTech company, raised $3.7 million (€3.06m) through its seed funding round, which was led by Blumberg Capital with participation from Engineering Capital, Correlation Ventures, Innovation Endeavors, and Sure Ventures. Read more

SpiderSilk raises $2.25M (€1.86) in a pre-Series A round

SpiderSilk (Dubai, UAE), a cybersecurity firm, has raised $2.25 million (€1.86) in a pre-Series A round, led by venture firms Global Ventures and STV. The funding will help to build out the company’s security, engineering and data science teams, as well as its marketing and sales. Read more

Nayms raises £1.5 million (€1.7m) in seed funding round

Nayms (London, UK), an InsurTech startup, has closed a £1.5 million (€1.7m) seed round led by XBTO, with Coinbase Ventures, Maven11, and the founders of Synthetix and Insurtech Gateway. The new funding enables Nayms launch larger pilot programs in preparation for a full launch later in 2021, once the business receives a full regulation license from the Bermuda Monetary Authority. Read more

Kevin. gets €1.5 million to expand throughout Europe

Kevin. (Vilnius, Lithuania), a payments fintech that provides a secure and developer-friendly payments infrastructure accessible via an API, closed a €1.5 million seed round with business angels from the finance and insurance industries. The company plans to enter 15 more European markets this year. Read more

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