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Weekly Funding Highlights – 10 March 2021

For this funding piece, we dive further into the fintech landscape and recall the latest company names to be on top of. Explore digital challenger banks, investments, crypto, digital payments, online trading, student loan repayment platform, insurtechs, AI, credit card collection, and much more! Enjoy the selection! 

Starling raises $376m (€315,34m) and is now valued at $1.9bn

Starling (London, UK), a digital challenger bank, announced that it has closed $376 million (€315,34m), at a pre-money valuation of £1.1 billion. This means that the round, a Series D, values the company at $1.9bn post-money. Starling said it plans to use the funding to expand its lending operations in the U.K., expand into other parts of Europe and make some strategic acquisitions. Read more

Nydig Raises $200M (€167,74m) in Further Funding 

Nydig (New York, US), a provider of technology and investment solutions for Bitcoin, raised $200m (€167,74m) in growth funding. The round was led by Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments. The company intends to use the funds to expand its business reach. Read more

TaxBit Raises $100M (€83,87m) in Series A Funding

TaxBit (Salt Lake City, UT, US), a provider of cryptocurrency tax and accounting automation software, raised $100M (€83,87m) in Series A funding. The round was led by Paradigm and Tiger Global with participation from PayPal Ventures, Coinbase Ventures, and others. The company is also developing a Big Four & SEC grade accounting ERP solution that will publicly launch later this year, along with plans for international expansion in 2021. Read more

WeLab raises $75M (€62,99m) led by insurance giant Allianz

WeLab (Hong Kong, China), a fintech company offering virtual banking and consumer financing solutions, raised $75M (€62,99m) led by insurance firm Allianz. The Series C1, which involved other investors, followed WeLab’s $156 million Series C round in late 2019. WeLab plans to roll out its forthcoming wealth management products first in Hong Kong and later into other parts of the GBA. Read more

Xendit Raises $64,6M (€54,18m) in Series B Funding

Xendit (Jakarta, Indonesia), a digital payments infrastructure for Southeast Asia, raised $64,6m (€54,18m) in Series B funding, led by Accel with participation from YCombinator. The company intends to use the funds to scale its digital payments infrastructure across Southeast Asia. Read more

Nextmarkets raises $30 million (€25,16m) in Series B

Nextmarkets (Köln, Germany), a commission-free online broker, received $30 million (€25,16m) in a Series B financing round, led by existing investors Alan Howard and Christian Angermayer. The additional capital is intended to further accelerate the European expansion of the FinTech company. Read more

Rewire raises $20 million (€16,77m)

Rewire (Tel Aviv, Israel), a cross-border online banking fintech, announced a sweet $20 million (€16,77m) in series B funding, led by OurCrowd, and included new key investors Renegade Partners, Glilot Capital Partners, and Jerry Yang, former Yahoo! CEO and director at Alibaba, through AME Cloud Ventures. Rewire plans to develop the platform with bill payments and insurance products. Read more

Adumo has secured $15 million (€12,58m) in funding 

Adumo (Bryanston, Gauteng, South Africa), an independent payments processor, has secured $15 million (€12,58m) in funding from IFC to further its expansion of digital payment services for African SMEs. The funding will enable the fintech to offer its services as a much-needed lifeline to SMEs in Africa with a movement to digital payments. Read more

Countingup raises £9.1 million (€10,63m) in series A investment

Countingup (London, UK), a fintech startup which offers a business current account with built-in accounting software solution, has just closed a £9.1 million (€10,63m) series A round, led by Framework Venture Partners and joined by Gresham House Ventures and Sage. Read more

FutureFuel.io Raises $10M (€8,39m) in Series A1 Funding

FutureFuel.io (San Francisco, CA, US), a student loan repayment platform, raised $10m (€8,39m) in Series A1 funding. The round, which brought total Series A funding to $21.6M, was led by UBS, with participation from new investor Aflac Ventures, and existing investors Fiserv, and Salesforce Ventures and previous investors Rethink Impact, Vulcan Capital, Breton, SixThirty, and the Impact Engine. The company intends to use the funds to accelerate product adoption across employers, recordkeepers, and financial services partners. Read more

Hepster raises $10M (€8,39m) Series A led by Element Ventures

Hepster (Rostock, Germany), an insurtech platform from Germany, has raised $10 million (€8,39m) in a Series A funding round led by Element Ventures. Also participating was Seventure Partners, MBMV and GPS Ventures, as well as previous investors. The funds will be used to broaden the Hepster insurance ecosystem and scale up its network, with an emphasis on automation. Read more

Symbo Platform Raises $9,4M (€7,88m) in Series A Funding

Symbo Platform Holdings (Singapore, Singapore), an insurtech platform, closed a $9.4m (€7,88m) funding round, led by CreditEase Fintech Investment Fund and Think Investments, with participation from existing investors Integra Partners, Insignia Ventures and AJ Capital. The company intends to use the funds to continue investing in its core technology and leadership team with recruitment across technology and product functions. Read more

Countingup has closed £9.1 million (€7,64m) in Series A investment

Countingup (London, UK), a fintech offering a business current account with built-in accounting features, has closed £9.1 million (€7,64m) in Series A investment, led by Framework Venture Partners, with participation from Gresham House Ventures, Sage and existing investors. Read more

ING Ventures is investing an additional $3 million (€2,52m) into Flowcast 

Flowcast (San Francisco, CA, US), a fintech startup that applies AI to the credit and collection process for non-performing loans, received an additional $3 million (€2,52m) from ING Ventures. The new funding comes following the completion of a pilot programme involving corporate clients in Singapore. Read more

Unslashed Raises $2M (€1,68m) in Funding

Unslashed Finance (London, UK), a company that provides insurance products for crypto assets, raised $2M (€1,68m) in funding. Backers included Lemniscap, P2P Capital, Bitscale Capital, Chainlayer, and several angels. The company intends to use the funds to continue to expand operations and its business reach. Read more

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