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Weekly Funding Highlights – 28 July 2021

For this funding news, we dive further into the fintech landscape and retrieve the latest transactions. Find out who the latest names are to receive fundings from cryptocurrency, APIs, payments, cyber insurance, accounting softwares, insurtech, investment platform, payment network, AI tools, financial expertise, loan services and collection operations.

FTX closes $900 million (€761.5m) funding round at an $18 billion (€15.2b) valuation (TheBlock)

FTX (Cambria, WI, US), a crypto exchange company, has officially closed its Series B funding round, drawing in $900 million (€761,5m) from an array of investors. The $900 million fundraise gives FTX a postdeal valuation of $18 billion, according to the firm. It represents the biggest crypto investment round to date, dwarfing Circle’s $440 million deal from earlier this year—which was previously the largest crypto VC deal. Read more.

Solarisbank raises $224M (€190m) at a $1.65B (€1.4b) valuation to acquire Contis, expand API-based embedded banking tech in Europe (TechCrunch)

Solarisbank (Berlin, Germany), a BaaS platform, has raised €190 million ($224 million) in a Series D that values the company at €1.4 billion ($1.65 billion). Solaris bank also announced the acquisition of one of its competitors in the space, Contis. Read more.

Fintech startup Nium becomes unicorn after $200-million (€169m) funding (The Economic Times)

Nium (Singapore, Singapore), a business payments company, has become a unicorn after raising more than $200 million (€169m) in a funding round led by Riverwood Capital. The fintech startup said the fresh funding will be used to expand its network infrastructure, drive product development and purchase new technologies and companies. The capital will also be used for speeding up Nium’s growth in the United States and Latin America, the company said. Read more.

At-Bay Closes $185M (€157m)Series D Funding; Valued at $1.35 Billion (€1.14b) (Finsmes)

At-Bay (San Francisco, CA, US), a cyber insurance startup, raised $185M in Series D Funding valued at $1.35 Billion (€1.14b). The company intends to use the funds to: continue investing in innovation, launch new products, expand into new markets, and grow its team and capabilities. Read more.

Zilch Raises Additional $110M (€93m) in Funding (Finsmes)

Zilch (London, UK), a buy now, pay later lender, raised a further $110M of debt and equity funding as part of an extended Series B round. The new funding – which brings the total raised to more than $200M – came from Goldman Sachs Asset Management and DMG Ventures (the venture capital arm of the Daily Mail and General Trust plc) and others. The company intends to use the funds to accelerate plans to launch in the US and continue to grow in the UK. Read more.

FloQast Raises $110M (€93m) in Series D Funding (Finsmes)

FloQast (Los Angeles, CA, US), provider of workflow automation software for accountants, raised $110M (€93m) in Series D funding at a valuation of $1.2 billion (€1.016b). The company intends to use the funds to expand its development efforts, expand its roster of global partners and customers, and continue to scale the team to support its growth. Read more.

Ethos Raises $100M (€85m) in Funding (Finsmes)

Ethos (San Francisco, CA, US), a life insurtech company, raised an additional $100 in funding. SoftBank Vision Fund 2 made the investment which brought the valuation of the company to $2.7 billion (€2.3b) and total funds raised to $400m (€339m). The company intends to use the funds to expand its business reach. Read more.

Titan Raises $58M (€49m) in Series B Funding (Finsmes)

Titan (New York, US), provider of a mobile-first investment platform, raised $58M (€49m) in Series B funding. The company intends to use the funds to build out its underlying platform and suite of investment products, alongside scaling core functional teams. Read more

Paystand Raises $50M (€42.3m) in Series C Funding (Finsmes)

Paystand (Scotts Valley, CA, US), a blockchain-enabled payment network for business, raised $50m (€42.3m) in Series C funding.  The company intends to use the funds to expand operations and development efforts. Read more

Tailor Brands Raises $50M (€42.3m) in Series C Funding (Finsmes)

Tailor Brands (New York, US), a shop platform enabling freelancers and small businesses to launch and operate using AI tools, raised $50m (€42.3m) in Series C funding. The company, which has raised a total of $70 million (€59m) since its founding in 2015, intends to use the funds to accelerate its ability to serve small businesses with a broader set of capabilities offered on its platform by increasing investment in R&D and expanding marketing efforts. Read more

Veda Raises $45M (€38m) in Series B Funding (Finsmes)

Veda (Madison, WI, US), an artificial intelligence (AI) and machine learning platform to save healthcare and administrative costs by enhancing the processing speed and accuracy of information, raised $45m (€38m) in Series B funding. The company intends to use the funds to scale rapidly to address imminent regulatory requirements of the No Surprises Act, as well as to expand product innovation, customer success, and go- to-market efforts. Read more

Paystone Raises $30M (€25.4m) in Funding from Crédit Mutuel Equity (Finsmes)

Paystone (London, UK & Ontario, Canada), a payments and integrated software company, raised $30m (€25.4m) in funding. The investment was made by Crédit Mutuel Equity, the private equity arm of Crédit Mutuel Alliance Fédérale. The company intends to use the funds to further grow its electronic payments and customer engagement technology platform. Read more.

Paro Raises $25M (€21m)  in Series B Funding (Finsmes)

Paro (Chicago, IL, US), a startup on-demand financial expertise company, raised $25m (€21m) in Series B funding. The company intends to use the funds to accelerate growth domestically and internationally, as well as invest in its AI–powered professional services marketplace. Read more

Dwolla Raises $21M (€17.8m) in Funding (Finsmes)

Dwolla (Des Moines, IA, US), a modern payments platform provider, raised $21m in funding. The company intends to use the funds to conduct growth initiatives with international payments, expansive partner relationships through a partner API and further accelerate its product roadmap focused on a real-time payments experience. Read more

Sila Raises $13M (€11m) in Series A Funding (Finsmes)

Sila (Portland, OR, US.), an API platform that provides payment infrastructure as a service while ensuring regulatory compliance, raised $13M (€11m) in Series A funding. The new funding will be used to continue to scale the team, target additional partners, and expand product features. Read more.

Prodigal Raises $12M (€10m)  in Series A Funding (Finsmes)

Prodigal (Mountain View, CAUS), an intelligence layer for loan servicing and collection operations, raised $12M (€10m) in Series A funding. The company intends to use the funds to expand its suite of products and the team. Dozens of customers, including Fundbox and Sequium, currently use the platform. Read more

Artis Raises $7M (€5.9m)  in Series A Funding (Finsmes)

Artis Technologies (Atlanta, GA, US), a fintech startup, closed a $7m (€5.9m) Series A funding. The round was led by Saluda Grade Ventures with participation from CMFG Ventures, Fintech Venture Fund, the Independent Community Bankers of America (ICBA), and previous investors. The company intends to use the funds to grow operations, diversify funding sources, and improve client support. Read more


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