Funding News
Weekly Funding Highlights - 25 August 2021

Weekly Funding Highlights – 25 August 2021

Stay up to date with the latest fintech funding! Dive into the latest deals of this week from multiple sectors including: trading, fintech, cost saving, payments, credit, cybersecurity, cloud data and lending solutions. Have a good read!

DriveWealth Raises $450M (€383m) in Series D; Valued At $2.85 Billion (€2.42b)

DriveWealth Holdings (Chatam, NJ, US), a fractional trading and embedded finance company, raised $450m (€383m) in Series D funding, at a valuation of $2.85 billion (€2.42b). The company intends to use the funds for continued product and service expansion, talent acquisition, and technology innovation, as well as to launch self-clearing and accelerate execution via strategic acquisitions and partnerships. Read more

African fintech OPay valued at $2B (€1,7b) in SoftBank Vision Fund 2-led $400M (€340m) funding

OPay (Lagos, Nigeria), a fintech company raised $400 million (€340m) in new financing led by SoftBank Vision Fund 2. OPay’s fundraise is the largest of the lot in terms of size and value, making it the second African fintech unicorn. Read more.  

Corporate spend management startup Ramp snags $300M (€255m)

Ramp (New York, NY, US), a startup offering a corporate card focused on cost savings, announced that it closed a $300 million (€255m) series C funding. Money will be put toward product development, growing Ramp’s product and engineering teams, and investing in sales and marketing efforts. Read more

Zepz, Formerly WorldRemit, Raises $292M (€248.5m) in Series E Financing 

Zepz (London, UK), a digital cross-border payments platform, raised $292m (€248.5m) in Series E funding. The company intends to use the funds to continue to invest in its technology, platform and customer proposition, grow in its existing markets as well as expanding into new markets. Read more

Brazilian fintech Cora raises $116M (€98.7m) Series B as Tiger Global, Tencent sign on as investors alongside Greenoaks

Cora (São Paulo, SP, Brazil), a digital lender to small-and-medium-sized businesses, has raised $116 million (€98.7m) in a Series B round. Last year, Cora got its license approved from the Central Bank of Brazil, making it a 403 bank. The fintech then launched its product in October 2020 and today offers a checking account combined with a software layer that aims to help SMBs manage their finances. Read more

Upgrade Closes $105M (€89.3m) Series E at $3.325 Billion (€2.83b) Valuation 

Upgrade (San Francisco, CA, US), a fintech company that offers credit to mainstream consumers, closed a $105m (€89.3m) Series E funding round at a $3.325 billion (€2.83b) pre-money valuation. The company intends to use the funds to expand its business reach and design new products. Read more

Fintech startup Khatabook’s valuation tops $600m (€510.6m) after raising $100m (€85m)

Khatabook (Bengaluru, Karnataka, India), a leading fintech start-up, has closed a $100 million (€85m) Series C funding round. The company has successfully built such a network by empowering this seismic shift among SME businesses to move from paper to digital. Read more

MobileCoin Raises $66M in Series B Funding

MobileCoin (San Francisco, CA, US), a digital payments ecosystem, closed a $66m Series B funding. The company intends to use the funds to further develop its products, including MOBot, a cryptocurrency chatbot payment system, rollout its initial stablecoin, whose value will stay constant with the US dollar, continue to support its Signal deployment, as well as make it easier for additional mobile messaging and communications applications to add cryptocurrency payments between their users, as well as support further autonomous systems. Read more

Upstream Security Raises $62M (€56m) in Series C Financing 

Upstream Security (Herzliya, Israel), a provider of an automotive cybersecurity and data analytics platform, closed a $62m (€56m) investment as part of a Series C funding round. The company intends to use the funds to reinforce its leadership in the connected vehicle cybersecurity market, expand its offering to current and future customers in the areas of data analytics, insurance telematics, predictive analytics, and business intelligence, and continue to invest in identifying, attracting, recruiting, and maintaining talent. Read more

Preset Raises $35.9M (€30.5m) in Series B Funding

Preset (San Mateo, CA, US), a provider of a cloud data exploration and visualization platform, raised $35.9m (€30.5m) in Series B funding. The company intends to use the funds to continue to grow its team and invest in the technology, including enhancing Superset and building its cloud service. Read more

Jaris Raises $31M (€26.3m) in Series B Funding

Jaris (Burlingame, CA, US), a provider of an embedded lending solution for payment-enabled software companies, raised $31M (€26.3m) in Series B funding. The company intends to use the funds to hire across all disciplines, including engineering, finance and operations, expand its product offerings to enable partners to get to market faster, and provide capital to the broadest range of their small business customers. Read more

XREX Raises $17M (€14.4m) in Funding 

XREX (Taipei, Taiwan), a crypto-fiat fintech company driving financial inclusion via blockchain, raised $17m (€14.4m) in Pre-A funding round. The company will use the funding to expand its fiat currency portfolio, acquire additional licenses, and forge partnerships with more financial institutions and digital wallets. Read more

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