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Weekly Funding Highlights – 10 November 2021

Many more deals and transactions from fintech this week! This week’s prominent fundings are shared by multiple sectors, including payments, fintech, security, anti money laundering, mobile wallets and more. Enjoy reading!

Digital Currency Group Achieves $10B Valuation in $700M Secondary Sale
Digital Currency Group (DCG), the crypto investment company whose holdings include asset manager Grayscale, crypto lender Genesis and independent news outlet CoinDesk, sold $700 million of stock in a private sale led by a pair of SoftBank funds. The sale valued the firm at $10 billion and was led by SoftBank funds Vision Fund 2 and Latin America Fund. GIC Capital, Ribbit Capital and CapitalG, the private equity arm of Google’s holding company, Alphabet, also participated, the Wall Street Journal reported. Read more.

Alibaba fund joins $150m round of Hong Kong fintech firm
Qupital (Hong Kong), a fintech firm has raised US$150 million through a combination of series B equity funding and a receivables-backed securitization facility. The round was led by Greater Bay Area Homeland Development Fund (GBA Homeland), with participation from the Innovation and Technology Venture Fund, MindWorks Capital, Silverhorn, and the Alibaba Entrepreneurs Fund. Read more.

Fidelity, Visa and Kingsway back South African fintech JUMO in $120M round
JUMO (London, UK), a company that offers financial services to entrepreneurs and businesses in emerging markets, has raised $120 million in a new round of funding led by Fidelity Management & Research Company. The company is now valued at $400 million, according to The Times. Read more.

H2O.ai Closes $100M Series E Funding Round
H2O.ai (Mountain View, CA, US), an AI Cloud company, closed $100m Series E funding round. The round was led by Australia’s largest bank, customer Commonwealth Bank of Australia (CBA), with participation from Pivot Investment Partners and prior investors Goldman Sachs Asset Management and Crane Venture Partners and existing investors such as Wells Fargo, New York Life and NVIDIA. Read more.

AscendEX Raises $50M in Series B Funding
AscendEX (Singapore), a cryptocurrency financial platform provider, raised $50M in Series B funding. The round was led by Polychain Capital and Hack VC, with participation from Jump Capital, Alameda Research, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research and Palm Drive Capital. Read more.

Matter Labs scores $50M from a16z to bring zero-knowledge rollup scaling to Ethereum
Matter Labs (Berlin, Germany), is one of a handful of blockchain startups building out a sophisticated rollup product has just closed a $50 million Series B investment led by a16z Crypto just months after closing a Series A led by Union Square Ventures. Read more.

Fyllo Raises $40M in Series C Funding
Fyllo (Chicago, IL, US), a provider of compliance-first SaaS solutions for highly regulated industries, raised $40M in Series C funding. The round was led by Eminence Capital with participation from Longview Capital Advisors, ArrowMark Partners, JW Asset Management, K2 Asset Management, Arcadian Capital Management, Phyto Partners, and Salveo Capital. Concurrent with this raise, Kristopher Koka, Portfolio Manager, Eminence Capital will be joining the Company’s Board of Directors. Read more.

Viceversa Closes €23M Seed and Debt Funding Round
Viceversa (Milan, Italy), a Revenue Based Financing company, raised €23m in seed and debt funding. The combined financing round of equity and debt saw the participation of investors such as Fasanara Capital, Fabrick (Group Sella Bank) and business angels from the financial and digital sectors like Roberto Ferrari, Enrico Giacomelli and Enrico Pandian among others, who are joining Digital Magics as early investors. Read more.

GeoWealth Raises $19M in Series B Funding
GeoWealth (Chicago, IL, US), a modern asset management program (TAMP) built for advisors, raised a $19m in Series B funding. The round was led by Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors, with a follow‐on investment from J.P. Morgan Asset Management, a strategic investor in GeoWealth since 2018. Read more.

International Cricket NFTs to Hit Flow Blockchain Following $17M Seed Round
Tiger Global led a $17.4 million seed round for Faze Technologies, the company announced this week. Faze’s cricket marketplace will mimic Top Shot’s use of present-day and historical moments in the sport, the company said in a press release. It also plans to build a “play-to-earn universe” involving the “battling of NFTs.” Read more.

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