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Weekly Funding Highlights – 1 December 2021

Many more deals and transactions from fintech this week! This week’s prominent fundings are shared by multiple sectors, including fintech, loans, regtech, insurtech, cloud technology, startups and more. Enjoy reading!

India’s Slice becomes unicorn with $220M (EUR 194,1m) funding from Tiger Global, Insight Partners and Advent
Slice (New York, NY, US), which was valued at under $200 million in a financing round in June this year, has raised $220 million (EUR 194,1m) that values it at over $1 billion, the startup said. Tiger Global and Insight Partners co-led the Bangalore-based startup’s Series B round. Private equity firm Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, and existing investors Gunosy, Blume Ventures, and 8i also participated in it. Read more.

De Nederlandsche Bank (DNB) approves deal valuing Amsterdam’s fintech unicorn Bunq at €1.6B
Bunq (Amsterdam, The Netherlands), a neobank announced that De Nederlansche Bank has approved its funding of €193M from a British private equity firm, Pollen Street Capital. With this, the unicorn startup is now valued at €1.6B and sets a new record for a Series A investment in a European fintech company. This fundraise marks another milestone this year for Bunq. The challenger bank passed the €1B mark in user deposits in April and reported its first ever profitable month in July, in a sector where many are still struggling despite large capital investments. Read more.

Leocare adds €110M to Europe’s record insurtech year
Leocare (Paris, France), a digital insurer has raised €110 million (around $123.9 million) as capital invested in Europe’s insurtech market reaches record levels. The Series B was led by Eight Roads with existing investors Felix CapitalVentech and Daphni taking part.  Launched in 2017, Leocare offers multiple type of insurance under a single contract, covering homes, cars, smartphones and motorcycles. Read more.

CloudTrucks Raises $115M (EUR 101.4m) in Series B Funding Round
CloudTrucks  (San Francisco, CA, US) , a trucking operations software company announced it wrapped up a Series B fundraising round that brought in $115 million (EUR 101.4m), bringing the company’s valuation to $850 million, according to a Forbes report. Tiger Global and Menlo Ventures led the latest CloudTrucks funding round, while freight forwarding platform Flexport also participated, as did previous investors Khosla Ventures, Caffeinated Capital and David Sacks’ Craft Ventures. The company will use the money to enhance its suite of product features. Read more.

Fundbox, a fintech focused on SMBs, raises $100M (EUR 88,2m) at a $1.1B valuation
Fundbox (Plano, TX, US), a company that offers loans and financial products to small businesses, announced today it has raised $100 million (EUR 88,2m) in a Series D round at a valuation of $1.1 billion. The company aims to solve SMBs’ working capital needs through its credit and payments offerings. It is particularly focused on B2B-focused small businesses. Read more.

Insurtech Slide Closes $100M (EUR 88,2m) Fundraising Round
Slide (New York, NY, UK), an insurtech company, announced it is closing its oversubscribed, $100 million (EUR 88,2m) Series A fundraising round. Slide uses data, artificial intelligence and machine learning to let homeowners create insurance policies, and the fundraising will help the firm expand its development, Slide officials said in a news release. The Slide fundraising round was led by Gries Investment Funds and Tampa Bay Ventures. Skyway Capital Markets served as placement agent. Read more.

RegTech firm Suade Labs raises Series A 
Suade Labs (London, UK), a globally recognized leader in financial and regulatory technology, has raised a Series A funding round. The fundraising was led by Glenn Hutchins, as well as other strategic investors. As Chairman of North Island, Co-founder of Silver Lake and former board member of the Federal Reserve Bank of New York, Glenn Hutchins brings a wealth of experience to the Company in the financial and regulatory technology space. Mr Hutchins will join the Company’s Board of Directors. Read more.

Singapore fintech startup eyes B2B space in $30M (EUR 26.4m) Series A round
YouTrip (Singapore, SG), multi-currency travel wallet and money changer in app, has snagged $30 million (EUR 26.4m) in its Series A funding round, which it says will be used to beef up its payment products and grow its footprint in Southeast Asia. In particular, the Singapore-based fintech startup is eyeing the business-to-business (B2B) payments market, where small and midsize businesses (SMBs) are keen to adopt digital banking services. Read more.

Wildfire reinsurance insurtech Kettle raises $25m (EUR 22m) Series A
Kettle (Hamilton, Canada), the reinsurance focused deep-learning and artificial intelligence (AI) insurtech that currently focused on California wildfire risks, has raised a $25 million (EUR 22m) Series A funding round to help it expand its business and further develop its advanced technologies. Kettle aims to become an intelligent source of risk for providers of reinsurance capital and is agnostic to the source of that capital, following an MGA model and beginning with California wildfire risk. Read more.

London-based fintech Plum pockets €21 million and plans European growth with money management app
Plum (Bangalore, Karnataka, India), the money management app founded in London in 2016, has just raised €21 million in Series A funding. This close of funding for the fintech comes after successful fundraising in October which saw notable investment from names such as dmg ventures, Ventura Capital, Global Brain, Venture Friends and 500 Startups. Read more.

Insurtech startup Vesttoo raises $15 million (EUR13.2m) Series B at $300 million valuation
Vesttoo (Tel Aviv, Israel), an insurtech startup announced on Monday that it has completed a $15 million (EUR13.2m) Series B equity investment from Mouro Capital, backed by multinational bank Banco Santander, and MS&AD Ventures, the corporate venture capital fund of Japan-based MS&AD Insurance Group Holdings, the fifth largest insurance conglomerate in the world. According to estimations, the round was conducted at a $300 million company valuation, with Vesttoo expecting to become a unicorn and cross the $1 billion valuation mark over the next year. Vesttoo recorded revenue of several million dollars in 2020, but has increased it to tens of millions in 2021. Read more.

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