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Weekly Funding Highlights – 16 February 2022

Many more deals and transactions from fintech this week! This week’s prominent fundings are shared by multiple sectors, including fintech, payments, NFT, credit cards, banking and more. Enjoy reading!

GoCardless enters unicorn club with $312 million funding and $2.1 billion valuation 
London-based fintech in direct bank payment solutions, GoCardless has secured a Series G funding round of $312 million. This makes the startup the latest European and UK tech unicorn at a valuation of $2.1 billion. The round was led by Permira, which brings significant experience in backing best-in-class payments and financial software businesses, including KlarnaClearwater Analytics and Carta. New investor BlackRock Private Equity Partners also joined the round. Read more.

African fintech Flutterwave triples valuation to over $3B after $250M Series D
Flutterwave (Africa), a fintech has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in just twelve months. In March 2021, the San Francisco-headquartered and Lagos-based startup raised $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion. The latest financing, which confirms a Bloomberg scoop from October, brings Flutterwave’s total raise since its inception six years ago to $475 million (it raised a $35 million Series B in 2020 and a $20 million Series A in 2018). Read more.

Genesis Raises $200M in Series C Funding 
Genesis (NYC, US), an application development platform purpose-built for financial markets organizations, raised $200m in funding. The round was led by Tiger Global Management, with participation from Accel, GV (formerly Google Ventures), Illuminate Financial, Insight Partners, Salesforce Ventures and Tribeca Early Stage Partners. The company intends to use the funds to expand the Genesis platform, developer community and uts “buy-to-build” model. Read more.

Funding Societies fintech raises $144m in a series C plus $150m in debt lines 
Funding Societies (Singapore), a small and medium enterprise lender announced it has raised $144 million in a series C+ equity round by Softbank Vision Fund. The Southeast Asian fintech has also received $150 million in debt lines from institutional investors. Part of the funding will be distributed to former and existing employees through stock share buybacks. Funding Societies payout online loans ranging from $500 to $1.5 million, and it has lent more than $2 billion in business funding since its launch in 2015. Read more.

5ire Secures $100M in Funding 
5ire (New Delhi, India), a blockchain network, raised $100m in funding as it seeks to file for an IPO. Backers included GEM Global Yield LLC SCS (GGY), a Luxembourg-based private alternative investment group that manages a diverse set of investment vehicles focused on emerging markets worldwide. Prior to this capital infusion, 5ire’s valuation stood at $110m upon receiving a funding of $21m in its seed round from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among other investors. Read more.

NightDragon Leads $100M+ New Growth Round in ThriveDX alongside Prytek to accelerate the largest cybersecurity and digital education platform
ThriveDX (Coral Gables, Florida), formerly HackerU, the fastest growing cybersecurity and digital skills workforce development training platform, announced today a significant new investment of $75 million from NightDragon and its affiliates. A dedicated cybersecurity and privacy investment firm, NightDragon joins early strategic partner Prytek (who invested $110 million to date) as the co-lead investor in ThriveDX’s current funding round. NightDragon’s substantial commitment will support ThriveDX’s continued hyper growth as it accelerates its mission to grow the technology talent pool to fill the 2.7 million open cybersecurity positions and close the broader digital skills gap. Read more.

Payments infra startup M2P Fintech valued at over $600 million in $56 million funding
M2P Fintech (Bengaluru, INDIA), a payments infrastructure startup that has established market dominance in India, has raised $56 million in a new financing round, less than three months after closing its previous funding, as it works to deepen its footprints in several international geographies. Insight Partners, the New York-based private equity and venture capital firm, led the Chennai-headquartered startup’s Series C financing round. MUFG Innovation Partners, part of the giant Japanese bank, and existing investors Tiger Global and Better Capital also participated in the ongoing round. Read more.

InsurTech Firm Vitesse Closes on $26M in Series B Funding
Vitesse (London, United Kingdom), a FinTech, secured $26 million in Series B funding, the company announced. This latest round will enable the global payment, liquidity and treasury management platform to connect with the growing digitization of the insurance sector across Europe and in the United States, the company said. Proceeds will also be used to invest in new products and customer service as it attempts to reach its mission of becoming the payment partner of choice for the insurance industry. Read more.

Egyptian FinTech Thndr raises $20m in Mena expansion push 
Thndr (Egypt), a digital investment platform raised $20 million in an early stage funding round that it will use to boost its product development and expand across the Middle East and North Africa region. The latest funding round for the Cairo-based start-up was co-led by Dubai’s Beco Capital, New York-based Tiger Global Management and The Netherlands’ Prosus Ventures. Base Capital, firstminute and existing investors Endure Capital, 4DX Ventures, Raba Partnerships and Jimco also participated in the funding, the company said. Read more.

Amsterdam-based Insify raises €15M to simplify insurance process for European entrepreneurs and SMEs
Insify (Amsterdam, Netherlands), a digital insurance platform designed for Europe’s entrepreneurs and SMEs, announced that it has raised €15M in a Series A round of funding led by global venture firm Accel.  Other investors, including Visionaries Club, Frontline Ventures, Fly Ventures, and angel investors from European fintech companies, also participated.  Read more.

Estonian fintech Tuum raises €15m to bring banking up to speed
Tuum (Tallinn, Estonian), a fintech startup announced a €15m Series A funding round today as it looks to strengthen its European presence, while also investing in product innovation and preparing for expansion beyond Europe. The Tallinn-based company is among those trying to develop a more modular approach to overhauling the banking and financial services industry. It was founded in 2019 by a group of Estonian financial IT professionals, with decades’ worth of combined experience in digitising and transforming large Nordic banks. Read more.

 

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