Funding News

Funding Highlights – 23 March 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!

ClearBank, a UK banking rails provider, raises $230M from Apax to expand into Europe and the US 
ClearBank (London, UK), a fintech that has built a new set of cloud-based financial rails that allows banks and other customers real-time clearance on payment transactions and other financial services — has closed a big round of funding, money it will be using to take its services beyond its home market and move into newer areas such as cryptocurrency exchanges. The company has raised £175 million ($230 million at today’s conversion rates), from a single investor, the PE firm Apax Partners. Read more.

OfBusiness lending unit Oxyzo turns unicorn with record $200M Series A from Tiger Global, Alpha Wave 
Oxyzo Financial Services (Gurugram, India), a tech-enabled smart financing solution provider, has announced its $200 million Series A fundraise led by Alpha Wave and co-led by Tiger Global, Norwest Venture Partners, Matrix Partners and Creation Investments. The round values the company at $1 billion. According to an official statement, the funds will be used to expand Oxyzo’s broader digital financial services play organically and inorganically across a strong own balance sheet play, scaling the supply chain marketplace, launching innovative fixed income products for the SME space, and scaling other fee incomes business lines including debt capital markets and securities. Read more.

Fintech startup Jeeves raises $180M, quadruples valuation to $2.1B in half a year 
Jeeves (Stockholm, Sweden), a finTech infrastructure platform raised $180 million in a Series C funding round led by China’s Tencent that puts the startup’s valuation at an estimated $2.1 billion, according to a blog post on Tuesday (March 22). Additional backers in the round include GIC, Stanford University, a16z, CRV, Silicon Valley Bank, FT Partners, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels, and Spike Ventures. Read more.

Fintech start-up Stilt secures $114m in debt and equity funding 
Stilt (CA,US), a provider of loans and financial services for immigrants, has raised $114 million in a Series A funding round. The round was led by Link Ventures and saw participation from Petrushka Investments, Hillsven Capital and Gokul Rajaram, among others. Individual investors Claire Hughes Johnson (COO, Stripe), Ott Kaukver (CTO, and Rahul Vohra (CEO, Superhuman) also participated. Stilt also closed on a new $100 million debt facility, bringing its total raised to $375 million in equity and debt financing. Read more.

Fintech co Capitolis raises $110m at $1.6b valuation 
Capitolis (Israeli), a fintech company, announced it has completed a $110 million Series D financing round, at a $1.6 billion valuation. Capitolis has tripled its valuation since raising $90 million last April. The round was co-led by Canapi Ventures, 9Yards Capital, and SVB Capital, woith the participation of existing investors including a16z, Index Ventures, Sequoia Capital, S Capital, Spark Capital, Citi, and State Street. This brings to $280 million, the amount raised to date by Capitolis has raised. Read more.

Finally Raises $95M In Series A Funding 
Finally (Miami, FL, US), a fintech startup for small businesses to automate their accounting and finance functions, raised $95m in Series A, including both equity and debt funding. The round was led by PeakSpan Capital with participation from Active Capital, 500 FinTech, and GTMfund. Clear Haven Capital provided the debt facility. Other notable investors include David Bohnett (founder, GeoCities), Scott Weller(founder, SessionM). The company will deploy the funds to grow the team and launch a corporate charge card for small businesses. Read more.

SMB accounting platform Digits raises $65M led by SoftBank 
Digits (San Francisco, California), a startup building real-time accounting tools for small and medium-sized businesses, raised $65 million in Series C funding at a valuation of $565 million. Why it matters: The total addressable market is huge, which is why VC money is pouring into the spend management and corporate card sector — even when the company doesn’t yet have a revenue-generating product in market. Read more.

Glia passes $1bn valuation with latest $45m funding round 
Glia (New York, NYC, US), a provider of digital customer service solutions, has gained $45 million in Series D funding led by Insight Partners. This takes company’s valuation to over $1 billion. As well as Insight Partners, the funding round saw involvement from existing investor, Wildcat Capital Management, as well as new investors, including RingCentral Ventures. This latest round brings Glia’s total funding to date to $152 million. The company says the additional capital will be “heavily allocated” towards research and development, including in artificial intelligence (AI), analytics, messaging, voice, and video capabilities. Read more.

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