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Weekly Funding Highlights – 16 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!

US fintech Acorns lands $300m investment to boost growth
Acorns  (Irvine, CA, US), a saving and investing app has raised $300 million in new funding, taking its valuation up to nearly $2 billion. The round was led by TPG with participation from BlackRock, Greycroft, and Owl Rock, among others. Thirty Five Ventures, the investment start-up founded by US basketball star Kevin Durant and Rich Kleiman, also contributed to the raise. The firm says the new funds will be used to “accelerate growth and product innovation to help millions more everyday Americans”. Read more.

Nigerian mobility fintech Moove raises $105m to expand to Asia and MENA
Moove (Lagos, Nigeria), which describes itself as “the world’s first mobility fintech”, has raised $105 million in an oversubscribed Series A2 round consisting of equity and debt. The round was led by existing investors Speedinvest, Left Lane Capital, and thelatest.ventures, with participation from new investors including AfricInvest, MUFG Innovation Partners, Latitude, and Kreos Capital. This round brings the total raised by Moove to $174.5 million. Read more.

Cowbell brings in $100m funding
Cowbell Cyber (Pleasanton, CA, US) insurtech startup  has completed a $100 million Series B funding round, led by London head-quartered fintech investors Anthemis Group. The funding round also saw participation from Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and all existing investors. Cowbell will use the financing to increase investment in data science, underwriting, risk engineering and claims management; expand go-to-market channels including digital distribution; and support Cowbell Re, the company’s reinsurance captive, launched earlier this year. Read more.

Today in FinTech: Lunar Raises $76M; Brazil Unveils FinTech Regs; Cardlay Hires CTO
Lunar (Aarhus, DK), a digital bank secured $76 million in funding to continue expanding across the Scandinavian region. The company recently launched a blockchain division and crypto platform for its Nordic customers and enabled card payment acceptance for business clients. Read more.

Indian fintech Money View lands $75m Series D funding 
Money View (Bangalore, Karnataka, India), a fintech start-up  has raised $75 million in a Series D funding round, valuing the company at $625 million. The round saw participation from Tiger Global, Winter Capital, Evolvence India and Accel, among others. Co-founded by Puneet Agarwal and Sanjay Aggarwal, Money View is an online credit platform that offers personalised credit products including personal loans, cards, personal financial management and buy now, pay later (BNPL) solutions. The Bangalore-based fintech has partnered with more than 15 financial institutions to provide credit and financial services products on its platform. Read more.

Pakistani fintech startup raises $70 million in series B financing 
Bazaar (Karachi, Pakistani), a business-to-business fintech startup has raised $70 million in a Series B funding round, the platform said on Tuesday, taking the total funding to $100 million in less than two years, said a statement. The latest funding, led by Dragoneer Investment Group and Tiger Global, makes the platform it one of best capitalized in the country’s young startup ecosystem. The platform seeks to bring online Pakistan’s $170 billion retail economy consisting of some 5 million small and medium enterprises, which remain primarily offline, a company statement said. Read more.

Encompass Corporation Raises $33M in Funding to Automate KYC for Global Banks, Expand Globally
Encompass Corporation (New York, NYC, US), the provider of intelligently automated Know Your Customer (KYC) solutions, today announced the completion of a successful capital raise of approximately $33M (£25M). Perennial Partners, a major Australian investment management company, served as the lead investor, joined by financial services focused principal investing firm Serendipity Capital, Seven Seat Capital, and FinTech investment firm Microequities Asset Management. There were also follow-on investments from several existing shareholders, including Alan McIntyre, former Global Head of Banking Services at Accenture, and Tim Frost, ex-Chairman of IHS Markit, as well as experienced technology investor Ray Scott. Read more.

EarnUp Completes $31M Series C Funding 
FinTech EarnUp (San Francisco, CA, US), which focuses on payment and data solutions for the mortgage industry, has closed an oversubscribed $31 million Series C financing round, according to a company press release Tuesday (March 15). New strategic investors LendingTree and KeyBank joined EarnUp’s fundraising round along with institutional investors Bain Capital Ventures, SignalFire, Blumberg Capital and Flourish Ventures. Per the release, EarnUp will use the money to expand its payment and data flow solutions for the mortgage industry, which aim to support borrowers, lenders and servicers. Read more.

Rutter raises $27m in Series A to become “Plaid of commerce”
Rutter (San Francisco, CA, US), a US-based start-up that’s “on a mission to enable new commerce experiences”, has raised $27 million in a Series A funding round led by Andreessen Horowitz. Also investing are Zachary Perret (CEO, Plaid), Charley Ma (GM Fintech, Alloy), Juan Santa Cruz (CRO, Modern Treasury), Bob Young (CEO, Red Hat), Ravi Parikh (CEO, Airplane), and Joshua Ma (CTO, Airplane and Benchling). They will join existing investors including Comma Capital (David Ongchoco and Adarsh Bhatt), Basis Set Ventures, Haystack, Liquid2, The Chainsmokers (Mantis Capital), and Jim Lanzone (CEO, Yahoo). Read more.

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