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Weekly Funding Highlights – 31 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!

Eldridge, A16z Lead $620M Financing Round for Fintech Cross River Bank
Cross River Bank (Fort Lee, NJ, US), a financial technology company offering embedded financial products, including fiat on- and off-ramps for crypto companies, has closed a $620 million funding round at an undisclosed valuation.The capital raise was led by Eldridge and Andreessen Horowitz (a16z), with participation from funds advised by T. Rowe Price (TROW), Whale Rock and Hanaco Ventures. The new funding will be used to boost Cross River’s growth strategy, including expanding the company’s lead in embedded payments, lending and crypto solutions; investing in its people and communities; international expansion; and strategic partnerships. Read more.

Capital markets fintech Capitolis raises $110m Series D funding
Capitolis  (NYC, US), a capital markets fintech has raised $110 million in a Series D funding round, valuing the company at $1.6 billion. Former US counsellor to the secretary of the treasury Jeffrey Goldstein, who sits on the board of directors of BNY Mellon, and former UK chancellor George Osborne have joined the company’s board of directors. Canapi Ventures partner Dan Beldy has also joined the board. Capitolis co-founder and executive chairman Tom Glocer says the addition of Osborne, Goldstein and Beldy will help guide Capitolis as it scales its technology and presence in global markets. Read more.

Fintech Company Finally Raises $95 Million In Series A
Finally (NYC, US) – a fintech startup whose mission is to help small businesses automate their accounting and finance functions – recently announced a $95 million Series A, including both equity and debt. This funding 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 of GeoCities), Scott Weller (founder of SessionM). And the company will deploy the funds to grow the team and launch a corporate charge card for small businesses. Read more.

Swiss fintech start-up Yokoy raises $80m in Series B funding round
Yokoy (Zürich, Switzerland), an expense management platform has landed an $80 million Series B funding round. The round was led by Sequoia Capital and saw participation from new investors Speedinvest, Visionaries Club and Zinal Growth as well as existing investors Balderton Capital, Six FinTech Ventures, Left Lane Capital and Swisscom Ventures. Yokoy CEO and co-founder Philippe Sahli says: “After having set up our European hub in Amsterdam just a month ago, we are aiming to expand further into Europe and beyond in the course of this year. Read more.

India’s fintech startup Pine Labs raises $50m ahead of US IPO 
Pine Labs (Noida, India) , an e-payment and financial services platform  raised $50 million in funding, giving it a $5 billion valuation, as it eyes going public in the US soon. This comes as an extension to a series of funding rounds by the fintech startup that amount to over $1 billion to date, Business Insider India reported citing Crunchbase. Read more.

Egyptian FinTech app Khazna raises $38m to fuel growth
Khazna (Cairo,Egypt), a FinTech app has raised $38 million in equity and debt that will help it expand its reach to Egypt’s unbanked and underbanked population. The Series A equity funding round was led by US-based Quona Capital, followed by UAE-based Global Ventures’ Nclude, the new $85m FinTech fund financed by Egypt’s three largest banks, the company said. Read more.

Meet Moonfare, the German fintech which raised $35 million to lower entry barrier for private investors 
Moonfare  (Berlin, Germany), a fintech company has raised a $35 million funding from London-based private equity firm Vitruvian Partners, which has earlier invested in Just Eat , FarfetchTransferwise and Trustpilot. The funding will come in handy as the startup is gearing up to fuel its global expansion. The company entered the U.S. market this January after it raised a massive $125 million funding in November last year. Read more.

Egyptian credit fintech Lucky raises $25m Series A
Lucky  (Egypt), a fintech, has raised $25 million in a Series A funding round, the country’s largest fintech Series A to date. The round was co-led by fintech-focused venture capital fund Nclude and Egyptian banks Banque Misr, National Bank of Egypt and Banque du Caire. The Series A also saw participation from PayU, Endeavor Catalyst, Venture Souq, OTF, Arzan Capital, Disruptech and Lorax Capital Partners. Founded in 2018, Lucky claims to have the largest merchant network in Egypt. Its app offers credit products, discounts, offers, cashback rewards and buy now, pay later (BNPL) to more than 8 million users. Read more.

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