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Weekly Funding Highlights – 20 April 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!

Microsoft Invests in B2B FinTech Startup Udaan’s Over $200M Debt Financing Round
udaan (Bengaluru, India), a B2B FinTech and eCommerce company announced that Microsoft has joined the company’s debt financing round, The Economic Times reported Monday (April 18). udaan is an up-and-coming Indian B2B platform that operates in a variety of industries, including electronics, home and kitchen, food and more. Microsoft’s contribution has brought the total of udaan’s debt to $225 million through convertible notes, according to the report. udaan plans to use this funding to allow investors to flip their convertible notes into equity at a later time, potentially before the company’s initial public offering (IPO) in May 2023, the report stated. Read more.

Fintech Seon, which Specializes in Fraud Prevention, Acquires $94M in Funding
Seon, a startup that’s focused on assisting Fintechs like Revolut with addressing online fraud, has secured $94 million in capital, in order to implement various tools for preventing sanctions evasion by Russia. The London-headquartered firm secured the funding via an investment round that was led by IVP, which is the Silicon Valley-based investment company that has supported Netflix and Twitter. Read more.

Treez Secures $51 million in Series C Funding, Now Valued at $260 Million, Driven by Rapid Growth
Treez (Oakland, CA, US),  the leading enterprise cloud commerce platform that powers retail and supply chain operations for the cannabis market, today announced completion of a $51 million Series C funding at a valuation in excess of $260 million. The round brings new investment from Long Ridge Equity Partners, a New York-based growth equity fund focused on high growth software and fintech companies, Kayne Partners, a Los Angeles-based growth equity group, and Synchrony Financial (NYSE: SYF), a leading consumer (B2C) financial services company. Existing investors also participated in the round. JMP Securities LLC, A Citizens Company, served as exclusive financial advisor to Treez. Read more.

School fee focused fintech platform Financepeer raises $38 Mn
Financepeer (Mumbai, Maharashtra), an education focused lending platform has raised around $38 million in a Series B round led by QED Fund. This would be the second institutional round for the Bengaluru-based firm. It had raised Series A led by Jaipur-based NBFC, MS Fincap in September 2020. Financepeer has issued 35,805 CCPS having a face value of Rs 10 per share at a premium of Rs 80,578 per share to raise Rs 288.5 crore or close to $38 million, its regulatory filings with the Registrar of Companies (RoC) show. Read more.

SafetyWing Raises $35M in Series B Funding
SafetyWing (San Francisco, CA, US), an insurtech company building a global social safety net for remote companies, workers, and nomads, closed a $35m Series B funding. The round was led by Kinnevik with participation from DG Ventures, byFounders, Mundi Ventures, and CE Fintech.  The funding will enable the business to scale its Remote Health offering across the globe and continue to improve the product. Read more.

Edu-Fintech Startup Financepeer Raises $31 Mn in Series B Funding from QED Investors & Aavishkaar Capital
Financepeer (Mumbai, Maharashtra), one of India’s leading edu-fintech startups, has raised USD 31 MN in Series B funding round led by U.S. VC QED Investors and Mumbai-based Aavishkaar Capital. With a vision to make quality education accessible to all, Financepeer plans to utilize the funds to enhance its technology platform and offerings, expand and strengthen its education-institution partnerships, and deepen its reach in rural areas to enable more students, especially the girl students, to get easy access to quality education. This round also saw participation from U.S.-based edu-tech investor Ardent Ventures, DMI Sparkle Fund, DMI, 9Unicorn, LC Nueva AIF and Maxar VC. Read more.

Ex-Funding Circle chief raises $30m for payments startup – Sky
Funding Circle co-founder Samir Desai has raised $30 million for a new fintech startup called Super Payments, according to Sky News. Accel Partners, Local Globe and Union Square Ventures are among the backers for Desai’s new outfit, which is planning to take on Visa and Mastercard, says Sky citing sources. Desai stepped down as CEO of Funding Circle late last year after a 12 year stint in charge of the firm, which was a pioneer of the P2P business lending model. Read more.

BaaS platform NovoPayment lands $19m Series A funding 
NovoPayment (Miami, US), a Banking-as-a-Service (BaaS) platform has landed a $19 million Series A funding round. The round was led by Fuel Venture Capital and IDC Ventures and will enable the fintech to scale its offering across the US and the other 14 international markets it operates in, with a particular focus on Latin America and the Caribbean. NovoPayment CEO and co-founder Anabel Perez says investors “recognise our platform’s role in closing the gap between banks’ legacy systems and their customers’ evolving needs”. Read more.

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