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Weekly Funding Highlights – 4 May 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!

Thiel-backed fintech Neo turns unicorn with US$185M funding
Peter Thiel’s Valar Ventures Management is leading a US$185 million funding round for Canada’s Neo Financial Technologies Inc., propelling it to a valuation of more than US$1 billion as it plans expansion into mortgages. It’s the third time New York-based Valar has led a fundraising for Neo, which offers a no-fee Mastercard, bank accounts and investments primarily through a mobile app. The company says it has gathered more than 1 million customers since it launched in 2019. Read more.

California fintech Point secures $115m Series C to accelerate growth 
California-based home equity financing platform Point has landed $115 million in Series C funding as it looks to invest in new products and technology to accelerate its growth. The round was led by WestCap and saw participation from existing investors Andreessen Horowitz, Ribbit Capital, Redwood Trust, Atalaya Capital Management and DAG Ventures. New investors include Deer Park Road Management, The Palisades Group and Alpaca VC. Point enables homeowners to unlock equity from their homes while giving institutional investors a cut of the $25 trillion US residential home equity market. Read more.

LatAm SME financial services platform Xepelin raises $111m Series B
LatAm SME financial services platform Xepelin has raised $111 million in a Series B financing round, the largest such round in the history of Chile, Xepelin says. The round, led by Avenir and Kaszek, saw participation from PayPal Ventures, Wellington, DST Global, Battery Ventures, MSA Novo, Endeavor Catalyst, FJ Labs, Picus, Amarena, Gunderson, Carlos García Otatti, Cathay-Seaya Latam and Gilgamesh, among others. The Chilean fintech acts a “digital CFO”, providing small and medium-sized enterprises (SMEs) with real-time financial information, integrating financial services with data models to reduce the time companies spend on day-to-day financial tasks, including getting paid. Read more.

Concerto Raises $21M in Funding 
Concerto, an Austin, Texas-based company created to power credit card partnerships that enhance the user and product experience for consumers and businesses, raised $21m in funding. Matrix Partners led the round, with PayPal Ventures and GoldenTree Asset Management also participating. Additionally, GoldenTree has formed a joint venture with Concerto that will fund a minimum of $2 billion in credit card receivables. The company intends to use the funds to expand operations and the adoption of its platform. Read more.

Kintent Raises $18M in Series A Funding 
Kintent, a Boston, MA-based creator of the Trust Cloud® platform that helps companies implement revenue-generating compliance to earn customer trust and accelerate sales, closed a Series-A capital raise of $18m. The round was led by OpenView, with follow-on participation by Tola Capital. The company will use the funding to hire sales and product staff to support its customer base and surplus lead flow. Read more.

Allocate Raises $15.3M in Series A Funding
Allocate, a San Francisco, CA-based digital investment platform that provides investors a streamlined way to access top-tier venture funds and co-investments, raised $15.3M in Series A funding. The round was led by M13 with participation from Bedrock, SignalFire, and Intera Capital, and returning investors Tusk Venture Partners, Urban Innovation Fund, Fika Ventures, Anthemis, Basis Set Ventures, and Broadhaven Ventures. Read more.

MotionsCloud Raises US$ 2M in funding 
MotionsCloud, a German insurtech startup, raised US$ 2m in funding. The round was co-lead by SOSV and Net Insurance, followed by AI Startup Incubator, ParticleX, Artesian, Excon Services, and Global Insurance Accelerator. The company intends to use the funds to pursue further expansion efforts. Led by LeX Tan, CEO, MotionsCloud provides a solution which uses AR and AI technologies to assess and expedite home and auto insurance claims. The company empowers insurance companies with an automated property & vehicle inspection, making the process faster and more efficient. The startup already cooperates with European, US, and Asian firms. Read more.

 

Interested in fintech funding? Check out this fintech weekly fundraising activity article by our member BlackFin!

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