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Weekly Funding Highlights – 1 June 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!

Capital markets fintech Clear Street lands $165m in Series B funding 
New York-based fintech Clear Street has secured $165 million in a Series B funding round led by Prysm Capital. Other contributors to the fundraise include NextGen Venture Partners, Walleye Capital, Belvedere, NEAR Foundation, McLaren Strategic Ventures and Validus Growth Investors, as well as a number of angel investors. The Series B is the company’s first venture capital raise since it was founded in 2018 and takes its valuation up to $1.7 billion. Read more.

Babel Finance bags $80m Series B at $2bn valuation 
Hong Kong-based Babel Finance, a wholesale crypto financial services provider, has completed an $80 million Series B round at a valuation of $2 billion. Investors in this round were Jeneration Capital and 10T Holdings, as well as existing shareholders Dragonfly Capital and BAI Capital. Other investors include Circle Ventures and family offices across the Asia-Pacific region. Established in 2018, Babel Finance provides institutional investors and ultra-high-net-worth accredited investors services and solutions in crypto asset lending and trading. Read more.

Irish B2B Payment Provider TransferMate is now a Fintech Unicorn 
TransferMate, a leading provider of B2B payments infrastructure as-a-service, announced a $70M funding round bringing the company to a valuation of $1BN and $130M of total funding. Railpen, one of the largest UK pension funds, managing £37 billion, participated in the round. TransferMate has grown its global licensing infrastructure and banking network to be one of the widest in the industry and has been chosen as the partner of choice to power B2B payments products for some of the largest software platforms, innovative banks and Fintechs in the world. This funding round which consists entirely of primary capital will be used to expand its teams globally and further invest in its technology innovation and product suite. Read more.

Indian fintech Jar eyes $50 million investment 
Jar (Bangalore, Karnataka, Indian), a fintech, which closed a $32 million financing round in February this year, is in talks to raise new funding as it looks to scale its product and expand its offerings. The Bengaluru-headquartered startup is engaging with several investors to raise about $50 million at a $350 million valuation, according to four people familiar with the matter. Asked for comment on Wednesday, Misbah Ashraf, co-founder of Jar, said it was too early to comment. Read more.

HitPay Raises US$15.75 Million in Series A Fundraise Led by Tiger Global 
HitPay (Singapore), a one-stop payments platform for small and medium-sized enterprises (SMEs), announced that it has secured a US$15.75 million Series A funding round. The fundraise was led by Tiger Global and joined by returning investors Global Founders Capital and HOF Capital. With the capital raised, HitPay said that it will continue to develop its payments infrastructure platform with unique SME-friendly features including support for local and international payment methods, best-in-class business software, and integrations with accounting and e-commerce platforms. Established in Singapore, HitPay will also further invest in expanding its team. Read more.

Fintech Startup NAKAD Raises $7 Mn To Offer Working Capital To MSMEs 
NAKAD (Delhi, India),a four-month-old fintech startup has raised $7 Mn in a seed funding round led by Accel and Matrix Partners India along with AdvantEdge Founders. The round was essentially an equity funding round. The funding round was led by Accel, Matrix Partners India, and AdvantEdge Founders. Founders of Razorpay, Zetwerk, Uni Cards, Zolve, among others, participated in the funding round. NAKAD works as an invoice discounting platform for micro, small and medium-sized enterprises. Read more.

Fintech firm Three Wheels United raises $10 million 
Three Wheels United (India), a fintech firm for electric vehicle financing on Wednesday said it has raised $10 million from UK-based logistics and distribution company Delta Corp NSE -1.15 % Holdings and other investors. The Series A funding round is a combination of equity and debt from Delta Corp Holdings with participation from existing investor Techstars as well as investors in the Middle-east, Europe and from Grip Invest, Three Wheels United (TWU) said. Read more.

Pay-Later Fintech Startup ShopSe Bags $6.1 Mn To Grow Its Lender Partnerships
ShopSe (Mumbai), a Buy now pay later(BNPL) startup has raised $6.1 Mn as a part of its Series A funding from BEENEXT, Chiratae Ventures and White Venture Capital, the VC firm is backed by Amrish Rau and Jitendra Gupta. With the fresh capital, ShopSe wants to take its service to 150,000 more retailers and grow lender partnerships. The Mumbai-based startup also wants to invest in building a quality team, further enhancing platform capabilities. Read more.

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