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Weekly Funding Highlights – 15 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!

Swedish fintech start-up Juni raises $206m in funding and debt financing
Sweden-based Juni, which describes itself as “the financial companion for e-commerce”, has closed its Series B funding round, raising $100 million in funding and $106 million in venture debt financing. The $100 million Series B funding was led by Mubadala Capital. All of Juni’s existing investors – EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global – participated in the round too. The start-up also secured up to $106 million in venture debt financing from Silicon Valley-based TriplePoint Capital. This funding will be used to fuel e-commerce businesses growth through Juni’s credit card, which is made for media buying, the start-up says. Read more.

MFS Africa extends its Series C round to $200m
MFS Africa (Johannesburg, Gauteng), the continent’s largest digital payments network, bagged an extra $100 million in equity and debt funding led by Admaius Capital Partners. With the additional funding, the total Series C funding round stands at $200 million. New investors Vitruvian Partners and AXA IM Alts joined the extension, alongside existing investors AfricInvest FIVE and CommerzVentures, who re-invested. Previous other investors include LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme BV and Vlemeij BV. Read more.

PayCargo, a fintech for the freight industry, raises $130M 
PayCargo (Coral Gables, FL, US), which built a platform to bring one key aspect of it — how companies in the business of shipping products and specifically consumer goods pay each other — into the modern and digital age, is announcing $130 million in funding to expand its platform. The funding, a Series C, is coming from a single investor, Blackstone Growth, and PayCargo — based out of Coral Gables, FL — said that it will be used to expand into more geographies, to build out more products around financial and business data, and potentially also for M&A, since the area of providing services to the shipping industry is as fragmented as the shipping industry itself. Read more.

Fintech Funding: Backbase secures $128M, clears $2.7B valuation
Backbase (Amsterdam, The Netherlands), has raised $130 million in a series A round, the company announced this week. The self-styled “engagement banking” fintech provides a white-labeled platform for banks and credit unions that digitizes retail and business banking and counts $181 billion KeyBank and $153 billion Navy Federal Credit Union as banks that have “embraced” its products. Read more. 

Quext Raises $63 Million Based on $350 Million Valuation in Latest Round of Private Funding
Quext, a Texas-based technology company that offers a cutting-edge technology platform for the multifamily industry, today announced that it secured $63 million with support from a network of private investors. This fundraising round is based on a post-money valuation of $350 million and included notable technologists and innovators. The funds raised will allow Quext to further develop its smart apartment technology platform, grow IoT inventory to meet customer demands, further safeguard its intellectual property, and expand its best-in-class sales and customer success teams, amongst other initiatives. Read more.

Flip raises further US$55mn for its P2P payments platform
Indonesian fintech Flip, which offers a peer-to-peer (P2P) digital payments platform, has raised US$55mn in the second close of its Series B funding round. Indonesian fintech Flip has raised a further US$55mn in the second close of its Series B round, bringing the total amount of funding raised to over US$100mn. This latest round of investment was led by Chinese tech company Tencent alongside Block, the Jack Dorsey-led digital payments firm formerly known as Square. Flip said the second round of funding would allow it to develop its team, pursue further product and technology innovation, and accelerate expansion. Read more.

Aramco’s Wa’ed leads a $50m Series B Funding Round in Islamic Fintech Wahed
Wa’ed (Saudi Aramco), an Entrepreneurship Center,  led a $50 million Series B funding round with participation from international footballer Paul Pogba in New York-based Islamic fintech Wahed. Wahed will use the fund to drive its growth as it plans to launch an ethical neobank on its platform, allowing users to fulfill their banking and investing needs all on one super-app. Read more.

Airbank raises $20m to build “the most comprehensive global SMB banking solution” 
German business-to-business (B2B) finance management platform Airbank has announced a $20 million Series A funding round led by Molten Ventures (formerly Draper Esprit). Also joining the round are Bruce Wallace, strategic advisor at Brex; Guillaume Cabane, strategic advisor at Ramp; and Axel Wieandt, senior advisor at Jefferies; as well as existing investors New Wave, Speedinvest and Entrepreneur First (EF). Christopher Zemina, co-founder and CEO of Airbank, says the money will be used to grow the teams across its three hubs in Berlin, Barcelona and Vienna, develop the product and extend coverage to new European markets by the end of 2022. The start-up currently employs 40 people. Read more.

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