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Weekly Funding Highlights – 8 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!

Juni secures US$206mn funding for its e-commerce platform
Juni, the Swedish e-commerce banking fintech, has raised a total of US$206mn in new financing. It includes US$100mn in Series B funding led by Abu Dhabi-based Mubadala Capital. Existing investors such as EQT Ventures, Felix Capital and Cherry Ventures also took part in the latest round. Read more.

GIC Leads CRED’s $140 Mn Series F Funding Round, Valuation Surges To $6.4 Bn
CRED (Bengaluru, India), a Fintech unicorn has raised $140 Mn as part of its Series F funding round led by Singapore-based sovereign wealth fund GIC. The round also saw participation from existing investors such as Sofina, Tiger Global, FalconEdge, and Dragoneer. According to a company spokesperson, the startup was valued at $6.4 Bn in the funding round. Read more. 

German wealthtech Trade Republic bags €250m in Series C extension
Trade Republic (Berlin, Germany), which claims to be Europe’s largest savings platform, has announced a €250 million Series C extension. The round is led by Ontario Teachers’, one of the world’s largest pension funds and institutional investors, along with the participation of existing investors. The extension is based on a post-money valuation uplift to €5 billion from €4.4 billion. Trade Republic says it is “on a mission to set millions of Europeans up for wealth creation with secure, easy and commission-free access to capital markets”. Read more.

Backbase raises its first funding, $128M at a $2.6B valuation, for tools that help banks with engagement 
Backbase  (Amsterdam, The Netherlands), a startup that provides a platform that banks and others can use to better structure and leverage the data that they have, and to then use that to build more personalization and other new features into those banks’ customer-facing services — has raised €120 million ($128 million at today’s rates), money that it will be using to continue investing in its technology, as well as expanding its teams into more geographies. The funds — coming from a single investor, Motive Partners — values Backbase at €2.5 billion ($2.6 billion). Read more. 

Indonesian crypto investment platform Pintu lands $113m Series B funding 
Pintu (Jakarta, Indonesia)-based cryptocurrency trading platform has raised $113 million in a Series B funding round. Investors in the round include Intudo Ventures, Lightspeed, Northstar Group and Pantera Capital. With the new infusion of capital, the start-up says it plans to launch new features and products as it looks to continue its growth. The firm also plans to invest in the Pintu Academy educational programme to help investors improve their knowledge of crypto, better understand the risks of investing in crypto assets and carry out healthy and sustainable trading and investment practices. Read more.

MSME fintech lending firm FlexiLoans.com raises $90 mn in latest funding
FlexiLoans.com (Mumbai, India), a MSME-focused fintech lending firm has raised around $90 million in series B funding from marquee investors like Denmark-based PE MAJ Invest, UK-based fintech investor Fasanara Capital and family offices of Dr Harry Banga and Yogesh Mahansaria along with existing shareholders like Sanjay Nayar. Asia Link Advisors and Axis Capital acted as advisors for the fund raise. This is Fasanara Capital’s first SME investment in India and MAJ Invest’s third investment this year. Fasanara Capital and MAJ Invest have been investing in several fintechs and non-bank financial companies (NBFCs) globally. Read more.

Fintech startup Kissht raises $80M, launches millennial-focused offering 
Kissht (Mumbai, India), a payments and lending fintech startup on Wednesday announced a Series E funding round of $80 million. The round was led by Vertex Growth and Brunei Investment Agency. Existing investors Vertex Ventures SEA and India, and Endiya Partners also participated. According to the sources aware of the development, the company’s valuation is said to be around $480 million to $500 million. Read more.

Bud, an open banking fintech used by HSBC, raises £64m 
Bud (London, England), an open banking fintech startup used by the likes of HSBC and Credit Karma, has banked $80m (£63.8m) in a Series B funding round. Bud said it will use the capital to continue developing its platform, which uses artificial intelligence (AI) to let financial organisations offer customised products and automate lending decisions. Read more.

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