Funding News

Weekly Funding Highlights – 7 July 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!

Bootstrapped Backbase brings in €120 million at €2.5 billion valuation 
Amsterdam-based “engagement banking platform” Backbase has raised €120 million in an equity funding round provided by Motive Partners at a valuation of €2.5 billion. Founded in 2013 and bootstrapping its way to over €200 million in revenue, the company plans to use the capital to further strengthen its market position. Having achieved €a00 million in ARR in 2021, Backbase has built its business on an IKEA-like focus on cost minimisation and an emphasis on agile development and delivery. And they’ve done so in Amsterdam’s increasingly competitive fintech talent market. Read more.

British insurtech firm YuLife raises $120 million led by Dai-ichi Life
YuLife (London, UK),  has raised $120 million led by Japanese insurer Dai-ichi Life, valuing the British insurtech firm at $800 million as it plans to expand into the United States and South Africa, its CEO said. The valuation is more than double the levels seen at YuLife’s previous funding round a year ago as the company, which provides group life insurance polices in Britain, has had a fivefold rise in gross written premiums in the past 12 months. Read more.

Digital banking app YAP secures US$40mn in seed funding
UAE-based digital banking app YAP has raised more than US$40mn in seed funding and is reportedly targeting US$20mn more as it prepares for expansion. The company is reportedly targeting another US$20mn in financing and has already revealed its ambitions to be present in five countries by 2023 – including Pakistan, Ghana, Egypt and Saudi Arabia. It has received investment from Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. Read more.

UnDosTres Closes US$30M Series B Funding Round
UnDosTres, a Mexican fintech company advancing airtime top-ups, service payments and entertainment purchases, closed a US$30 million Series B funding round. The round was led by IDC Ventures with participation from new investors such as Telegraph Hill Capital, AI8 Ventures and Benber and existing investors such as IGNIA and Dalus Capital. Read more.

Nigerian fintech Moove lands $20m from British International Investment
The UK government’s development finance institution, British International Investment (BII), formerly known as CDC Group, has announced a $20 million, four-year structured credit investment in Moove, a mobility fintech aiming to democratise access to vehicle ownership in Africa. British high commissioner, H.E. Catriona Laing CB, says: ““BII forms an important part of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth.” Read more.

Tesorio Raises USD17M in Series B Funding
Tesorio, a San Francisco, CA-based provider of an accounts receivable management platform, raised USD17M in Series B funding. The round was led by BAMCAP Ventures with participation from Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital, Xplorer Capital, Susan and Anne Wojcicki and Carao Ventures. New board members include Jim Sheward from BAMCAP (former CEO of Fiberlink acquired by IBM), Rob Hull (founder of Adaptive Insights acquired by Workday), and Scott Torrey who joins as Executive Chairman (former CEO of Payscale & CRO of SAP Concur). Read more.

Deshe Analytics Raises $6.5M in Seed Funding
Deshe Analytics, a Tel Aviv, Israel and Los Angeles, CA-based fintech company, raised $6.5M in Seed funding. The round was led by Group 11, with participation from Psagot Investment House, Avishai Abrahami and Nir Zohar. The company intends to use the funds to further the develop of its suite of products. Read more.

MoHash Raises $6M in Seed Funding
MoHash, a Bangalore, India-based startup providing access to global capital and liquidity to debt issued by non-bank lenders using DeFi as a tool, raised $6m in seed funding. The round was co-led by Quona Capital and Sequoia Capital, which participation from Jump Crypto, Hashed Ventures, Coinbase Ventures, Ledger Prime, and CoinSwitch along with  Balaji Srinivasan, Sandeep Nailwal and Jaynti Kanani.  The company intends to use the funds to expand operations and its business reach. Read more.

€1.5 million investment for A.I. contract cancellation service Closure
Investors Borski Fund and Rabobank together invest €1.5 million in Rotterdam based Closure. The scale-up unburdens families after a passing of a loved one by arranging the termination or take-over of subscriptions and contracts. In our modern day “subscription culture”, an individual typically has more than 30 ongoing contracts, accounts, services or personal profiles. Closure responds to the cluttered and difficult to cancel mountain of administration that remains after a passing. Besides Borski Fund and Rabobank, early investors Kees Jan Rietveld, Lex Geerdes and Wiegertje Groenveld participate as well in this second investment round. The investment will mainly support expansion of the team and roll-out to other European countries. Read more.

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