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Weekly Funding Highlights – 17 August 2022

New week – new closed funding rounds! This week’s funding highlights cover credit cards, blockchain, SME, and AI! Take a look at some major investments of this week.

BankiFi secures £4 million for expansion into US (Finextra
Machester-based fintech BankiFi has secured £4 million in funding to take its embedded bank-to-SME platform into new markets, with a focus on North America following the recent establishment of a US sales office. The latest funding round is led by Praetura Ventures with support from Great Manchester Combined Authority. “This latest investment means we can continue our global expansion and focus on supporting banks to make all aspects of cash management and payments easier for SMEs everywhere” says Chris Fry, BankiFi CFO.  Read more

Arc Raises $20 Million Series A Led By Left Lane To Build The Digital Bank For Software Startups (Business Wire
Arc, San francisco-based startup finance platform, today announced that it has closed a $20 million Series A financing round led by Left Lane Capital. Other investors include NFX, Y Combinator, Clocktower Technology Ventures, Torch Capital, Atalaya, Bain Capital Ventures, Soma, Alumni Ventures, and Dreamers VC, as well as the founders of Wayflyer, Plaid, Column, Chargebee, Vouch, and Jeeves. The company will use the new funding to accelerate its growth and expand the availability of its treasury and software products built to help startups access and manage capital while retaining equity. Read more

Pomelo Raises $70M in Funding (Finsmes)
Pomelo, a San Francisco, CA-based fintech startup that combines credit and international money transfer, raised $20m in venture capital and $50m in warehouse facility for a total of $70m in seed financing. Keith Rabois at Founders Fund as well as Kevin Hartz, Co-Founder of Xoom and General Partner, at A* Capital led the round with Afore Capital, Xfund, Josh Buckley, the Chainsmokers, and the Weeknd also investing in the round. The company also announced its official launch and availability to serve its first corridor, the Philippines. Read more

Truework receives USD 50 mln to redesign the credit system (The Paypers
US-based income and employment verification startup fintech Truework has raised an additional USD 50 million in a Series C funding round, reaching a total of USD 95 million so far. The latest funding round was led by G Squared, with the participation from existing investors Sequoia and Khosla Ventures, among others. Truework will use the latest investment to help customers grow their businesses by providing instant, accessible, and accurate consumer data. The company aims to change the way consumers’ personal information is shared during life events, including new jobs, or purchasing a home. Read more

SAIC Mobility Robotaxi valued at $1B after $148M Series B (Tech Crunch)
SAIC Mobility Robotaxi, an arm of state-owned Chinese automaker SAIC that aims to launch a commercial robotaxi service, raised $148 million (RMB 1 billion). The funds will be used to scale its robotaxi service in China, which it will operate in partnership with autonomous vehicle company Momenta. SAIC Group led the Series B round that also saw participation from Momenta, Gaoheng Management Consulting and other institutions. The funding brought SAIC Mobility’s total valuation to more than $1 billion, according to the company. The company’s robotaxis are powered using Momenta’s “Flywheel L4” technology, which is designed to use deep learning rather than a rules-based, machine learning approach. Read more

Upper90 closes third investment fund for FinTech sector (FinTech Global)
New York-based investment firm Upper90 has closed its third fund on $180m, as it looks to back FinTech, e-commerce and supply chain finance companies. The vehicle was backed by a strategic investor base of 300 entrepreneurs. Upper90 claims to have pioneered an investment model that combines tailored credit and equity for alignment with technology businesses that have predictable revenue or collateral. With Fund III, the company will continue its founder-friendly credit strategy, which helps businesses solve their capital needs, while maximising ownership and control. Read more

Pliops raises $100 million to make data centers run faster and more efficiently (CTEACH)
Pliops, which develops data processors for cloud and enterprise data centers, has closed a $100 million Series D funding round, Calcalist has learned. The round was led by Koch Disruptive Technologies (KDT) – with SK hynix, Lip-Bu Tan, Chairman of Walden International, and State of Mind Ventures Momentum, in addition to previous investors also participating in the round.
Pliops significantly increased its valuation in the round, but is still not a unicorn. The Series D brings total investment in the company to more than $200 million since its founding in 2017. Read more

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