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Weekly Funding Highlights – 2 November 2022

New week – new closed funding rounds! This week’s funding highlights cover personal finance, software, crypto, BNPL, and many more! Take a look at some major investments of this week.

UK fintech Wise grabs £300M in syndicate debt facility from Silicon Valley Bank (TFN)
London-based fintech unicorn Wise has bagged £300 million capital in the form of a syndicated debt facility from Silicon Valley Bank (SVB) UK. Based in California, it is one of the most innovative companies and investors in the UK and Europe. The syndicated facility, which was led by Silicon Valley Bank UK’s Corporate Finance team with a hold level of £100 million, also saw participation from six other banks but the specifics remain unknown. Previously, Wise raised £160 million of refinancing on their existing line of credit through a syndicated facility led by Silicon Valley Bank’s UK and EMEA Corporate Finance team in 2021. Read more

Canada’s TouchBistro bags $110m in growth funding (Fintech Futures)
TouchBistro, a Canadian software firm offering a tablet-based point of sale (POS) system and payments solution for restaurants, has bagged CAD 150 million ($110 million) in growth funding from Francisco Partners. Founded in 2011 with its HQ in Toronto, TouchBistro’s platform allows restaurants to manage reservations, online ordering, payment processing, menus, inventory, accounting and staff scheduling. In the last two years, it has also added automated marketing and customer relationship management (CRM) functions. Read more

NatWest invests £50m into fintech Vodeno Group (UKTN)
NatWest has made a €58m (£50.4m) equity investment into Vodeno Group, the owner of Polish fintech Vodeno TechCo and Belgium-based Aion Bank to launch in the UK. Vodeno TechCo provides embedded finance solutions such as payments, deposits, point-of-sale credit and seller cash advances. The new UK arm will be 82% majority owned by the British bank, with the rest of the minority interest kept by Vodeno TechCo. NatWest also will further take a 9.9% minority interest that could increase to 18% if certain criteria are met by Vodeno Group, which entirely owns Vodeno TechCo and Aion Bank. Read more

Ethical lender Plend raises £40m (Fintextra)
Plend, a UK “ethical lender” that is ditching the traditional credit system and is instead using open banking data for lending decisions, has raised £40 million in seed funding. Active Partners, Velocity Juice, Sivo, and the founders from Monzo, Starling Bank and Oodle Car Finance joined the round alongside existing investors Ascension, Tomahawk VC, DD Venture Capital and Haatch. Plend says that the credit system is outdated and backward, discriminating against applicants based on historic and limited data and not lending based on what they can actually afford. Read more

Amsterdam-based WeTravel bags €27M to expand its travel-specific fintech suite  (Silicon Canals)
San-Francisco and Amsterdam-headquartered WeTravel, a booking and payments platform for multi-day and group travel companies, announced on Tuesday that it has secured $27M (approximately €27M) in a Series B round of funding led by Left Lane Capital.  Existing investors Base10 Partners, Swift Ventures, and several high-profile angel investors also participated in the round. The Series B round brings WeTravel’s total capital raised to $34M (approximately €34M). Read more

Form3 secures EUR23 million funding (Form3)
Form3, the leading cloud-native payment technology provider, today announces it has secured a EUR23 million venture debt facility to continue its rapid global expansion and follows its $160 million Series C funding led by Goldman Sachs last year. The venture debt funding provided by Atempo Growth, – which counts among its LPs the European Investment Bank, Santander, and the British Business Bank – will enable Form3 to explore acquisitions, launch into new markets and support new product growth. Michael Mueller, Form3’s CEO, commented: “The current environment is presenting us with new opportunities, both in terms of new markets and potential acquisitions. The Atempo facility will enable us to accelerate our growth and continue to offer market-leading cloud payments solutions to the world’s largest banks.” Read more

Former Tinkoff execs raise $16 mln for fintech start-up (The Reuters)
Three former executives at Russian online bank Tinkoff have raised $16 million to launch a fintech start-up focused on Southeast Asia and initially targeting the Philippines, they said in a statement on Monday. The trio leading the venture all left Tinkoff in the second quarter, soon after Russia’s invasion of Ukraine triggered Western sanctions against Russia and after an announcement that Tinkoff’s London-listed owner TCS Group Holding (TCSq.L) was planning to expand in Asia. Read more

French insurtech Evy snaps €6.5M, plans UK launch in 2023 (TFN)
Evy, a French pioneer in next-generation product protection, has snapped €6.5 million in funding. The investment came from Sequoia (which backed WATI and Statsig), La Famiglia VC, and Global Founders Capital to revolutionise support for merchants on the European market. The round also saw participation from renowned angel investors, including Adrien Nussenbaum (Mirakl), Michael Benabou (Veepee), Raphaël Vullierme (Luko), and Xavier Niel. Motier VC, the family office from the family owners of the Galeries Lafayette Group, is also betting on the insurance provider. Read more

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