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Weekly Funding Highlights – 9 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.

Bilt Rewards Hits US$1.5B Valuation With US$150M Round Led by Left Lane Capital ( Fintechnews Switzerland)
Bilt Rewards, a rewards programme for renters, has raised US$150 million at a US$1.5 billion valuation. The round was led by Left Lane Capital, with Smash Capital, Wells Fargo, Greystar, Greystar, Camber Creek, Fifth Wall, and Prosus Ventures participating. Launched in 2021, Bilt Rewards operates a loyalty programme and a co-brand credit card, the Bilt Mastercard issued by Wells Fargo, that enables consumers to earn points on their rent payments with no transaction fees. The company says that it has processed over US$3 billion in annualised rent payments and over US$1.6 billion in annualised card spend since launching. 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. TouchBistro claims more than 16,000 restaurants in over 100 countries as clients, with a combined gross sales volume of over $14 billion. It has partnerships with the likes of the UK’s Barclaycard and Mexico’s EVO Payments to provide integrated payment solutions. Read more

App security firm Apiiro nets $100m Series B (Fintech Global)
Apiiro, a cloud-native application security provider, has landed $100m in a Series B funding round headed by General Catalyst. Also taking part in the round was Greylock and Kleiner Perkins. To date, Apiiro has raised $135m since inception. Founded in 2018, New York-based Apiiro is a cloud application security platform that empowers security and development teams with complete visibility and actionable context – so they can proactively fix risks across the software supply chain. The company’s solution covers the entire development process, to tackle security risks from design to code to cloud and improve software supply chain security. Read more

Crypto to fiat app Ramp closes Series B on $70m (Fintech Global)
Ramp, which is building the payment rails to connect crypto to the global financial system, has closed its Series B funding round on $70m. Mubadala Capital and Korelya Capital co-led the round, with commitments also coming from Balderton Capital and Cogito Capital. With the capital, the crypto to fiat company hopes to enhance its product line, add local fiat currencies and payment methods, expand into new territories and hire more staff. Ramp was co-founded by CEO Szymon Sypniewicz and CPO Przemek Kowalczyk in 2018. Its full-stack payment solution allows users to buy cryptocurrencies inside any application or website. It describes its operations to a similar service to how PayPal and Stripe offer a unified purchase experience across any e-commerce site. Read moreSmall business lender Floryn gets €65mn backing from NatWest (Fintech Magazine)

Small business lending fintech Floryn has secured €65mn in funding from British banking group NatWest. The Dutch fintech, which is based in the southern city of ‘s-Hertogenbosch, will use the capital injection to strengthen its position as a cost-effective alternative to traditional lenders. The company offers small business loans worth up to €3mn and was founded in 2016 by Sven van der Biezen, Marijn van Aerle and Gion van den Bogaert. Read more

UK lendtech start-up Plend lands £40m in seed funding (Fintech Futures
London-based ethical lendtech Plend has raised £40 million in seed funding. The investment will be used to help scale the business into 2023, focusing on the acquisition of new customers via new partnerships. The seed round saw participation from new investors Active Partners, Velocity Juice and Sivo as well as the founders of Monzo, Starling Bank and Oodle Car Finance. Existing pre-seed investors Ascension, Tomahawk VC, DD Venture Capital and Haatch also participated. Plend is seeking to broaden financial inclusion through “truly affordable” loans, leveraging open banking to create a Plend Score and help those “locked out” of traditional credit. Read more

French paytech start-up Fintecture lands €26m Series A funding (Fintech Futures
Paris-based B2B payment platform Fintecture has raised €26 million in a Series A funding round. Participating in the round were new investors Eurazeo, RTP Global, HEC Ventures and Allianz Trade, as well as existing investors Target Global, Samaipata and Societe Generale, with angel investors also taking part. The new funding brings Fintecture’s total capital raised to date to €32 million, following a €6 million round raised in May 2021. Launched in 2020, Fintecture says it helps merchants save time (people time and time to cash) and costs, as well increase sales via its payment platform. Read more

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