Funding News

Weekly Funding News Highlights – 7 December 2022

New week – new closed funding rounds! This week’s funding highlights cover personal finance, AI software, data, security,  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

SME challenger bank Allica bags £100m Series C funding (Fintech Futures)
Allica Bank, a UK-based challenger providing banking services for small and medium-sized enterprises (SMEs), has secured £100 million in a Series C funding round led by TCV with participation from existing backers Warwick Capital Partners and Atalaya Capital Management. The bank previously raised £55 million in funding in June this year, which followed a £110 million Series B funding round in November 2021. Allica says the new cash will allow it to “scale rapidly and accelerate its disruptive impact in the UK SME market”. Read more

India’s KreditBee raises $80 million from Azim Premji’s Premji Invest, Motilal Oswal Alternates, among others (Tech Crunch)
The digital loans business in India has been the subject of a lot of controversy, not least for over-predatory and un-transparent practices, yet that’s existed alongside the rise of a handful of startups hoping to apply tech to build products that are clearly understood and fill a need in the market for quick, short-term access to capital. Today, one of these — KreditBee, which provides instant personal loans to users — is announcing that it has raised $80 million in a Series D funding round. The funding is notable coming at a time when raising capital has become more complicated due to the economic slowdown in markets worldwide.The startup projects to cross an assets under management (AUM) mark of more than $1 billion over the next six to nine months; currently that figure is $492 million. Read more

US fintech Teampay secures $47m in Series B funding (Fintech Futures)
All-in-one purchasing platform Teampay has raised $47 million in a Series B funding round led by existing backer Fin Venture Capital. The Series B, which featured participation from new investors including Mastercard, Proof Ventures, Trestle and Espresso Capital, brings Teampay’s total capital raised to $65 million. Founded in 2016 and based in New York City, Teampay offers software for companies to help them streamline the employee purchasing process across virtual cards, physical cards, invoices and reimbursements. Read more  

US challenger bank Greenwood secures $45m funding (Fintech Futures
US challenger Greenwood, a digital banking platform for Black and Latino individuals and businesses, has raised $45 million in its latest funding round led by Pendulum. New investors who took part in the round include Cercano Management, Cohen Circle, The George Kaiser Family Foundation, and NextEra Energy. Existing investors Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo also participated. Greenwood plans to use the fresh capital to accelerate its “vision of closing the racial wealth gap” and provide the tools and education needed to empower the country’s Black and Latino communities to build generational wealth. Read more

Buckzy raises USD$14.5 million in Series A financing (Fintech Finance News)
Buckzy Payments, Inc., a leading real-time cross-border payments company, today announced it has secured USD$14.5 million in Series A financing. Buckzy will use the funds to enter new geographies and support the expansion of its product offerings. This all-equity financing was led by Mistral Venture Partners and Uncorrelated Ventures, with participation from new investors Luge Capital and Blue 9 Capital, and existing investors Revel Partners. As part of the round, Karim Gillani, former Xoom and PayPal executive and current General Partner of Luge Capital, will become a board advisor. Read more

Carputty lands $12.3m to modernise auto financing (Fintech Global)
Carputty, a FinTech company modernising auto financing and ownership, has raised $12.3m in a Series A funding round. This raise, co-led by Fontinalis Partners and TTV Capital, brings Carputty’s total funding amount to $21.9m. Additional investors include Porsche Ventures and Grand Ventures, as well as Kickstart Fund, who led the Company’s seed round. Founded in 2020, Carputty reengineers auto financing by leveraging data based on the consumer and not directly tied to a transaction. The company’s flexible lending product, Flexline™, gives members a continuous line of credit that can be used to finance all their vehicles, including new and used automobiles, lease buyouts and refinancing of existing loans. Read more

Founded by brothers, this Swiss startup gets €4M to fight cyberattacks with AI (TFN)
Saporo, a Lausanne, Switzerland-based AI-cybersecurity startup, announced that it has secured €4M funding in a seed round led by XAnge (also invested in Valuecase) with participation from previous investors Session VC and Lightbird Ventures. The Swiss company will use the funds to grow its team, expand the product and bring it to more countries and markets across Europe. The announcement comes ten months after raising a pre-seed investment of €2.6M in January. “Security cannot remain a security expert problem only. We need to empower teams who build and make changes daily to consider the security impact of their decision and help them secure systems by design,” says Olivier Eyries, co-founder and CEO. Read more

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