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Weekly Funding News Highlights – 4 January 2023

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.

South Korean tech firm behind super-app Toss raises $405m Series G funding (Fintech Futures
Viva Republica, the South Korean technology firm behind financial super-app Toss, has secured a $405 million Series G funding round valuing the company at $7 billion, TechCrunch reports. Tonic Private Equity led the Series G round along with existing investors including Korea Development Bank (KDB), Altos Ventures, Goodwater Capital, Greyhound Capital, Aspex Management, Bond Capital and Dumac. In June 2021, Viva Republica raised $410 million at a valuation of $7.4 billion – nearly three times the valuation it achieved after its previous cash injection in August 2020. Read more

Money View secures $75m Series E funding at $900m valuation (Fintech Futures
Indian fintech company Money View has raised $75 million in an ongoing Series E funding round at a valuation of $900 million. With the fresh funds, the company plans to scale its credit business, hire more members to its team and expand its product portfolio to include services such as digital bank accounts, insurance and wealth management solutions. Money View last raised $75 million in a Series D funding round in March 2022, then valued at $625 million. The company claims it now has more than 40 million app downloads, disbursed $1.2 billion in loans and manages over $800 million in assets. “Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success,” says Puneet Agarwal, CEO of Money View. Agarwal adds that with the support of Apis Partners, Money View aims to become “India’s leading online credit platform with innovative and holistic financial solutions”. Read more

Indonesian InsurTech Qoala lands $65m (Fintech Global)
Indonesian InsurTech startup Qoala has raised $65m in Series B funding for its platform that aims to make insurance accessible and easy. The round was by Eurazeo, with participation from several existing investors including Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India. In addition, BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures also joined the investment round as new investors. The company distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform. Read more

Indian fintech start-up SarvaGram bags $35m Series C funding (Fintech Futures
Fintech lending platform for rural India, SarvaGram, has secured $35 million in Series C funding from existing investors Elevar Equity and Elevation Capital, and new investors Temasek and TVS Capital Funds. Founded in 2018 with its headquarters in Mumbai, SarvaGram operates a lending and distribution platform catering to households in rural and semi-urban India. It says it aims to serve creditworthy underbanked customers that are “agro-allied and micro-enterprise engaged”. It last raised $10 million in a Series B funding round held in 2021, and the latest funding brings its total capital raised to almost $50 million. Read more

UK’s Recognise Bank secures £25m funding from PV27(Fintech Futures
London-based digital small and medium-sized enterprise (SME) lender and savings provider Recognise Bank has “conditionally” raised an additional £25 million from its largest shareholder, PV27. The fresh funding brings Recognise Bank’s total funding to date to over £95 million, and will be used to support its commercial lending and invest in the development of new products and technologies for SMEs. Launched in November 2020 with a full banking licence in hand by September 2021, Recognise Bank claims to have already supported “thousands” of small businesses with over £112 million in commercial lending and more than £117 million in business savings. Read more

Canada’s Plooto secures $20m Series B funding to fuel growth (Fintech Futures)  
Toronto-based start-up Plooto, which offers accounts payable and accounts receivable automation software for small and medium-sized businesses (SMBs), has raised $20 million (CAD 27 million) in Series B funding. The round was led by Centana Growth Partners with participation from existing backers Fintop Capital and Luge Capital. It follows a $6.3 million (CAD 8 million) Series A raise in July 2021. Founded in 2015 by Hamed Abbasi and Serguei Kloubkov, Plooto’s cloud-based payments automation tech is built to help SMBs “automate and optimise their financial operations”, allowing firms, accountants and bookkeepers to manage accounts payable, accounts receivable and reporting through a single platform. Read more

Dutch InsurTech Alicia lands €7m seed (Fintech Global)
Alicia, a Dutch provider of insurance-as-a-service for freelancers, has scored €7m in seed investment. Taking part in the round was Volta Ventures, Achmea Innovation Fund and the Randstad Innovation Fund. Founded in 2019, Alicia claims its strategy is making insurance accessible for freelancers at any time. The company identifies and solves protection gaps in the platform economy by offering personalised and pay-per-use insurance directly embedded into online platforms. Read more

Primary Portal lands £5.3m in funding (Fintech Global)
Primary Portal, a UK-based provider of a platform for deal information, has scored £5.3m in investment. The round was led by Dutch Founders and Fund also saw participation from investors such as Flow Traders. Founded in 2020, Primary Portal provides a digital platform that aggregates and digitises equity capital market deals for fund and flow traders. When clients look at the dashboard, they can see live IPOs, recently priced ABOs, rights issues and convertibles. Read more

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