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.
US FinTech Rippling locks in $500m funding following SVB collapse
Rippling, a California-based FinTech that helps firms manage their finances and operations, has scored $500m in Series E funding. The company went to market for fresh capital after Silicon Valley Bank – its primary banking partner – collapsed in March, according to FinTech Intel. The round was led by venture capital firm Greenoaks. Following the raise, Rippling are now valued at $11.25bn. Read more
eToro raises $250m at $3.5bn valuation after nixing SPAC
Social investing platform eToro has raised $250 million at a valuation of $3.5 billion. New investors in the round included ION Group, SoftBank Vision Fund 2, Velvet Sea Ventures, as well as a number of existing investors. The funding stems from an Advance Investment Agreement (AIA) which eToro entered into in February 2021 as part of its proposed SPAC transaction. An AIA is an agreement where investors pay in advance for shares that will be allocated at a later date. eToro secured the AIA in early 2021 as a form of insurance against the SPAC merger falling through. Read more
Walmart Invests US$200 Million in PhonePe
Indian digital payments company PhonePe announced that it has secured an additional US$200 million from Walmart, bringing its total funds raised for this tranche to US$650 million. The raise places PhonePe’s pre-money valuation at US$12 billion. PhonePe said that it expects further investments for its ongoing fundraise of up to US$1 billion in capital and that the announcements will be made in due course. The fintech made a domicile shift from Singapore to India and had to fork out INR 8000 crores (approximately US$18.35 million) in taxes for the move. Read more
Raisin nets €60m in Goldman Sachs-backed Series E
Raisin, a global savings and investment specialist, has raised €60m in a Series E funding round backed by Goldman Sachs. The funding round also saw financial support from a new investor in the form of M&G’s Catalyst. Raisin has been profitable for half a year and currently manages a total of €38bn assets under management for customers globally. In the past 6 months, AuM grew by more than 30%. Raisin is experiencing high demand from consumers looking for competitive savings rates, and banks looking for attractive retail funding sources. Read more
MONEYME raises USD 37 mln in capital and scores USD 16 mln profit
Australia-based digital lender MONEYME has launched a fully underwritten USD 37 million Conditional Equity Placement. The placement at USD 0.08 per share sees the issue of approximately 462.5 million new fully paid ordinary shares. The majority of the capital has been committed by existing and long-term shareholders. MONEYME have stated that proceeds from the Placement will be used to pay down USD 32 million of the group’s corporate debt facility, including the full repayment of the short-term SocietyOne acquisition. Additional cash of USD 3 million will be used to support balance sheet growth, with ongoing focus on higher credit quality borrowers, while the remaining USD 2 million will go towards transaction costs. Read more
Thunes bags $30m from Marshall Wace as part of Series C funding
Singapore-based cross-border payments firm Thunes has received a $30 million investment from UK-based hedge fund Marshall Wace, as disclosed in a recent filing with Singapore’s Accounting and Corporate Regulatory Authority. The funding forms part of an ongoing Series C round, with reports suggesting that Thunes may raise another $30 million as part of the round. Read more
Cloud identity security platform Britive lands $20.5m Series B
Britive, a cloud identity security platform, has secured $20.5m in a Series B funding round headed by Pelion Venture Partners. Also participating in the round were Liberty Global Ventures, One Way Ventures and Crosslink Capital. The investment comes at a time of strong momentum marked by more than 300% year-over-year revenue growth fuelled by major customer wins across financial, retail, high-tech and other industry verticals. Read more
Paytrix secures USD 18.3 mln Series A funding
UK-based fintech Paytrix has raised USD 18.3 million in Series A funding to drive product development and international expansion. Through one platform, one contract, and one API, Paytrix’ payments curation solution provides access to its payment infrastructure, reducing the inefficiency, cost, and complexity of international payments. In contrast, existing international payments solutions typically require businesses to source, negotiate, and maintain a minimum of 10 to 15 partners, contracts, and APIs. Read more
Climate tech lending startup HeavyFinance raises €3m
Climate tech investment marketplace HeavyFinance has raised €3m in its seed funding round as it looks to bolster European growth. The investment was led by Practica Capital, a Lithuanian venture capital firm. HeavyFinance has earmarked the capital for European expansion efforts. It currently serves companies in Poland, Portugal, Lithuania, Latvia and Bulgaria. As part of this growth initiative, the climate tech company plans to double its team of 33 over the course of the next 12 months. Read more
Dutch-based NPEX secures €2M for its stock exchange platform for SMEs
The Hague-based NPEX BV, a secure platform that enables companies and investors to trade securities, announced on Friday that it has raised €2M in a fresh round of funding. This round was led by existing investors, including CEO Mark van der Plas. With a share of just under 10 per cent, Icecat Capital, the financial arm of Icecat NV, has also joined this round as a new investor. Read more
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