Funding News

Weekly Funding Highlights – 10 May 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.

AI-driven tech company Advance Intelligence Group secures $400m
Advance Intelligence Group, a Singapore-based AI-driven technology company, has successfully raised over $400m in its Series D round of financing. The funding round was led by SoftBank Vision Fund 2 and Warburg Pincus, with participation from key investors such as Northstar, Vision Plus Capital, Gaorong Capital, and Singapore-based global investor EDBI. The company has now reached a valuation of over $2bn, making it one of the largest independent technology startups in Singapore. Read more

MPOWER Financing secures $150m facility with Goldman Sachs
MPOWER Financing, a mission-driven FinTech company specializing in non-cosigned loans for promising international students, announced the closure of a $150m revolving asset-backed warehouse facility with Goldman Sachs. The new funding will help expand MPOWER’s fast-growing portfolio of student loans for international and DACA students enrolled in over 400 top colleges and universities across the United States and Canada. This comes as both countries reached record levels of enrollment for new international students in 2022. Read more

Funding and management platform 8fig nets $140m Series B
8fig, a continuous funding and management platform for ecommerce firms, has closed a Series B funding round on $140m. The round included combined equity and credit facility led by Koch Disruptive Technologies with participation from Battery Ventures, Localglobe, Hetz, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank. Read more

Petal raises $35m; spins off B2B unit
Petal, a US credit card startup that is ditching traditional credit scores in an effort to sign up young people and the underbanked, has raised $35 million in funding and spun off is B2B-focused subsidiary Prism Data. Valar Ventures led the investment, joined by Story Ventures, Core Innovation Capital, and RiverPark Ventures. Synchrony and Samsung Next have also made strategic investments. The money will be split between Petal and Prism Data. Read more

Nigerian Fintech, Nomba (Formerly Kudi), Raises $30 Million Pre-Series B Round Backed by Shopify 
The Nigerian fintech, Nomba, formerly known as Kudi, has secured a pre-Series B funding round of $30 million which will be used to provide customized payment solutions for African companies. Nomba was started in 2016 as ‘,’ a chatbot integration that responds to financial requests on social apps. Since then, the company has undergone various changes and has become a profitable entity creating innovative products that enable businesses accept payments. Read more

Next-gen payment platform Liquido enters Latin America, raises $26m
Liquido, the next generation payments company for Latin America, has emerged from stealth mode, aiming to modernize and democratize digital payments access for the region’s businesses. The company has raised $26m in funding, with investors including Index Ventures, Base Partners, Restive Ventures, Mantis VC, and UpHonest Capital, all of whom are recognized for supporting innovative FinTechs globally. Read more

Patient billing communications platform Inbox Health bags $22.5m
Inbox Health, a patient billing communications platform, has raised $22.5m in Series B funding, bringing its total raised to more than $43m since inception. The Series B was led by Ten Coves Capital with participation from existing investors including Commerce Ventures, CT Innovations, Vertical Venture Partners, Healthy Ventures, and Fairview Capital. Read more

Tinder, Plaid founders back $19M funding of this fintech founded by college dropouts for Gen-Z solopreneurs 
San Francisco-based online banking platform, Slash, has come out of stealth mode with a total of $19 million in seed and Series A funding. The funding rounds were led by NEA, with the participation of Menlo Ventures, Connect Ventures, Y Combinator (also backed Curacel, Tranch, Aerones, Hannah Life), Soma Capital, Global Founders Capital, and angel investors William Hockey, founder of Plaid, and Justin Mateen, co-founder and former CMO of Tinder. Read more

Prewave secures €18m Series A+ to revolutionise supply chain risk management
Prewave, a supply chain risk management and compliance platform, has secured €18m in a Series A+ funding round led by European venture capital firm Creandum. The platform serves hundreds of clients, including prominent companies such as BMW, PwC, and Lufthansa. The recent funding round comes after a successful Series A investment in 2022, led by KOMPAS and Ventech. The new funds will help Prewave transition from a platform that identifies risks to one that proactively addresses and resolves risks within supply chains. Read more

Italian FinTech startup Viceversa raises €10m in Series A round for digital companies
Italian FinTech startup Viceversa, which focuses on providing revenue-based financing to support the growth of digital companies, has raised a €10m Series A funding round. The round saw CDP Venture Capital as the lead investor. Other participants in the round included Azimut Libera Impresa, Kairos Partners, Italian Angels for Growth, and several co-investors. Read more

Fintech Setscale Aims to Finance Purchase Orders, Raises $9.5 Million Seed Round 
Setscale is a Fintech startup that aims to help small businesses finance purchase orders. The company has just emerged from stealth and has announced a $9.5 million Seed round accompanied by $70 million in debt financing. The funding round was backed by Fin Capital, Great Oaks, Mantis, WndrCo, Ethos, and Jaws. Read more

Kiwi secures $6m pre-seed funding to revolutionise credit card industry 
Kiwi, a cutting-edge credit card platform, has successfully raised $6m in pre-seed funding. The funding round was led by Nexus Venture Partners and Stellaris Venture Partners, and also saw participation from angel investors, according to a report from Startup Story. Read more

AI-driven fraud detection startup Moonsense bags $4.2m seed funding
Fraud prevention innovator, Moonsense, recently announced that they have raised $4.2m in seed funding to support the general availability of their user behavioral and network intelligence solution. The platform aims to help organizations future-proof their fraud detection and prevention efforts. The funding round was co-led by XYZ Ventures and Race Capital, with participation from TheGP, Foothill Ventures, and individual investors including Sekhar Sarukkai, John Lilly, and Josh Wills. Moonsense’s innovative solution is being actively used across several security and risk-sensitive industries, such as financial services, FinTech, online merchants, and online gambling, among others. Read more

Helping companies reduce employees’ financial worries, Equip raises €2 million
Amsterdam-based fintech startup Equip has raised €2 million in a pre-seed funding round. The capital will be used to further develop the company’s platform as it moves forward with its goal of making employer support of team members’ financial stability and well-being the norm.  Equip’s €2 million pre-seed round was led by XO Ventures and with the participation of Antler and twelve angel investors hailing from Adyen, ABN AMRO, Secfi, Silverflow, and Van Lanschot Kempen. Read more

Berlin-based NetBird raises €1.1m to transform VPNs for businesses
Berlin-based NetBird, an open-source private network platform, has successfully raised €1.1m in a pre-seed funding round. The company aims to revolutionize virtual private networks (VPNs) for businesses by simplifying IT infrastructure and networks. The funding round saw participation from Nauta Capital, Antler, Rheingau Founders, Jan Oberhauser, Emma Tracey, and Mario Goetze, according to a report from Just Entrepreneurs. Read more

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