Funding News

Weekly Funding Highlights – 25 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.

QED raises almost $1 billion for fintech funding 
Global fintech venture capital firm QED Investors has closed two new funds with combined capital commitments of $925 million. The new capital commitments comprise Fund VIII, an oversubscribed $650 million early stage fund, and Growth II, a $275 million early growth-stage fund. With these two new funds, QED will have more than $4 billion under management. Read more

PhonePe expands new funding to USD 850 million 
India-based fintech PhonePe has received an additional USD 100 million from General Atlantic, raising the total to USD 850 million in its ongoing financing round. The ongoing round values the India-based startup at USD 12 billion. PhonePe is eyeing to raise as much as another USD 150 million in the ongoing round. General Atlantic invested another USD 100 million in PhonePe in April 2023. Read more

AI software platform raises £200m
London-based, the AI powered software platform, has announced a £200m ($250m) in a Series D funding. The new investment, led by Qatar Investment Authority (QIA), takes the total amount raised by the company to over £362m ($450m) with an up to 1.8x increase in its valuation. Read more

Moonfire closes $115M round: A spotlight on 5 notable investments by VC embracing AI 
Moonfire Ventures, a London-based venture capital (VC) firm, has successfully closed a $115 million fund to support early-stage European startups. This fund, called Fund II, follows the firm’s previous $60 million Fund I raised in 2021. Moonfire Ventures is embracing the transformative power of artificial intelligence (AI) in reshaping the landscape of tech companies. By leveraging AI, Moonfire Ventures aims to enhance access, efficiency, and product quality, while revolutionising opportunities for founders in the startup ecosystem. Read more

Kiwi secures USD 80 mln 
Kiwi has secured USD 75 million credit facility and USD 4.5 million in pre-series A funding to aid consumers in building credit history and financial literacy. The funding was supplied by i80 Group, an investment group that specialises in providing credit solutions to growing firms, while the equity round was headed by Advent-Morro Equity Partners, Altio Capital, and Independent Capital. Read more

TymeBank raises USD 77.8 million in a pre-Series C round
South Africa-based TymeBank has raised USD 77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital. This funding round brings TymeBank’s total money raised to over USD 260 million. The company plans to use the newly acquired funds to support its operations in South Africa and the Philippines, and to facilitate its expansion in Southeast Asia. Tyme also operates a development and engineering hub in Vietnam, as well as a Singapore headquarters that leads its strategy, business development, data, analytics and artificial intelligence efforts. Read more

Episode Six raises USD 48 million in Series C funding round 
Global payments and banking infrastructure provider Episode Six has announced the raise of USD 48 million in Series C funding round, led by Avenir. Following this investment, Episode Six will use the funds to expand its go-to-market efforts and capabilities, designed to drive modernisation journeys for banks, financial institutions, and companies that operated within the payments space and industry.  Read more

OpenFin lands $35m in Series D funding
US-based workspace management and workflow automation start-up, OpenFin, has secured $35 million in a Series D funding round led by Bank of America. The round also saw “significant” participation from Pivot Investment Partners and ING Ventures, as well as additional investors including CME Ventures, CTC Venture Capital, SC Ventures and Tribeca Early Stage Partners. Read more

Paydock secures GBP 25 mln Series A funding round 
UK-based payment orchestration platform Paydock has raised GBP 25 million in Series A funding from Silverstripe Investment Management. Paydock is a payment orchestrator that offers financial institutions and merchants rapid connectivity to fintech and payments systems without disrupting current infrastructure. The company’s agnostic platform minimises heavy costs and flattens pervasive risks in traditional multi-vendor payment solutions. It allows customers to ‘plug and play’ vendors while closing common security gaps. Paydock’s bank-grade security posture has made it a standout in the sector through its auditable and traceable API stack. Read more

Travel InsurTech Faye bags $10m in series A to reimagine travel insurance
Faye, a burgeoning travel insurance start-up, has raised $10m in its Series A funding round.The round was led by Munich Re Ventures, accompanied by existing investors Viola Ventures and F2 Venture Capital. Additionally, Menora Tech and Mike Nelson, the ex-CEO of Global Travel Insurance at Allianz, also participated in the round. Read more

Jotelulu raises €4M to empower IT companies selling cloud services to SMEs, driving cloud computing across Europe 
Spanish cloud services distributor Jotelulu announces a €4M Series A funding. Jotelulu is a white-label cloud services platform that helps any IT company sell cloud services to small and medium-sized enterprises (SMEs) competitively, under their own brand, and without relying on existing cloud infrastructure giants. Read more

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