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Weekly Funding Highlights – 3 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.

Tarabut Gateway raises $32 million for Saudi push
Tarabut Gateway, a Bahrain-based open banking platform, has completed a $32 milion Series A fundraise, which includes a first invesment in the nascent Middle East open finance scene by Visa. The funding round was led by Pinnacle Capital, with participation from Aljazira Capital, Visa, Tiger Global, and existing investors. With offices across Bahrain and UAE, Tarabut Gateway went live with its API infrastructure in December 2019 and in 2020opened offices in Abu Dhabi and Dubai. Read more

PayTech aimed at African businesses Nomba scores $30m
Nomba, a payment services provider aimed at African businesses, has raised $30m for its pre-Series B funding round. The investment was led by San Francisco-based Base10 Partners, with commitments also coming from Helios Digital Ventures, Shopify, Partech and Khosla Ventures. Nomba is on a mission to create a bespoke payment solution for African businesses. It stated that despite growth in digital payments across Africa, most companies only have access to generic point-of-sale machines for transactions. Read more

Accounting automation developer Gappify scores $10m
Next-generation accounting automation developer Gappify has secured $10m in its Series B funding round. The investment brings Gappify’s total funding to $22m. FINTOP Capital, a venture capital firm aimed at the FinTech sector, served as the lead investor. Other commitments came from Rally Ventures, Stage 2 Capital, SaaS Ventures and Pasudeco & Co. Gappify is a cloud-based platform that helps automate mission-critical accounting and financial reporting activities. Read more

CultureAI secures £7m seed funding to reduce human security risks
CultureAI, a human risk management platform for security and awareness teams, has raised £7m in seed funding.  It raised the capital from investors including Conviction VC, Passion Capital, and Senovo. Angel investors Paul Forster, founder of Indeed, and Guntram Friede, formerly Head of Marketing EMEA at Mulesoft, also participated in the funding round. CultureAI’s platform helps organisations measure, reduce, and respond to all cyber risks created by their workforces. It integrates with an organisation’s existing tech stack to surface actionable employee security behaviour insights. Read more

Tangem raises $7m in investment round led by Shima Capital
Tangem, a Switzerland-based FinTech company, has successfully closed an investment round worth $7m. Shima Capital led the investment, with participation from other investors. Founded in 2017, Tangem is a digital asset custody solution provider that enables secure storage of blockchain-based assets. Its offerings include hardware and software wallets, tamper-proof NFC cards, and mobile applications. The company caters to institutions, exchanges, and individuals who require secure storage of their digital assets. Read more

Digital wallet for insurance Marble bags $4.2m
Marble, a digital wallet and loyalty platform for insurance, has raised $4.2m in funding and launched new features. According to a report from Insurance Innovation Reporter, the round was led by Distributed Ventures(Chicago/New York), with participation from new investors Blue Collective, Goodwater Capital, and CE Innovation Capital; existing investors IA Capital Group, MS&AD Ventures, Reciprocal Ventures; and veteran angel investors from across the finance and insurance industry. Founded in 2020, Marble is a one-hub, digital wallet that allows members to shop, compare, explore, pay, and earn rewards on their insurance premium payments. Read more

InvestorHub raises $4m to revolutionize market communication
Australian startup Fresh Equities has announced a successful $4m funding round, which will be used to help public companies communicate more effectively with their investors. The company has rebranded itself as InvestorHub, according to a report from Finextra. and aims to use data-driven insights to help listed companies communicate with their shareholders and potential investors. The funding round was led by EVP, and closed in just two months, despite difficult market conditions for tech companies. Read more

Web3 accounting and bookkeeping firm Entendre lands $4m
Entendre, a firm that has launched the first fully automated accounting and bookkeeping solution for Web3 companies, has bagged $4m in seed funding. The round was led by Basis Set and with participation from Valhalla, Caffeinated, Moonpay, Alumni, MDig and Alpine. The company has built a platform that modern finance teams can use to put blockchain financial operations on autopilot. Entendre’s mission is to accelerate Web3 by automating on-chain financial operations and reducing operational costs so businesses can focus on innovation. Read more

FinTech Frost raises £1.87m in crowdfunding campaign
Manchester FinTech, Frost, has closed its latest fundraising round, raising £1.87m over a four-week period. Frost is the app that allows users to switch and slash their utility bills, get instant spending notifications and in-depth analytics. A total of 184 investors contributed to the latest crowdfunding campaign, which followed a £1.1m raise in seed funding in 2022. Read more

Ukraine’s Osavul raises $1 million to fight the war on disinformation
When Russia launched a full-scale invasion of Ukraine suddenly the internet was rife with disinformation about what was really happening in Eastern Europe. Ukrainian AI specialists Dmytro Pleshakov and Dmytro Bilash kicked into action to defend the reputation of their country, developing a solution to curtail the spread of disinformation – and so Osavul was born. The Ukrainian AI company has just raised $1 million in Seed funding from the SMRK venture fund. Funds will go towards the marketing and development of the platform as the company scouts for engineering talent to join the team. Read more

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