Funding News

Weekly Funding Highlights – 1 November 2023

New week – new closed funding rounds. This week’s funding highlights cover start-ups, fintechs, cybersecurity tech, RegTechs, and many more! Take a look at some major investments of this week.

Allianz X invests in NEXT Insurance’s $265m (€248m) financing round and expands strategic relationship

Allianz X, the digital investments arm of global insurer and asset manager Allianz Group, has announced an investment in NEXT Insurance, a leading, technology-first small business insurer in the United States. Insurer Allstate is also investing, bringing the strategic round to a total of USD 265 million. The new round marks the start of a broader partnership between Allianz Group and NEXT, including a deepening of the reinsurance relationship with Allianz Re. ​​It will enable NEXT to continue growing its book of business, retaining risks and accelerating the company’s path to profitability. It also makes Allianz a capital partner for NEXT in both risk and equity. Read more

Tabby secures $200m (€189m) in Series D funding round

MENA-based BNPL platform Tabby has secured USD 200 million in Series D funding round in order to develop its solutions and expand its offerings. As in the region of Saudi Arabia and UAE clients have restricted access to credit alternatives, Buy Now, Pay Later services are an important source of credit as they also accelerate the development of the market with optimised credit options. Following this announcement, the company achieved a total valuation of USD 1.5 billion. Read more

QI Tech raises $200m (€189m) in Series B funding

Brazil-based financial services provider QI Tech has raised USD 200 million in a Series B funding round led by General Atlantic. This fundraising effort was led by General Atlantic and aims to support the company in its pursuit of future acquisitions and potential public listing. Headquartered in Sao Paulo, QI Tech specialises in offering banking services and digital infrastructure solutions to businesses. The newly acquired funds will be instrumental in helping the company remain vigilant regarding opportunities within the financial market. Read more

Egypt’s fintech firm MNT-Halan raises $130m (€120m) in securitisation

Egyptian microfinance lending and payments company MNT-Halan said on Thursday it raised $130 million through a securitised bond issuance this week, bringing its total securitisations this year to $400 million. MNT-Halan, which provides small- and micro-business lending, payments, consumer finance and e-commerce, describes itself as Egypt’s first unicorn, or privately held technology company worth over $1 billion. Read more

UK’s premier app-based bank Atom clinches £100m (€114m) injection

Atom bank, the UK’s pioneering app-based bank, has successfully garnered upwards of £100m in fresh equity capital. The infusion, sourced from longstanding shareholders including BBVA, Toscafund, and Infinity Investment Partners, has been hailed as the most significant private capital raise by a UK digital bank this year. With these newly acquired funds, Atom aims to expedite lending in the wake of its historically high growth. Elaborating on Atom’s operational sphere, the bank has innovatively ushered in a new era of banking right from a smartphone. Read more

Israel’s One Zero digital bank seeks to raise up to $100m (€93.8m) led by Deutsche Bank

One Zero, a digital banking start-up based in Tel Aviv, Israel, is reportedly seeking to raise up to $100 million from foreign investors. Founded in 2019 by Amnon Shashua and Marius Nacht, One Zero offers private banking services including credit cards, loans, investments and foreign currency exchange, and is currently valued at $320 million. According to a source at Globes, the bank is now intending to raise between $75 and $100 million via a private placement financing round, having adjusted its previous target of between $100 and $200 million. Read more

YouTrip secures $50m (€47m) in Series B funding round

Multi-currency digital wallet YouTrip has raised a USD 50 million Series B funding round, for the acceleration of its regional expansion across Southeast Asia. Following this announcement, the company will use the new capital in order to further accelerate its development process by investing in more services and technologies. This is set to optimise its overall offerings and capabilities, as well as expand its regional team by hiring multiple employees in the new markets across Southeast Asia. Read more

US fintech for older Americans, Charlie, secures $23m (€21.7m) Series A

Charlie, a new banking app in the US catering to the 62+ community, has landed $23 million in a Series A funding round led by TTV Capital. The funding, which includes $16 million in equity and $7 million in debt, also saw participation from FPV and other seed investors including Better Tomorrow Ventures. Launched just six months ago, Charlie helps the retired and soon-to-retire manage their finances, with features including allowing customers to withdraw their social security checks up to three to five days in advance, 3% earning on deposits with no minimums and fees, and banking services provided by Sutton Bank. Read more

France-based Id4 Ventures launches €16m pre-seed fund to back European tech startups

Paris-based Id4 Ventures, a firm that invests in early-stage startups and venture capital funds with a focus on the European ecosystem, announced that it has secured €16M for its new pre-seed Fund. Id4 Ventures says it will use the fund to support founders developing global companies in technologies such as climate, healthcare, computer vision, and AI. Read more

FinTech innovator Accelex secures $15m (€14m) in FactSet-led funding round for AI automation

Accelex, described as a trailblazer in AI automation for private markets data acquisition, reporting, and analytics, has garnered a commendable $15m in a Series A funding round. Taking the lead in this investment endeavour is FactSet, a renowned digital platform and enterprise solutions provider in the global financial sector. Alongside FactSet, existing investors Illuminate Financial, AlbionVC, SixThirty Ventures, and Expon Capital also contributed to the funding. Read more

UK’s credit platform multifi secures €11.4m to empower SMBs with financial support

London-based multifi, a credit platform that empowers small and medium-sized businesses (SMBs) with access to financial support, announced that it has secured £10M (approximately €11.48M) in a fresh round of funding. The investment came from Fasanara Capital, a London-based asset manager and technology platform with £4B under management. Matt Kus, Head of Origination for Developed Markets at Fasanara, says, “Fasanara is committed to supporting the UK SMB ecosystem through funding partnerships with lenders like multifi.” Read more

Munich-based The Landbanking Group bags €10.4M to launch natural capital management platform Landler

Munich-based climate fintech The Landbanking Group announced that it has raised €10.4M in a seed round led by High Impact Fund BonVenture and Swiss businessman and philanthropist André Hoffmann. The company also announced the launch of Landler, a management and investment platform for natural capital, including biodiversity, carbon, soil, and water. Venture capital funds 4P Capital, Vanagon, and Planet A will assist Landler with their expertise in marketing, ReFi, and impact measurement. Read more

Verqor secures $7.5m (€7m) to revolutionise Mexico’s agri-FinTech space

Verqor, a pioneering FinTech firm committed to the digitalisation of Mexico’s agricultural sector, is making significant strides in the industry. The company recently announced the successful raising of $7.5m. This impressive funding feat was achieved through a pre-Series A round led by Yara Growth Ventures, which contributed $4m. Several esteemed participants, including Accion Venture Lab, SP Ventures, Glocal, and Amplifica Capital, added their support. Additionally, Verqor procured $3.5m in debt funding from Co_Capital and Addem Capital. Read more

Connectly bags $7.8m (€7.3m) to accelerate AI-powered conversational commerce

Connectly, a leader in conversational commerce, has announced a successful $7.85M in a bid to to accelerate AI-powered conversational commerce. The funding round was led by Volpe Capital, and also received support from RX Ventures and Saurabh Gupta, managing partner of DST Global. This latest financial tranche has taken Connectly’s overall capital raised to an impressive $17.5m, as they look to develop their plug-and-play solution which is designed to help businesses create effective messaging campaigns and automate two-way conversations with leads and loyal customers, regardless of the messaging platform. Read more

Avadain secures $4.5m (€4.2m) from Netcapital

Netcapital Inc. the digital private capital markets ecosystem, has proudly announced the completion of a $4.5m capital offering for Avadain, Inc., a U.S.-based pioneer in graphene technology. Avadain had previously demonstrated its potential by raising approximately $1.4 million through its initial offering on the Netcapital funding portal platform in 2022. The firm is set to use the capital to continue its mission of growing its green, globally patented process for manufacturing a unique form of graphene. The company envisions the application of this groundbreaking graphene in a myriad of industries, positioning itself as a leader in high-growth sectors. Read more

Dutch fintech FERO Payment Science bags $3m (€2.8m) to simplify online payments

Dutch fintech FERO Payment Science (FERO) has bagged $3 million in a seed round from US investment firm Coatue that recently backed Ramp and GoStudent, Volta Ventures, and Antler. The investment will enable FERO to expand and enhance its unique online payment solution to tackle the $5 trillion of annual revenue merchants lose at the point of checkout. The company plans to build out its team across Europe and the US, and further enhance its product offerings to serve more retailers around the world. Read more

Zurich-based Anapaya Systems raises €1.8M to build SCION-based Web3 communication infrastructure

Swiss-based Anapaya Systems, a SCION technology provider, announced that it has secured €1.8M in funding from Mysten Labs, a US-based Web3 infrastructure technology company and the initial contributor to Sui blockchain, a pioneering Layer 1 blockchain and smart contract platform. The two institutions mark the investment as the start of a partnership to build a secure, highly accessible, and high-performance Web3 infrastructure to strengthen the SCION next-generation internet. Read more

UK insurtech startup Eleos secures $750k (€703k) in Pre-Seed funding

UK-based insurtech startup Eleos has bagged itself $750,000 in Pre-Seed funding. The round was backed by Indico Capital Partners, APX, Fuel Ventures, and Magic Fund. Funds will see the launch of further insurance products as the firm attempts to ‘bridge the massive protection gap that exists in the UK’. It partners with brands and other fintechs, embedding tailored income protection insurance and life cover into their online journeys. Read more

Do you have any news to share: please put on your press list.

Curious to read and find out more from fintech? Then subscribe & read our full newsletters here.  In order to see our other weekly highlights, check out the following links: analysis & opinionresearch.

Share this Article
Related Insights
Since 2014, Holland FinTech has been mapping the fintech landscape, in the Netherlands and abroad.
Landing in the Netherlands
New to the Netherlands? Want to know who is who and where to meet them? Read all about the Dutch market, and find your path to successful market access!
Amsterdam Fintech Week
Amsterdam FinTech Week is back on 12-15 September! Be a sponsor, co-organizer, or just participate at the summit or one of the countless side events.

How likely are you to recommend Holland FinTech?