Funding News

Weekly Funding Highlights – 8 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.

OpenAI’s European rival Aleph Alpha raises €467M; backed by German giants Bosch, SAP

Heidelberg, Germany-based Aleph Alpha, a developer of generative artificial intelligence, announced on Monday, November 6, that it has secured $500M (approximately €467M) in a Series B round of funding from a consortium of a total of seven new investors as well as existing investors. The investment is led by the Innovation Park Artificial Intelligence (Ipai), Bosch Ventures, and the companies of Schwarz Group. Read more

Atom Bank raises £100m (€115m) in equity funding from existing investors

In a sign that Atom Bank’s IPO may be even further away than initially anticipated, the Durham-based digital bank today raised £100m in equity funding from its existing investors. While CEO Mark Mullen said last November that a “liquidity event” was on the cards for 2024 or 2025. With the raise today the bank was more cautious simply saying that such an event remained part of its “long-term strategy” and would happen “in the future.” While the company didn’t announce a new valuation, The Financial Times reported the bank had raised funding at £362m, down from the £435m price tag it held at the start of last year. Read more

Cloud payments leader Volante Technologies secures $66m (€61.8m) investment

Volante Technologies, a cloud payments platform, has recently successfully closed a $66m investment round. Spearheaded by Sixth Street Growth, the technology growth investing division of Sixth Street, this strategic round also saw contributions from Wavecrest Growth Partners and Wells Fargo Strategic Capital. This funding surge is not the first for Volante Technologies. The company has previously garnered investments from notables such as BNY Mellon, Citi, Poste Italiane, and Visa Ventures. With the latest round included, the total external investment amassed by the company stands at a robust $116m. Read more

Black Ore secures $60m (€56.2m) for AI-driven revolution in financial services

Black Ore, an innovative artificial intelligence platform, today emerged from stealth mode, brandishing a significant $60m in funding. This noteworthy financial milestone was spearheaded by the prestigious a16z and Oak HC/FT, marking a momentous start for the company. With a clear vision for transforming the financial services sector, Black Ore has successfully secured a substantial investment. This influx of capital is set to underpin the firm’s ambitious plans, which include expanding its customer base, growing its team, and expediting the launch of new AI products tailored for the financial industry. Read more

Insurtech Wefox secures $55m (€51.5m) and retains $4.5bn valuation

German insurtech Wefox has secured $55m in debt financing from Deutsche Bank and UniCredit in a “significant affirmation from the industry”. The fresh round of funding brings the fintech’s total funds raised this year to $160m, and keeps its valuation at $4.5bn, as first reported by CNBC. Wefox raised $55m from existing investors JP Morgan and Barclays earlier this year, which added to another $55m in a second close of its Series D funding round — a $400m round which boosted the company’s valuation from $3m to $4.5m in 2022. Read more

Italian fintech Qomodo raises a whopping €34.5M in pre-seed funding

Milan-based Qomodo, a fintech startup, announced that it has secured €34.5M in a pre-seed round of funding. Qomodo simplifies retail transactions by enabling immediate, secure, and transparent collections for retailers. The fintech startup also enhances customer loyalty by offering interest-free instalments and expanding spending opportunities for shoppers. Read more

Finkargo secures $20m (€18.7m) to transform SMBs’ international trade operations

Latin America’s trailblazing international trade platform, Finkargo, has just concluded a significant $20m Series A financing round. The investment was spearheaded by QED Investors, accompanied by new investor Nazca and continued support from previous backers Quona, Flybridge, Maya, and ONEVC. Finkargo stands out for its dedication to empowering small and medium-sized businesses (SMBs) with a comprehensive suite of services including global sourcing, trade services, and embedded financing options. Read more

Payroll Integrations secures $20m (€18.7m) in Series A round

Payroll Integrations, a firm transforming employer support for employee financial wellness, has completed a $20 million Series A fundraising effort. This notable investment was spearheaded by Arthur Ventures, a growth equity firm from Minneapolis renowned for its B2B software expertise. This fresh injection of capital brings a significant boost to Payroll Integrations. The firm, which facilitates the integration of payroll providers and benefit platforms, has established a two-way connection that streamlines the process of enrolling employees in benefit programs. Read more

Barte raised an investment round for $20m (€18.7m)

Barte, a B2B payments fintech for SMEs, has successfully raised BRL$20 million in its third funding round within the past 12 months, facilitated through debentures. The funds will be used to expand Barte’s credit segment. Despite aiming to quintuple revenues in the coming year, the CEO emphasizes a conservative credit policy and highlights the company’s sustainable growth and business fundamentals. Read more

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