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Weekly Funding Highlights – 7 February 2024

Welcome to our latest Weekly Funding Highlights! In this roundup, we cover developments across the funding landscape, including strategic investments, funding rounds, and innovative initiatives from key players in the industry.

Kin Insurance surpasses $1bn (€929mn) valuation and gains Unicorn status

Kin Insurance, the digital, direct-to-consumer home insurance company, has raised $15 million (€14 million) in financing, propelling its valuation beyond $1 billion (€929 million) and attaining Unicorn status. The funding round, led by Activate Capital, highlights Kin’s sustained growth and commitment to transforming the home insurance market. Kin’s systematic, capital-efficient approach has led to over 50% year-over-year revenue growth with positive net income in 2023. The additional capital infusion will fuel Kin’s expansion into new markets and the introduction of innovative products, solidifying its position as an industry leader. The company, operating in eight states, offers a direct-to-consumer model with a technology platform for a seamless user experience, customized coverage options, and efficient claims service. Read more

ID Finance obtains USD 150 million (€139 million) in debt financing

Spanish fintech ID Finance has secured $150 million (€139 million) in debt financing from i80 Group, marking its largest funding round to date. The funds will primarily fuel the expansion of Plazo, the company’s financial wellness app, underscoring ID Finance’s growth ambitions. With i80 Group’s support, the company aims to advance financial innovation and inclusivity, positioning Plazo as a key tool for promoting financial wellness in Spain and beyond. The financing enables Plazo to scale operations, enhance product offerings, and introduce innovative features, while partnerships and strategic initiatives underscore the commitment to expanding services. ID Finance’s Spanish division, a primary profit driver in 2023, showcases success in new loans, revenue, and net profit. The recent funding follows a EUR 30 million equity round in March 2023, reflecting the company’s dedication to leveraging technology for improving individuals’ financial well-being, with approval from the Spanish Government. Read more

$100m (€93m) Watershed Series C salvages slow week for FinTech funding

In a notably slow week for FinTech investments, only 12 deals were finalized, amounting to $317.3 million (€295 million)—a substantial drop from the previous week’s total of over $1 billion (€929 million). The standout performer was Watershed, a pioneering firm in the climate economy sector, securing a monumental Series C funding round that propelled its valuation to an impressive $1.8 billion (€1.6 billion). Greenoaks led the funding, with substantial contributions from Kleiner Perkins, Sequoia, and other existing stakeholders. Watershed’s staggering tranche accounted for almost a third of the total investment secured during the period, salvaging an otherwise modest week in FinTech funding. Read more

Amsterdam-based DataSnipper bags €92 million Series B to take AI to the auditors arena

DataSnipper, an intelligent automation platform for audit and finance professionals, has secured a €92 million Series B funding round led by Index Ventures, valuing the company at $1 billion (€929 million). This comes after a previous investment from Insight Partners in September 2022. DataSnipper, founded in 2017, has experienced rapid growth, doubling its customer base and revenue in the past year. The platform, aimed at empowering auditors with AI, serves over 400,000 auditors globally, including major firms like Deloitte and KPMG. The funding will facilitate expansion into new verticals and markets, addressing increasing pressure on auditors and streamlining audit processes through automation. DataSnipper’s success underscores its role in addressing critical needs in the audit sector and its potential for global impact. Read more

Digital Onboarding grabs $58M (€54M) to help banks with profitable customer engagement

Digital Onboarding, a SaaS company specializing in enhancing customer relationships for financial institutions, has raised $58 million (€54 million) in growth capital from Volition Capital. The company provides a digital engagement platform to banks and credit unions, aiming to reduce the percentage of new checking accounts that are closed within the first year. Digital Onboarding’s technology offers a digital aspect to traditional paper welcome kits, incorporating targeted, journey-based communication and action-oriented microsites. The funding will be used to accelerate the company’s product roadmap, invest in additional capabilities such as segmentation and profile management, marketing attribution, machine learning, and embedded fintech functionality. Digital Onboarding plans to double its lean headcount by the end of 2024. Read more

Metronome’s usage-based billing software finds hit in AI as the startup raises $43M (€40M) in fresh capital

Metronome, a startup facilitating usage-based billing for software companies, has raised $43 million (€43 million) in a Series B funding round led by NEA, with participation from existing investors Andreessen Horowitz and General Catalyst. Metronome, founded by Dropbox alumni Kevin Liu and Scott Woody, reported a 6x increase in ARR last year as companies shifted towards usage-based models. The startup helps companies streamline billing integration and maintenance, reducing the engineering investment required. Metronome plans to use the funding to advance its product roadmap and continue hiring across R&D and customer-facing teams. The latest round brings its total funding to over $78 million (€72.5 million). Read more

Cybersecurity firm IONIX clinches $42m (€39m) in landmark Series A financing

IONIX has successfully raised $42 million(€39 million) in its Series A funding round, with a recent $15 million (€14 million) contribution from new investor Maor Investments and continued support from existing backers. This brings the total investment to $50.3 million (€46 million). IONIX specializes in attack surface management (ASM) and utilizes its proprietary ‘Connective Intelligence’ technology to revolutionize how organizations handle digital vulnerabilities across their entire digital footprint. The funds will be used to accelerate market penetration, enhance product development, and expand Threat Exposure Management capabilities. Cybersecurity expert Chad Kinzelberg will join the IONIX Board of Directors. The strong market uptake reflects the critical nature of the addressed problem and the value provided by IONIX’s solution. Read more

Crypto payments app Oobit Raises USD 25 mln (€23m) in Series A funding

Singapore-based crypto payments app Oobit has successfully raised $25 million (€23 million) in a Series A funding round led by Tether’s Titan Fund, with participation from 468 Capital and Solana. Oobit’s app allows users to make crypto purchases, converting them into fiat currency for merchants through the Tap-and-Pay feature. The company plans to expand its payment capabilities to third-party wallets, transitioning into a non-custodial crypto payments app. The funding round, supported by industry players, marks a pivotal moment for Oobit in its mission to simplify digital asset payments and drive widespread crypto adoption. Read more

Next-gen core banking leader Tuum bags €25m in Series B investment

Tuum, a cutting-edge core banking provider, has successfully raised €25 million in a Series B financing round led by CommerzVentures, with participation from Speedinvest and existing investors. Known for its innovative banking technology, Tuum has experienced remarkable growth with a compound annual growth rate exceeding 250% over the past three years. The funds will be used for an ambitious expansion plan, focusing on strengthening international presence in key markets and supporting direct sales, marketing efforts, and the partner channel. This funding marks a significant milestone for Tuum as it continues to lead in digital transformation within the banking sector. Read more

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