Funding News
Published
Share

Weekly Funding Highlights – 20 March 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.

Mobility fintech Moove secures $100m (€91 million) Series B funding

Moove, a Nigerian mobility fintech, has raised $100 million (€91 million) in a Series B funding round, with participation from Uber and Abu Dhabi sovereign wealth fund Mubadala. This round boosts Moove’s valuation to $750 million. The funding will be utilized to expand its revenue-based vehicle financing offering to 16 markets by the end of next year, with a focus on electric vehicles to foster sustainability. Since its inception in 2020, Moove has become one of Africa’s best-funded fintechs, with its Series B following a successful $76 million raise last year and previous rounds totaling $155 million. Founder Ladi Delano aims to introduce 45,000 new vehicles to the platform, expand operational capacity, and achieve profitability by the next financial year. Read more

BaaS leader Solaris announces fresh €96m funding to expand its tech platform

Solaris SE, a leading player in the BaaS sector, has successfully concluded a €96 million Series F funding round led by SBI Group and existing investors, pushing its total funding past €450 million. Established in 2015, Solaris utilizes innovative B2B technology and licensing systems to serve a diverse clientele, boasting net revenues of €130 million in 2022. With plans to enhance its product portfolio by onboarding the ADAC credit card program and fortifying its platform, Solaris aims to maintain its market dominance. CEO Carsten Höltkemeyer underscores the company’s commitment to regulatory compliance as a key differentiator. Ramin Niroumand, Chairman of the Supervisory Board, praises Solaris’s resilience and transformation. This funding round reflects investor confidence in Solaris’s future strategy and growth prospects. Read more

Cedar Capital Marks First Close of $30 Mn (€27.5 Mn) Fintech Fund

Cedar Capital, the fintech-focused venture capital arm of Cedar and IBS Intelligence, has achieved the first close of its INR 240 Cr (€27.5 Mn) FinTech Venture Capital fund, with investments ranging from INR 50 to 75 Cr. The fund will primarily focus on banking technology, B2B fintech, insurance companies, NBFCs, and other financial services. It aims to support approximately 15 early-stage startups, from seed to Series A funding rounds, with initial cheque sizes ranging from INR 4 to 10 Cr. The fund operates under a classic limited partner-general partner (LP-GP) model and is led by founder and managing partner Sahil Anand. Notable investors include leading family offices and institutional investors from India and the Middle East. The fund’s advisory board comprises industry veterans, and it plans to invest further in 8 to 10 companies from its portfolio. This development comes amidst a growing trend of institutional investors establishing or concluding funds to support India’s startup ecosystem, despite a 12% decline in fintech funding in Q4 2023 compared to the previous year. Read more

This Fintech Startup Raised $27.5 Million To Bring Indonesian SMEs Online

AwanTunai, a Jakarta-based fintech startup, secured $27.5 million (€25.2 million) in a Series B funding round led by Norfund, MUFG Innovation Partners, and OP Finnfund Global Impact Fund I, among others. This round brings AwanTunai’s total equity raised to $51 million alongside $47 million in debt financing. The funding will be used to bolster lending capital and enhance risk management technology, with the aim of covering $2 billion of annualized inventory purchase financing among its users by the end of 2024. Founded in 2016, AwanTunai provides online financing and payment services to Indonesia’s micro, small, and medium enterprises (MSMEs) through its AwanTempo financing solution and AwanToko app. Leveraging proprietary transaction data captured through its enterprise resource planning (ERP) software, AwanTunai utilizes machine learning technologies to analyze transaction data and mitigate potential risks and fraudulent activity. The funding comes at a time when lending and wealth are expected to rise rapidly in Indonesia, with digital lending projected to reach $40 billion by 2030. AwanTunai’s Series B funding underscores the growing prominence of fintech startups in Indonesia’s burgeoning fintech space. Read more

Ingrid raises €21m in new funding

Ingrid, a Stockholm-based startup, secures €21 million to enhance its platform aimed at revolutionizing last-mile delivery in online shopping. The company utilizes data science and proposes alternatives to traditional delivery models, advocating for a shift away from free shipping. Its platform integrates with retailers’ systems to offer consumers transparent pricing and options for delivery services. Ingrid has gained traction in its home market of Sweden and plans to expand across Europe. Challenges include competition in the delivery management space and the necessity of scaling to penetrate new markets effectively. Investors, led by Verdane and Schibsted Ventures, are drawn to Ingrid’s focus on customer experience and data-driven optimization. Despite challenges, Ingrid remains committed to its vision of improving delivery efficiency and sustainability while resisting the trend of free shipping. Read more

Fintech firm Kiwi raises $13 million (€12 million) in a series-A round led by Omidyar Network India

Kiwi, a prominent FinTech company in India, has successfully raised $13 million (€12 million) in a Series-A funding round led by Omidyar Network India, with participation from existing investors Nexus Venture Partners and Stellaris Venture Partners. The company, co-founded by industry veterans, aims to revolutionize the credit card landscape in India by offering innovative ‘credit cards on UPI’ solutions. Kiwi has already issued 25,000 credit cards and plans to onboard 5 lakh customers by the end of 2024. With certifications from NPCI and collaborations with major banks like Axis Bank, Kiwi is poised for significant growth and product development in the Indian fintech market. Read more

Float secures $11 million (€10 million) in funding

Standard Bank has extended an $11 million (€10 million) facility to fintech Float, aiding the rollout of its card-linked instalment platform and supporting its growth over the next four years. Float’s innovative payment method encourages responsible credit card usage, enabling shoppers to split payments over interest-free, fee-free monthly instalments. With a substantial existing user base and a streamlined process for consumers, Float anticipates significant merchant growth. The revolving credit facility from Standard Bank ensures long-term security and flexibility for Float’s expansion. CFO Paul Masson highlights the partnership’s role in bolstering market position and delivering value to customers. CEO Alex Forsyth Thompson sees the partnership as a significant milestone, emphasizing its support for Float’s growth trajectory. Since its launch, Float has garnered adoption from numerous merchants, witnessing a notable impact on sales and customer loyalty. This funding secures Float’s ability to scale and aligns with Standard Bank’s strategy of supporting fintechs promoting financial inclusion and digital transformation in Africa. Read more

The CareVoice secures almost $10m in funding to fuel global expansion plans

The CareVoice, a global leader in embedded health solutions for insurers, concludes a successful Series B funding round, raising close to $10 million led by Apis Insurtech Fund I. This reaffirms its position in revolutionizing health engagement. The funding will advance its CareVoiceOS platform, enabling insurers to implement personalized health solutions more effectively. With expansion plans including a European headquarters in Luxembourg and key leadership additions, the company aims to capitalize on strategic partnerships and its global presence spanning 15 countries. CEO Sebastien Gaudin highlights a collaborative approach with insurers to drive mutual growth and profitability. Read more

Do you have any news to share? Please put feed@hollandfintech.com 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
Featured
Holland Fintech Digital Transformation Paper 2024
Holland Fintech is proud to present the Digital Transformation Paper 2024. This whitepaper, led by the Holland Fintech working group Digital Transformation in collaboration with Accenture, provides valuable insights into the dynamics and key factors influencing successful collaborations between fintechs and incumbents.
Holland Fintech Pavilion at Money 20/20
Money 20/20 – Join our Pavilion! The Holland Fintech Pavilion offers a unique opportunity to connect with a global audience of fintech professionals. Located at the heart of Money 20/20, the pavilion provides a central hub for networking, collaboration, and exposure.
Amsterdam Fintech Week
Amsterdam FinTech Week is back on 2-4 October 2024! Be a sponsor, co-organizer, or just participate in our community events.

How likely are you to recommend Holland FinTech?