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Weekly Funding Highlights – 27 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.

ANEXT Bank secures USD 148 million (€136 million) from Ant Group

Singapore-based digital bank ANEXT Bank has secured an additional USD 148 million (€136 million) in capital from its parent company, Ant Group, according to regulatory filings. This investment follows a previous injection of USD 188 million in March 2023, bringing Ant Group’s total investment in ANEXT Bank to over USD 503 million. ANEXT Bank, launched in June 2022 with a digital wholesale bank license from the Monetary Authority of Singapore, targets local and regional SMEs, especially those involved in cross-border transactions. The bank aims to accelerate fintech advancement and financial inclusion, offering customer-centric solutions to support business expansion. ANEXT Bank recently launched the ANEXT Programme for Industry Specialists, partnering with platforms like DeliveryChinatown, Hong Xin Da, and Shopmatic to enhance financial inclusion for over one million regional SMEs. Additionally, the bank initiated efforts to drive industry collaboration, facilitating access to financing and digital financial services for SMEs through its platform. Read more

US investment management platform FundGuard bags $100m Series C funding

FundGuard, a New York-based investment management and administration platform, has secured $100 million (€92 million) in a Series C funding round. Key1 Capital led the round, with participation from new investors Euclidean Capital and Hamilton Lane, along with existing backers Blumberg Capital and Team8. This funding round follows a Series B round in April 2022, bringing FundGuard’s total funding to $155 million. Founded in 2018, FundGuard offers a Software-as-a-Service (SaaS) investment accounting platform powered by AI to assist asset managers and service providers in managing various types of funds. The company plans to use the funds to invest in product development, deploy new capabilities, and expand its market reach, having recently opened new offices in Boston, London, and Toronto. Read more

US fintech Coast secures $92m in mix of equity and debt capital to fuel product development

US-based fintech Coast has raised $92 million (€84 million) in equity and debt capital. The equity portion, led by existing investors and joined by Vesey Ventures, amounted to $25 million, while $67 million in debt capital was secured from TriplePoint Capital and Silicon Valley Bank. Coast provides financial tools for fleet-operating businesses, offering an expense management platform that tracks fuel transactions in real-time. The funding will fuel product development, expand business expense support beyond fuel, and accelerate go-to-market efforts, including establishing a second site in Salt Lake City. Additionally, Coast has partnered with Visa to enhance offerings for fleet operators, focusing on security, control, and visibility. Read more

RegTech pioneer GSS secures $47m in transformative Series A2 funding

Global Screening Services (GSS), a leader in RegTech, completes a Series A2 funding round securing over $47 million (€43 million) with notable investors like the Commonwealth Bank of Australia (CBA) and previous backers. GSS pioneers a cloud-native platform to redefine global regulatory compliance standards, focusing on streamlining processes for financial institutions amidst increasing complexities. The funding aims to advance GSS’s goal of transforming regulatory compliance worldwide through collaboration and technology. CEO Tom Scampion expresses excitement, while CBA’s involvement extends to board representation. The investment signifies confidence in GSS’s impact on the sanctions screening industry, facilitated by financial advisor Ancoris Capital Partners. Read more

Qoala Raises USD 47 Million in Series C Funding

Omnichannel InsurTech Qoala has closed its Series C funding round, raising USD 47 million (€43 million) led by PayPal Ventures and MassMutual Ventures, with participation from MUFG Innovation Partners, Ohana Holdings, and existing investors. The funding will fuel expansion of its embedded insurance business across Southeast Asia, enhance tech-driven initiatives, and explore new products and channels for its agent platform. Qoala’s mission to democratize insurance has garnered market confidence, with significant growth in gross written premiums and claims processing efficiency since its Series B fundraise in 2022. The company’s focus on financial inclusion has earned recognition from CB Insights, and the latest investment will further advance its InsurTech platform and support its insurance partners’ capabilities in underwriting, claims processing, and fraud detection. With total capital raised surpassing $130 million, Qoala is poised for continued innovation and growth in the industry. Read more

Peruvian FinTech Leasy secures $28m in Series A funding to fuel expansion

Peruvian FinTech Leasy has raised $28 million (€25 million) in a Series A round, comprising equity and debt financing, with Magma Partners leading the investment. Other participants include Entangle Group, DeBa Ventures, Noa Capital, and Grupo CAPEM, alongside investors from Latin America, the United States, and Europe. Leasy focuses on transforming access to financing for ride-hailing drivers in Latin America. The funding will support sales efforts, operational enhancements in Mexico and Peru, and the development of new financing options for a broader range of vehicles. CEO Gregorio Gilardini emphasized the round’s significance in attracting investors unfamiliar with the region, who were drawn to Leasy’s business model. Read more

Silicon Valley VC invests in $24M round of UK-based fintech AccessPay: More details here

Manchester-based fintech AccessPay has raised $24 million (€22 million) in a funding round led by True Ventures, with participation from Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea. The investment will support AccessPay’s expansion in the US and research and development efforts in fraud prevention and data transformation. AccessPay offers a platform for payment automation and bank data transformation, aiming to modernize finance and treasury operations. True Ventures praised AccessPay’s ability to simplify banking processes, while Praetura Ventures highlighted its support for the company’s global expansion. Read more

Trade finance innovator Marco Financial raises $12m

Marco Financial, founded in 2020 by Jacob Shoihet and Peter D. Spradling, has achieved a milestone by securing a $12 million (€11 million) Series A funding round led by IDC Ventures. Other investors include IDB Lab and various venture capital firms. The company aims to address the $350 billion trade financing gap in Latin America by offering SME exporters a comprehensive operating system, including financing, compliance, and other services. This investment will fuel Marco’s expansion and strengthen its impact, having already funded over $540 million in trade volume. The funding underscores Marco’s commitment to transforming trade finance and its dedication to ESG initiatives in the region. Co-founders Jacob Shoihet and Peter Spradling express excitement about the company’s growth and its mission to support SMEs in cross-border trade. Read more

Dutch startup Altura secures €3M for its AI-powered bid management software: Know more

Utrecht-based Altura, a tendering platform, has secured €3 million (€2 million) in fresh funding. Investors Matthijs Huiskamp and Jordi van der Hek initiated discussions, and Curiosity VC and Fortino Capital joined as partners. Altura’s AI-powered software simplifies bid management, transforming interactions in complex procurement processes like RFX. CEO Matthijs Huiskamp emphasizes the software’s ability to remove manual work and enhance focus, strategy, and creativity. Altura leverages AI to automate tasks and integrate technologies like Large Language Models and Retrieval-Augmented Generation, aiming to streamline the proposal process and improve efficiency. The funding will be utilized to enhance the software, expand the team, and introduce additional products and support services. Curiosity VC sees Altura as a leader in AI bid software, positioning them to accelerate product development and commercial rollout. Read more

 

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