Funding News

Weekly Funding Highlights – 10 April 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.

B2B BNPL fintech Hokodo lands €100m debt facility from Viola Credit

Hokodo, a UK-based Buy Now, Pay Later (BNPL) solutions vendor, has secured a €100 million debt facility from Viola Credit, a global credit investment manager. With this, the fintech aims to facilitate €1.5 billion-worth of B2B transactions across Europe over the next two years. The funding will support the rollout and development of its embedded pay-later and pay-now solution tailored for B2B merchants and marketplaces. Hokodo’s Trade Credit-as-a-Service solution for B2B enterprises allows real-time offering of credit terms to customers. The fintech has been focusing on expanding its international market presence and technology capabilities, including a recent partnership with BNP Paribas to introduce a new BNPL solution for large commerce businesses. Aman Mehra, Hokodo’s VP of finance, highlights that the funding and collaboration with Viola Credit aim to make payment terms safer, simpler, and more sustainable for B2B transactions. This debt facility complements the fintech’s previous Series B funding of $40 million led by Notion Capital in 2022. Read more

Sydney Fintech Constantinople Secures $50M Series A Funding

Sydney-based fintech Constantinople has successfully raised US$50 million in a Series A funding round led by Prosus Ventures, marking a significant milestone following its US$32 million seed round in 2023. Previous investors, including Great Southern Bank, Square Peg, and Airtree Ventures, also participated in the funding round. Constantinople, founded in 2022 by banking veterans Macgregor Duncan and Dianne Challenor, offers a Software as a Service (SaaS) platform designed to support various banking services, including transaction banking, payments, lending, and customer experience enhancement. With a focus on leveraging software and artificial intelligence, Constantinople aims to streamline operations such as customer onboarding, financial crime monitoring, fraud detection, and compliance. The new funding will be utilized to enhance the team and further develop platform capabilities. Constantinople’s growth is evident through its expansion into New Zealand and the increase in its workforce to approximately 100 employees, up from 60 in the previous year. Read more

Neysa Bags $20 Mn To Accelerate GenAI Adoption For Enterprises

Neysa, a Mumbai-based AI cloud and platform-as-a-service startup founded in 2023, has secured $20 million (INR 166.4 Cr) in seed funding led by Matrix Partners India, Nexus Venture Partners, and NTTVC. The funding will be utilized to expand its Gen AI-cloud platform-as-a-service offerings and enhance observability tools for both Indian and global markets. Neysa aims to democratize AI by providing generative AI platforms and services to assist clients in overseeing their AI projects securely across cloud and edge environments. The startup plans to release its services in Q3 2024. With the rise of demand for AI, Neysa’s focus on Generative AI is timely, attracting investor interest and projecting significant impact on India’s economy. Read more

Namdev Finvest raises $19m in Pre-Series C funding round

Namdev Finvest Private (Namdev), a non-banking finance company (NBFC) focused on MSME financial inclusion, has successfully closed its pre-Series C funding round, securing $19 million. Led by Maj Invest Financial Inclusion Fund III K/S, with participation from Promoters Group & Employees, the investment reflects confidence in Namdev’s mission of fostering financial inclusion. Established in 2013 by Jitendra Tanwar, Namdev has expanded its presence across seven North-Western Indian states, providing tailored business loans for micro, small, and medium enterprises (MSMEs), along with innovative green finance options such as e-mobility and solar loans. With a diverse portfolio exceeding INR 1,120 crore ($140 million) and operational achievements across its footprint, Namdev aims to extend its reach into newly expanded rural geographies with the funding. Siva Vadivelazhagan, Director at Maj Invest Financial Inclusion, and Aditya Bhandari, Partner & Regional Director, Asia at Incofin Investment Management, express enthusiasm for Namdev’s commitment to financial inclusion and its potential for growth and impact. Read more

Pactio secures $14M investment to bring order to private equity investment

Pactio, a digital infrastructure provider for private equity markets, has secured $14 million in Series A funding led by EQT Ventures. Founded by Eric Heimark and Lorenzo Foglianti, the platform aims to streamline private market operations and has already facilitated billions in transactions. It addresses challenges such as manual processes and cybersecurity vulnerabilities, offering a centralized, encrypted solution. The funding will fuel expansion efforts to establish Pactio as the leading platform for private equity deal management. Read more

StrikeReady secures $12m in Series A for AI-driven cyber Innovation

StrikeReady, an innovative startup from Palo Alto, has secured $12 million in Series A funding, led by 33N Ventures with contributions from Hitachi Ventures, Monta Vista Capital, and cybersecurity executives. The company aims to modernize cybersecurity command centers by integrating AI, particularly through its proprietary Large Action Model (LAM). This model automates tasks within security operations, streamlining processes and enhancing defense against threats. With a total funding of $15.6 million since its inception in April 2021, StrikeReady is poised to transform cloud-based security operations with its unified platform. Led by Yasir Khalid, the company is committed to advancing beyond traditional AI, addressing key challenges in cybersecurity and driving innovation in the industry. Read more

TransferGo raises $10M to expand its remittance business in Asia, doubling valuation

TransferGo, a U.K.-based fintech specializing in global remittances, has secured a $10 million growth funding round from Taiwania Capital, aimed at expanding its presence in the Asia-Pacific region. This investment follows a $50 million Series C round in 2021, and TransferGo claims it doubles its valuation, although specific figures were not disclosed. The company’s CEO, Daumantas Dvilinskas, noted TransferGo’s profitability over the past year, with minimal burn primarily in marketing expenses. Despite being profitable and having funds from the previous round, the decision to raise additional capital was to accelerate expansion in Asia Pacific. TransferGo attributes its growth to a strong focus on consumer experience, offering features like instant settlement, which has been well-received by customers. However, the company faced challenges, including a €310,000 fine from the Bank of Lithuania for anti-money laundering (AML) failings, which it addressed promptly. TransferGo competes with established players like Western Union and emerging rivals such as Remitly and Wise in the remittance market. Read more

Banque de France, ERAFP, Generali Group tap Iceberg Data Lab for ESG data solutions

Iceberg Data Lab (IDL), a French provider of ESG (Environmental, Social, and Governance) data solutions for financial companies, has raised $10 million in Series A funding, bringing its total funding to over $15 million. The funding round was led by US VC Beringea, with participation from AXA Investment Managers, MAIF Avenir, and other existing investors. The company plans to utilize the funds to invest in cutting-edge technologies to enhance its product offerings and advance its product pipeline. Additionally, it aims to expand its global footprint, with a particular focus on the UK market. IDL’s CEO and co-founder, Matthieu Maurin, emphasizes the startup’s mission to assist clients in aligning with global environmental goals, mitigating climate change impacts, preserving natural habitats, and addressing biodiversity loss through its ESG data solutions. Read more

Leasecake Announces $10 Million Series A Extension to Reinforce Market Leadership and Accelerate Growth

Leasecake, a leader in lease and location management solutions tailored for multi-unit operators, has announced the closure of a $10 million Series A extension round. Led by PeakSpan Capital and Las Olas Venture Capital, with support from Silicon Valley Bank, the investment underscores Leasecake’s commitment to simplifying and safeguarding complex real estate operations. The funding will fuel further refinements to Leasecake’s AI-driven platform and support expansion efforts to accommodate its growing customer base. With remarkable user growth over the past year, Leasecake is swiftly setting a new standard for the industry. The platform’s comprehensive suite of features reduces operational risks for multi-unit operators, earning widespread acclaim and numerous awards. Investors express enthusiasm for Leasecake’s innovative approach and value proposition, positioning the company for continued success in the real estate management space. Read more

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