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.

Rippling raises $200m at $13.5bn valuation to boost platform

Rippling, a US-founded company specializing in employee management software, has raised an impressive $200 million in its Series F funding round, valuing the company at $13.5 billion. Coatue led the round, joined by existing investors Founders Fund and Greenoaks, with Dragoneer as a new investor. Rippling aims to streamline workforce management processes like payroll, expenses, and benefits, serving approximately 10,000 clients. CEO Parker Conrad highlights the significance of employee data in various business systems and Rippling’s role in centralizing and automating data management across different platforms. The company plans to expand into new markets, invest in research and development, and enhance its product offerings. Rippling recently expanded into Ireland, opening its European headquarters in Dublin and creating 100 additional jobs in the country. Read more

Ramp secures $150m in Series D-2 funding round at $7.65bn valuation

Ramp, a US-based spend management fintech, has secured $150 million in a Series D-2 funding round, boosting its valuation to $7.65 billion. The round was co-led by Founders Fund and Khosla Ventures, with participation from new investors Greylock, Sequoia Capital, and 8VC, as well as existing backers. This funding builds upon the $300 million raised in the Series D round in August 2023. Ramp plans to focus on product development, particularly leveraging AI to enhance decision-making, automate processes, and provide deeper expenditure insights. Founded in 2019 and headquartered in New York, Ramp offers a finance automation platform for businesses, integrating corporate cards, bill payments, accounting automation, and more. It aims to further enhance its offerings through technological advancements and strategic acquisitions, such as the recent purchase of US-based startup Venue. Read more

Turkish fintech Midas scoops $45M to go beyond stock trading with crypto, mutual fund and more

Midas, a Turkish fintech startup, has raised a record-breaking $45 million in its Series A funding round, the largest ever for a Turkish fintech company. Led by Portage and with participation from notable investors, the funding will fuel Midas’ expansion beyond stock trading into mutual funds, interest-bearing savings accounts, and cryptocurrency trading. The company plans international expansion while maintaining its commitment to financial education. Midas aims to double its workforce and enter new markets within the next few years. CEO Egem Eraslan envisions Midas as transforming Turkey’s investment landscape and becoming a regional player. The funding underscores investor confidence in Midas’ growth potential and its role in reshaping the financial landscape. Read more

Danish paytech Flatpay bags €45m in Series B funding

Copenhagen-based payment solutions provider Flatpay has raised €45 million in a Series B funding round led by Dawn Capital, with participation from Seed Capital Denmark and others. The company, valued at over €100 million, plans to expand into new European markets, grow its workforce, and enhance its product suite. Flatpay aims to simplify card payments for SMEs with transparent pricing and recently launched an e-commerce payments solution. This funding follows a €15 million Series A round last year, used for expansion in Denmark, Finland, and Germany. Read more

‘Send now, pay later’ startup Pomelo lands $35M Series A from secretive Vy Capital, Founders Fund

Pomelo, a startup merging international money transfers with credit services, has secured $35 million in a Series A round led by Dubai’s Vy Capital, with participation from Founders Fund, A* Capital, Afore Capital, and others. This funding, along with a $75 million expansion of its warehouse facility, brings Pomelo’s total equity capital to $55 million and $125 million for its facility. The company, which facilitates remittance on credit card rails, aims to provide instant access to funds, fraud protection, and credit building. Pomelo partners with Mastercard to offer “send now, pay later” services, allowing users to send money while building credit. The startup targets markets like the Philippines and plans to expand to Mexico. Its new capital will fuel product and market expansion. With 55 employees across the U.S. and the Philippines, Pomelo is tapping into the growing cross-border fintech market, projected to reach over $250 trillion by 2027. Read more

14Peaks closes $30 million fintech and future of work venture fund

14Peaks Capital, led by Edoardo Ermotti, has secured $30 million in its inaugural fund, drawing support from a select group of high-profile investors across Europe and the United States. Specializing in early-stage B2B SaaS investments, particularly in Fintech and the Future of Work, the fund prioritizes proprietary technology that offers defensible advantages in a rapidly evolving AI-driven landscape. Ermotti’s unique approach to fundraising emphasizes close relationships with investors, fostering transparency and active involvement. Beyond providing capital, 14Peaks works closely with portfolio companies to accelerate growth and international expansion, leveraging its extensive network. The fund aims to demonstrate the effectiveness of its model while expanding its portfolio to 25 companies, maintaining a focused and collaborative approach with both LPs and founders. Read more

Paris-based Payflows raises €25 million Series A to build the command centre for finance teams

Payflows, a SaaS platform for finance teams, has raised €25 million in Series A funding led by Balderton Capital, with existing investors also participating. Founded in 2022, Payflows aims to streamline finance operations by providing a unified platform for tasks like accounts payable and receivable. It allows CFOs to customize workflows without coding, reducing reliance on expensive ERP licenses. The platform targets scaling companies facing complex regulations and operations. Customers like Reezocar praise its ability to centralize data and reduce costs. Payflows has gained traction through word of mouth and serves clients like Swile, Ornikar, Spendesk, and Podimo. Balderton Capital highlights the need for streamlined CFO tech stacks and praises Payflows’ modular platform. Ribbit Capital and Headline have reinvested in this round, impressed by Payflows’ holistic approach. Read more

401GO secures $12m in Series A funding to revolutionise retirement plans

401GO, a leading FinTech company revolutionizing retirement planning, has secured a $12 million Series A funding round led by Next Frontier Capital, with participation from Rally Ventures, Impression Ventures, and Stout Street Capital. The fresh capital will fuel the expansion of 401GO’s product suite, which includes 401(k) and IRA platforms, and soon-to-be-introduced Health Savings Accounts (HSAs) and Emergency Savings Accounts (ESAs). The investment will also drive the company’s workforce expansion, with plans to double its headcount to over 110 employees, focusing on software development and sales roles. Founded in 2019, 401GO has achieved remarkable growth, with over 250% year-over-year revenue increase and support for over 2,500 businesses and 30,000 active users. The recent addition of GO-IRA in November 2023 enhances retirement savings portability. CEO Daniel Beck emphasized the company’s commitment to reshaping the retirement savings industry with cutting-edge technology and personalized service. Next Frontier Capital Co-Founder Richard Harjes praised 401GO’s efficient approach to serving small to mid-sized businesses with limited access to retirement benefits, highlighting its innovative technical solution and customer support. Read more

Prophet Security launches with $11m from Bain Capital to automate security responses

Prophet Security, emerging from stealth mode, has secured $11 million in seed funding led by Bain Capital Ventures (BCV), with support from prominent security leaders and angel investors. The investment will propel the company’s mission to enhance security operations through its flagship solution, Prophet AI for Security Operations. This AI-powered platform swiftly handles security alerts, significantly reducing mean time to response (MTTR) by automating triage, investigation, and response processes. By minimizing manual intervention, the technology enables security analysts to focus on strategic tasks. With the funding, Prophet Security aims to advance its technology and expand its market presence, addressing challenges faced by security operations centers (SOCs) dealing with alert overload. The platform’s automation enhances productivity and reduces operational costs associated with manual investigation, ultimately lowering organizational risk. Kamal Shah, co-founder and CEO, underscores the platform’s transformative potential in alleviating alert management burdens and increasing overall security effectiveness. Read more

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