Funding News

Weekly Funding Highlights – 3 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.

Debt financing platform Scayl secures €100m funding

Scayl, a groundbreaking debt financing platform, has secured €100 million in funding to empower European FinTech lenders, marking a significant milestone for the company at the nexus of technology and finance. Founded by industry veterans Medjit Yalmaz, Patrik Blomdahl, and Jatin Goyal, Scayl aims to revolutionize how FinTech lenders access debt financing by offering transparent, flexible funding solutions. Leveraging sophisticated technology and AI-enabled risk modeling, Scayl simplifies the funding process for lenders while opening new avenues for SME and consumer credit financing across Europe. With an extensive network and demand exceeding €1 billion, Scayl is reshaping debt financing for FinTech lenders, positioning itself for future expansion into other regions. Read more

Brim Financial raises USD 85 mln (€78 million) in Series C funding

Brim Financial, a Canada-based fintech infrastructure company, has secured USD 85 million (€78 million) in a Series C funding round led by EDC Investments and Vistara Growth, with participation from White Owl Group, Epic Ventures, and Zions Bank. The funding will fuel Brim’s US expansion strategy, enabling market reach extension, product development acceleration, and strategic alliances formation. Brim’s platform offers modular and scalable solutions for financial institutions, fintechs, and large brands in credit card and payment automation, aiming to streamline customer service and reduce time to market and costs. Previous developments include partnerships with Mastercard and TrueNorth to modernize credit card infrastructure and deliver Credit Cards-as-a-Service platform in North America, signaling Brim’s commitment to growth and innovation in the financial technology sector. Read more

RegTech pioneer GSS secures $47m (€43 million) 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

NX Technologies raises €22 million in Series B funding led by PayPal Ventures

NX Technologies, the company behind the digital automotive payment management platform, has successfully raised €22 million in a Series B funding round led by PayPal Ventures. Other participants in the funding round include Seaya Ventures, Walter Ventures, and existing investor Motive Ventures. This significant investment aims to strengthen NX Technologies’ market position in Germany, expand into new European markets, and further develop its platform. simplifies payment management for businesses in the automotive sector, offering an improved payment experience for customers and providing various payment methods and financing options. With over 70% of the top 100 automotive retail groups and 1,000 car dealerships in Germany using, NX Technologies plans to expand its offerings into service and after-sales, including digital installments solutions. The company’s vision is to become a market leader in Europe, offering embedded finance products to automotive players and enhancing the digital payment management landscape. With the support of its investors, including PayPal Ventures, NX Technologies is poised for significant growth and innovation in the automotive fintech sector. Read more

Ellipsis Labs raises $20m (€18.6m)

Ellipsis Labs, the team behind the on-chain Phoenix exchange, secures $20 million in Series A funding led by Paradigm with participation from Electric Capital. This funding will accelerate the development of DeFi products aiming to rival traditional finance in performance. Ellipsis Labs aims to create a new financial ecosystem by combining decentralized infrastructure’s accessibility and transparency with traditional market efficiency. Phoenix, Ellipsis Labs’ flagship product, is among the top five on-chain exchanges by volume, boasting hundreds of millions of dollars in daily trading volume. With a focus on capital efficiency, liquidity quality, and sustainability, Phoenix aims to provide better outcomes for end-users without incentives for market makers. Co-founder and CEO Eugene Chen highlights Phoenix’s competitive advantages and expresses gratitude for support from influential names in the crypto industry. Ellipsis Labs prioritizes security, transparency, efficiency, and user control, fostering a culture conducive to innovation in DeFi protocols like Phoenix. With experience in high-frequency trading and software engineering, co-founders Eugene Chen and Jarry Xiao are building a team capable of developing ambitious crypto-aligned financial products while tackling high-stakes engineering challenges. Read more

US wealthtech NewRetirement lands $20m (€18.6m) in Series A funding

California-based fintech NewRetirement has secured a $20 million investment in a Series A funding round led by Allegis Capital, with participation from multiple venture capital firms. The funding will support the expansion of NewRetirement’s enterprise offerings and the research and development of its financial planning and wellness platform. NewRetirement’s platform utilizes a planning and modeling engine powered by data and technology to provide digital tools for US consumers to confidently manage their financial plans. These tools cover various aspects including accumulation and decumulation planning, human capital, estate planning, home equity, pensions, medicare, social security, and taxes. The company plans to enhance its platform by integrating Large Language Models (LLMs) and AI to offer more personalized recommendations. This funding round contributes to the growing trend of fintech companies securing Series A investments, reflecting the industry’s continued growth and innovation. Read more

Compliance tech leader Formalize announces €15m Series A funding

Formalize, formerly Whistleblower Software, secures €15 million in Series A funding led by BlackFin Tech, marking a crucial step in its rebranding and expansion. The company offers a compliance operations platform aimed at easing regulatory burdens for EU businesses. The funding will enhance platform capabilities, focusing on automating compliance tasks amidst complex regulations like GDPR and NIS2. With a significant increase in annual recurring revenue and partnerships with major consultancies, Formalize aims to lead the compliance software market in Europe, emphasizing automation’s critical role in navigating regulatory complexities while ensuring security and customization. Read more

Iceberg Data Lab raises $10M (€8M) for financial institutions to manage environmental impact

Iceberg Data Lab, a French startup, secures $10 million in Series A funding led by Beringea, with participation from MAIF Avenir, AXA Investment Managers, and existing investors. The total funding now exceeds $15 million. The company offers climate and biodiversity data solutions for financial institutions to address the growing environmental regulation landscape, including the EU’s CSRD and EUDR. Iceberg Data Lab’s platform covers various metrics, including Carbon Footprint and Corporate Biodiversity Footprint, aligning with standards like TCFD and TNFD. Its AI-powered tool assists ESG analysts in interpreting ESG-related data. The funding will support global expansion, product pipeline development, and technology enhancement. CEO Matthieu Maurin emphasizes the company’s commitment to sustainability and growth, while Beringea UK’s Investment Manager highlights Iceberg Data Lab’s unique solutions and potential for impact at scale. Read more

Oka secures $10m (€8M) in groundbreaking funding for carbon credit InsurTech

Oka, a leader in the carbon credit insurance market, secures a significant $10 million funding round led by Aquiline Capital Partners and firstminute capital, among others. This funding will bolster Oka’s risk-based capital requirements and support its operational expansion, including the development of its Lloyd’s syndicate-in-a-box, Oka Syndicate 1922. Oka aims to revolutionize the voluntary carbon market by providing insurance against risks such as invalidation and reversal, ensuring financial compensation for buyers. CEO Chris Slater expresses optimism about the company’s future and its mission to insure every carbon credit, promoting confidence and investment in climate-positive initiatives. Read more


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