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.
TLcom Capital closes second fund at $154M to back early-stage startups across Africa
TLcom Capital, an African VC firm, closes its second fund, TIDE Africa Fund II, at $154 million, making it Africa’s largest investor in seed and Series A stages. Notable investors include the European Investment Bank and Visa Foundation. TLcom prioritizes early-stage opportunities in traditional sectors like fintech and mobility while backing repeat founders and investing earlier to mitigate risks. The firm has already invested in six companies from its new fund, expanding its footprint beyond Nigeria and Kenya. As other VC firms also raise significant funds for African startups, attention will focus on exit opportunities and tangible returns, crucial for the region’s tech ecosystem growth. Ultimately, TLcom aims to attract global capital to Africa by demonstrating its potential for technology-driven value creation and investment opportunities. Read more
finmid Emerges From Stealth, Raises €35 Million
Berlin-based fintech finmid has secured a €35 million funding round following its emergence from stealth mode, with investments from Blossom Capital, Earlybird VC, and N26-founder Max Tayenthal. Founded by former N26 executives Max Schertel and Alexander Talkanitsa, finmid is an embedded finance platform offering an alternative to traditional banking for platforms. The company’s products include a capital solution allowing SMEs to quickly access cash from sales and a B2B payments service. With a claimed €400 billion funding gap for SMEs in Europe, finmid aims to bridge this gap by providing financing within 24 hours, leveraging real-time data for credit decisions. Schertel emphasizes bringing business financing back to where businesses operate, while Talkanitsa predicts a shift away from traditional banking toward B2B software platforms as the primary source of business financing. Although specific numbers are not disclosed, finmid reports significant revenue growth and plans to expand its platform across Europe with the capital infusion. Read more
SafeBase secures $33m in Series B to revolutionise security reviews
SafeBase, renowned for its seamless security reviews, has secured a $33 million Series B funding round, bringing its total funding to over $50 million. Led by Touring Capital and Zoom Ventures, with participation from NEA, Y Combinator, Comcast Ventures, and Cerca Partners, alongside investments from cybersecurity executives like Jim Alkove, the funding will further develop SafeBase’s Trust Center Platform. The platform aims to simplify third-party risk assessments, making them real-time and frictionless. With exponential revenue growth, over 700 clients, and a 98% gross retention rate, SafeBase is poised to revolutionize the security review process. CEO Al Yang emphasizes the need to overhaul current practices, aiming for transparency and efficiency in security assessments. Read more
Bridgewise Raises $21M in Funding
Bridgewise, based in London, UK, has secured $21 million in funding in a round led by SIX Group, with participation from Group11, L4 Venture Builder, and others. The company plans to utilize the funds to accelerate its market penetration and overall growth. Led by CEO Gaby Diamant, Bridgewise has developed proprietary AI-based technology and language models to offer comprehensive insights into global stocks and securities. Its platform provides various products tailored to the needs of financial institutions and service providers, including AI-generated reports, on-demand analysis of financial instruments, a natural-language AI conversational chat called Bridget™, and a robo advisor for personalized recommendations based on users’ existing portfolios. With over 50 institutional clients across 15 countries and delivering over 10 million analyses in 22 languages, Bridgewise aims to bridge the knowledge and accessibility gap in global capital markets, empowering investors worldwide with trustworthy analysis and recommendations. Read more
Credit card fintech Pliant lands €18m Series A extension led by PayPal Ventures
Pliant, a B2B credit card fintech based in Berlin, Germany, has raised over €18 million in a Series A extension, bringing the total sum of the round to more than €50 million. PayPal Ventures led the latest funding round, with additional participation from existing investors Alstin Capital, SBI Investment, and Motive Ventures. With the aim to expand its cards-as-a-service (CaaS) product beyond the European Union, starting with the UK, Pliant has developed multi-currency capabilities, now offering services in 11 different currencies. This expansion allows customers to be invoiced in the currency used for the transaction, particularly beneficial for companies with significant non-EUR transaction volumes. Pliant doubled its annual revenues in 2023 and extended its Electronic Money Institution (EMI) license to 25 countries across the European Economic Area (EEA), enabling provision of financial services beyond card issuance. Established in 2020, Pliant’s platform enables businesses to issue physical and virtual credit cards, monitor expenditures, and automate payment processes through its app and API-driven solutions. Read more
Wagestream Raises Further £17.5M in Funding
Wagestream, a London-based provider of a financial benefits platform, has raised an additional £17.5 million in funding from investors including British Patient Capital, Lombard Odier Investment Managers, and existing investor Northzone. The company plans to use the funds to expand its range of services and become a comprehensive financial platform for low and middle-income workers. Led by CEO Peter Briffett, Wagestream’s platform is already utilized by 1,000 employers across the UK, Spain, and the United States, benefiting 3 million mainly shift and frontline workers. The platform allows users to access interactive payslips, choose payment timings, save directly from their pay, save on bills, and receive free debt advice. New services will include a credit-builder card, shopping discounts, AI-powered coaching, and loans, catering to those previously underserved in the financial sector. Employers such as Asda, Bupa, Burger King, Pizza Express, and the NHS offer financial benefits through the Wagestream platform. Read more
Aurionpro Solutions to acquire fintech startup Arya AI for $16.5 million
Aurionpro Solutions has acquired a 67% stake in banking and insurance-focused startup Arya.ai for $16.5 million, expanding its business offerings with AI capabilities. Founded by IIT Bombay graduates Vinay Kumar and Deekshith Marla, Arya.ai offers cloud-based AI tools to financial services clients for data analysis, risk underwriting, and fraud monitoring. The acquisition allows Aurionpro to enter new markets in the US, Southeast Asia, India, Europe, West Asia, and Africa. Arya.ai’s CEO Kumar stated that the startup has been profitable and growing at a rate of 3x year-on-year, with about 95 clients, including divisions of ICICI Bank, HDFC Bank, and Axis Bank. All of Arya.ai’s employees will continue to work independently under Aurionpro. The deal was facilitated by Four-S Services as the transaction advisor to Arya.ai. Read more
Apptega’s fresh $15m funding set to boost compliance and security offerings
Apptega has secured $15 million in growth equity and third-party debt from Mainsail Partners to advance its technology development for continuous compliance and IT security automation. Specializing in lifecycle compliance solutions for managed service providers (MSPs), Apptega’s platform streamlines security and compliance processes. The funding will boost research and development in artificial intelligence to enable more efficient security and compliance guidance for MSPs. Additionally, it will support operational expansion and revenue growth through channel partners, aiming for a 30 percent increase in revenue in 2024 and doubling it by 2025. Apptega’s recognition as a leader in Security Compliance Software by G2 for 12 consecutive quarters and the tripling of partner numbers over two years underscore its momentum in the market. Read more
HappySignals Raises $12M in Funding
HappySignals, a Helsinki-based human-centric IT experience management company, has raised $12 million in funding led by Mandatum Asset Management, with participation from existing investors Nauta and Vendep Capital. The company plans to utilize the funds to enhance sales, marketing, and product development for its global expansion efforts. Founded by Sami Kallio, Pasi Nikkanen, and Sami Aarnio, HappySignals offers a SaaS platform for IT experience management, enabling enterprises to improve employee experiences. It provides IT leaders with real-time insights into the experiences delivered to end-users across all IT services, empowering them to make informed decisions and prioritize employee happiness and productivity. HappySignals counts companies like PepsiCo, Fujitsu, and Reckitt among its clients. Read more
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