FinTech Round-Up – Weekly Summary by Nik Milanović

This article has been published in partnership with Nik Milanović (bio at the end of the article) and taken from This Week in Fintech, his weekly newsletter.

Venture Financing

  • HighRadius, an automated accounts receivable and treasury management platform, raised $300 million at a $3.1 billion valuation.
  • dLocal, a Uruguayan enterprise merchant payment platform, raised $150 million at a $5 billion valuation.
  • Pipe, a revenue-based financing alternative for cash flowing businesses, raised an additional $150 million at a $2 billion valuation.
  • Paidy, a Japanese buy-now-pay-later firm, raised a $120 million Series D.
  • Airtel Africa, the mobile money unit of telco Airtel, announced a $100 million strategic investment from Mastercard (weeks after a $200 round).
  • Sightline Payments, a gambling payments company, raised a $100 million growth round.
  • Capitolis, a financial resource optimization platform for capital markets, raised a $90 million Series C.
  • Ajaib, the Indonesian investment platform, added $65 million to its extended Series A.
  • Striim, a cloud data management company for financial services, raised a $50 million Series C from backers including Goldman Sachs.
  • Ethic, an asset management personalization platform, raised a $29 million Series B.
  • DotPe, an Indian offline commerce and payments platform, raised a $27.5 million Series A.
  • Open Co, a financial access joint venture of Brazilian FinTechs Geru and Rebel, raised about $27 million (R$150 million).
  • Singaporean investment advisor Endowus raised a S$23 million Series A.
  • Butter, a UK buy-now-pay-later startup, raised £15.8 million.
  • Auditoria raised a $15.5 million Series A to build an autonomous finance solution for corporate finance teams.
  • Spiral, which is building a banking solution for charities, raised $14 million and debuted its app.
  • Velocity, an Indian business lender, raised $10.3 million in seed funding.
  • Flobiz, an Indian SMB accounting platform, raised a $10 million Series A.
  • Brightplan, an employee financial wellness tool, raised a $9.5 million Series A.
  • Blaze, a point of sale software for cannabis businesses, raised an $8 million Series A.
  • SadaPay, a Pakistani digital wallet and debit card, raised a $7.2 million seed round.
  • Gro, a startup led by a former Revolut exec which bridges decentralized and legacy financial services, raised a $7.1 million seed.
  • NOW Money, a UAE digital bank account provider for migrant workers, raised $7 million in funding.
  • Monavate, a UK card sponsorship platform, raised £5 million.
  • IndiaLends, a digital lending platform with 8 million customers, raised $5.1 million.
  • Financial research platform Unhedged raised $4.4 million.
  • Tugende, a Ugandan lease-to-own asset financing startup, raised a $3.6 million Series A.
  • ArifPay, an Ethiopian mobile POS system, raised $3.5 million in financing.
  • KPI Sense, a strategic finance platform for SaaS companies, raised a $1.1 million seed.
  • muvin, an Indian youth-focused neobank, raised a $1 million seed round.
  • NextPay, a Filipino business-focused neobank, raised a $125,000 pre-seed.
  • Gimo, a Vietnamese payroll provider for underbanked workers, raised an undisclosed round.
  • Fundiin, a Vietnamese BNPL platform, raised an undisclosed amount of funding.
  • Ramp reportedly raised funding from Stripe.
  • Indian tax filing startup ClearTax is in talks to raise a $100 million round at a $750–$850 million valuation.
  • Hi55 Ventures, a working capital and salary company, is raising a Series A.

Source: Quartz

Debt Financing

  • Drip Capital, a California-based cross-border Indian trade financier, raised $40 million in a warehouse credit line.
  • True Balance, an underbanked lending app in India, raised $10 million in debt.

Venture Funds

  • Clocktower Technology Ventures is raising a $25 million seed fund focused on Latin American FinTechs.

Exits and M&A

FinTech

  • Nordic Capital agreed to sell Swedish trading software provider Itiviti to US-based Broadridge Financial Solutions for €2.1 billion.
  • Bairong, a Chinese financial data analytics provider, slumped 16% in its market debut, raising $507 million in a Hong Kong IPO.
  • Embattled supply chain lender Greensill agreed to sell its Finacity subsidiary to the head of the division for $24 million.
  • Khatabook, an Indian SMB accounting and payment solution, acquired Biz Analyst for $10 million.
  • Early-stage UK FinTech venture capital firm Finch Capital is acquiring the Turkish subsidiary of Wirecard to create an Irish entity called Nomu Pay.
  • Banking neo-core provider Q2 acquired the original direct deposit switching startup, ClickSWITCH.
  • Payments technology giant Fiserv will acquire omnichannel business payments acceptance solution Pineapple Payments.
  • Uphold, a crypto digital currency platform, acquired JNK Securities to offer access to fractional securities as well.
  • Avantax, a wealth management platform, acquired GuideVine, a lead-gen and marketing tool for financial services.
  • Crypto provider Ripple acquired a 40% stake in Asian cross-border payments specialist Trianglo.
  • Tutuka, a virtual card development platform, and Paymentology, a cloud payment processor, were acquired by SaltPay to enable issuer processing in 50 countries.
  • Coinbase scheduled its direct listing for April 14.
  • Wise (aka Transferwise) could IPO in May for a valuation of up to $7 billion.
  • Linklogis, a Chinese supply chain financing provider, is targeting a $1.1 billion Hong Kong IPO.
  • PensionBee, a UK pension combination platform, plans to float (like a butterfly) on the London Stock Exchange in April and raise £55 million. 
  • The private equity owners of Schufa, the German credit rating provider, are looking to sell the firm to other private equity firms.

Bank

  • Private equity firm CVC Capital agreed to buy 90% of the insurance unit of National Bank of Greece for €505 million.
  • Bank of America bought healthcare payments company Axia.
  • Creval, an Italian regional bank, rejected a takeover offer from Credit Agricole Italia, arguing the price should be 23% higher.

Investment Management

  • European asset manager Arrow Global agreed to a takeover offer from private equity firm TDR Capital at a £563 million valuation.
  • Wealth manager Quilter agreed to sell its international business to Utmost Group for £483 million.
  • Euroclear, a Belgian securities settlement company, agreed to acquire fund management and distribution platform MFEX Group.

SPACs

  • We were so close to a week with no FinTech SPACs... and then Galata Acquisition filed for a $125 million IPO focused on tech-enabled financial services in emerging markets.

Deeper Reads