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330

Neo Bank Juno Raises $3Mn Seed Funding From Sequoia, Polychain

via Inc42 Media

Founded in July 2019, Juno  has been built using Ethereum blockchain and Nuo protocol. The platform aims to decentralise lending and borrowing of digital assets. With the new funding the company wants to expand its team in Singapore and India and apply for a license in select markets. (more…)

Banks, Blockchain, Deals, India, InspirAsia

October 10, 2019

341

UK Challenger Bank Tide Secures £44.1 Million Through Series B Funding Round Led By SBI Group & Augmentum Fintech

via Crowdfund Insider

Tide, a UK-based SME challenger banking, announced on Monday it secured £44.1 million through its Series B funding round, which was led by specialist fintech investment companies, The SBI Group and Augmentum Fintech plc.

As previously reported, Tide describes itself as a current account that saves businesses time and money with its tools that automate bookkeeping and make paying/sending invoices quicker. (more…)

Banks, Deals, Mobile-first banks, SME

October 7, 2019

528

Cybersecurity company Acronis hits unicorn status after raising $147 million led by Goldman Sachs

via TechCrunch

Cybersecurity solutions provider Acronis announced today that it has raised $147 million in funding led by Goldman Sachs, bringing it to unicorn status. The company did not disclose its valuation, but founder and CEO Serguei Beloussov told TechCrunch that it is between $1 billion and $2 billion.

Founded in Singapore as a data backup and recovery company in 2003 and now headquartered in Switzerland, Acronis currently has more than 1,400 employees in 18 countries. Its cyber protection technology is used by 5 million consumers and 500,000 businesses. (more…)

Deals, InspirAsia, Security, Singapore

September 18, 2019

524

Neobank Yelo raises funding from Matrix Partners, Omidyar, others

via DEALSTREETASIA

Personalized neobanking service Yelo said on Wednesday it has raised seed round funding from Matrix Partners India, Omidyar Network India, Flourish and current investor, Better Capital.

Yelo describes itself as a digital-only mobile-first neobank with a custom-made suite of financial products for remittance, healthcare, education, e-commerce, and day-to-day cash flow management. (more…)

Banks, Deals, India, InspirAsia, Mobile-first banks

September 5, 2019

491

The Nordics have a new neo bank contender

via Sifted

The Danish banking app Lunar Way has overnight both received a banking licence and €26m in funding, from investors such as Danish Seed Capital, Brittish Greyhound Capital och San Francisco-based Socii Capital.

The company, which started with a banking app for millennials, is planning to use the money to strengthen its position in Denmark and Sweden and also open a division in Norway and Finland. (more…)

Banks, Deals, Mobile-first banks

August 21, 2019

707

Ex-Lazada CMO’s neobanking platform for SMEs, Aspire, raises US$32.5M to grow in Southeast Asia

via e27

Aspire provides SMEs with a 60-day, interest free credit line of up to S$100,000 to solve their working capital needs (more…)

Banks, Deals, InspirAsia, Singapore, SME

August 1, 2019

643

Challenger bank Judo raises $400 million

via The Sydney Morning Herald

Challenger bank Judo has raised $400 million in the biggest individual private funding round by an Australian start-up, making its founders multimillionaires on paper.

The equity raise is record-breaking when combined with Judo’s $140 million raise last year and values the bank at $1.5 billion to $2 billion over the next two years. (more…)

Banks, Deals, InspirAsia

July 30, 2019

640

Fintech decacorn Nubank raises $400M led by TCV

via TechCrunch

Another day, another mega round for a fintech startup. And this one is mega-mega.

Brazil-based Nubank, which offers a suite of banking and financial services for Brazilian consumers, announced today that it has raised a $400 million Series F round of venture capital led by Woody Marshall of TCV. The growth-stage fund is best known for its investment in Netflix but has also made fintech a high priority, with over $1.5 billion in investments in the space. According to Nubank, the company has now raised $820 million across seven venture rounds.

Katie Roof and Peter Rudegeair of The Wall Street Journal reported this morning that the company secured a valuation above $10 billion, potentially making it one of a short list of startup decacorns. That’s up from the $4 billion valuation we wrote about back in October 2018. (more…)

Banks, Deals, Mobile-first banks

July 27, 2019

844

Mbanq backs Arival Bank by acquiring shares

via FinTech Futures 

Mbanq, an accredited investor, has backed Arival Bank by acquiring shares, as reported by Medium.

Mbanq provides digital core technology and banking-as-a-service (BaaS) and Arival Bank chose it for its digital core banking back in July 2018. (more…)

Banks, Deals, Hotnews

July 26, 2019

603

UK challenger bank Atom raises another £50M from BBVA and more at £530M valuation

via TechCrunch 

Another hopeful among Europe’s so-called challenger banks — startups taking on the big names in consumer banking by targeting niche groups of users with a more modern set of tools to manage users’ money — has raised a sizeable round of funding to expand its business.

Atom Bank — which targets mainly millennial-aged consumers (current slogan: “It’s all about you, you, you”) with mobile-first savings accounts and mortgages as well as small business loans — has raised a further £50 million in funding. It’s not disclosing its valuation officially, but sources confirm it’s £530 million (or around $660 million at current rates), up from £450 million previously. (more…)

Banks, Deals, Mobile-first banks

July 23, 2019

2533

Banking startup N26 raises another $170 million at $3.5 billion valuation

via TechCrunch 

Fintech startup N26 is raising $170 million a few months after raising $300 million. While it’s technically structured as a new round, the company considers today’s new funding as an extension of the Series D round.

N26 has only reached out to existing investors. All the investors in the Series D round are investing again, as well as a few investors that have been around for a while. So that’s Insight Venture Partners, GIC (Singapore’s sovereign wealth fund), Tencent, Allianz X, Peter Thiel’s Valar Ventures, Earlybird Venture Capital and Greyhound Capital. (more…)

Banks, Deals, Mobile-first banks

July 18, 2019

2287

Curve, the ‘over-the-top’ banking platform, raises $55M at a $250M valuation

via TechCrunch

Curve, the London-based “over-the-top banking platform,” has raised $55 million in new funding. The startup lets you consolidate all of your bank cards into a single Curve card and app to make it easier to manage your spending and access other benefits.

Curve’s Series B round is led by Gauss Ventures, the London-HQ’d fintech investor, alongside Creditease, IDC Ventures and previous backer Outward VC (formerly Investec’s INVC fund). A number of other early investors, including Santander InnoVentures, Breega, Seedcamp and Speedinvest also followed on.

The new round of funding values Curve at $250 million (or one-quarter unicorn, so to speak), and will be used by the company to continue adding more features to its platform and for further European expansion. (It also plans to launch in the U.S. in 2020). To date, the company claims 500,000 users and says it is on track to reach 1 million by the end of the year. (more…)

Banks, Deals

July 16, 2019

3979

Bengaluru-based neo-banking startup NiYO raises $35 million in series B round

via The Indian Wire

NiYO Solutions, a Benglauru-based neo-banking startup has raised $35 million in a Series B funding round. The round was led by Horizons Ventures and Tencent. While, the company’s existing investor JS Capital also participated in the funding round.

The company plans to use the funding to accelerate the development and rollout of new product offerings. It will also use funds to amplify distribution and marketing. (more…)

Banks, Deals, India, InspirAsia

July 10, 2019

487

Swedish ‘neobank’ P.F.C. picks up €5M backing from Nordic banking giant Nordea

via TechCrunch

P.F.C. (Personal Finance Co.), a so-called “neobank” founded in Sweden, has raised €5 million in funding. Backing the young company is Nordea, the largest bank in the Nordics region.

In other words, chalk this up as another example of an incumbent bank placing financial and strategic bets on a fintech upstart, even if it doesn’t always end as the parties involved planned. (more…)

Banks, Deals

July 4, 2019

1542

Kyash, a would-be challenger bank in Japan, raises $14M

via TechCrunch

The new era of tech-enabled banks is coming, even in regulation-heavy Japan. Kyash, a fintech company with visions on becoming Japan’s first challenger bank, said today it has raised $14 million to continue its expansion.

To be clear, Kyash isn’t a bank. Yet. But it is currently applying for a host of licenses in Japan that could allow it to offer banking-style features, including checking accounts, ATM withdrawals and money remittance. Right now, it is a payment app that offers a connected Visa card in the style of Monzo, N26, Revolut (which has a Japan license) and others of that ilk.

The startup was founded in 2015 by Shinichi Takatori, a former banker and management consultant who saw the potential to merge tech and finance. (more…)

Banks, Deals, InspirAsia, Japan

July 3, 2019

609

Monzo, the UK challenger bank, raises £113M Series F led by YC’s Continuity fund at a £2B post-money valuation

via TechCrunch 

Monzo, the fast-growing U.K.-based challenger bank with more than two million account holders, has raised £113 million (~$144m) in additional funding.

Confirming TechCrunch’s scoop in April, the Series F round is led by Y Combinator’s “Continuity” growth fund, and gives the company a new £2 billion (~$2.5b) post-money valuation. That’s double the £1 billion valuation it garnered in October last year. (more…)

Banks, Deals, Mobile-first banks

June 25, 2019

1439

Personal Finance App Dave Launches Mobile Banking; Raises $110 Million In Debt

via Forbes 

Dave, the mobile personal finance app that helps people avoid overdraft fees, is getting into the banking market, announcing the launch of Dave Banking.

It’s the latest challenger bank to launch in the U.S. following on the heels of Monzo of the U.K. last week.

Aimed at the younger generations, Dave Banking helps customers build their credit by automatically reporting everyday payments including rent and utility bills. The service, which costs $120 a year, is free to users who deposit their paycheck into the Dave Banking account.  The checking account also provides customers with a $100 no-interest overdraft protection, available regardless of the customer’s current credit score.

In conjunction with the launch of its bank, the Los Angeles startup that counts Mark Cuban as an investor raised $110 million in debt led by Victory Park Capital. Co-founder and chief executive Jason Wilk said the company is in talks with investors about raising more capital at a valuation of close to $1 billion.

(more…)

Banks, Deals, PFM/PFP services

June 18, 2019

773

Identity platform provider Auth0 raises $103 million at a valuation of $1 billion

via Venture Beat 

Online data breaches are on the rise, and it’s no great mystery why. In a recent survey conducted by LastPass, 59% of respondents said they reused passwords across multiple accounts and more than half said they hadn’t changed their password in the past year. About 95% of cybersecurity breaches are attributable to human errors like these, in fact, and malicious hackers are taking full advantage: It’s estimated that there’s a cyberattack every 39 seconds on average.

Bellevue, Washington-based identity-as-a-service startup Auth0 intends to reverse the trend, and it’s raising capital as it acts on its plans. The six-year-old company today announced that it has secured $103 million in series E financing led by Sapphire Ventures, with participation from existing investors Bessemer Venture Partners, K9 Ventures, Trinity Ventures, Meritech Capital, Telstra Ventures, and World Innovation Lab. The cash infusion values Auth0 at $1 billion, and it brings its total capital raised to about $210 million. (more…)

Deals, Fintech news, Security

May 20, 2019

1148

Sources: Y Combinator’s growth fund to back challenger bank Monzo

via TechCrunch

Just five months after announcing £85 million in Series E funding, Monzo is already gearing up to raise additional funding, which would almost double its valuation.

As reported in the Sunday Times yesterday, the U.K. challenger bank is close to raising £100 million in further funding in a new round led by an unnamed U.S. investor. If the deal goes through, it will reportedly give Monzo a pre-money valuation of close to £2 billion, up from £1 billion in October.

Now TechCrunch has learned that the new U.S. backer is Y Combinator. (more…)

Banks, Deals, Fintech news, Mobile-first banks

April 8, 2019

658

Kong raises $43 million to expand its API automation platform

via VentureBeat 

Kong announced that it has closed a $43 million round of venture capital to extend the reach of its API automation service.

The San Francisco-based startup is riding the wave of microservices as companies rethink the way they develop applications for cloud-based computing. Kong says adoption of its platform accelerated in 2018 to reach more than 75 million downloads of its open source API platform and deals with 110 enterprise customers. (more…)

Deals, Open Source/ API

March 28, 2019

992

Singapore fintech startup Instarem closes $41M Series C for global growth

via TechCrunch

Singapore’s Instarem, a fintech startup that helps banks and consumers send money overseas at lower cost, has closed a $41 million Series C financing round to go after global expansion opportunities.

The four-year-old company announced a first close of $20 million last November, and it has now doubled that tally (and a little extra) thanks to an additional capital injection led by Vertex Ventures’ global growth fund and South Korea’ Atinum Investment. Crypto company Ripple, which has partnered with Instarem for its xRapid product, also took part in the round, Instarem CEO Prajit Nanu confirmed to TechCrunch, although he declined to reveal the precise amount invested. More broadly, the round means that Instarem has now raised $59.5 million from investors to date. (more…)

Deals, InspirAsia, Remittances, Singapore

March 19, 2019

1567

Passbase is building a full-stack identity engine with privacy baked in

via TechCrunch

Digital identity startup Passbase has bagged $600,000 in pre-seed funding led by a group of business angel investors from Alphabet, Stanford, Kleiner Perkins and EY, as well as seed fund investment from Chicago-based Upheaval Investments and Seedcamp.

The 2018-founded Silicon Valley-based startup is building what it dubs an “identity engine” to simplify identity verification online.

Passbase offers a set of SDKs to developers to integrate into their service facial recognition, liveness detection, ID authenticity checks and ID information extraction, while also baking in privacy protections that allow individual users to control their own identity data. (more…)

Deals, Fintech news, Influences FinTech, Security

March 18, 2019

Money management app Emma announces $600K seed round

By Emma,

London-based Emma Technologies LTD is announcing the closure of a funding round led by Kima Ventures, one of the first investor in Transferwise, and Aglaè Ventures, the early stage fund of the Groupe Arnault, investor in Netflix and Airbnb. (more…)

Banks, Deals, Fintech news

July 12, 2018

Deeper Dive into the Dynamics of the Seed Market

By Tomasz Tunguz for his blog

Earlier this week, I wrote about the collapse in the number of seed investments. I received many questions about the data, all the same. Why is this happening? This is a deeper dive into the data. (more…)

Deals, Fintech news, Global trends

July 9, 2018

Nordea to acquire online banking arm of Norwegian insurer Gjensidige

Nordea is to acquire the online banking arm of Norwegian insurer Gjensidige for EUR578 million in cash. (more…)

Banks, Deals

July 2, 2018

Plastiq raises $27m

By Plastiq

Plastiq, the best way to pay your bills and business expenses by credit card, today announced it has raised $27 million in additional financing from Atlas Venture, Khosla Ventures and Top Tier Capital Partners. (more…)

Deals

May 18, 2018

968

LendingPoint scores $600m financing deal

By LendingPoint,

LendingPoint, the company working to revolutionize access to consumer credit, today announced it has closed an up to $600 million, committed credit facility arranged by Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners.

With this new deal, LendingPoint has secured up to $1.1 billion of senior credit financing in less than one year. In September 2017, the company announced it had secured an up to $500 million committed credit facility, also arranged by Guggenheim Securities.

“The sizes, advance rates and interest rates of our credit facilities are a testament to our portfolio’s outstanding performance to date,” said Tom Burnside, co-founder and CEO of LendingPoint.

“This blended interest rate on this most recent facility is exceptionally low — LIBOR plus 467 basis points – and the advance rate is 90%, underscoring that our lenders’ believe that our credit-first, balance-sheet business model works. When we started LendingPoint, we knew that by successfully solving lending for people with credit scores between 580 to 700 – those we call ‘NearPrime’ – we would maintain strong capital markets support. This new Guggenheim facility and its pricing confirms that we’re succeeding.”

LendingPoint uses dozens of APIs to gather thousands of data points on each applicant. It has developed proprietary risk models that allow the company to get a more complete financial picture of the customer and approve more people who otherwise may have been overlooked by traditional FICO results. While the company lends to individuals across the credit-score spectrum, from 580 to 850, it focuses on NearPrime borrowers. LendingPoint processed more than 850,000 applications arising from borrowers requesting more than $9.2 billion in loans during the first quarter of 2018.

The funding announced today is the latest development in LendingPoint’s business that signals its rapid growth, which this financing will continue to fuel. In January 2018, LendingPoint announced it had acquired a point-of-sale (POS) lender’s technology platform. This platform formed the basis of LendingPoint Merchant Solutions, which LendingPoint unveiled in March to provide retailers and service providers — from orthodontists to car mechanics – POS financing.

“Our goal is to make LendingPoint a win-win-win business, meaning we align the interests of all our stakeholders: our borrowers, our merchants and our investors,” said Burnside. “Our portfolio delivers consistent results, and we’re providing loan products to many deserving yet underserved Americans, setting them on a more successful financial path.”

In addition to serving as sole structuring advisor on this credit facility, Guggenheim Securities also served as sole bookrunner. CBIZ MHM is the Administrative Agent. U.S. Bank National Association is the Note Agent and Paying Agent.

LendingPoint’s direct to consumer online loans range from $2,000 to $26,500 with terms of 24 to 48 months. Its point-of-sale loans range from $500 to $15,000, with terms from 12 to 60 months. Since it issued its first loan in 2015, LendingPoint has originated more than 50,000 loans totaling in excess of $500 million.

Deals, Fintech news

May 18, 2018

Banco BNI Partners with Lendrock on Auto Finance

Banco BNI Europa, a digital challenger bank based in Portugal, has partnered with Lendrock in Spain to provide financing to consumers looking to buy a car. Banco BNI said it will invest up to €15 million on this online financing platform that specializes in near prime consumer auto financing. (more…)

Banks, Deals

May 14, 2018

Investment Analysis of Waves

The Waves Platform was founded by Sasha Ivanov, a Russian physicist. Here is some further background on the founder:

Sasha Ivanov graduated from Moscow State University in 2001, having studied in the Theoretical Physics faculty. He undertook further study at Leipzig University in Germany, and took an early interest in electronic currencies. From 2008–09 he was involved in programming bots to trade on the international forex markets, making use of artificial neural networks, later working on trading operations and neural network trading systems for banks. (more…)

Blockchain, Deals, Fintech news

May 7, 2018

Cisco is acquiring business intelligence startup Accompany for $270M

amy-chang-accompany-2-of-5

Cisco  just announced an agreement to acquire Accompany, which uses artificial intelligence to build databases of people and relationships at companies.

(more…)

Deals, Fintech news

May 2, 2018