#DoneDeal FinTech | 2022 #22
Weekly Funding news up to Friday, June 3rd, 2022
REPORT
A recent report from Andreessen Horowitz illustrates a sad state of affairs for the FinTech industry, which has gotten clobbered in the tech-stocks downdraft.
👉Read the full article by Veronica Irwin here.
👀 NEWS HIGHLIGHT
The CFPB doesn’t want to play in the fintech sandbox anymore.
Leaders at the regulator have concluded that a much-hyped “compliance assistance sandbox” and related programs were ineffective.
In unveiling a recent restructuring of the agency's innovation office, CFPB Director Rohit Chopra said regulators were shifting away from policies that place "special regulatory treatment on individual companies."
👉Read the full article here.
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📰 ARTICLE
Murray and former colleague Fahim Ferdous, a one-time startup founder, set out to build a tool to bridge the founder-investor disconnect.
Called Cabal, their new company has raised $8 million in seed funding led by Murray’s firm Craft and Seven Seven Six. Already, 2,600 organizations are using the app, most of the companies searching for their best stakeholders and advisers that can provide the greatest help.
👉Read the full article here.
👨💻 BLOG
Raising a Series A or B round in the bear market? Here's what the VCs say:
“Timing is everything".
That's especially true with financial markets. And, unfortunately, we now find ourselves deep in bear country. Some pretty ugly macroeconomic conditions have propagated a wave of fear that has quickly filtered all the way down into early-stage VC financing.
👉Read the full article by Martin Delaney here.
👨💻BLOG
Read the full blog post, with more stats and figures below👇.
💡INSIGHTS
Last week, €564m were raised across 10 FinTech deals in a mix of debt and equity.
Congratulations to the British revenue-based financing platform Bloom Group S.A. that raised a €355m series A.
👉Read the full BlackFin Tech article by Romain Grimal here.
💰 VC FUNDS
Alven has raised €350m for its latest fund to back pre-seed to Series A startups all across Europe. It’s the largest early-stage fund raised in France to date. Link here.
🤝 M&As
Trustly has acquired UK open banking vendor Ecospend. The acquisition gives Trustly a foothold in the UK market. Link here.
October has acquired a rival Credit.fr, the second largest lending platform for French SMEs. Link here.
Sanlam has bought a controlling interest in payment solutions provider Q Link, its first fintech investment. Link here.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🎉 NOTABLE FUNDING ROUNDS
⭐️ Calling the current environment a “crucible moment,” Sequoia Capital warned that the good times are not only over, but there’s also no indication when they’ll return. Link here.
⭐️Nik Storonsky is on the hunt for someone to lead his next endeavor, an artificial intelligence-powered venture fund. Link here.
⭐️ Babel Finance has secured $80m in a Series B round — double the amount it raised a year ago in its Series A. Link here.
⭐️ New web3 fintech emerges from stealth with a $9.5m seed round. Link here.
⭐️Binance raises $500 million fund to invest in 'Web3' as crypto slides into bear market. Link here.
⭐️Liminal has raised $4.7 million in its seed funding round led by Elevation Capital. Link here.
⭐️Slice tops $1.5 billion valuations in new funding to scale UPI payments. Link here.
UK 🇬🇧
Tred has busted through its initial £600,000 crowdfunding target within ten minutes of going live on Crowdcube. Link here.
EUROPE 🇪🇺
Mondu has won the backing of Peter Thiel’s Valar Ventures LLC as the lead investor in its $43m Series A — a mere seven months after its seed round. Link here.
Sustainable finance provider ecolytiq has secured a €13.5 million financing round led by Visa and other blue-chip investors. Link here.
Beanstalk, an app that allows families to invest in their children’s future, has secured a “six-figure” sum in a crowdfunding round to further its market reach. Link here.
Numarics has successfully closed a CHF 2.1 million pre-seed financing round led by Wingman Ventures. Link here.
USA 🇺🇸
Clear Street closes $165 million Series B. Link here.
Pebble, the provider of a financial app that allows users to save, spend, and receive money, raised USD6.2M in funding. Link here.
Spriggy has extended its latest funding round, raising an extra $10 million in capital to enable it to invest in more financial products for families, without having to focus on raising funds again for years. Link here.
Kroo successfully raised £26 million. This round of funding has had incredible results with over 60% of investors reinvesting, showcasing their belief in the Kroo vision. Link here.
Sanlo, a startup that offers app and game developers access to financial tools and capital, raises $10M. Link here.
Wizest has closed a $1.7 million seed investment round. Link here.
CANADA
Moves provider of a banking app exclusively for gig workers raised $5M in Seed funding. Link here.
LATAM
Cicada raised $3.6 million in a Seed round led by Kaszek, with participation from Geometry Ventures, BCP Securities, and Mexican financial industry angels. Link here.
Koban raises $2.3M, the largest pre-seed in the country. Link here.
Incognia has just announced a $15.5 million Series A round led by Point72 Ventures. Link here.
ASIA
Bibit announced that it has raised more than US$80 million in a round led by Singapore state investor GIC. Link here.
Jar is engaging with several investors to raise about $50 million at a $350 million valuation. Link here.
HitPay has raised US$15.75m in a Series A funding round, led by Tiger Global and joined by returning investors Global Founders Capital and HOF Capital. Link here.
FlexID gets Algorand funding to offer self-sovereign IDs to Africa’s unbanked. Link here.
AUSTRALIA 🇦🇺
Managed App raises $5.3 million, and looks to double users in a year. Link here.
MIDDLE EAST
Viola Credit, an alternative credit asset manager deploying money through fintech lenders, has closed a new $700m fund. Link here.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.