#DoneDeal FinTech Funding News | 2023 #20
Weekly Funding news up to Friday, 19th of May 2023
Happy Friday Fellow FinTech Fanatic,
Let's start today's newsletter with 🔥 HOT off the press 🔥 The Ultimate FinTech Influencer Guide 2023! 👇
To all of you FinTech Fanatics out there; enjoy and follow these creators!
WEEKLY FUNDRAISING ACTIVITY
Last week we spotted 7 European FinTech Funding deals for a total amount of €36.3m raised, with 3 deals in the UK, 2 in the Netherlands, and one in Italy.
REPORT
According to Pitchbook's Q1 2023 Enterprise Fintech Report, investors are betting on enterprise FinTech.
Across 336 deals, the enterprise FinTech space attracted $11.8 billion in investments.
Excluding Stripe’s deal, Q1 still saw a 7.6% increase in deal value from last quarter.
👀 NEWS HIGHLIGHT
Zip raised $100 million in a Series C round at a $1.5 billion post-money valuation, with investment from Y Combinator, CRV, and Tiger Global. The company also launched Zip Intake-to-Pay to provide Procure-to-Pay capabilities.
📊 INFOGRAPHIC
⚫ Singaporean FinTech seed deal activity halves in Q1 2023 YoY
Singaporean FinTech seed deal activity dropped 52% to 19 transactions in Q1 2023 YoY.
Singapore’s combined investment from FinTech seed deals reached $56m in Q1 2023, a 21% drop from Q1 2022.
Blockchain & Crypto was the most active FinTech subsector in Singapore during Q1 2023 with a 53% share of deals.
💡 INSIGHTS
⚫ FinTechs down '50% to 70%' from peak valuations
Eric Demuth, the CEO of Bitpanda, says that European FinTechs are clinging on to price tags of many times what they’re actually worth — including his own.
⚫ Nubank’s Q1 2023 Financial Results are on 🔥
The neobank recorded USD 1.6 billion in revenues, an all-time record nearly doubling the company’s performance a year ago. The CEO David Vélez told analysts that as Nubank turns ten, it no longer wants to be purely seen as a neobank.
💰 VC FUNDS
Tiger Global is exploring options to cash in a piece of its more than $40 billion (€36.6 billion) portfolio of privately held companies.
🤝 M&As
Nordea completed the acquisition of Advinans, following receipt of the regulatory approvals.
Revenue Group plans to acquire a controlling stake of 51% in Innov8tif Holdings from Hong Seng for RM36 million in a total cash purchase.
Ripple announced that it had acquired Metaco for $250 million in cash and Ripple equity.
Fabrick acquired Judopay, marking a major step for Fabrick in its expansion into the UK market.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🎉 NOTABLE FUNDING ROUNDS
⭐️ Deblock quietly raised a $12m seed round.
⭐️ Axis launches digital payments platform for Egyptian SMEs months after its $8.25M seed.
⭐️ Wefox raised $110 million in funding from JPMorgan and Barclays.
⭐️ Cilia secured a $21.8 million venture round led by Cloud9 Capital and Mercadolibre.
UK 🇬🇧
Smart raised $95 million in a Series E funding round to fuel its ongoing global expansion initiatives.
Hands In completed a $550,000 funding round to accelerate the commercialization of its group payment services.
EUROPE 🇪🇺
Amlyze concluded a $1 million pre-seed investment round led by Practica Capital with participation from Lithuania's Firstpick Accelerator and Venture Capital Fund.
USA 🇺🇸
8fig announced that it had secured a $140 million Series B funding round led by Koch Disruptive Technologies.
Tipalti scored $150 million in incremental growth financing from JPMorgan Chase Bank and Hercules Capital.
River announced a $35 million equity round led by Kingsway Capital.
Cardless Inc. announced a new debt deal with i80 Group, securing a three-year $75 million credit facility.
Obie raised $25.5 million in a Series B funding round led by Battery Ventures, with participation from Brick and Mortar VC and others.
Percent secured $29.7 million in a Series B funding round led by White Star Capital.
CANADA
Koïos Intelligence concluded a $6.5 million financing round with the participation of Propulia Capital, Canada Economic Development, and other private investors.
Vault Payments raised C$5 million in a seed round led by Google’s Gradient Ventures and Fin Capital.
LATAM
Azteco announced that it had raised $6 million in seed funding. The round was led by Jack Dorsey.
ASIA
Jenfi raised $6.6 million in a pre-Series B funding round led by Headline Asia, best known for its investments in the dating app Bumble.
ZestMoney is finalizing a new funding round from existing shareholders following the resignation of the firm’s founders. The investors’ list will possibly include Flourish VC, Quona Capital, Zip, Omidyar Network India, and Scarlet Digital.
AUSTRALIA 🇦🇺
Finspo secures $2.55 million to enhance its end-to-end digital experience.
MIDDLE EAST
Firmbase raised $12 million in funding for its financial planning and analysis platform.
AFRICA
M-KOPA closed over $250m in new debt and equity funding to expand its financial services offering to underbanked consumers across Sub-Saharan Africa.
Jia raises $4.3 million in a seed funding round to expand its operations in Kenya.
MOVERS & SHAKERS
FinTech Banked promoted ex-PayPal Head of Product Marketing, Lisa Scott, to CEO of its European operations.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.