Banking

South African Fintech JUMO Raises $120M Round Led By Fidelity

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Cape Town based fintech startup JUMO has raised $120 million in a funding round led by Fidelity, bringing the total amount of (equity + debt) funding to over $260 million since inception. The round also witnessed participation from Visa and Kingsway Capital. Existing investors in the company who participated in previous funding rounds include Leapfrog, Goldman Sachs, Finnfund and Proparco.

Founded in 2015 by Andrew Watkins-Ball, JUMO is a Banking as a Service platform that uses AI to power financial services in emerging markets, and offers savings and credit products to entrepreneurs in emerging markets, as well as financial services infrastructure to partners such as eMoney operators, mobile fintech platforms and banks. 

Airwallex Raises $200M In Series E Funding Round Led By Lone Pine Capital

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Business banking fintech startup Airwallex has raised $200 million in Series E funding round led by Lone Pine Capital, valuaing the six year old startup at ~4 billion. The round also witnessed participation of new investors G Squared and Vetamer Capital, as well as existing investors 1835i Ventures (formerly ANZi Ventures), DST Global, Salesforce Ventures and Sequoia Capital China. The fintech has raised over $700 million cumulatively till date.

Founded in 2015 by Jack Zhang, Jacob Dai, Lucy Yueting Liu and Max Li, Airwallex is a financial services platform committed to building global financial infrastructure to scale the digital economy.

Varo Bank Raises $510M In Series E Funding Round Led By Lone Pine Capital

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Varo Bank, the first U.S. challenger bank to receive the national bank charter, raised $510 million in Series E funding round led by hedge fund Lone Pine Capital at a reported valuation of ~$2.5 billion bringing the total amount of funds raised by the fintech to ~1 billion. The funding round witnessed participation of new investors Declaration Partners, Berkshire Partners and funds and accounts managed by BlackRock, along with existing backers Warburg Pincus, The Rise Fund, Gallatin Point Capital and HarbourVest Partners. The funds raised would be used to expand the company’s customer base and develop its products and technology platform. 

Founded in 2015 by Assaf Guery, Colin Walsh, Mykola Klymenko and Roger Van Duinen, San Francisco based Varo Bank is a digital bank that offers innovative, premium banking services wrapped in inclusive design.

London Fintech Yapily Raises $51M In Series B Funding Round Led By Sapphire Ventures

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Open banking fintech startup Yapily has raised $51 million in Series B funding round led by Palo Alto based Sapphire Ventures, bringing the total amount of funds raised by the startup to over $69 million. Last year, Yapily had raised $13 million in Series A funding round led by Zurich based VC Lakestar. Other investors in the company include LocalGlobe, HV Capital, Ithaca Investments and a few angel investors.

Founded in 2017 by Stefano Vaccino, Yapily provides a white-label, unified open banking API for several European markets including the U.K., France, Spain, Germany, Ireland, Austria, Italy and the Netherlands. The current funding will enable the company to expand its geographic footprint and strengthen its talent base.

Financial Superapp Revolut Raises $800M In Series E Funding At $33B Valuation

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London based fintech Revolut has raised $800 million in Series E funding round from SoftBank Vision Fund 2 and Tiger Global Management, valuing the company at $33 billion and bringing the total funds raised by the startup to over $1.7 billlion. The funding will enable Revolut to accelerate its growth plans including product innovation and international expansion.

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a financial services company that specializes in mobile banking, card payments, money remittance, and foreign exchange.

Lunar Raises €210M In Series D Funding Round Led By Heartland

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Danish challenger bank Lunar raised €210 million in a Series D funding round led by Denmark based family owned investment management firm Heartland. The round also witnessed participation from Tencent, Kinnevik and Peter Mühlmann, the founder of Trustpilot, bringing the total amount of funding raised by the fintech startup to over $370 million. Other investors in Lunar include Seed Capital, Greyhound Capital, Chr. Augustinus Fabrikker, Socii Capital, Nykredit and a few angels.

Founded in 2015 by Ken Villum Klausen, Lunar is a digital challenger bank thst offers a mobile banking app to help consumers control their personal finances.

Dutch Neobank Raises €193M Funding Round Led By Pollen Street

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Bunq, an Amsterdam based challenger bank, has raised $228 million (€193 million) in a funding round led by Pollen Street Capital, a UK based alternative investment manager. The round also witnessed participation from Bunq’s founder Ali Niknam to the tune of $29.5 million (€25 million). The neobank will use the funds to acquire smaller firms, including Capitalflow Group, a portfolio company of Pollen Street Capital.

Founded in 2012, Bunq is an independent neobank that helps users save time, money, and the environment.

Brazilian Nubank Secures $750 million Series G Round Led By Berkshire Hathaway

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Brazilian digital bank Nubank has raised $750 million in Series G funding round led by Warren Buffet’s Berkshire Hathaway, bringing the total funds raised to over $1.15 billion and valuing the fintech at ~30 bilion, making it one of the most valuable Latin American fintech startups. The current round also witnessed participation of Sands Capital, Canada Pension Plan Investment Board, MSA Capital and Advent’s Sunley House Capital.

Founded in 2013 by Adam Edward Wible, Cristina Junqueira and David Velez, São Paulo based Nubank is a digital bank that offers digital credit cards, transfers, and payments.

Indian Fintech Zeta Raises $250M And Achives Unicorn Status

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Banking technology startup Zeta raised $250 million in a Series C funding round from SoftBank Group Corp’s Vision Fund 2 at a valuation of approximately $1.45 billion, marking the fintech’s entry into the unicorn club. The funding round also witnessed participation from Sodexo, an existing client of Zeta.

Founded in 2015 by serial entrepreneur Bhavin Turakhia and Ramki Gaddipati, Zeta is a modern banking tech company providing Modern Core and Processing for financial institutions and Embeddable Banking for fintechs and distributors. The latest funding round will enable the startup to accelerate its growth in key markets of the US and Europe, scale up its operations and expand its team.

Digital Bank Current Raises $220M In Series D Funding Round Led By Andreessen

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Digita banking startup Current raised $ 220 million in a Series D round led by Andreessen Horowitz catapulting its valuation to $2.2 billion just five months after its previous round. The startup has raised over $400 million in total funding till date.

Andreessen Horowitz led the round with significant participation by existing investors Tiger Global Management, TQ Ventures, Avenir Growth Capital, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA.

Founded in 2015 by Stuart Sopp, Current offers mobile payments, online banking, and financial services. The company said that the current fundraise follows a year of tremendous growth after signing on three million members, a significant bump from the one million mark it reached just last summer, and it also expanded its creator partnerships.

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