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Ribbit Capital Leads €15M Series A Funding Round in German Fintech Vivid Money

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Vivid Money, a Germany based fintech startup secured €15 million through its Series A funding round, which was led by venture capital firm Ribbit Capital. The investment fetches Vivid Money’s valuation to €100 million.

Vivid Money stated it offers users a “unique” mobile banking app, whether it’s payments, transfers, high-interest saving accounts, multi-currency accounts for travels, spendings reports, split bills.

Artem Yamanov, co-founder of Vivid Money, stated: “The partnership with Ribbit Capital gives us even more opportunities to complete our product in all its facets. Vivid users love our ever-expanding feature portfolio, which covers more and more needs around the topic of finance. After only a few months, we have been able to set ourselves apart from the competition. With this financing round, we are now a big step closer to our goal of offering an incomparable investment product throughout Europe.”

The investment round’s funds will be used to continue the growth and development of the Vivid Money platform.

Spanish Fintech Clarity AI Raises $15M From Deutsche Börse

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Deutsche Börse has finalized a $15 million investment round in Clarity AI, a Spanish Fintech company that leverages Big Data and Machine Learning (ML) to help investors and traders understand the social impact of their investment portfolios.

Clarity A was established in 2017  has business offices in the US, UK, and Spain. The company also has a client network with more than $3 trillion in assets under management (AUM). The firm’s exclusive technology platform has been designed to carry out sustainability assessments that cover over 30,000 companies, 198 different countries, 187 local governments and more than 200,000 funds.

Categories AI

UK Based Automata Secures £1.3M Funding Through An Equity Token Offering

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Recently, the UK-based company raised €1.5M (approx £1.3 million) in private investments as part of its ongoing Series A funding round. The funding is raised through an equity token offering, enabling the public to acquire real equity in the company – creating a decentralized IPO. The €2 million (approx £1.8 million) raised so far is part of a plan to raise a total of €7 million (approx £6.3 million) to develop its technology.

Gael Itier, CEO and founder of Automata says: “Banks are and have always been so conservative, and they don’t mix with technology as they should. We are developing and merging cutting edge technology to provide the next generation of banking for people. A single platform where your money is always invested and working for you while being instantly accessible for your daily needs.”

Automata plans to use the funding to accelerate its product development, the evolution of its proprietary technology, and the rollout of its ‘Wealth Card’ to the UK.

Arcus Raises $5 Million In Series B Funding Round From Citi Ventures

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Arcus, a fintech-as-a-service platform, announced on Monday it got an investment from Citi Ventures for expansion and partnerships in Latin America. Founded in 2013, Arcus offers a fully integrated core banking infrastructure that powers fintechs and banks of the future. The platform observed that more than 40 banks and fintech companies control its technology to facilitate their consumers’​ bill payments and management.

“Arcus began with a purpose close to our Founders’ hearts: the development of a technology that enabled immigrants to pay bills for their loved ones back home. Then, we realized we could do more by going beyond traditional fintech. Any business can be a fintech business with the right technology. Arcus’ Fintech-as-a-Service platform can help any business make fintech accessible for every consumer, across the Americas.”

Arcus raised $5 million through its Series B investment round. The company’s total amount raised is $17.9 million. Talking about the investment, Inigo Rumayor, President and Co-Founder of Arcus, stated:

“Arcus is a catalyst of digital banking and a great potential partner for Citibanamex, Citi’s franchise in Mexico. This relationship and investment will further propel Arcus’ expansion in Latin America as we work to make it possible for everyone, everywhere to have access to exceptional financial services.”

Categories B2B

US Based Digital Mortgage Fintech Startup Tomo Raises $40M Seed Funding

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US Based Mortgage fintech startup Tomo Networks has raised $40m in seed funding. The funding round was led by Ribbit Capital, NFX and Zigg Capital. Other individual investors, who also participated in the round include, hedge fund luminaries Alex Sacerdote, Kurt Mobley and Eli Weinberg, former Zillow CEO Spencer Rascoff, and Ackerley Partners’ Ted Ackerley.

Tomo Networks was founded by CEO Greg Schwartz and CRO Carey Armstrong, former executives at online real estate firm Zillow. It aims to sit neatly between consumers and real estate agents to streamline the often byzantine financial processes at the heart of buying a home.

The company says it will remain human-driven, but technology-enabled. It aims to bring a system that pre-empts and levels out friction during the mortgage process.

Funds will be used for a nationwide hiring process in the US, with plans to centre teams in Austin, TX, Seattle, WA, and Stamford, CT.

Fintech Wise Looks To Accelerate Banking Partnerships With $12M Series A Funding

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US-based embedded banking fintech startup Wise has closed a $12m Series A funding round to boost its growth and partnerships.

The funding round was led by e.ventures, with participation from Grishin Robotics, and existing investors Base10 Partners and Techstars.

The latest funding round brings the total amount raised by the company to date to $18m, following a $5.7m seed round six months ago.

Wise will use the fresh capital to accelerate its growth and partnerships across various verticals.

The company will also extend its technology to support a fully-managed, embedded banking experience.

Additionally, Wise has already inked many partnerships with software-as-a-service (SaaS) B2B companies, enabling them to offer no-code banking services to their clients.

UBS Next To Invest Directly In Early Stage Fintechs

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UBS Next will mostly engage in direct investments into early stage fintechs and other related tech companies.  Also, the bank has also come into a partnership with Anthemis to help identify up-and-coming fintech startups and improve deal flow.

Mike Dargan, head of group technology, comments: “UBS Next is a further step to accelerate our innovation efforts as well as to identify and apply the latest technology for our client businesses. With our investments through close collaboration with Anthemis, we widen our access to fintech start-ups.”

Dargan considers UBS Next will improve the bank’s engagement with the startup network, and put it at the forefront of new technological innovations in public cloud, microservices architecture, and AI

The bank is also staring at the upside potential from its equity investment. A latest report from the UBS research team depicted the global fintech industry as at an intonation point, with revenues set to grow from $150 billion in 2018 to $500 billion in 2030.

Telstra Ventures Leads Funding Round In Chinese Cross-Border Payment Fintech XTransfer

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A Chinese startup named XTransfer, which offers cross-border services for SMEs. A review of the website indicates payments and collections services for Chinese companies in various foreign currencies.

The latest round was led by Telstra Ventures, together with MindWorks Ventures and existing investors. Bill Deng, founder and chief executive of XTransfer said the funds will be used to further increase its global financial network, support its data capabilities, improve its anti-money laundering (AML) and risk control capacity and deliver improved services to customers. This funding round will also fuel their organizational upgrade to attract more high-caliber talents globally.

India’s Payments Fintech Razorpay Raises $100 Million From Singapore’s Sovereign Wealth Fund GIC

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Razorpay is the latest to join the unicorn club in India after raising $100 million in a funding round led by Singapore sovereign wealth fund GIC.

The Bangalore, India-based fintech company has a new valuation just north of $1 billion after its Series D funding round. Other investors in the online banking company include venture capital firm Sequoia, which co-led the investment with GIC, as well as previous funders Ribbit Capital, Tiger Global, Y-Combinator, and Matrix Partners, Razorpay co-founder Shashank Kumar said in a blog post Monday.

“This funding is just a pit stop to refuel while we strengthen our commitment of simplifying the entire money flow so that our partner businesses can focus more on disrupting the Indian economy with their new ideas, new products, and new experiences, every day,” Kumar wrote. 

“There is a long journey ahead of us and we are more energized than ever to build the financial ecosystem for disruptors,” he added.

Razorpay is hoping as the first operational online banking unicorn in India will push it to the top of the country’s fast-growing online payments sector, which the startup said still counts for just 3% of the Indian economy.

Seattle Based Possible Finance Raises $11 Million on Zoom

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Possible Finance, a Seattle-based digital short-term lender for people with poor credit, has been adjusting to the Covid-19 economy, raising $11 million in funding via Zoom calls and making the long-term switch to remote working.

Possible lets people borrow up to $500, using real-time bank data, rather than credit scores, to make lending decisions.

However, it distinguishes itself from payday lenders by giving borrowers longer to pay back their loans and by helping them build up their credit score by reporting installment payments to the three major credit bureaus.

The firm says it closed an $11 million Series B funding round earlier this year, bringing in lead investor Union Square Ventures after a series of Zoom calls during the lockdown.

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