Startup

Payhawk Raises $112M In Series B Funding Round Led By Greenoaks

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London based B2B fintech startup Payhawk has raised $112 million in Series B funding round at an estimated valuation of $570 million. The round was led by San Francisco-based Greenoaks Capital, along with participation from existing investors including Earlybird Digital East, QED Investors and Eleven Ventures. The startup had raised a $20 million Series A round led by QED Investors earlier this year.

Founded in 2018 by Boyko Karadzhov, Hristo Borisov and Konstantin Dzhengozov, Payhawk is a financial system that combines credit cards, payments, expenses, and cash into one integrated platform, enabling financial officers and business owners to manage the entire spending lifecycle end-to-end.

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.

ClearScore Raises $200M From Invus Opportunities

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ClearScore, the UK’s leading credit marketplace, has raised an investment of $200 million from Invus Opportunities, the global equity investor, valuing the startup at ~700 million. Other notable investors in ClearScore include QED Investors and Lead Edge Capital.

Founded in 2014 by Dan Cobley, Justin Basini and Nigel Morris, ClearScore is a financial technology company that provides credit scoring services and a marketplace. It provides access to financial data, including credit reports and scores, and open banking data. The company’s business is dedicated to helping its users improve their financial well-being.

Brazilian Fintech EBANX Raises $430M Led By Advent International

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EBANX, a cross-border commerce platform that connects global merchants with local consumers in Latin America, raised a $430M funding round from Advent International. The funding round included $400 million from Advent and an additional commitment of $30 million as the company prepares for a US IPO. Other investors in the startup include FTV Capital and Endeavor Catalyst. The funding will be used to continue EBANX’s growth and hire its talent base.

Founded in 2012 by Alphonse Voigt, João Del Valle and Wagner Ruiz, EBANX is an integrated international financial services company offering an end-to-end payment solution across the entire e-commerce transaction flow. It also helps international business to grow faster in Latin America offering a local payments experience for customers.

BNPL Giant Klarna Raises $639M Funding Round Led By SoftBank

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Swedish fintech giant Klarna has raised $639 million in a funding round led by SoftBank’s Vision Fund 2, valuing the startup at ~45.6 billion. The round also witnessed participation from existing investors Adit Ventures, Honeycomb Ventures, WestCap Group and Raison Asset Management. The company intends to use the funds for international expansion and global retail growth. This round brings the total funding raised by the Buy-Now, Pay-Later (BNPL) startup to over $3.7 billion.

Founded in 2005 by Sebastian Siemiatkowski, Niklas Adalberth and Victor Jacobsson, Klarna enables consumers to shop, pay and bank via smart tools including a consumer shopping app, used by consumers and retailers globally.

European WelathTech Scalable Capital Raises $180M In Series E Funding Round Led By Tencent

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Germany’s largest digital asset management company Scalable Capital raised $180 million in Series E funding round at a valuation of ~1.4 billion led by Tencent, making it the latest entrant in the fintech unicorn camp, which now hosts six German startups including wefox, Trade Republic, Deposit Solutions, Mambu and N26.

The funding round also witnessed participation from existing investors BlackRock, HV Holtzbrinck Ventures and Tengelmann Ventures, making the total amount of equity funding raised by the startup to more than $320 million.

Founded in 2014, Munich based Scalable Capital is a digital investment service that employs proprietary software to offer portfolios that are dynamically optimized with a primary focus on risk management. 

Canadian Bench Raises $60M in Series C Funding Led By Contour Venture Partners

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Vancouver based digital financial solutions startup for small businesses Bench raised $60 million in a Series C funding round led by Contour Venture Partners, along with with Sage Group and Shopify. The round also witnessed participation from existing investors Altos Ventures, Inovia Capital, and Bank of Montreal, bringing the total funds raised by the fintech startup to over $109 million.

Founded in 2012 by Adam Saint, Ian Crosby, Jordan Menashy and Pavel Rodionov, Bench offers an integrated digital financial solutions platform for small businesses spanning banking, cards, payroll, bookkeeping, taxation and advisory services.

Bitcoin payments fintech Bottlepay raises £11m seed round

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Investors in the seed round of the Bitcoin-based global payments app Bottlepay include billionaire hedge fund manager Alan Howard.

Bottlepay, a payments app bringing real-time global payments in Bitcoin and other currencies, has closed an £11m ($15m) seed funding round.

The app aims to cash in on the boom in digital payments by giving access to a real-time open payment network. This allows instant payments, including micropayments and cross border transactions.

While Bitcoin has c.65 million owners around the world there is a lack of use of the cryptocurrency for transactions owing to cumbersome and expensive fees.

Crypto bulls, however, believe this can change over time. Micropayments make a potential use case. For example, buying access to a paywalled news article from a global publication for a small amount would currently be prohibitive in terms of the merchant charges on the transaction.  

“The payments ecosystem is undergoing monumental changes as we move towards a cashless society. Today’s consumer wants to be able to transact freely and easily, without the restrictions of a traditional bank. We believe that with this cash injection, we can build a leading company in this rapidly growing space which will allow people to send, spend and receive payments in a way that works best for them,” said Bottlepay’s CEO Mark Webster.

Bottlepay says its new app also enables seamless social payments with a single tweet, message or social media post on platforms such as Twitter, Reddit and Discord.

Built on Bitcoin protocols, Bottlepay users can buy, store, send and withdraw Bitcoin with a single slide, unlike other digital payment platforms, whose users cannot currently spend their Bitcoin.

Bottlepay will use the funding to expand its team, improve functionality and increase the geographical reach of the service over the coming year.  

Investors taking part in the round include British billionaire hedge fund manager Alan Howard, venture capital firm FinTech Collective, and financial services firm NYDIG and tech entrepreneur Phil Doye. 

Sean Lippel, Principal and Head of Digital Assets at FinTech Collective, said: “While nearly 65 million people own Bitcoin globally, only a small fraction of that number actually transact daily, meaning we’ve only just begun to scratch the surface on the broader payment use cases for Bitcoin as an open-source money network. We believe Bottlepay’s elegant and intuitive consumer interface, built strategically on top of the power of the Lightning Network, will unlock social, streaming, and micropayments for digital assets. We were attracted to the team’s unique combination of technical and design talent, bound together with a laser-focus on privacy and regulatory compliance”.

With $13mn, UAE fintech Tarabut Gateway bags biggest seed funding in the Middle East

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Tarabut Gateway, the fintech focussing in ‘open banking’ services, has secured $13 million in new funds – “making it the largest fintech seed round in MENA history”. Tarabut Gateway, with offices in Abu Dhabi and Dubai as well as in London and Manama, will grow both its team geographic reach with the support of the new cash in hand. The plan is to hire 40 further team members by the end of this year.

The new projects were led by Target Global, a Berlin-based venture capital firm, as well as Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

An evolving genre within the financial services industry, Open Banking allows third-party entities access to consumer data from banks and other institutions. This is done with the permission of the consumers.

It was in October that Tarabut made its entry into the UAE. According to CEO Abdulla Almoayed, “The open banking industry is a catalyst for transforming the way banks and fintechs in the region interact with one another. With regional regulators quickly adopting it in their strategies, Tarabut Gateway provides the infrastructure which enables enhanced collaborations between financial institutions and an increasingly agile and flourishing regional FinTech sector.”

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