Furthermore, BankiFi, Highbeam and more
On FinTech Futures, we know it can be easy to let funding announcements pass you by in this fast-paced industry. That’s why we put together our weekly magazine In case you missed it (ICYMI) funding round for you to get the latest fintech funding news.
New York-based wealthtech Longer have packed 15 million dollars in a Series A round led by Bessemer Venture Partners valued at $50 million.
Longer lands 15 million dollars in Series A
The round also included participation from new investors Khosla Ventures and MassMutual Ventures as well as existing investors Moneta Venture Capital, Context Ventures and Cota Capital.
The new financing brings the company’s total capital up to $22 million.
Founded in 2019, Farther uses advisors and technology to cater to high-net-worth professionals who need help managing their money.
In the first half of 2022, Farther claims to have “almost quadrupled” its assets under management to over $250 million and “doubled” its headcount to over 50 employees across the US, including advisors, engineers and product team members.
With the new money, the wealth technology firm plans to accelerate its growth and product development.
Singapore-based payment technology FOMO Pay has secured 13 million dollars in a Series A funding round led by Jump Crypto. Other participating investors include HashKey Capital, Analpha Ventures, Ab Initio Capital and Republic Capital.
FOMO Pay intends to use the fresh funds to invest in hiring new talent and strengthening its infrastructure, increasing its research and development capacity and driving its geographic expansion.
Founded in 2015, FOMO Pay is a payment institution licensed by the Monetary Authority of Singapore (MAS) and offers cross-border remittances, domestic remittances, a digital payment token service and purchase services.
New York-based High beama start-up that offers banking services for e-commerce businesses has landed 7 million dollars in seed funding led by Mayfield Fund and Firstmark Capital with participation from a number of fintech and e-commerce operators.
With the new funds, Highbeam aims to continue to develop its product offering and hire new talent.
The startup aims to offer banking and credit services to e-commerce brands that want to scale.
Nigerian bookkeeping startup Pastel have raised 5.5 million dollars in a seed funding round led by TLcom Capital. Global Founders Capital, Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play and Soma Cap also participated.
The start-up, formerly called Sabicash, aims to digitize financial solutions for small and medium-sized enterprises (SMEs) in Africa. It offers a digital bookkeeping app that enables small and medium-sized businesses to manage their cash flows and customers.
Pastel launched in 2021 and claims to have over 45,000 active sellers on its platform. With the new money, they say they will develop their product offerings and offer new features to customers.
SME embedded banking solution provider BankiFi have raised 4.8 million dollars in a round led by Praetura Ventures with participation from existing shareholders.
With the cash flow, the fintech firm says it plans to increase expansion in North America. It aims to offer its services to more than two million SMEs across four continents by 2024.
Headquartered in Ohio with global offices, BankiFi offers an open cash management platform and architecture that financial institutions can build into their current digital banking infrastructure to solve the specific problems of their SMB portfolio.
JARVIS Invest secures USD 600,000 in funding
JARVIS InvestIndia’s first AI-based investment advisory firm, has departed $600,000 from a “leading family office” in the UAE.
It says the funding will be used to expand globally and launch new products in key markets, starting with the UAE.
JARVIS Invest aims to build new products that will be accessible to the global market via Dubai’s advanced ecosystem. It will also set up a new office in Dubai and leverage the extensive network of the leading family office for business expansion.
The wealthtech firm claims to have over 85,000 clients and offers an AI-led portfolio management tool and risk management system.
