Plum, NoFrixion, Currensea and Finteum

Our weekly roundup for you to get the latest fintech funding news from across the UK and Europe. With Plum, NoFrixion, Currensea and Finteum.

Fintech in the UK Plum has secured 5 million pounds in debt financing from Silicon Valley Bank UK and will launch its third crowdfunding campaign.

Plum secures £5 million

Since its last crowdfunding a year ago, the company has launched commission-free investing, expanded into new European markets, enabled crypto trading and launched a debit card.

It claims to have grown its customer base to 1.4 million, an increase of almost 50% in the past year.

Plum plans to use the additional funding from Silicon Valley Bank UK and the upcoming crowdfunding to accelerate its European expansion, refine its products to better serve customers’ needs and build a “faster, more cohesive” app.

Silicon Valley Bank UK joins Plum’s existing investors dmg ventures, Global Brain and Venture Friends.

The crowdfunding campaign opens later this month on Crowdcube to UK and European investors.

NoFrixiona Dublin-based fintech specializing in business payments has departed €3.6 million in a funding round led by Delta Partners and Middlegame Ventures and with Furthr VC.

The firm says it will use the new capital to expand its engineering and sales teams.

Founded in 2020, NoFrixion enables instant payment and settlement for e-commerce and offline transactions and can be integrated with core business applications such as ERP and accounting platforms.

UK-based fintech startup Currency have packed 2.4 million pounds in funding from Blackfinch Ventures and 1818 Venture Capital.

The new funding follows Currensea’s £2m crowdfunding campaign on Seedrs in July.

Founded in 2018 and headquartered in London, Currensea offers ‘Britain’s first’ direct debit travel card.

Fintech startup in the UK Finteum have raised 1.3 million pounds in a seed funding round led by SuperSeed.

The money will help Finteum develop its intraday liquidity management technology for banks. It will also be used to bring in more bank customers and hire more staff.

Finteum’s trading platform is built on distributed ledger technology (DLT) which helps to streamline the execution and settlement of trades.

The startup adds that the platform enables banks to borrow “for hours at a time, so they can effectively cover a temporary liquidity need”.

“Use of the platform will be an important component of the banks’ strategy for liquidity optimization, and the banks predict that it will reduce each bank’s costs by millions of dollars per year. Banks can also use intraday markets to lend excess funds, representing a new revenue stream,” it adds.

Finteum says it will go live in early 2023 and that three “major” European banks have already signed up to the platform.