Vance, Solvento and Jingle Pay
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 funding news.
India-based neobank Vance have raised 5.8 million dollars in a seed round led by Hummingbird Ventures.
Vance raises $5.8 million
The round also saw participation from Global Founders Capital, Y Combinator, Soma Capital and angel investors.
The money will be used to grow their 10-member team to 30 over the next six months and develop new products, including money transfers, savings accounts and investments.
Vance aims to build a neobank that serves “global citizens”. Founded in 2022, Vance’s banking platform will allow users to “seamlessly” manage separate accounts, exchange currencies and, over time, invest in stocks across markets.
Unlike multi-currency wallets, Vance says their account will enable users to trade with local rails in different countries.
Vance was part of Y Combinator’s Winter 2022 batch and plans to go live in the UAE and UK by the end of this year. By the first quarter of 2023, it aims to be launched in a further five countries.
Mexican fintech startup for the transport sector, Solventohave raised 5 million dollars in a round led by the US’s Ironspring Ventures.
Also participating in the round were Quona Capital, Proeza Ventures, Dynamo Ventures, Zenda Capital, Susa Ventures, 9yards Capital and Supply Chain Collective, as well as angel investors.
It says it intends to use the funds to develop its offerings, hire more people and expand further in Mexico.
Established in 2021, Solvento offers financial services to carriers, including payment automation, invoice financing and credit. Since it started, it claims to have disbursed $13 million in loans to more than 4,000 carriers.
MoneyGram has partnered with and acquired a minority stake of approximately 12% in the UAE-based financial app Jingle Payfor one unknown sum.
Alex Holmes, MoneyGram’s chairman and CEO, has also joined the Jingle Pay board as chairman.
The two firms say the partnership will enable “convenient and fast” global money transfers through the Jingle Pay app, allowing consumers in the UAE to send money to more than 200 countries and territories around the world.
“As the startup continues to grow, MoneyGram’s direct ownership of the company will strengthen our leadership position in the Middle East and further accelerate our strategic goals to lead the evolution of digital payments,” said Holmes.
Jingle Pay, which targets expats and offers financial services such as multi-currency cards and money transfer, is now live in the UAE.
