Fintech Financing: Over $ 600 million raised this week

We are already halfway through the year, but there is no decline in the rate of investment in the fintech sector. Hundreds of millions of dollars have flowed into the fintech area in the last week alone, showing that it continues to enjoy solid support from investors and venture capitalists.

We have selected our selection of the best fundraisers announced during a week in which funding rounds for more than USD 600 million were announced.

Financial inclusion

Buy-Now-Pay-Later (BNPL) Unicorn Zilch has secured an additional $ 50 million in funding worth $ 2 billion, bringing the total increase for the Series C round to $ 160 million. The company offers consumers two ways to pay for goods – they can either spread the cost interest-free over six weeks, or pay in advance and earn 2% back in Zilch rewards. The additional funding will allow it to fund further growth with a special focus on the United States, where it was recently launched with more than 150,000 pre-registered customers.

London-based financial wellness app Cleo has raised $ 80 million – the latest step in its mission to help young people develop better money management habits. The company, which was founded in 2016, intends to use the money to drive further growth in the US, accelerate product development and recruit another 60 employees.

Progcap, a fintech aimed at leveling India’s financial services landscape by focusing on digitizing supply chains and facilitating access to financing for system mile dealers, has raised $ 40 million as part of a C series expansion. As part of the round, the company has announced that technology giant Google has become an investor for the first time, joining existing investors such as Tiger Global and Sequoia Capital.

Map has raised $ 15 million in Series A financing as Indonesian fintech strengthens its mission to reduce economic barriers for low-income households in the country. Mapan’s unique approach is inspired by Arisan – a type of informal social gathering – and aims to strengthen the purchasing power of Indonesians who lack access to traditional banking and lending, especially women.

Insurtech

French cyber insurance Stoic has raised € 11 million in a Series A funding round as it prepares to expand its team and expand into new markets. The Paris-based startup offers a “digital brokerage platform” designed to facilitate the sale of cyber insurance, as well as cyber security tools aimed at the SMB end of the market. It comes at an important time for small businesses across Europe, which are increasingly downgrading cyber insurance in the midst of growing cost pressures.

Personal injury insurance Spot has raised $ 33 million in funding led by Ensemble VC. The company is trying to offer a solution to the United States’ broken health insurance system, which gives consumers access to insurance at the times when they need it most. It provides coverage for accidental injuries specifically aimed at active pursuits, which can either be used alone or as a supplement to traditional health insurance.

Crypto

Blockchain analytics company Kaiko has raised $ 53 million in Series B financing led by Eight Roads. The new funding will allow it to strengthen its institutional computer products and infrastructure, as well as expand its global presence. The company was founded in 2014 and claims to improve transparency and operational efficiency for institutional companies, DeFi participants and Web3 companies.

Crypt exchange Unices has received what they call a $ 200 million “capital commitment” from private equity giant GEM. The CeDeFi pioneer will use the funding to expand its team, strengthen the innovation and marketing pipelines and accelerate the implementation of the trade aggregation ecosystem.

PolySign, a digital asset fintech offering blockchain-enabled infrastructure for institutional investors, has raised more than $ 50 million in Series C funding from the likes of Cowen Digital, Brevan Howard and GSR. It comes about a year after the New York-based company ended its Series B round.

Payments

Danish fintech start-up Alive has raised € 4 million in start-up funding for its app that lets merchants accept contactless payments right from their Android phone. According to surveys from Visa, less than half of European companies accept card payments – and one of the obstacles is the cost and time of delivery and installation. Vibrant allows business owners to skip the obstacle by using the phone as a card terminal.

Mexican payment platform UnDosTres has raised USD 30 million in a Series B financing round led by IDC Ventures. The company is on a mission to revolutionize the country’s payment landscape by offering a new way to pay for refills of mobile phones, electricity bills and cinema tickets.