KPay, InstaPay, Frost 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 funding news.

Hong Kong-based fintech startup KPay have raised 10 million dollars in a funding round with support from the founders.

Established in 2020, KPay offers one-stop-shop digital payment and business management solutions for micro, small and medium enterprises (MSMEs).

KPay will use the funds raised to support product development and regional expansion and is actively preparing for institutional round financing.

It claims to have brought together more than 12,000 local merchants spanning a range of sectors including retail, food and beverage, beauty, healthcare, education and professional services.

Malaysian payment technology Instapay Technologiesan e-wallet and Mastercard issuer, has left 4.75 million dollars in a series A financing round.

This round was led by Daiwa ACA APAC Growth I, with participation from Spiral Ventures Asia Fund I, and existing investors.

Instapay started its market operations in Malaysia two years ago as a banking alternative for low-income workers, offering e-wallet and Mastercard services to unbanked migrant workers as a payroll solution.

The firm has grown to now serve “hundreds” of businesses for payroll accounts for their migrant workers, as well as a large base of retail clients. It enables companies to pay wages digitally to workers’ Instapay e-wallets.

Users can also use digital cross-border remittances, bill payments, mobile top-ups and cash withdrawals from ATMs.

Rajnish Kumar, co-founder and CEO, Instapay Technologies, says the new funding will enable the startup to expand into new markets in Southeast Asia and the Middle East.

UK-based banking startup Frost have raised 1.1 million pounds in a seed funding round.

Osun Capital led the financing, with Andrew Jennings, managing director, joining Frost as head of strategy.

With the new funding, Frost aims to roll out new features and improvements, including adding Google Pay as a payment method, video verification for onboarding, and hiring developers and support staff.

Frost also aims to launch “more environmentally friendly initiatives” to reach its net zero ambitions.

Ugandan fintech Numida have raised 12.3 million dollars in a pre-Series A funding round.

Numida raises $12.3 million

Serena Ventures led the $7.3 million equity portion of the round with participation from Breega, 4Di Capital, Launch Africa, Soma Capital and Y Combinator, all making their first Ugandan investment, and existing investor MFS Africa.

Numinda has also received $5 million in debt from Lendable Asset Management.

With this new funding, Numida aims to strengthen its Ugandan presence and launch in two new African markets.

Founded in 2016, Numida uses proprietary credit models and technology-enabled underwriting processes to provide unsecured working capital loans to African micro and small businesses.

“Instead of borrowing from informal lenders or family, business owners download the Numida app, apply in minutes and receive capital within a day,” the fintech firm says.

Aussie fintech company Tuesday (formerly called Thrive) has raised AU$6 million in a pre-Series A funding round led by NAB Ventures.

Existing investor Lempriere Capital also participated in the round. With the new cash, Thriday aims to scale its platform, which it claims has over 11,000 businesses already on its waiting list.

Founded in 2019 and based in Melbourne, Thriday offers a financial management platform for small businesses to manage transactions, accounting and tax.

Scottish fintech Guided has risen around £200,000 from existing investors and three new managers to the team.

Guiide has appointed two new directors – Clare Hawkins, a former NHS Trust chief executive, who will lead on governance, and Stewart Lawrie, a financial systems developer; and Mike Robins, former partner at 3i, who joins the firm as an advisor.

The funds will be used to support two new initiatives – Guiide+ and Guide.auto.

Guiide+ will be launched soon, and is an addition to the company’s free online service for registered users. It will enable a “complete retirement dashboard showing real-time values ​​of an individual’s pensions and all other sources of income and savings”.

Guiide.auto will allow individuals to monitor, track and adjust plans and add an element of guaranteed income paid into the pension pot if desired, while maintaining all the flexibility of withdrawals.

Built between 2016 and 2019, Guiide is a free retirement calculator that allows people to “create a unique and individual plan and avoid running out of money in retirement, paying too many costs or taxes”.