Digital Investment Platform Stackwell Closes $3.5M Round

Stackwell, the digital investment platform created to eliminate the racial wealth gap, announced the successful closing of a $3.5 million seed funding round that will accelerate the company’s launch plan, allowing it to rapidly reach key product development and go-to-market milestones, as well as support the hiring of key personnel. The funding round was led by Michael Gordon, President of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group.

auxmoney Secures €250 Million Investment into its Loans

auxmoney, a leading digital-lending platform for consumer credit in Europe, has secured a EUR 250 million investment for its marketplace loans from Citigroup and Chenavari Investment Managers. After auxmoney announced to invest in loans on its own marketplace in November 2020, the fintech company is now co-investing for the first time alongside partners as part of this transaction.

Compliance.AI Announces New CEO, Asif Alam, as it Secured $6M with Cota Capital and JAM FINTOP

US RegTech software firm Compliance.ai has raised $6 million in funding and appointed a new CEO to replace co-founder Kayvan Alikhani. The new funding comes from existing investor Cota Capital and new investment partner Jam Fintop. The company provide compliance teams with an automated approach to monitoring and reacting to regulatory updates, identifying obligations and ensuring required changes are completed.

Earned Wage Access Provider ZayZoon Raises $25.5M to Bring Financial Flexibility and Empowerment to All Employees as a Standard Benefit

ZayZoon, a provider of voluntary benefits that allows employees across the United States to instantly access their earned wages on-demand, announced a series of financings that total $25.5 million in aggregate, consisting of $12.5 million in equity and $13 million in a new credit facility with ATB Financial. This current round of equity, led by Carpae Investments and Alpenglow Capital, brings the total equity raised by the company to $25 million.

IDnow Secures New €60 Million Debt Facility

IDnow, a leading European identity proofing and digital identity provider, has successfully arranged a new debt facility from funds and accounts managed by BlackRock that provides up to €60 million in financing. The debt facility will enable IDnow to leverage its existing market-leading identity platform. The company intends to use the capital to scale investments across a range of strategic initiatives including the introduction of new identity-proofing solutions, continued geographic expansion, and potential acquisitions.

Cornerstone VC Reaches First Close of £20M Fund to Back UK Tech Start-ups Led by Diverse Teams

Cornerstone VC, born out of black-led angel group Cornerstone Partners, has launched a £20m fund to invest in exceptional entrepreneurs in the UK from diverse backgrounds. The fund will focus on tech-enabled companies at the pre-seed and seed stage, typically investing initial cheques of between £250k and £1m with capital reserved for follow-on funding. It plans to invest in up to 40 companies with a significant proportion based outside of London.

Savana Raises $45M in Series A Funding

Savana, a financial software player that helps banks and fintechs go digital, has raised $45 million in a Series A funding round led by growth-stage investor Georgian. Fintech giant Fiserv, which has a reseller agreement with Savana, joined the round. Savana's API-first and cloud-native digital delivery platform promises to "orchestrate" a bank's technology ecosystem to eliminate silos and automate servicing for bank teams and customer-originated requests.

Growth Intelligence Secures £1.5M of Venture Debt Funding from Shard Credit Partners

Growth Intelligence has secured £1.5m of funding from Shard Credit Partners through its UK  technology-focused venture debt fund. This marks the third investment made by Shard Credit  Partners’ new fund and the first since its successful first close which was announced in June 2022. Growth Intelligence helps B2B marketers, who have struggled to accurately and completely define their audiences, run more efficient and creative digital-first campaigns.

Digital Bank Grasshopper Raises $30.4M

Grasshopper, a US digital bank serving SMEs and entrepreneurs, has raised $30.4 million. Patriot Financial Partners, Endeavour Capital Advisors, FJ Capital Management, Carpenter & Company, and GCP Capital Partners joined the round, which brings Grasshopper's total funding to $160 million. Grasshopper serves founders, their companies, and the investors supporting them across the innovation economy.