24/07 – Weekly Investment & Fundraising News

  • Fundraising News
  • 25.07.2022 09:05 am

Neon Raises $80M to Expand Product Access

Brazilian digital banking FinTech firm Neon on Thursday (July 21) announced that it has raised $80 million in its first Credit Rights Investment Fund (FIDC) focused on credit cards, increasing the total fund to $170 million, a number that is expected to double, according to a press release. The release noted that the asset management platform Empírica is charged with managing the new fund.

Visa in Talks to Invest in Fintech Startup Airwallex

According to people familiar with the matter, Visa is reportedly in talks to contribute to a funding round for FinTech startup Airwallex. Sources told Bloomberg that Airwallex’s goal is to raise $100 million to $150 million in an extension for its Series E round, per a report Wednesday (July 20). Airwallex provides cross-border end-to-end payments and collections solutions for customers.

TomoCredit Raised $22M in Series B

TomoCredit, the US startup behind a credit card designed to help first-time borrowers build a credit history, has raised $22 million in a Series B funding round joined by Morgan Stanley's Next Level Fund and Mastercard. GoldHouse, Asian Hustle network and Hyphen Capital also joined the round, while Silicon Valley Bank has provided $100 million in debt financing. Female, immigrant-founded TomoCredit is targeting the 40 million credit-invisible immigrants and international students with no credit history in the US.

British Business Investments Commits up to €50M to Wilshire through its Managed Funds Programme

British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, announces a commitment of up to €25 million to Wilshire’s European Venture Capital Fund II through its Managed Funds Programme. This will be Wilshire’s second European venture capital fund of funds and will target venture capital managers that are based primarily in the UK and Germany and that invest in technology companies.

Insurtech Gateway Complete the First Close on Seed Fund II

Insurtech Gateway announces the first close of Seed Fund II. This fund will enable them to support another 20 teams over the next 4 years from pre-seed to Series A. The Gateway is on a mission to close the funding gap in early-stage insurtech, and to attract a new kind of founder tackling complex climate and social challenges. The Gateway incubates early-stage founders to de-risk their regulatory and insurance metrics.

FairPlay Raises $10 Million to Help Fintechs and FIs Reduce Bias in Lending

FairPlay, the world’s first “Fairness-as-a-Service” solution for algorithmic decision-making, announced that it has raised $10 million in Series A funding. The round was led by Nyca Partners, with participation from Cross River Digital Ventures, Third Prime, Fin Capital, TTV, Nevcaut Ventures, Financial Venture Studio and Jonathan Weiner. 

X1 Card Raised $25million in a Series B Funding Round

X1, a credit card for digital natives launched by former Twitter employees, has secured $25 million in Series B funding. X1 Card underwrites consumers based on income rather than credit ratings, allowing it to set credit limits 5x greater than standard card providers. It's appealing to recent college graduates and those with stable incomes but low credit scores.

Stori Becomes Mexico’s Newest Unicorn

Stori, a rapidly growing fintech company offering credit card products to Mexico’s underserved population, announced its latest round of financing of $150 million, which values the company at $1.2 billion. As a result of this latest round of financing, Stori now joins a select group of Mexico-based companies to achieve “unicorn” status. Stori’s latest Series C-2 financing comes just nine months after raising one of Latin America’s largest Series C rounds and includes a $50 million equity investment from BAI Capital, GIC, and GGV Capital.

Dufrain Secures Investment from Phoenix Equity Partners

Dufrain, the market-leading data management services and data analytics consultancy, announces that it has secured investment from Phoenix Equity Partners (“Phoenix”), a UK growth-focused private equity firm, to fuel the next stage of its growth as part of a management buyout. Founded in 2010, Dufrain helps its financial services and banking clients discover, manage and optimise their data to gain valuable insights and make better-informed business decisions.

Charles Raises $20m to for E-Commerce in WhatsApp

Conversational commerce startup Charles has raised $20 million in Series A funding to help European sellers benefit from e-commerce in WhatsApp. Salesforce Ventures led the round in Berlin-based Charles, with participation from Accel and HV Capital. Charles is an all-in-one, conversational-first operating system that promises to bring everything associated with e-commerce into WhatsApp and other chat apps.

Mahalo Banking Raises $20m

Mahalo Banking, a CUSO that provides online and mobile banking solutions for credit unions, completed a $20 million funding round this month that was led by Ohio-based Superior Credit Union, Ky.-based Park Community Credit Union and Del.-based Dover Federal Credit Union. The additional capital enables Mahalo to continue the resounding momentum that it has experienced over the past two years and will be heavily allocated toward research and product development.

Apiture Closed a $29m Funding Round Led by Live Oak Bank

Apiture, a leading provider of digital banking solutions, announced the closing of a $29 million fundraising round led by Live Oak Bank, with participation from other existing investors. The investment brings the total funding raised by Apiture to $69 million since its inception in 2017. Apiture will use the additional capital to expand its sales and marketing efforts, accelerate product development initiatives.

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