Fintech Fundings: 15 Companies Raise $150 Million Week Ending August 31

money_stackFundings cooled down a bit over the record-setting pace of early August. But still 15 companies raised almost $150 million ($146.6 million including $2.5 million in debt) this week.

It was an especially lucrative week at the checkout counter in Europe as its two leading mPOS providers, iZettle ($67 million) and SumUp ($11.3 million), raised big rounds.

Three Finovate alums received large checks this week:

  1. FutureAdvisor, one of the early robo-advisors which had raised $24 million, was acquired by Blackrock for an undisclosed sum
  2. SumUp, the London mPOS provider, raised $11.3 million
  3. Socure, a social biometrics provider and FinovateFall 2015 presenter, raised $2.5 million in venture debt

August fundings ended up totaling $2.3 billion, almost a 6x increase over $410 million raised in August 2014. YTD, the fintech sector has raised $12 billion.

Here are the deals by size from August 24 through August 31:

Mobile point-of-sale solution
HQ: Stockholm, Sweden
Latest round: $67 million Series D
Total raised: $181 million
Tags: Payments, mobile, point-of-sale, acquiring, merchants, SMB, hardware, mPOS
Source: Crunchbase

Automated online accounting
HQ: Tokyo, Japan
Latest round: $30 million Series C
Total raised: $47.2 million
Tags: SMB, small business, enterprise, accounts receivable/payable, payments, metrics
Source: Crunchbase

Nok Nok Labs
Authentication solutions
HQ: Palo Alto, California
Latest round: $16.3 million
Total raised: $47.8 million
Tags: Payments, security, ID verification
Source: FT Partners

Mobile point of sale system
HQ: London, England, UK
Latest round: $11.3 million Series D
Total raised: $44.3 million
Tags: Payments, mobile, point-of-sale, acquiring, merchants, SMB, hardware, mPOS (investor), American Express (investor), Finovate alum
Source: Finovate

Able Lending
Debt crowdfunding platform for small businesses
HQ: Austin, Texas
Latest round: $6 million Series B
Total raised: $12.5 million
Tags: Lending, credit, underwriting, SMB, investing, loans
Source: Crunchbase

Online tools for self-directed investors
HQ: Surrey Hills, Australia
Latest round: $4.3 million
Total raised: $4.3 million
Tags: Investing, wealth management, advisors
Source: Crunchbase

Social biometrics
HQ: New York City
Latest round: $2.5 million Debt
Total raised: $7.2 million ($4.7 million equity, $2.5 million debt)
Tags: Security, SaaS, authentication, Finovate alum
Source: Finovate

Mobile transaction security
HQ: Sunnyvale, California
Latest round: $2.2 million Seed
Total raised: $2.2 million
Tags: Security, fraud, mobile, payments
Source: Crunchbase

Ecommerce gateway 
HQ: Los Altos, California
Latest round: $2.0 million
Total raised: $2.85 million
Tags: Payments, mobile, social media
Source: FT Partners

Blockchain-based system to prove ownership 
HQ: San Francisco, California
Latest round: $1.4 million
Total raised: $1.4 million
Tags: Blockchain, assets, authentication, ID verification
Source: Crunchbase

Financial services price comparisons in Africa
HQ: Berlin, Germany
Latest round: $1.1 million
Total raised: $1.3 million
Tags: Lead generation, insurance, automobile
Source: Crunchbase

Angels Den
Equity crowdfunding
HQ: London, England, UK
Latest round: $1 million
Total raised: $1 million
Tags: Investing, P2P, equity, SMB, seed investing
Source: Crunchbase

Payment analytics for small businesses
HQ: Berlin, Germany
Latest round: $900,000
Total raised: $1.5 million
Tags: Analytics, card processing, SMB
Source: Crunchbase
Real estate crowdfunding platform for Swizterland
HQ: California
Latest round: $320,000 Seed
Total raised: $640,000
Tags: P2P, lending, mortgage, loans, peer-to-peer
Source: Crunchbase

Prepaid Online Systems (aka CashPinSafe)
Ecommerce payments
HQ: Kennesaw, Georgia
Latest round: $20,000 Angel
Total raised: $20,000
Tags: Payments, ecommerce, prepaid, cards
Source: Crunchbase

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Finovate Alumni News

Around the Web

  • Whiznews in Southeastern Ohio looks at a local deployment of SizeUp with the Zanesville-Muskingum Chamber of Commerce.
  • RedCloud names Katia Hilal as Vice President of Product. See RedCloud at FinovateFall 2015 in New York.
  • talks with Prairie Cloudware chief revenue officer, Doug Parr about the EMV transition this fall.
  • Azimo brings its money transfer services to Sierra Leone and Guinea.
  • Coinbase enables UK and Spanish customers to buy bitcoin using 3D Secure credit and debit cards.
  • Interxion announces availability of Azure ExpressRoute in Amsterdam. Check out Interxion at FinDEVr 2015 in San Francisco.
  • Apple identifies Flint, MicroStrategy, and Xero as partners for the iPad for business effort.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

SumUp Raises €10 Million in Round Led by BBVA Ventures, Groupon, American Express


Investments totaling €10 million from BBVA Ventures, Groupon, American Express and others have boosted mPOS specialist SumUp’s total capital to more than €50 million.

The infusion comes on the heels of a June investment from Venture Incubator AG, a Swiss venture capital firm. The combined investments, SumUp CEO Daniel Klein said, makes SumUp “better equipped than ever to execute on our vision of empowering small businesses all over the world by radically simplifying payments.”

Specifically, SumUp plans to put the capital to use by:

  • Expanding into two more countries in 2015, growing the company’s footprint to 15 countries on three continents.
  • Introducing a new contactless version of its end-to-end payment platform as well as “supporting the development of new services.”


Pictured (left to right): Stefan Jeschonnek (CMO and co-founder) and Florian Richter (Country Manager, UK) demonstrating SumUp at FinovateEurope 2013 in London.

Both development and new services have been on the agenda for SumUp in recent months. In May, SumUp released its Terminal Payment SDKs for iOS and Android and a suite of APIs that enabled third parties to connect to SumUp’s platform and terminals. According to the company, this made SumUp the “first truly open mPOS platform.” Also in May, SumUp expanded payment options for Swiss merchants by including payments from American Express.

SumUp’s technology enables merchants to accept credit and debit card payment via both smartphone and tablet. The solution relies on proprietary, end-to-end, EMV payment technology, a portable card reader, and an app available on both iOS and Android to provide small businesses to accept payments on the go. SumUp charges a flat 1.95% for both credit and debit transactions, and has no monthly fee.

SumUp demoed its cashless point of sale solution at FinovateEurope 2013 in London. The company was founded in August 2011 and is headquartered in Dublin, Ireland.

FinovateFall Sneak Peek: Flybits


The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!

FlybitsLogoFlybits is the first context-as-a-service software platform. Develop better mobile apps, sooner, and for less. Get agile as you tailor your customer engagement strategy.


  • Flybits-enable existing apps in 15 minutes
  • Location support is hardware agnostic
  • Non-developers can easily change app content and behavior

Why it’s great:
The Flybits context-as-a-service platform has all infrastructure needed to make your apps context-aware, so you can deliver fresh and personalized mobile experiences.


  • Hossein Rahnama, Founder and Chief Product Officer
  • Jerry Rudisin, CEO


FinovateFall Sneak Peek: CellTrust


The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!

CellTrustWEBlogoCellTrust SecureLine delivers a complete bring your own device (BYOD) solution with secure SMS and voice, empowering the mobile workforce with communications that can be secured, traced and archived.


  • Keep personal and business communications separate with dual persona technology
  • Boost collaboration, increase response times and productivity
  • Archive mobile communications in support of compliance

Why it’s great:
Don’t wait for your next security breach or compliance fine. Protect and transform your enterprise through secure and archived mobile communications with CellTrust SecureLine.


Brian Panicko, SVP, Global Sales Strategy
Brian Panicko is responsible for leading CellTrust’s sales and business acquisition. Under Brian’s leadership since 2007, CellTrust’s customer base has exceeded 1,000 global organizations.

CellTrustPresenter2Dragan Marceta, Director, Sales Engineering
Dragan Marceta leads CellTrust’s technical support and sales engineering teams focusing on security and mobile device communication compliance.



FinovateFall Sneak Peek: Xignite


The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!

xigniteLogoNamed one of the ten coolest brands in banking, Xignite provides cloud-based financial data APIs to help fintech innovators deliver real-time and reference market data to their digital assets.


Xignite CloudStreaming is a zero-footprint streaming solution that enables implementing the next generation of innovative financial applications.

Why it’s great:
Xignite CloudStreaming lets you stream financial data to any device through a simple HTTP GET call.


Stephane Dubois, CEO and Founder
Recently named to Institutional Investor’s Tech 50 list of financial visionaries and innovators, Stephane Dubois is a well-known thought leader and has been called “the godfather of fintech.”

Anand Viswanathan, Developer
Anand spearheads developer efforts at Xignite and is the creator of Xignite Labs. Prior to Xignite he held positions at Viagogo, Media Interface and Network Design Lab. He speaks Hindi and Tamil.


FinovateFall Sneak Peek: Adobe


The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!

AdobeLogo2Adobe helps the financial services industry transform paper forms, documents, and their associated manual processes into consistent, compliant, connected customer experiences across multiple channels.


  • Extends form and document reach to smartphones
  • Integrates with Adobe Marketing Cloud analytics, targeting and email
  • Includes digital workflow and mobile worker app

Why it’s great:
With Adobe Experience Manager Forms and the Adobe Marketing Cloud, financial institutions can easily make, manage, measure, and continually optimize their forms and documents.


Christopher Young, Director, Financial Services Strategy
As director of industry strategy, Christopher Young leads a team that helps financial services clients develop best-in-class digital marketing strategies using Adobe Marketing Cloud solutions.

AdobePresenter2Neal Wadhwani, Principal Solutions Consultant, Financial Services & Insurance
Neal is responsible for designing solutions and globally managing technical relationships with financial services and insurance clients to maximize digital experiences on mobile and desktop.



FinovateFall Sneak Peek: Socure


The Sneak Peek series looks at the innovators demoing live on stage at FinovateFall 2015. Be sure to pick up your tickets to our annual autumn conference, and we’ll see you in New York!

takes an innovative approach to identity verification, using online and social media data to enable financial institutions to confirm consumers’ identity.


  • Innovative Social Biometrics Platform(TM)
  • Blends facial recognition with social media & online data
  • Patented technology to fight fraud, reinforce KYC/CIP

Why it’s great:
Socure is the only platform the blends facial recognition with social media and online data, using artificial intelligence and machine learning algorithms to validate an identity in real time.


Sunil Madhu, CEO & Co-Founder
Sunil is a serial entrepreneur, with several successful transitions through IPO and acquisition. A security architect by profession, he has spent over 20 years innovating identity & access management.

Johnny Ayers, SVP, Business Development & CO-Founder
Ayers has worked at Socure since September of 2012.



Finovate Alumni News


  • SumUp Raises €10 Million in Round Led by BBVA Ventures, Groupon, American Express.

Around the web:

  • In its fiscal year 2015, Avoka signs record number of clients and experiences 70% year-on-year bookings growth.
  • Yodlee is accepting applicants for its upcoming Ynext Incubator class.
  • Markit acquires FX trade-processing specialist DealHug. See Markit at FinDEVr 2015 in San Francisco in October.
  • Emailage Opens European Data Center.
  • After BlackRock’s acquisition of FutureAdvisor, ThinkAdvisor considers the fate of Wealthfront and Betterment.
  • Forbes looks at Mint, MaxMyInterest, Moven, and Venom in a discussion on the connection between mobile, messaging, and financial services.
  • Mainstream features a quote from DoubleNet Pay CEO and co-founder, Brian Cosgray, on the impact of debt on new retirees.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Debuts: WealthForge is a Private Placement Compliance Engine Wrapped in Technology


WealthForge’s online platform provides an efficient way for companies to raise private capital. It seeks to make the process faster, cheaper, and more compliant.

At FinovateSpring 2015, WealthForge launched its Invest Button, technology that compliantly processes private placements, which companies can then incorporate into their website.



  • Founded 2011
  • Headquartered in Richmond, VA
  • Infographic below shows stats from the WealthForge platform:


Investor experience

After clicking the Invest Button, investors are routed to a white-labeled page hosted on WealthForge’s servers, which are fully encrypted and secure.

The investor, whether individual or institutional, fills in their desired investment amount, along with other information such as employment, accreditation, and suitability. To remain compliant, WealthForge stores investor information for up to seven years.


For every piece of investor information entered, WealthForge conducts third-party due diligence and bad actor checks. Since WealthForge tracks investor keystrokes throughout the process, they ensure all necessary steps are taken and have visibility to any fields the investor may have failed to fill out or review.

For fund transfers, WealthForge supports:

  • ACH
  • Wire transfer
  • Check
  • Self-directed IRA transfer


Once financing is confirmed, the investor e-signs the multiple federal and state-required documents, which are customized for each deal. After all documents are signed, WealthForge’s team of experts begin compliance verification of each offering and issuer.


FINRA and SEC regulations are a large part of WealthForge’s platform.

Instead of using technology to circumvent regulation, WealthForge embraces it by increasing engagement with regulators and compliance measures. The company has scaled its technology to deal with increased regulation, and undergoes audits twice a year, exceeding regulators’ guidelines.

WealthForge keeps all the compliance, tracking, legality, and regulation verification in the background. WealthForge co-founder Mat Dellorso says its technology acts as a buffer that saves the client and their investor from having to “see how the sausage is made.”

Check out WealthForge’s live demo from FinovateSpring 2015 in San Jose.