Fintech Fundings: 10 Companies Raise $50 Million Week Ending March 5

Fintech Fundings: 10 Companies Raise $50 Million Week Ending March 5

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It had to happen, fintech finally had a relatively quiet week. While 10 companies received new money, just two deals reached eight figures: Finovate alum Linkable Networks ($11.7 million) and cloud payroll/HR provider Namely (which is not exactly a pure fintech play). In total, $50 million was invested into the sector this week.

Here are the deals by size from 28 Feb through 5 Mar 2015:

Linkable Networks
Card-linked rewards and rewards platform
HQ: Boston, Massachusetts
Latest round: $11.7 million
Total raised: $40.4 million
Tags: Advertising, rewards, merchant-funded, offers, value adds, Finovate alum
Source: Finovate
Namely
Cloud payroll, benefits, HR platform
HQ: New York City, New York
Latest round: $11 million
Total raised: $32.8 million
Tags: Outsourced, SMB, payments, payroll
Source: Crunchbase
Simplesurance
Simple solution for easily purchasing product insurance
HQ: Berlin, Germany
Latest round: $8 million
Total raised: $8 million
Tags: Insurance, payments
Source: Crunchbase
BookKeeping Express
High-tech and high-touch SMB bookkeeping
HQ: Virginia
Latest round: $5.8 million
Total raised: $5.8 million
Tags: SMB, accounting, financial management, invoicing, billpay
Source: Crunchbase
MoBeam
Digital wallet
HQ: Virginia
Latest round: $5.2 million
Total raised: $14.4 million
Tags: Payments, mobile
Source: Crunchbase
Bondora
Peer-to-peer lending marketplace
HQ: Tallinn, Estonia
Latest round: $5 million
Total raised: $5 million
Tags: Lending, credit, investing, crowdfunding, P2P
Source: FT PartnersCrowdCredit
Japanese debt crowdfunding marketplace
HQ: Tokyo, Japan
Latest round: $1.7 million
Total raised: Unknown
Tags: Lending, credit, investings, P2P lending
Source: FT PartnersMomoe Technologies
Mobile payments
HQ: Bengaluru, India
Latest round: $1.2 million
Total raised: $1.2 million
Tags: Payments, mobile, merchants, acquiring, point-of-sale
Source: Crunchbase
Buckley & Brown
High-tech and high-touch SMB bookkeeping
HQ: Sydney, Australia
Latest round: $200,000
Total raised: $200,000
Tags: SMB, accounting, financial management, invoicing, billpay
Source: Crunchbase
Compare88
Southeast Asian financial services comparison sites: cekaja.com and eCompareMo.com
HQ: Philippines
Latest round: Undisclosed (series A)
Total raised: Unknown
Tags: Personal finance advice, lead generation, comparison
Source: Crunchbase

Day One at Bank Innovation 2015: A Focus on the Future of Fintech

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“That’s a word you use with your enemies.”

Ripple Labs CEO and founder, Chris Larsen, on the term “disruptor”

After two days at Bank Innovation 2015, I’m starting to believe that the fintech industry might be settling into, if not maturity, then at least a pretty responsible young adulthood. And it all has to do with the concept of disruption.

A few years ago, for example, a panel discussion among startups on the future of banking might have sounded very different from what I heard at Bank Innovation’s event in Seattle this week. My takeaways?

  • Startups are as interested, or even more interested, in working with financial institutions as they are in trying to replace them.
  • Startups recognize their limitations as emerging businesses in an industry with many incumbents.
  • Startups are aware that their innovations are the first step in a loop of experimentation and collaboration that involves technologists, financial professionals and consumers.

Doug Lebda, founder and CEO of Lending Tree, seemed to speak for many presenters when he insisted “we’re all in this together” during his fireside chat Monday morning. For all the talk of disruption and creating beautiful customer experiences in the tech world in general, today’s fintech startups begin their focus on the future with challenges as practical as reducing friction.

As Lebda put it when asked about the next innovation in the space by a member of the audience: “Ease of transaction. Period. Full stop.”
Fintech disruption: What’s your function?
That’s not to say that Bank Innovation 2015 was lacking in the old-fashioned, concept-from-another-planet, disruption department. Ripple Labs CEO and founder Chris Larsen’s offhand remark about micropayments between self-driving cars sent a palpable buzz through the room—and through Twitter at #BankInnovation15. But it was his lucidity on the role cryptocurrencies are likely to play in the real world that was worth the price of admission.

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Larsen’s vision is of an “internet of value” similar to the “internet of information” or “internet of data” that we have today. Cryptocurrencies will be key to this ability to exchange value, Larsen believes. But in the same way that the internet of information was built by institutions—from government to academia—the internet of value will be built not by consumers, but by what he called “custodians of value.”
“You don’t have to change the bank’s role or Visa’s role,” Larsen said. He sees Ripple as a “giant pathfinding algorithm for value exchange” that can improve on the current system of correspondent banking by providing financial institutions with real-time settlement, and “atomic,” “go/no go” transactions that are end-to-end traceable.

Startups help banks get better

Technology will always seek to deliver innovation faster than finance can integrate it, as nCino CEO Pierre Naude suggested in the conversation on the future of banking. Bitreserve CEO Halsey Minor added that there was a time when he “didn’t think banks would have to deal with innovation.”

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But to the extent that technology helps banks and other FIs become better at “core competencies” and reduce friction the more likely the relationships and collaborations are to be valuable for all involved.
In this way, financial institutions can serve as what iQuantifi CEO Tom White called “advice drivers” just as well as startups can prod FIs toward greater efficiency and serve as testing grounds for new approaches to everything from credit decisioning to customer engagement.
So if banks are getting back to basics of lending, payments and savings, as CBW Bank chairman and CTO Suresh Ramamurthi suggested, there are fintech startups helping make that happen. Alternative lenders are white-labeling products for FIs to sell to their customers, as Lending Club’s Andrew Deringer, VP, head of Financial Institutions Group, pointed out, opening up new cross-selling opportunities. Funding Circle co-founder and U.S. managing director, Sam Hodges, highlighted the “massive need for small business financing” and the role played by startups able to look at risk differently.

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This argument was echoed by Emmanuel Marot, CEO of LendingRobot who talked about the development of niche marketplace lending alongside new niche markets. All of it is helping move small businesses up the chain toward the kind of loans banks are interested in and able to profitably make.
It also is about providing better service, something that in the lending business goes all the way to the individual loan officer, as Lebda explained during his Fireside Chat session. “My best loan was when people came up and really talked to me,” he said in response to a question about emotional banking, a theme that would be heard more than once at Bank Innovation.
“This is the future,” added LendKey CEO and founder Vince Passione. “No more waiting. Not just shopping but getting it completed. Not just the coupon for the car. But the coupon for the financing.”
Finovate Alum Wins DEMOvation Challenge

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Congratulations to Tom White and the team from iQuantifi. iQuantifi took home Best in Show honors as part of Bank Innovation 2015’s DEMOvation event Tuesday morning. Also participating was authentication specialist and fellow alum, AuthenticID.
DEMOvation featured six companies,
with each providing a brief, eight-minute demonstration of its technology. Attendees voted for their favorites via Bank Innovation 2015’s mobile app. Read more about the DEMOvation challenge here.

More observations from Bank Innovation 2015 coming Friday.

Finovate Alumni News: March 5, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCachet Financial Solutions’ mobile money platform to support Check Into Cash’s U.S. Money Prepaid MasterCard.
  • P2P lender Landbay deploys Netverify from Jumio.
  • Blackhawk Network adds exchange functionality to its digital services platform.
  • Azimo celebrates World Money Transfer Day with zero fees promotion.
  • Fenergo enhances its Regulatory Rules Engine technology.
  • FinovateSpring Very Early Bird ticket deadline is tomorrow, March 6. Get your ticket today and save.
  • StockTwits adds support to actively point out evidence of potential stock manipulation.
  • Built in Chicago features Bolstr’s growth and future plans.
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.

Don’t Miss Out on the FinovateSpring Very Early-Bird Ticket Discount!

btn3_ov.pngHot on the heels on our largest FinovateEurope to date, we’ve begun to focus on our FinovateSpring event scheduled for May 12 & 13 in Silicon Valley.

Our team is hard at work sorting through the huge stack of applications from innovative fintech companies looking to showcase their latest and greatest in front of more than 1,300 attendees. Based on the initial analysis, I think it is safe to say that this event is going to be one of our best! 

The audience is also shaping up to be one of our best ever including executives from leading organizations like the following:

  • American Express
  • BancVue
  • Bank of the West
  • Barclays PLC
  • BBVA Compass
  • BlueRun Ventures
  • Brown Brothers Harriman
  • C1 Bank
  • Capital One
  • Celent
  • Charles Schwab
  • Chase Paymentech
  • City National Bank
  • D.E. Shaw
  • Deluxe
  • Diebold
  • E*TRADE
  • Experian
  • Federal Reserve System
  • Fidelity Institutional
  • First Republic Bank
  • FIS
  • Fiserv
  • FNB
  • Forbes
  • H&R Block
  • Harland Clarke
  • Intellectual Ventures
  • Intuit
  • Jack Henry
  • Javelin Strategy
  • JP Morgan
  • Justice FCU
  • Lending Club
  • LendingTree
  • Mastercard
  • Maybank
  • MACU
  • Nasdaq
  • New York Life
  • Pando Daily
  • PNC Bank
  • Primerica
  • PSCU
  • Quicken Loans
  • Route 66 Ventures
  • S&P Capital IQ
  • Silvergate Bank
  • Stanford FCU
  • State Farm
  • TCV
  • TD Ameritrade
  • TSYS
  • Umpqua Bank
  • USAA
  • UW Credit Union
  • Visa
  • Wells Fargo
  • WePay
  • Western Union
  • WSECU
  • Yodlee
  • And many more!

So, while it will be a few more days until we announce the presenter lineup, NOW is the time to lock in the affordable Very Early-Bird Ticket price. Buy your ticket before this Friday March 6th and you’ll save $200 on your chance to watch the future of fintech unfold live on stage!

We’ll see you in Silicon Valley in May (or New York this fall)!

FinovateSpring 2015 is sponsored by: The Bancorp, CapitalSource, Envestnet, Financial Technology Partners, Hudson Cook LLP, Kyriba and Life.SREDA.

FinovateSpring 2015 is partners with: Aite, Bank Innovators Council, BankersHub, BayPay, Bobsguide, BreakingBanks, California Bankers Association, Canada, Celent, eBankingNews, Fin-tech.org, Filene Research Institute, Hotwire PR, Javelin Strategy, Mercator Advisory GroupWestern Independent Bankers and SME Finance Forum

Finovate Alumni News: March 4, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSecureIDNews takes a look at the partnership between FinSphere and Visa.
  • Fiserv launches four new modules for its Financial Crime Risk Management platform.
  • iQuantifi wins “Best in Show” at Bank Innovation 2015 DEMOvation Challenge.
  • Silanis earns spot on KMWorld’s “100 Companies that Matter in Knowledge Management” list for 2015.
  • IT Business Edge interviews Flint Mobile CEO Greg Goldfarb.
  • American Banker considers the benefits of banks using Ripple.
  • Innovation in Finance interviews CoinJar at FinovateEurope in London.
  • Capital Bank’s OpenSky Puts CRIF’s CreditFlow & StrategyOne to the Test.
  • Inc: How OnDeck Plans to Make Alternative Lending a Blue Chip Business.
  • Inc. lists Bionym as one of 8 Canadian startups to watch out for in 2015.
  • Yodlee now provides data APIs to nearly 50 fintech applications and services in the personal wealth-management space.
  • Braintree expands its Asia-Pac operations into Hong Kong, Singapore and Malaysia.
  • PandoDaily: PayNearMe partners with Grameen America to help lift women out of poverty.
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.

Capital Bank’s OpenSky Puts CRIF’s CreditFlow & StrategyOne to the Test

Capital Bank’s OpenSky Puts CRIF’s CreditFlow & StrategyOne to the Test

CRIFLogo-thumb-200x89-11507While all lenders have ways to determine the creditworthiness of borrowers, not all have an efficient and effective process to do so. CRIF’s technology helps lenders maintain growth and agility while managing risk.

CRIF is a global company focused on credit management, credit reporting, scoring, loan decisioning, and loan processing. Its modular solutions integrate with banks’ existing infrastructure.

CRIFHomepage-thumb-500x380-14977

 

Stats on CRIF Lending Solutions:

    • 1700 employees
    • Based in Bologna, Italy
    • FY 2013 revenue: $405M
    • Customers in 50 countries
    • Credit-bureau solutions in 17 countries
    • Works with 3,100 FIs worldwide
    • CRIF has acquired a number of international providers. Its 2014 acquisitions include:
      • Recom (Debt Collection Services) in Turkey
      • OFWI Teledata (credit and business data provider) in Switzerland
      • Majority stake in High Mark Credit Information Services in India
      • Dun & Bradstreet UAE in Dubai

 

OpenSky’s story
OpenSky is a business line of Capital Bank, N.A., a Washington, D.C.-based private bank with more than $600 million under management. It approached CRIF for help updating a system received as part of an acquisition. The system is for online card applications and management of the OpenSky Secured VISA Credit Card. The existing system required a complicated, manual process for verifying applicants’ identity and gathering security deposits.

OpenSky’s goals for updating the process included:

  • Multichannel solution that automated workflow and risk management
  • Improved applicant-approval rates
  • Improved integration with internal and external systems
  • Increased booking rates
  • Decreased funding time

In September 2014, OpenSky implemented two of CRIF’s product solutions:

1) CreditFlow
CreditFlow is a consumer-facing credit-application process management system. Once the consumer triggers an activity, the system directs the task to specific employees and processes. The consistency ensures regulatory compliance.

The built-in loan-processing technology creates electronic documents with e-signature capability that improve the customer experience.

CRIFCreditFlowApplication-thumb-500x438-14975

2) StrategyOne
StrategyOne is a loan-decision solution that automates decision-making. It integrates with the lender’s systems such as product catalogue and CRM to identify the optimal balance of approval, referral, and rejection rates for borrowers of different risk categories.

The result is easier KPI decisioning, as well as a visual decision tree to help risk managers view and adjust loan-acceptance rates.

The result
The solution integrates with OpenSky’s website as well as its third-party applications. OpenSky automates communication with cardholders about overpayment, withdrawals and security deposit returns.

The system furnishes its management team with data from the application process to facilitate compliance checks. Additionally, it generates real-time reports to monitor daily staff activities and pipelines.

It has increased credit card application volume, with 80% booked the same day.

“The OpenSky-secured credit-card site went live February 12, 2015, and we are already seeing tremendous success in the flow of applications,” said Nick Bryan, president of OpenSky. “CRIF was a great partner to work with and helped us put in place the right solutions from both a business and a customer experience perspective.”

International use
CRIF was introduced in Europe where it helped lenders adapt to multiple countries’ lending regulations. It now serves more than 3,100 financial institutions across the globe with flexible solutions that help lenders stay compliant with changing regulations.

2015 outlook
In the United States, CRIF sees automotive lending at a record high. And they expect an increase in riskier loans that are not always backed by the necessary capital reserves.

Outside the U.S., CRIF sees opportunity in optimizing lending and compliance readiness. It expects banks will begin searching for more efficient processes in their credit and lending operations.

CRIF demonstrated its Credit Framework at FinovateEurope 2014.

Your Daily Distraction: FinovateEurope 2015 Demo Videos Now Available

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If you’re in need of a little distraction, we have good news. The demo videos from FinovateEurope 2015 have been released. All 72 videos from last month’s conference, along with the full history of Finovate demos, are publicly available on the Finovate video archives page

 
To get started, here are the seven Best of Show winners, in alphabetical order:

Avoka

Avoka

 

 

CoinJar

CoinJar

 

 

ebankIT

ebankIT

 

 

eToro

eToro

 

Jumio

Jumio

 

mBank & i3D

mBank & i3D

 

Meniga

Meniga

Feel free to download, embed, and tweet the videos to share your favorites from the conference, whether you were in attendance or not.

Linkable Networks Rakes in $11.7 Million

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Card-linked offers company, Linkable Networks, welcomed some extra cash today. The Boston-based company pulled in $11.7 million in Series E funding from existing investors BlueChip Ventures, CommonAngels, and Kepha Partners.

Since its first seed round of $1.5 million in 2010, Linkable Networks has brought in a total of $40.4 million to date.

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The company is also welcoming three new executives to its leadership team:

    • Mike DiFranza joins Linkable as its president. DiFranza is the founder and former president and CEO of Captivate Networks.
    • John Caron joins as CMO
    • Jeff Jensen joins as executive vice president and general manager of Linkable’s new affiliate network for retailers, Omnyverse.

Tom Burgess founded Linkable Networks in 2010 under the name Clovr Media. The startup changed its name to Linkable Networks in 2011.

Linkable Networks demonstrated its MasterCard solution at FinovateFall 2012.

Finovate Alumni News: March 3, 2015

  • Finovate-F-Logo.jpgYour Daily Distraction: FinovateEurope 2015 Demo Videos Now Available.
  • Linkable Networks Rakes in $11.7 Million.
  • Pymnts discusses how Xero will use its recent funding.
  • ThreatMetrix now protects more than 1 billion mobile and web transactions each month.
  • TechCrunch: Wealthfront Now Manages More Than $2 Billion In Client Assets.
  • CrowdFlower launches Data for Everyone initiative, releasing data sets to the public.
  • Bluefin Payment Systems and Small Business Workbench partner for integrated payments.
  • HelloWallet, now owned by Morningstar, to deliver financial wellness software to Seagate employees.
  • BBC News feature on robo-advisers highlights Wealthfront and Betterment.
  • Malauzai Software and Payveris bring next-day P2P payments to First United Bank.
  • ZTE partners with EyeVerify to add Eyeprint ID to its Grand S3 handset.
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.

Malauzai & Payveris Bring Next-Day P2P Payments to First United Bank

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Malauzai Software and Payveris are partnering to bring next-day, person-to-person (P2P) payments to customers of First United Bank in Texas.

Kevin Carson, Chief Technology Officer for First United, said the partnership will help his bank deal with the threat of alternative payment providers “cutting the bank out of the transaction.” Carson says that by working with Malauzai and Payveris, “Our bank will be the trusted destination for customers seeking quick P2P payments.”

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The partnership will integrate SmartApps from Malauzai and the billpay, account-to-account transfer and P2P payment functionality of Payveris’s PayItNow network. The resulting technology will bring P2P functionality to SmartApps, enabling secure P2P payments using email or text message.
Adds Carson, “Our local market is home to several colleges and universities, and it’s very important for us to serve the needs of the millennial demographic. To remain competitive, we must offer digital services that are fast, convenient and easy to use.”
Jeff Weikert, Payveris’s president, says the partnership is an opportunity to offer an “integrated, seamless banking and payment solution” that provides banks and FIs with a competitive advantage while providing a superior experience for the customer “whether it’s paying a bill, transferring money between financial accounts, or paying a friend.”
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Rob Gaynor, chief product officer for Malauzai Software, presented at FinovateFall 2014 in New York.
According to both parties, the partnership between Malauzai and Payveris will help the industry overcome major pain-points that block the way to wider adoption of person-to-person payments. Malauzai’s Chief Product Officer Robb Gaynor said, “The reason P2P solutions have not taken off in a bigger way is because the current model is slow and inconvenient.” Gaynor pointed to Payveris’s “highly secure, digital payments platform” as key to accelerating the process, as well as “keeping banks and credit unions at the center of the transactions.”
Founded in 2009 and headquartered in Austin, Texas, Malauzai Software specializes in mobile and online apps for small- to medium-sized banks and credit unions. Malauzai provided the technology behind BankMobile’s “millennially-focused” banking app launched in January, and unveiled its own SmartMarketing program to help promote mobile banking in December. Southern Bank adopted Malauzai Software’s PicturePay technology back in October. Tom Shen is Malauzai Software’s CEO and co-founder.
Malauzai demoed its technology as part of FinovateFall 2014 in New York.

Finovate Alumni News: March 2, 2015

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgKnox News features SigFig and Motif Investing in its look at investment-tracking apps.
  • Bank Innovation takes a look at how Xignite “democratizes” financial trading.
  • ACI Worldwide teams up with STS PayOne to build fraud prevention technology for e-commerce merchants in the Middle East and Africa.
  • Payoneer appoints Neil Platt to Chief Revenue Officer.
  • Medium.com column on the money-transfer industry features CurrencyFair and TransferWise.
  • Financeit receives $75 million renewal from Pacific & Western Bank of Canada to help expand consumer financing program.
  • PYMNTS interviews Fiserv on how banks can capitalize on emerging trends.
  • Google launches a status dashboard for several of its cloud infrastructure services in the Google Cloud Platform.
  • PayPal acquires Paydiant for an estimated $280 million.
  • PayPal debuts chip & PIN and NFC payments-acceptance device.
  • Authentify Ranked 46 out of 500 Hottest Security Firms; its xFA Solution is a finalist for Authentication Solution of the Year.
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.

Fintech Fundings: 11 Companies Raise $230 Million Week Ended Feb. 27

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Eleven companies raised $232 million this week, with the all but one (disclosed) round coming in at $2 million or more. Finovate alums accounted for more than half the total with Xero taking in $111 million and SecureKey $29 million.

The deals from Feb 20 to 27 by size:

Xero
Cloud accounting
HQ: Wellington, New Zealand (public)
Latest round: $111 million
Total raised: $355 million
Tags: SMB, accounts receivable, payable, bookkeeping, financial management, invoicing, Finovate & FinDEVR alums
Source: Finovate

DriverUp
Marketplace lender for automobile financing
HQ: Dallas, Texas
Latest round: $50 million
Total raised: $50 million
Tags: Auto lending, underwriting, P2P, investing, installment credit, secured credit, title lending, Sierra Auto Finance (parent)
Source: Crunchbase

nCino
Cloud-based banking solutions
HQ: Wilmington, North Carolina
Latest round: $29 million
Total raised: $49 million
Tags: Banking, operating system, regulatory compliance
Source: Crunchbase

SecureKey
Payment security & authentication
HQ: Toronto, Ontario, Canada
Latest round: $19 million
Total raised: $70.5 million
Tags: Security, payments, identity, digital, mobile, hardware, Finovate alum
Source: Crunchbase

Visio Financial Services
Online residential real estate loans for investors
HQ: Austin, Texas
Latest round: $6.7 million
Total raised: $13.2 million (includes $4.7 million debt)
Tags: Mortgage, investing, real estate
Source: Crunchbase

Trov
Values household goods for insurance purposes
HQ: Danville, California
Latest round: $6.5 million
Total raised: $13.3 million
Source: Pando

easySYS
SMB cloud-based accounting
HQ: Zurich, Switzerland
Latest round: $4.8 million
Total raised: $4.8 million
Tags: SMB, accounting, invoicing, financial management
Source: Crunchbase

Linked Finance
Person-to-person lending to SMBs
HQ: Dublin, Ireland
Latest round: $2.8 million
Total raised: $2.8 million
Tags: SMB, debt crowdfunding, lending, underwriting, P2P, peer-to-peer, loans
Source: Crunchbase

FundThrough

Online lending platform for Canadian SMBs
HQ: Toronto, Ontario, Canada
Latest round: $2.2 million
Total raised: $2.2 million
Tags: SMB, lending, underwriting, credit, loans, credit lines
Source: FT Partners

CloudMargin
Collateral and risk management platform
HQ: London, UK
Latest round: Not disclosed
Total raised: Unknown
Tags: Investing, enterprise, analytics
Source: FT Partners

Squirrel
Financial wellness as an employee benefit
HQ: London, UK
Latest round: $565,000
Total raised: $1.3 million
Tags: Investing, enterprise, analytics, money management, PFM
Source: Crunchbase