Klarna Lands $26 Billion Scalable Funding Round

Klarna Lands $26 Billion Scalable Funding Round
  • Klarna has secured a $26 billion funding deal with Nelnet to expand its Pay in 4 product in the US, diversifying capital sources beyond banks and securitizations.
  • The multi-year agreement provides off-balance-sheet funding, giving Klarna predictable access to capital at scale and strengthening its long-term growth strategy.
  • The deal bolsters Klarna’s IPO story as it postures for public markets amid rising BNPL regulation and credit risk.

IPO hopeful BNPL company Klarna revealed today that it has closed an agreement with investment firm Nelnet, which will support the expansion of Klarna’s Pay in 4 product in the US.

Under the multi-year agreement, Nelnet will purchase Klarna’s US Pay in 4 loans on an ongoing basis over the life of the program, up to $26 billion in total payment volume. In addition to diversifying Klarna’s funding sources beyond banks and securitizations, the transaction is expected to power the company’s US growth and support its long-term capital strategy.

“This is a landmark transaction for Klarna in the US,” said Klarna CFO Niclas Neglén. “Our partnership with Nelnet allows us to scale a core product responsibly, while continuing to deliver smooth, interest-free payment experiences to millions of consumers.”

Klarna notes that the structure of the funding arrangement will offer predictable, off-balance-sheet funding and showcase its ability to structure and execute large-scale capital markets transactions. The Swedish-based company will continue to originate and service all of its receivables under the program.

“Nelnet is thrilled to work with Klarna on this important transaction and support their continued success,” said Nelnet Financial Services Chief Investment Officer Judd Deppisch. “This strategic partnership leverages our expertise and financial strength to invest in attractive cash-flowing assets while supporting Klarna’s valuable offering to U.S. consumers, with the support of our lending partners.”

This comes as Klarna has been positioning itself to go public. While the company postponed its IPO plans earlier this year, it has partnered with Clover for in-store BNPL, signed an agreement to serve as Walmart’s BNPL provider, and teamed up with Marqeta on a debit card. Additionally, Klarna reached 100 million active consumers in April 2025. 

For Klarna, today’s deal with Nelnet provides a critical pillar in its IPO story. The stable access to capital at scale signals to investors that Klarna has the key to sustaining growth while navigating BNPL’s rising regulatory and credit risks. Additionally, the structured, off-balance-sheet arrangement signals Klarna’s intent to present itself as more bank-like and responsible ahead of its IPO.


Photo by Aurelijus U.

Casca Raises $29 Million Series A for AI Loan Origination

Casca Raises $29 Million Series A for AI Loan Origination
  • Casca has raised a $29 million Series A round led by Canapi Ventures, with participation from major bank customers including Live Oak, Huntington, and Bankwell.
  • Today’s investment comes just 15 months after its pre-seed round and brings Casca’s total funding to $33 million.
  • Casca’s AI-powered loan origination platform helps smaller financial institutions compete with fintechs and large banks by accelerating loan processing, reducing costs, and keeping capital within local communities.

AI loan origination company Casca (formerly known as Cascading AI) announced a $29 million fundraising round today. The California-based company said that the round, which was led by Canapi Ventures, will help it to redefine business lending.

The company’s flagship customers, including Live Oak Bank, Huntington National Bank, and Bankwell Bank all invested in today’s round. Bankwell, Y Combinator, and Peterson Ventures multiplied their investments from the pre-seed raise. Alliance Funding Group participated as well.

“Casca simplifies and accelerates our lending processes while equipping us with the insights needed to build lasting relationships,” said Live Oak Bancshares CEO and chairman Chip Mahan. “The tangible value Casca has demonstrated gives us confidence to invest in their future.”

Today’s round comes just 15 months after Casca’s pre-seed raise and brings its total funding to $33 million. Casca said it will use the investment to scale its operations, expand its team, and accelerate go-to-market efforts and make its platform more accessible to financial institutions.

“Casca stands out in many ways,” said Canapi Ventures Co-Founder and General Partner Neil Underwood. “They’ve worked alongside top AI researchers and within banks themselves to simplify business lending using responsible AI and bank-grade underwriting. With Casca, local financial institutions become the lender of choice—offering more affordable rates and keeping capital within the community. It’s a big step for banking, and we’re proud to be part of it.”

Casca leverages AI to speed up the loan application and origination process. The company was founded in 2023 and its loan origination platform is used by leading SBA lenders and FDIC-Insured banks. At Casca’s first FinovateSpring demo in 2024, it won Best of Show honors. The company most recently demoed its technology at FinovateSpring 2025 where it showed automated document collection that can save loan officers 20 hours a week, AI that reads 10,000 pages in 5 minutes, instant pre-qualification that accepts applications after business hours, digital account opening, and a voice assistant that can intelligently discuss loan files in real-time.

“We’re driven to be a force for good, using technology to make capital more accessible to small businesses and fueling the American Dream,” said Casca CEO and CoFounder Lukas Haffer. “Partnering with the top SBA lenders and key industry players, we’ve built a platform that fully automates commercial loans in record time, setting a new industry standard. This is a game changer, and now we are ready to scale responsibly, reaching more institutions with the white-glove service our clients.”

Today’s raise is a nod to how AI is becoming standard and is now central to how banks win small business relationships. By shaving weeks off loan processing, Casca gives local banks a competitive edge in retaining small business borrowers who might otherwise turn to fintechs or big banks who can offer speed.


Photo by James Wheeler

Mesa Brings Home $24 Million in Funding

Mesa Brings Home $24 Million in Funding
  • Mesa has secured $24 million in strategic funding from Lowe’s, Paramount Residential Mortgage Group, Trinity Capital, and other mortgage industry partners, bringing its total funding to over $33 million since its 2023 launch.
  • The Texas-based platform rewards homeowners through its fee-free Mesa Homeowners Credit Card and Mesa Mortgage, allowing members to earn points on mortgage payments, home-related spending, and everyday purchases.
  • Today’s funding will help Mesa accelerate growth by expanding product development, adding industry partners, and growing its team.

Mortgagetech company Mesa announced a $24 million funding round today. The investment comes from Lowe’s and Paramount Residential Mortgage Group, with Trinity Capital and other strategic mortgage lenders and servicers also participating.

Mesa is a homeowner membership platform launched in 2023 with a mission to make homeownership both more affordable and more rewarding. The Texas-based company has spent the past two years building a loyalty ecosystem centered on homeowners. At its core, Mesa offers two standout products:

  • The Mesa Homeowners Visa Credit Card
    The fee-free card allows homeowners to earn 1× Mesa Point for every $1 spent on their monthly mortgage (up to 100,000 points annually), as long as they spend a minimum of $1,000 per month. The card also offers 3× points on home‑related categories (such as home improvement, utilities, and even daycare); 2× points on groceries, gas, and EV charging; and 1× point on other purchases.
  • Mesa Mortgage
    The mortgage product helps users secure a new home loan or refinance their current loan to earn Mesa Points on the principal amount of their mortgage.

CEO and Founder Kelley Halpin said the funding comes at a time when homeowners face mounting financial pressures. “In today’s economy, homeowners are being hit from every angle—high interest rates, insurance premiums, and aging homes in need of repair. We must work across every part of the homeownership ecosystem to drive positive change,” said Mesa CEO and Founder Kelley Halpin. “Together, we’re building a platform that makes it easier for brands to reach this key consumer and puts a lot of value back in the homeowner’s pocket.”

The round boosts Mesa’s total funding to over $33 million since it was founded in 2023. The company will use the investment to fuel its growth by accelerating product development, signing on new partners across industries adjacent to homeownership, and hiring new employees.

“We are proud to partner with the team at Mesa as they work to redefine the homeownership experience,” said Trinity Managing Director of Asset Based Lending Steven Lambe. “Their innovative model not only rewards homeowners but also promotes long-term financial well-being for today’s homebuyers.”

Lowe’s and Paramount Residential Mortgage Group are joining the funding round as strategic investors. The addition of these strategic backers illustrates how Mesa operates at the intersection of financial services, retail, and the home improvement sector. Aligning with partners like these that are key to the homeowner journey will help Mesa expand its reach, enrich its rewards ecosystem, and deepen customer engagement.


Photo by Kelly

1Kosmos Raises $57 Million in Series B Funding for Identity-First Security

1Kosmos Raises $57 Million in Series B Funding for Identity-First Security
  • 1Kosmos has secured $57 million in Series B funding for its passwordless identity verification technology.
  • The company will use the investment, which includes a $10 million line of credit from Bridge Bank, to fuel product innovation, expand integrations with IAM, CIAM, PAM, and zero trust platforms, and accelerate global growth.
  • Today’s momentum comes amid recent achievements for the company, including FedRAMP High and Kantara certification, a $194.5 million Login.gov contract, and a Microsoft Entra ID integration.

Passwordless identity verification company 1Kosmos raised $57 million this week in a Series B round. The investment, which boosts the company’s total funding to $72 million, consists of a $10 million line of credit from Bridge Bank, as well as contributions from Forgepoint Capital and Origami’s Oquirrh Ventures, which led the round, and Craig Abod, NextEra Energy Ventures, Gula Tech Adventures, and the 1Kosmos management team.

“Identity has become the first step in the kill chain. This investment allows us to strengthen the proactive controls organizations need to prevent impersonation-based attacks—whether it’s a sophisticated hacking group or a state-sponsored developer hiding in plain sight,” said 1Kosmos CEO Hemen Vimadalal, noting the rise in impersonation-based attacks from sophisticated hacking groups and state-sponsored actors. “1Kosmos identity verification is the only practical solution that can be quickly deployed in a matter of hours to effectively combat this threat.”

1Kosmos will use the funds to advance product innovation; deepen technology integrations with identity and access management (IAM), customer identity and access management (CIAM), privileged access management (PAM), and zero trust platforms; and accelerate global expansion across North America, EMEA, and APAC.

Founded in 2018, 1Kosmos uses live biometrics to facilitate passwordless access for workers, customers, and citizens to digital services. The company’s BlockID platform creates a distributed digital identity that prevents identity impersonation, account takeover, and fraud while reducing friction. 1Kosmos’ technology performs millions of authentications each day for some of the largest banks, telecommunications, and healthcare organizations across the globe.

“The mission at 1Kosmos since its inception has stayed remarkably focused on providing individuals with a secure digital identity, one they control and use to prevent identity fraud when accessing digital services,” said Forgepoint Capital Managing Director Ernie Bio. “As the largest investor in the company, we are proud of their track record of innovation and delighted to see their accelerating growth.”

1Kosmos’ announcement comes amid a string of successes. Recent wins for the New Jersey-based company include:

  • Integrating its BlockID platform with Microsoft Entra ID for streamlined identity and access management.
  • Becoming the only full-service Kantara-certified credential service provider with FedRAMP High authorization, making it eligible for the US government’s most security-sensitive workloads.
  • Winning a 10-year, $194.5 million blanket purchase agreement, in partnership with Carahsoft, to supply identity proofing for Login.gov.

As organizations seek to eliminate passwords and reduce identity fraud, while improving the customer experience, 1Kosmos’ biometrics-driven approach positions it to capture the identity verification market. With fresh funding and new federal certifications, the Best of Show-winning company is aiming to scale quickly across North America, EMEA, and APAC.


Photo by George Becker

Digital Bank Grasshopper Bank Raises $46.6 Million

Digital Bank Grasshopper Bank Raises $46.6 Million
  • Grasshopper Bank raised $46.6 million in a funding round led by Patriot Financial Partners to support its April merger with Auto Club Trust SDB and expand its digital banking platform.
  • The investment was led by Patriot Financial Partners LP with additional participation from Glendon Capital Management.
  • The bank plans to scale its tech and broaden offerings, adding four new board members to help guide its next phase.

Digital small business bank Grasshopper Bank announced it landed a $46.6 million round of funding. The investment was led by Patriot Financial Partners LP with additional participation from Glendon Capital Management.

The digital bank will use the funds to support its merger with Auto Club Trust SDB, completed in April of this year. Following the deal, Grasshopper’s total assets grew 53% to $1.33 billion, its total deposits increased 81% to $2.37 billion, and its $961.8 million in loans were up 49% from December 31, 2024 to June 30, 2025.

The New York-based company also plans to use the investment to scale its technology and expand its product offerings to create digital banking solutions that meet its clients’ evolving needs.

“The backing from this seasoned group of investors is a powerful vote of confidence in our mission, our strategy, and our team,” said Grasshopper CEO Mike Butler. “We’re incredibly proud of the momentum we’ve built, and we’re just getting started. This capital gives us the opportunity to continue pushing boundaries, broaden our reach, and unlock new possibilities in how we deliver meaningful, future-ready digital banking experiences that meet people where they are and anticipate where they’re headed next.”

Grasshopper Bank was founded in 2016 as a full-service digital bank that tailors its products and services to specific industries, including small businesses, startups, venture capital, private equity firms, BaaS and commercial API platforms, lending, and white-labeled consumer banking.

“From the beginning, our vision has been to redefine what digital banking can do for entrepreneurs, modern businesses, and the ecosystem that supports them. With our recent acquisition, we are excited to expand that vision to serve consumers through our affinity banking partnership with The Auto Club Group,” added Butler.

In addition to the funding announcement, Grasshopper also revealed that it has added four new members to its board, including James Fitzgerald, retired former Chief Administrative and Chief Financial Officer of Eastern Bankshares Inc. and Eastern Bank; Brian Graham, co-founder and partner in the Klaros Group; Karen Solomon, a bank regulatory lawyer with more than three decades of experience spanning the public and private sectors; and John M. Surgent, Founder of GMS Surgent CPAs, Surgent Professional Education, and JM Surgent Capital.

Quavo Fraud & Disputes Locks in $300 Million in Funding

Quavo Fraud & Disputes Locks in $300 Million in Funding
  • Fraud and dispute process management innovator Quavo Fraud & Disputes has raised $300 million in funding from Spectrum Equity.
  • Quavo said it will use the capital to support further investment in the company, drive innovation, and create value for its customers.
  • Quavo Fraud & Disputes most recently demonstrated its technology at FinovateSpring 2025 in San Diego.

Quavo Fraud & Disputes has announced a $300 million investment from growth equity investment firm Spectrum Equity. Quavo, which provides cloud-based solutions to enable financial institutions to automate and manage fraud and dispute processes, will use the capital to accelerate investments throughout the business, drive innovation, and create even greater value for customers.

“We are thrilled to be partnering with Spectrum Equity on the next chapter of growth at Quavo,” company Co-Founder and CEO Joseph McLean said. “With this new investment, we intend to accelerate our AI-led product development initiatives and expand our go-to-market and client success teams to meet growing market demand and drive exceptional client outcomes. Our vision to restore financial trust and simplify fraud and disputes is unwavering, and this partnership allows us to achieve these goals faster and at even greater scale.”

Quavo’s technology empowers financial institutions—from large banks to credit unions—to better manage the consumer transaction dispute process. The company’s flagship offering, QFD, automates intake, investigation, chargeback, recovery, and client communications workflows across all payment and dispute types. Financial institutions using Quavo’s technology have been able to automate as much as 80% of the tasks involved in resolving typical consumer disputes, and recapture 85% of potentially lost funds. The average Quavo customer has experienced a reduction of 37% in write-offs and was able to reduce the time it took to issue consumer credit from 11 days to one day.

“Fraud and dispute management is a massive business-as-usual problem for financial institutions and fintechs alike, and we believe that Quavo is uniquely positioned to drive automation benefits and better outcomes in this space,” Spectrum Equity Managing Director Adam Margolin said. “Quavo’s highly configurable platform, scaled transaction data powering its decisioning engine, and mission-driven approach to solving costly and time-consuming problems for its clients set the company apart.”

As part of the transaction, existing investor FINTOP Capital will sell its ownership stake in the company. Quavo’s co-founder and strategic investor and technology partner Pegasystems will continue as significant shareholders.

Headquartered in Wilmington, Delaware, Quavo has recovered more than $1.4 billion for 10.8+ million victims. The company has grown revenues 60% annually since 2022 and today automates more than 12.5 million consumers disputes a year. Quavo serves a broad range of financial institutions, from global issuers and fintechs to regional banks and credit unions. Founded in 2016, Quavo Fraud & Disputes made its Finovate debut at FinovateFall 2024 in New York and returned to the Finovate stage the following year for FinovateSpring in San Diego.

Earlier this year, Quavo published a report showing the impact of fraud resolution on customer loyalty. Quavo’s Q4 2024 Consumer Survey analyzed feedback from 1,000 recent victims of credit card fraud to learn about their experiences and how their experiences may have impacted their sense of trust and brand loyalty. The survey revealed that the quality of the fraud resolution process had a greater impact on trust than the actual fraud itself, and that the fraud resolution experience has a ripple effect on customer trust in other banking services.

“Trust is a bank’s most valuable asset, and fraud resolution is a defining moment in the customer relationship,” McLean said. “Our research proves that a seamless, transparent, and timely fraud resolution process isn’t just about compliance; it’s about building trust that strengthens long-term customer relationships.”


Photo by Andre Ellis Mack

Paddle Raises $25 Million for Payments Infrastructure

Paddle Raises $25 Million for Payments Infrastructure
  • Paddle raised $25 million in debt financing to support global expansion, product development, and executive growth.
  • The funds, which come from CIBC Innovation Banking, bring Paddle’s total funding to $318 million.
  • Along with the investment announcement, Paddle also unveiled new hires and plans to open an office in Austin.

Payments infrastructure company Paddle announced this week it has raised $25 million in debt financing from CIBC Innovation Banking and others. The investment, which follows a $293 million round in 2022 from FTV Capital, KKR, 83North, and Notion Capital, brings Paddle’s total funding to more than $318 million.

“We are delighted to fund Paddle as it continues on an impressive growth trajectory,” said CIBC Innovation Banking UK & Europe Managing Director Sean Duffy.

Paddle plans to use the funding to support global expansion, accelerate growth, and promote product development.

Paddle was founded in 2012 as a Merchant of Record (MoR) to handle payments, sales tax, refunds, fraud, and compliance for its clients. The UK-based company’s payment infrastructure replaces SaaS companies’ complex payment stacks by managing global payments, currencies, refunds, and sales tax compliance for 6,000 SaaS, AI, and app companies.

Along with today’s funding, Paddle also announced key executive hires. The company is adding to its 300+ employees with the appointments of Rich Mason as CRO International, Stephen Wilcock as CTO, and Ben Aronsten as CMO. Paddle is also opening a new office in Austin, adding to the company’s existing offices in London, Lisbon, Toronto, and New York City. 

“In an ever-connected world, it’s important that digital product companies can receive payment from customers in any location without the hassle of navigating multiple payment processes in different geographies. We are excited to support Paddle as it continues expanding its global footprint,” Duffy added.

Paddle has seen rapid growth in 2025, which it attributes to growth in new AI products and Apple opening its app ecosystem to web payments. The company has also recently unveiled new capabilities through a partnership with Vercel and integration with RevenueCat. Previously, the company has experienced 40% year-over-year growth and these factors will build on that.

“We are incredibly excited about the momentum Paddle has experienced so far in 2025,” said Paddle CEO Jimmy Fitzgerald. “We only win when those we serve win, and the growth we’re seeing across the market reflects that shared success. We are seeing a huge increase in the number of consumer app businesses choosing Paddle to manage their web monetization, and will continue to invest in this space with the new financing and strengthened leadership. We look forward to building on these achievements through the rest of the year and beyond as we continue to serve thousands of digital product companies worldwide.”

Paddle’s growth and fresh funding is an indication that SaaS and digital product companies are taking a new approach to global payments. As Gen AI and mobile-first implementation accelerate, companies need flexible infrastructure that handles compliance, tax, and localization without adding complexity. Paddle’s MoR approach is emerging as an alternative to fragmented payment stacks, especially as regulations tighten. Ultimately, today’s funding round and executive expansion show how Paddle is positioning itself not just as a payment provider, but as a strategic player in SaaS payments.


Photo by Andre Furtado

Spanish AI Debt Collection Startup Murphy Raises $15 Million

Spanish AI Debt Collection Startup Murphy Raises $15 Million
  • AI debt collection startup Murphy raised $15 million in pre-Seed and Seed funding to scale its autonomous, multilingual AI agents that help organizations recover hard-to-collect debt across sectors like banking, BNPL, utilities, and healthcare.
  • Murphy differentiates itself with agentic AI that offers human-like, behavioral, and empathetic voice interactions that operate 24/7 in over 30 languages.
  • Murphy plans to use the new capital to expand into the US, grow its team, and further disrupt the $300 billion global collections industry.

Debt collection startup Murphy announced this week that it closed $15 million in pre-Seed and Seed funds. The investment was led by Northzone, while ElevenLabs, Lakestar, Seedcamp, and existing investors also participated.

Founded in 2024, Murphy seeks to transform debt servicing by leveraging autonomous AI agents to help debt collection agents from utility companies, telcos, banks, BNPL companies, microlenders, healthcare firms, and more recover debt that would have otherwise been untouched or written off. The company uses voice agents and behavioral personalization techniques that work across channels, 24 hours per day and in more than 30 languages.

“We’re building AI-native infrastructure that replaces traditional call centers with a scalable, multilingual solution,” said Murphy Co-founder and CEO Borja Sole. “It helps companies recover more, faster, and more cost-efficiently, while staying compliant and treating debtors with respect.”

Murphy is tackling an often overlooked industry, as there has long been a disconnect between consumers’ digital behavior and how collections are handled. Bringing AI into the equation may help organizations collect previously unrecoverable debt, especially in high-volume, low-value cases. Murphy differentiates its product by taking a unique approach to AI implementation. It doesn’t simply use chatbots and scripted voice technologies, but rather employs agentic AI that is capable of multilingual, empathetic, and behavioral interactions that bring a human-like nuance to conversations that can scale without adding labor costs.

Since launching less than a year ago, Murphy is already managing hundreds of millions of dollars in debt. The company has acquired clients across Europe and plans to use today’s funding to accelerate its expansion across Europe and the US, scale its product, and expand its team.

“Debt servicing is a $300+ billion global industry that is ripe for disruption. After reviewing countless verticals, this stood out as a space where AI can make a major impact,” said Northzone Partner Jeppe Zink. “Given their experience and relentless development speed, Borja and his team are uniquely positioned to transform this space.”

Murphy is part of a larger wave of AI-powered services in the financial services space. Investors are pouring money into these companies in anticipation that AI-native vertical SaaS companies like Murphy will replace legacy systems in high-friction industries such as collections, compliance, and insurance.


Photo by Aleksandar Pasaric

Bilt Raises $250 Million at $10+ Billion Valuation

Bilt Raises $250 Million at $10+ Billion Valuation
  • Bilt raised $250 million in new funding, boosting its total raised to $813 million and reaching a $10.75 billion valuation.
  • The company is expanding its rewards program to cover more housing categories like condos, HOAs, student housing, and even mortgage payments through a partnership with new investor United Wholesale Mortgage.
  • Bilt is also developing new credit card options, including a no-fee card and two premium tiers.

Loyalty platform Bilt received $250 million in new funding this week. The investment, which was led by General Catalyst and GID with additional funds coming from United Wholesale Mortgage, boosts the New York-based company’s total raised to $813 million.

Bilt was founded in 2021 to offer a loyalty rewards program and credit card that allows renters to earn points when they pay their rent, building credit with every payment. With no annual fee, the Bilt Mastercard credit card also allows cardholders to earn points on select dining experiences, rideshare purchases, and travel purchases. These points can be redeemed for travel, fitness classes, home decor, and even a down payment on a future home.

With today’s round, Bilt is also revealing its new valuation of $10.75 billion, representing more than a 3x increase in a single year. This new valuation reflects Bilt’s growth. The company anticipates it will surpass $1 billion in revenue by the first quarter of 2026 and will process over $100 billion annually in housing spend in the next six months. Additionally, the company’s network of homes has signed one in four US apartment buildings, partnering with 70% of the top 100 property managers. It has also added over 40,000 merchants across the US to its rewards network.

The company has expanded its network of merchant partnerships to make cardholders’ neighborhoods feel like their own members club. “Bilt represents the convergence of America’s largest spending categories—housing and local commerce—into a single, powerful network that benefits everyone involved,” said Bilt Chairman Ken Chenault. “What we’re building goes beyond the four walls of your apartment; we’re connecting you with your entire neighborhood and making every aspect of where you live more rewarding.”

Bilt is using the $250 million investment to grow the number of housing categories it is able to reward. The company is expanding into condo and HOA payments, student housing, and has also partnered with mortgage servicers–including today’s investor United Wholesale Mortgage–to expand into mortgage payments.

The company is also working on Bilt Card 2.0 in partnership with embedded credit card platform Cardless to offer a new, no-fee card option and two premium cards featuring $95 and $495 annual fees. Bilt didn’t offer additional details of the new card options, but teased the launch date of February 2026.


Photo by Tom Fisk

Supply Wisdom Locks in $14 Million; Introduces New CEO Jenna Wells

Supply Wisdom Locks in $14 Million; Introduces New CEO Jenna Wells
  • Risk intelligence platform Supply Wisdom has secured $14 million in Series B funding in a round led by Jurassic Capital.
  • Supply Wisdom also announced that Chief Operating Officer Jenna Wells has been appointed as the company’s new CEO.
  • Supply Wisdom made its Finovate debut at FinovateFall 2022 in New York. We interviewed Jenna Wells in March of this year on the subject of third-party risk in financial services.

Risk intelligence innovator Supply Wisdom has raised $14 million in new funding. The company, which made its Finovate debut at FinovateFall 2022 in New York, also introduced a new CEO, former Chief Operating Officer Jenna Wells. Finovate readers will recall our interview with Wells from earlier this year, in which she discussed the challenge of managing third-party risk in financial services.

“I’m honored to step into this new role during such a pivotal time for our company and the global business community as there is clearly an increased need for strong risk management,” Wells said in a statement announcing both the investment and her new status as Supply Wisdom CEO.

“As both a risk practitioner and leader at Supply Wisdom, I’ve seen firsthand how our AI-powered platform transforms how organizations manage risk across their entire supply chain ecosystem. I’m excited to support Supply Wisdom in continuing to provide comprehensive, predictive risk intelligence that enables businesses to act proactively and confidently in an increasingly complex risk landscape.”

Supply Wisdom offers a full-stack SaaS platform, powered by AI, that helps companies in financial services, insurance, technology and other industries turn open source data into risk intelligence on key third-party relationships. The company’s technology provides continuous monitoring, comprehensive intelligence reports, and alerts that cover all risk domains—financial, cyber, operational, ESG, compliance, Nth party, location—in real-time. Founded in 2017 and headquartered in New York, Supply Wisdom includes companies in the Fortune 100 and Global 2000 among its clients.

The Series B round was led by Jurassic Capital, which joins existing investors Fulcrum Equity Partners and Conductor Capital. Jurassic Capital General Partner Kevin Mosley praised Supply Wisdom as a “high-growth, capital-efficient and innovative company with a strong history of delivering exceptional value for third party risk management departments at leading global firms.” Mosley also expressed excitement at the appointment of Wells as CEO, noting that her “firsthand experience as a customer will continue to pay dividends across the organization.”

Tom Thimot, who led the company as CEO since 2023, will continue to serve the firm in a new role as Advisor to the CEO. In this capacity, Thimot will provide strategic advice to both Wells and Supply Wisdom’s leadership team.

Supply Wisdom’s funding and C-suite leadership news comes in the wake of the company earning a spot in the Inc. Regionals: Northeast list of the fastest-growing private companies in the US Northeast. An extension of the Inc. 5000 roster, the Inc. Regionals: Northeast listing includes firms in Pennsylvania, New York, Vermont, New Hampshire, Maine, Massachusetts, Connecticut, Rhode Island, and New Jersey.


Photo by Samson on Unsplash

17 Alums Raised More Than $1.2 Billion in Q2 2025

17 Alums Raised More Than $1.2 Billion in Q2 2025

Updated (6/24/25)

We back?

There are still a few days left but, so far, in the second quarter of 2025, 17 Finovate alums have raised more than $1.2 billion in new funding. The sum is several times larger than last year’s Q2 investment haul, as we note below, and also featured twice as many alums securing fresh capital.

Previous quarterly comparisons

  • Q2 2024: More than $292 million raised by eight alums
  • Q2 2023: More than $209 million raised by ten alums
  • Q2 2022: More than $984 million raised by eight alums
  • Q2 2021: More than $2.8 billion raised by 14 alums

In fact, Finovate alums in the second quarter of this year raised more than they have in any Q2 since 2021. This quarter also featured three funding rounds in which the amount of the investment was undisclosed. This means that the true tally for alum funding for Q2 exceeds the $1.2 billion headline number—and perhaps by a significant margin.

Top equity investments

  • Plaid: $575 million
  • Scalable Capital: $176 million
  • Thunes: $150 million
  • Stash: $146 million
  • Zopa: $106 million

The $575 million raised by Plaid is far and away the biggest equity investment for Finovate alums in Q2 of 2025. The funding round was led by Franklin Templeton, a new investor to the company, and featured participation from existing investors NEA and Ribbit Capital. The investment was a venture round, in which Plaid sold new shares to address a variety of issues, including providing liquidity to members of the Plaid team, as explained by company CEO and Co-Founder Zach Perret.

Q2 also featured a handful of other significant investments of more than $100 million. Interestingly, the four companies to receive funding in this range in recent months come from either the world of payments (Thunes) or investing (Scalable Capital, Stash, and Zopa). As fintech funding begins to recover, it will be worthwhile to watch and see if these two subsectors of our industry play a major role in leading fintech funding back toward pre-pandemic levels.


Here is our detailed alum funding report for Q2 2025.

April: More than $795 million raised by five alums

May: More than $257 million raised by four alums

June: More than $232 million raised by eight alums

If you are a Finovate alum that raised money in the second quarter of 2025 and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.


Photo by micheile henderson on Unsplash

Grifin Lands $11 Million to Help Users Invest as they Shop

Grifin Lands $11 Million to Help Users Invest as they Shop
  • Grifin raised $11 million in Series A funding to grow its investing app that allows users to invest where they shop, bringing its total funding to $20 million.
  • The app uses Adaptive Investing to automatically invest $1 per purchase into companies users buy from, helping them build daily investing habits.
  • Grifin targets underserved investors, especially women ages 40 to 60.

Approachable investing app Grifin announced that it raised $11 million this week to help users invest where they shop. The Series A funding round, which brings the company’s total raised to $20 million, was led by Nava Ventures with participation from TTV, Draper Associates, Gaingels, Nevcaut Ventures, and Alloy Labs.

Grifin will use today’s funding to hire employees, partner with HR platforms and consumer brands, build family plans, and build out more tools and experiences to add to the app.

“We are thrilled to partner with Grifin in their mission to make investing fit into the daily lives of people across the country,” said Freddie Martignetti, Partner at Nava Ventures. “With more than 178 million uninvested Americans, Grifin has the potential to make a remarkably positive impact by helping their app users lay the foundation for long-term wealth building.”

Martignetti will join Grifin’s Board of Directors.

Grifin was founded in 2017 to make investing fun by allowing shoppers to invest in a portion of the brands they purchase from. The company removes complexity and fear associated with investing by building an investment portfolio based on the consumer’s purchasing habits. Grifin automatically transfers $1 for every transaction the user makes during the week, then invests the funds into their portfolio that is comprised of companies from which the user purchases. Grifin calls this approach Adaptive Investing.

With Adaptive Investing, Grifin creates a dynamic investment portfolio that is uniquely personalized to the user and their everyday habits. As the user’s shopping habits change, Grifin adapts the portfolio. The company also offers users full control on how much and in which companies they invest, allowing them to block companies and manually adjust their investment amount.

“We have always believed that investing should be positive and fun. Where it doesn’t feel like a second job, it simply feels like second nature,” said Grifin CEO and Cofounder Aaron Froug. “Unlike traditional investing, Grifin instills confidence through action and connection. Our goal with Grifin is to build daily investment habits, different mindsets and change the relationship people have with the brands they love. This new funding enables us the fuel to scale a product that’s already proven its power to increase investing habits in a whole new way.”

Grifin is targeting the 86% of Americans that don’t directly own any stock, and says that its primary investor group is women between the ages of 40 and 60. The company has added 500,000 registered users and has seen more than 100,000 new app installs in the last month alone.

Grifin differs from investing companies like Acorns by focusing on emotional connection and brand loyalty rather than rounding up spare change. While Acorns emphasizes passive micro-investing based on leftover change, Grifin actively builds a portfolio based on where users actually shop, which turns consumer behavior into their personalized investment strategy. This approach not only builds financial habits but also helps users feel more connected to their investments, making the process more engaging and meaningful.


Photo by Andrea Piacquadio