Funding

Ramp Raises $1.85 Billion, Boosting Valuation to $60 Billion

Ramp Raises $1.85 Billion, Boosting Valuation to $60 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Corporate card and expense management platform Ramp raised $1.85 billion in a funding round led by Dragoneer Investment Group, boosting its valuation to $60 billion, nearly double its November 2025 valuation.
  • Ramp now serves more than 85,000 businesses, powers over $275 billion in annual purchases, and generates more than $2 billion in annualized revenue.
  • Ramp’s growing suite of AI-powered tools and roughly 30× annualized revenue multiple suggest investors are betting on its evolution from an expense management provider into a broader financial operations platform.

Corporate card and expense management platform Ramp closed a $1.85 billion funding round, boosting its valuation to $60 billion, an amount that exceeds many established fintech companies and is nearly double the company’s $32 billion valuation following its November 2025 funding round.

Dragoneer Investment Group led the round, which was co-led by Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. Additional investors, including Capital International, Fidelity Management & Research Company, T. Rowe Price, and others also contributed.

Ramp, which is used by over 85,000 businesses, was founded in 2019 and has experienced notable growth over the past few years. The company powers over $275 billion in purchases annually, expanded into Canada four months ago, and now generates more than $2 billion in annualized revenue, with positive cash flow. Additionally, the company’s revenue is growing 25% faster now than it was at the same time last year.

“We obsess over saving our customers time and money. That’s why we’re growing faster at more than twice the size we were a year ago,” said Ramp Co-CEO and Co-Founder Eric Glyman. “AI opens up much more of the work it takes to run a company. Our opportunity is to get that work done at less cost. We want to help every business run better with AI.”

Ramp’s recent product launches reflect this emphasis on AI-focused tools. The company has launched Glass, a model-agnostic, collaborative AI workspace where knowledge compounds; Ramp Accounts Receivable, which automates the work between a signed contract and collected cash; AI Token Spend Management, which gives finance and technical teams one place to understand and control AI spending; and Router.com, which cuts companies’ inference costs by routing requests based on performance and cost.

Ramp’s $60 billion valuation represents an implied revenue multiple of roughly 30× its current annualized revenue. This premium suggests that investors see the company as much more than a corporate card and expense management provider. Given this figure and Ramp’s recent launches in the AI space, investors appear to be betting on Ramp’s ability to evolve into a broader financial operations platform that extends beyond spending into accounts receivable, operating tools, and more. Ramp is positioning itself to become an increasingly central part of how businesses manage their finances.

Photo by Chris F

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Illuma Raises Funds to Bring Voice Security to Credit Unions

Illuma Raises Funds to Bring Voice Security to Credit Unions
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Illuma Labs
  • Voice security fintech Illuma has secured an undisclosed investment from existing clients Financial Plus Credit Union and Dort Financial Credit Union, along with CUSO One Washington Financial.
  • The funding will help Illuma advance its deepfake detection, fraud prevention, and adaptive authentication capabilities while expanding its reach among credit unions and community banks.
  • The investment highlights the growing importance of AI-powered fraud prevention, as financial institutions seek to strengthen security without adding friction to the customer experience.

Voice security fintech Illuma has raised an undisclosed amount to support its efforts in providing deepfake detection, fraud prevention, and adaptive authentication for credit unions and smaller banks.

The investment comes from existing Illuma clients Financial Plus Credit Union and Dort Financial Credit Union, as well as Washington-based CUSO One Washington Financial, and follows its most recent funding round since February of 2025. According to Crunchbase, Illuma has raised a total of $11.5 million in disclosed funding, with four additional rounds (including today’s’) of undisclosed amounts.

“Investment from institutions that use our technology every day is a powerful expression of confidence in what we are building,” said Illuma Founder and CEO Dr. Milind Borkar. “Financial Plus and Dort Financial understand the impact of making member interactions more secure and easier for everyone involved. Alongside One Washington Financial, they are helping us accelerate innovation and bring advanced Voice Security to more institutions as fraud threats continue to evolve.”

Founded in 2016, Illuma specializes in voice authentication solutions for credit unions and community banks. IllumaSHIELD, the company’s flagship offering, uses passive voice authentication to authenticate trusted account holders in seconds while helping credit unions and banks detect AI voice fraud, deepfakes, account takeover attempts, and other potential voice threats in real time. The company also offers advanced fraud prevention, adaptive multi-factor authentication (MFA), deepfake detection, and human-AI collaborative intelligence.

Specifically, today’s investment will help Illuma advance its deepfake detection capabilities, enhance layered security, support additional platforms, strengthen enterprise readiness and reliability, and expand its commercial reach across credit unions and banks.

Since onboarding with Illuma, client Financial Plus has experienced faster authentication, fewer escalations, and an improved ability to identify fraudulent callers. “At Financial Plus, innovation starts with finding better ways to serve and protect our members,” said Financial Plus Credit Union Senior Vice President and Chief Innovation Officer Jessica McNier. “Illuma has proven that its technology can simplify member interactions while strengthening security. Our investment supports continued innovation to address emerging fraud threats and bring more intuitive, secure experiences to the credit union industry.”

Because the funding amount is not disclosed, the notable piece about today’s announcement is where the funding is coming from. Both Financial Plus and Dort Financial are investing in a technology provider they already use, moving beyond the traditional vendor-client relationship to take a financial stake in the development of tools that they see as increasingly critical to their operations.

Illuma’s technology is tackling the growing challenge financial institutions face as AI makes deepfakes more sophisticated and renders traditional authentication methods less reliable. Many smaller banks and credit unions, which may lack the resources to build advanced fraud detection capabilities in-house, rely on partnerships with specialized fintechs to counteract this fraud. Especially as AI-generated voices become harder to distinguish from human ones, having the ability to authenticate customers without adding friction could become a competitive advantage.

Illuma most recently demoed at FinovateSpring 2025, where it won Best of Show for its deepfake detection technology. The company has since won the Tech Titans Emerging Company Innovation Award, ranked number seven on the Fast Tech List of North Texas’s fastest-growing technology companies and has been named a finalist for “Product Innovation — Advances in AI” in the Credit Union Partners segment of the 2026 Credit Union Times Luminaries Awards.

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TrueLayer Raises $27 Million to Expand Pay-by-Bank

TrueLayer Raises $27 Million to Expand Pay-by-Bank
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • UK-based open banking platform TrueLayer raised $27 million in a funding round led by CDP Venture Capital, bringing its total funding to $348.8 million.
  • TrueLayer is expanding beyond one-time pay-by-bank payments with recurring payment capabilities and its acquisition of BNPL provider in3, positioning itself to compete more directly with traditional card networks.
  • The investment reflects Europe’s push for greater financial sovereignty, supporting the development of European-owned payment infrastructure as pay-by-bank adoption grows across the region.

UK open banking platform TrueLayer has brought in $27 million in a funding round this week led by Italy-based CDP Venture Capital with additional contributions from existing and new investors. The investment adds to the $321.8 million already raised and brings TrueLayer’s total raised to $348.8 million.

“We started TrueLayer with a simple belief: Europe deserves payment infrastructure built in Europe. Having Italy back that belief means a great deal to us personally, especially to our talented team in Milan, who work hard every day to build the future of European payments,” said TrueLayer Co-Founder and CEO Francesco Simoneschi.

Founded in 2016, TrueLayer powers $150 billion each year in online pay-by-bank payments for more than 30 million consumers in 22 countries. The company provides the connectivity and commercial payment experience that make payment rails accessible to businesses. By cutting out the middlemen involved in the payments stack, TrueLayer’s pay-by-bank tools help merchants lower payment costs by up to 40%, increase average order value by 20%, and reduce fraud by eliminating the need for payment cards. Among TrueLayer’s competitors are Trustly, Visa-owned Tink, and Volt.

Earlier this year, TrueLayer announced support for recurring payments and acquired Dutch buy now, pay later (BNPL) provider in3. The move adds a financing component to an offering historically focused on immediate bank payments. These two developments show that TrueLayer is seeking to compete beyond the pay-by-bank space. The company is slowly shifting its focus to compete with card payments at ecommerce checkout, replace card-on-file for subscriptions and repeat purchases, support merchant refunds and instant disbursements, and offer purchase financing without depending on traditional card rails.

While pay-by-bank has seen limited growth in the US, its usage is growing in Europe. In July of this year, the UK’s open banking ecosystem reached two major milestones, reaching more than one billion open banking payments and 100 billion API calls recorded across the CMA9 banks since the launch of open banking started more than eight years ago.

As European policymakers and investors increasingly emphasize financial sovereignty, TrueLayer offers an opportunity to build an alternative to payment infrastructure dominated by US-based companies such as Visa and Mastercard. CDP Venture Capital’s investment underscores that ambition, positioning pay-by-bank as both a lower-cost payment option and a strategic component of Europe’s financial infrastructure.

“Europe needs payment infrastructure it owns and controls, and we are investing across the continent to help build it,” said Mario Branciforti of CDP Venture Capital. “TrueLayer is a clear example of what that looks like in practice, with a network already operating at scale in 22 countries. 

Photo by Pixabay

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Trustly Raises New Capital to Power the Next Era in Open Banking

Trustly Raises New Capital to Power the Next Era in Open Banking
By David Penn Posted on
Categories: Funding, Trustly
  • Trustly has secured equity commitment letters of more than $40 million from its principal shareholder, Nordic Capital, and Alfvén & Didrikson. The capital raise is expected to conclude in November.
  • Trustly will use the capital to fund the next stage of its growth strategy, which includes accelerating the development of new products that use AI to bring real-time intelligence to payments.
  • Founded in 2008 and headquartered in Stockholm, Sweden, Trustly made its Finovate debut at FinovateEurope 2013.

Trustly Holding AB announced that its parent company, Trustly, has received signed equity commitment letters of more than $40 million from Nordic Capital, Trustly’s principal shareholder, and Alfvén & Didrikson, to fund a capital raise in the firm. The company will use the capital to fund the next stage of its growth strategy, accelerating the development of new products that will use AI to transform payments into intelligence that helps businesses win new customers, keep those customers longer, and manage risk better.

“Trustly is the payments network behind more than 50 million consumers and over $120 billion in transactions a year,” Trustly Group CEO Johan Tjärnberg said. “This puts Trustly in a strong position to take a leading role in shaping the new era of financial services by bringing together payment and data services and using AI to embed real-time financial intelligence. This commitment from Nordic Capital and Alfvén & Didrikson is a vote of confidence in Trustly and where we’re headed.”

In a statement, the company said that the signed commitment letters from Nordic Capital and Alfvén & Didrikson are a strong endorsement of Trustly’s strategy to build on its open banking payments network—currently spanning the US, Canada, and Europe—to create a real-time intelligence platform. Trustly sees this as the next evolution in open banking: using AI-powered real-time intelligence to move beyond merely moving money inexpensively toward a world in which each interaction is smarter than the last. This strategy also underscores the company’s determination to defend itself against competition from traditional card networks and account-to-account (A2A) payment providers by providing insights at the point of sale.

The investment is expected to conclude in November 2026, at which point the final amount of the capital raise will be announced. Trustly’s other current shareholders will also be offered the opportunity to participate in the funding.

“Nordic Capital has backed Trustly since 2018, supporting its development of the largest open banking payments networks in Europe and North America,” said Fredrik Näslund, Partner and Head of Technology & Payments for Nordic Capital Advisors. “This commitment reflects a strong confidence in the business and its strategy.”

Founded in 2008 and headquartered in Stockholm, Sweden, Trustly made its Finovate debut at FinovateEurope 2013. Today, the company is an open banking payment solutions provider offering a platform that helps ensure that transactions are processed quickly, securely, and in real time. With partners including PayPal, eBay, T-Mobile, and Coinbase, Trustly enhances the payment experience for more than 9,000 merchants in more than 30 markets, connecting them to 650+ million consumers through 12,000 banks. The company’s Pay by Bank offering helps companies boost customer lifetime value via better conversions, higher approvals, deeper consumer insights, and lower costs compared to cards.

Photo by Hakan Tas from Pexels

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Crux Analytics Secures $2.2 Million in Seed Funding

Crux Analytics Secures $2.2 Million in Seed Funding
By David Penn Posted on
Categories: Crux Analytics, Funding
  • New York-based Crux Analytics has raised €1.9 million ($2.2 million) in seed funding.
  • The investment in the relationship intelligence platform was led by Castle Creek Launchpad and also involved three credit union investment funds, Chartway Ventures, One Washington Financial, and Curql.
  • Crux Analytics made its Finovate debut at FinovateSpring 2025. The company was founded in 2023 by Jacob Bennett (CEO) and Nathan Bennett (CTO).

Relationship intelligence platform Crux Analytics has raised €1.9 million ($2.2 million) in seed funding, bringing the company’s total capital raised to €2.8 million. The round was led by Castle Creek Launchpad, a joint venture fund with 35 community banks as limited partners. Chartway Ventures, One Washington Financial, and Curql, three credit union investment funds, also participated in the round. Crux said that it will use the additional capital to grow its team and accelerate product development.

Crux combines workflow automation and business-specific insight to enable bankers to focus their energy on driving proactive engagement instead of the administrative and logistical work behind those relationships. The company’s technology relieves bankers of this logistical burden, providing them with a sales execution engine that helps users identify, research, and prioritize prospects with the greatest potential. Crux then enables them to execute targeted, personalized outreach to these prospects and monitor those relationships as they grow and expand.

“We built Crux for community banks and credit unions, and what we learned there is that the same relationship problem exists across the small business economy,” Crux Analytics CEO and Co-Founder Jacob Bennett said. “Alternative lenders, commercial insurers, and real estate operators all win on relationships, and they all lose time to the operational work that sits behind them. We’re giving those teams the infrastructure to act on what they know about their clients, so growth comes from deeper relationships rather than bigger headcount.”

Because serving small businesses is a relationship-driven process, it typically demands a significant amount of human capital. Larger financial institutions meet this challenge simply by hiring more people, but smaller financial institutions are often more constrained. For these banks and credit unions, technology that can boost the productivity of their existing employees is key, enabling them to focus on building their relationships as trusted advisors without needing to significantly add to headcount.

“Having worked closely with community banks through our strategic limited partners, we’ve seen how these institutions are built for relationships but lack the operational tools to deliver on that promise at scale,” Castle Creek Launchpad’s Jurgen van de Vyver said. “Driving outbound sales has always been a challenge for community banks, which historically have relied on referrals from their local networks. More banks are now looking for new ways to chase organic growth, and their business relationships are crucial to achieving that. Crux Analytics unlocks that potential by automating the manual work so community banks can focus on what matters most, building meaningful relationships with local business owners.”

Founded in 2023 and headquartered in New York, Crux Analytics made its Finovate debut at FinovateSpring 2025 in San Diego. At the conference, the company unveiled its flagship platform that sources, qualifies, and engages small business leads with personalized outreach on behalf of the bank. Crux then monitors every relationship in the portfolio, delivering a complete picture of which businesses to prioritize, when to engage them, and which products are best suited for their specific needs.

Photo by Redd Francisco on Unsplash

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Numeral Raises $100 Million for Sales Tax Solution

Numeral Raises $100 Million for Sales Tax Solution
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding
  • Numeral raised $100 million in Series C funding, bringing the tax compliance platform’s total funding to $157.5 million since its 2023 founding.
  • The company will use the capital to accelerate product development, expand into additional industries, and grow its team, while launching a new accounting partner program.
  • Numeral is using agentic AI to automate more of the tax compliance workload while keeping humans in the loop, as businesses face growing complexity across markets and jurisdictions.

Sales tax compliance platform Numeral has raised $100 million in Series C funding, boosting its total raised to $157.5 million since it was founded in 2023.

Insight Partners led the round, which saw participation from Salesforce Ventures, Geodesic, Benchmark, Mayfield, FCVC, Y Combinator, and Uncork.

San Francisco-based Numeral aims to simplify sales tax compliance details such as nexus tracking, registrations, filing, rate calculation, remittance, exemption certificate management, and virtual mailbox services. In addition to sales tax, the company works with VAT and GST compliance in more than 90 countries. Numeral has recently recorded a 327% year-over-year increase in total transaction volume and expects to process more than 80 million transactions via its tax engine.

“Sales tax has become a much bigger operational challenge as companies grow across markets, systems and business models,” said Numeral Co-Founder and CEO, Sam Ross. “Businesses need infrastructure that can keep pace as rules and requirements change across jurisdictions, without adding more manual work for their teams. We’re building Numeral to provide that foundation, backed by tax expertise and service that customers can rely on.”

Numeral will use today’s funding to accelerate product development, expand its offering for industries, and grow its team. The company is also launching its accounting partner program that will allow partnering firms to refer clients, resell the platform, use it to deliver their own services, or advise clients through implementation to stay closely involved in their clients’ tax decisions. Overall, Numeral’s technology leverages agentic AI while keeping humans in the loop.

“Our customers want to know that their tax obligations are being handled accurately while still having access to a person when a complex issue comes up,” said Ross. “That expectation shapes how we build the platform and how we support each customer. As Numeral moves into additional industries and serves larger businesses, we’ll continue investing in both the technology and the tax expertise behind it.”

As tax compliance is becoming more complex for businesses operating across multiple markets, Numeral is using AI to automate more of the work traditionally handled by internal tax teams and accounting firms. Rather than simply using AI to help employees complete compliance tasks, Numeral’s technology aims to take on more of the operational burden itself, while keeping tax professionals available for complex cases.

Photo by Tara Winstead

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Baselayer Raises $35 Million for its Agentic Identity Technology

Baselayer Raises $35 Million for its Agentic Identity Technology
By David Penn Posted on
Categories: Baselayer, Funding
  • Identity network and fraud intelligence platform Baselayer has secured $35 million in new funding. The Series A round was led by M13, and featured participation from Torch Capital, Picus Ventures, Afore Capital, and Matt Thompson of fellow Finovate alum Socure.
  • Along with the investment announcement, Baselayer unveiled its Agentic Identity Suite, an interoperable trust layer that helps institutions verify autonomous AI agents.
  • New York-based Baselayer made its Finovate debut at FinovateSpring 2026.

Business identity network and fraud intelligence platform Baselayer has raised $35 million in Series A funding. The round was led by M13 with participation from Torch Capital, Picus Ventures, Afore Capital, and Matt Thompson of fellow Finovate alum Socure.

In addition to the investment, Baselayer announced the launch of its Agentic Identity Suite, an interoperable trust layer and agentic fraud consortium for the global agentic economy.

“Every era of commerce has required a new trust layer, but historically that infrastructure gets built only after fraud and abuse make the problem impossible to ignore,” Baselayer Co-Founder and CEO Jonathan Awad said. “Agentic commerce is moving too fast for the industry to repeat that mistake. We already help one in five US financial institutions answer, ‘Can I trust this business?’ Now we’re building the infrastructure they need to answer, ‘Can I trust this agent, who does it represent, and what is it allowed to do?”

Agentic commerce is growing rapidly. According to Stripe, 70% of the commands used to access its data through its API now come from AI agents. Major card networks like Visa, Mastercard, and American Express have launched agent commerce protocols, and Shopify has activated agentic sales channels by default for approximately one million merchants. At the same time, agentic commerce is moving faster than the trust infrastructure necessary to ensure safe and secure transactions. Current financial infrastructure is built to recognize individuals and companies, not autonomous AI agents operating for them. This means that banks, merchants, and platforms need to know who an agent represents, what it is authorized to do, and whether the party the agent is acting on behalf of can be trusted.

Baselayer already answers these questions for businesses, providing identity verification and risk infrastructure to more than 2,300 financial institutions and payments companies. Now, the company is extending that same identity and risk infrastructure to autonomous AI agents.

“Agents don’t carry ID, and the infrastructure built to verify humans and businesses simply doesn’t recognize them,” Baselayer Co-Founder and CTO Timothy Hyde said. “Static fraud controls end up blocking good customers while sophisticated attacks walk through. We built the Agentic Identity Suite so any institution can know, cryptographically, which agent it’s dealing with, who that agent represents, and whether its own agent can safely proceed with any transaction.”

Baselayer was founded in 2023 and is headquartered in New York. In its Finovate debut at FinovateSpring earlier this year, the company demonstrated its Portfolio Monitoring solution that continuously monitors current business customers for material changes. These include Secretary of State status updates, dissolutions, officer changes, new UCC/tax liens, bankruptcy filings, litigation, adverse events, fraud signals, and sanctions list additions. Portfolio Monitoring integrates with the full Baselayer platform and delivers configurable alerting via API or email notification to enable proactive risk management and early warning of customer deterioration without requiring manual periodic reviews.

Baselayer’s funding and product launch announcements follow news that the company has partnered with agentic payments infrastructure company Nevermined. The partnership brings Baselayer’s identity and risk infrastructure into Nevermined’s delegated payment environment, enabling agents to acquire Baselayer API access autonomously while the companies work toward establishing trusted identity for agents and their counterparties.

Photo by Nathaniel Shuman on Unsplash

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Go.AI Secures $85 Million in Series A Funding

Go.AI Secures $85 Million in Series A Funding
By David Penn Posted on
Categories: Alumni News, Funding, Go.AI
  • AI infrastructure provider for regulated industries, Go.AI, has secured $85 million in Series A funding in a round led by Updata Partners. The investment takes the company’s total funding to $90 million.
  • The capital will enable Go.AI to grow its engineering team, accelerate development of its key solutions, and scale go-to-market efforts beyond regulated industries.
  • Go.AI made its Finovate debut earlier this year at FinovateSpring 2026 as Go Abacus. The Chicago-based company returned to the Finovate stage for FinovateFall 2026 in September.

Go.AI, an AI infrastructure provider for regulated industries, has raised $85 million in Series A funding. The round was led by Updata Partners with participation from existing investors GFT Ventures and LAUNCH. The investment takes Go.AI’s total funding to $90 million. In a statement, the company said it will use the funding to grow its engineering team and accelerate development of both its operating system, Go.OS, and its hardware line. The company will also scale its go-to-market efforts, expanding beyond regulated industries such as financial services and defense into a broader range of compliance-oriented organizations.

“When Lisa Gillespie and I co-founded the company, we were two people with a big idea,” Moscatelli said. “Today, we have over 50 team members, and the company we’ve built is doing exactly what we said it would do for the institutions that trust us most. This funding lets us keep building at that pace, but the thing I’m most proud of isn’t the growth number, it’s the education. AI doesn’t have to be something people fear or don’t understand. Done right, it works alongside the people who use it. That’s what this round lets us prove, at scale.”

Go.AI offers an on-premises AI appliance that puts enterprise-grade AI inference directly into a bank’s or financial institution’s own environment. Featuring zero cloud dependency and zero data egress, Go.AI’s Go1 is SOC 2 Type II, ISO 27001, and HIPAA compliant, making it purpose-built for regulated industries. This allows institutions to run AI on sensitive data while remaining compliant and auditable. Go1 is paired with Go.AI’s operating system, Go.OS, which automates model management, GPU allocation, and serving without any cloud connection. Go1 provides full model lifecycle governance, including versioning, rollback, and real-time monitoring. Go.AI’s customers are currently running on-premises AI deployments that are processing more than 12.5 million queries a day.

Headquartered in Chicago, Illinois, Go.AI made its Finovate debut at FinovateSpring 2026. The company returned to the Finovate stage earlier this month for FinovateFall. Go.AI’s funding news comes just a few weeks after the company announced its rebrand from Go Abacus to Go.AI. In a statement, Moscatelli said the company’s work in on-prem AI, security, and safety “has matured into a category-defining position” and that the company has succeeded in making “that complexity feel simple, without ever compromising trust or control. Go.AI is the name that finally matches that ambition.”

Photo by Diego Alberto Martínez Mendoza

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Cross Border Money Transfer Outfit Félix Raises $200 Million

Cross Border Money Transfer Outfit Félix Raises $200 Million
By David Penn Posted on
Categories: Alumni News, Félix, Funding
  • Cross-border money transfer and top-up firm Félix Pago (Félix) has raised $200 million in combined equity and debt funding.
  • The equity component, in the amount of $87 million, was led by Andreessen Horowitz. The General Catalyst Customer Value Fund provided a $113 million credit facility.
  • Félix will use the funding to scale its existing remittance business and to support the expansion of its product suite to include lending and savings. The Miami, Florida-based company made its Finovate debut at FinovateSpring 2025 in San Diego, California.

Cross-border money transfer startup Félix Pago has secured $200 million in Series C funding for its technology, which leverages WhatsApp to offer a conversational remittance experience for Latinos and Hispanics living in the US. The round consists of $87 million in equity funding led by Andreessen Horowitz (a16z) and a $113 million credit facility from the General Catalyst Customer Value Fund. The equity portion also featured participation from QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners, and Endeavor Catalyst.

The investment will help Félix scale its remittance and mobile top-up services, as well as add new team members in engineering and AI. The funds will also enable Félix to expand its offering into lending and savings via third-party solutions. Félix currently offers transfers from the US to 11 countries in Latin America including Mexico, Guatemala, Honduras, El Salvador, Nicaragua, Colombia, the Dominican Republic, Costa Rica, Brazil, Ecuador, and Peru. Reporting revenue growth of 2.5x over the previous year, Félix has processed more than $8 billion in transactions since inception and served more than six million customers.

“We started Félix with remittances because sending money home is one of the most important financial needs our community has,” Félix CEO and Co-Founder Manuel Godoy wrote on his LinkedIn page. “Since then, we have processed more than $8 billion in transactions and impacted over six million people. But remittances were always the beginning. Now, we are building Félix into a Cognitive Financial Companion: a financial experience that begins with what someone wants to accomplish, rather than with a product, a form, or another app.”

Operating without a physical branch network, Félix relies on a financial infrastructure layer supported by partners such as Stripe, Mastercard, Checkout, and dLocal, and enhances its cross-border capabilities through partnerships with USDC stablecoin issuer Circle, Latin American cryptocurrency exchange Bitso, UniTeller and zerohash. It is this constellation of partners that enables Félix to operate: the company uses a WhatsApp-based AI chatbot to manage transfers and leverages USDC on the Stellar blockchain for settlement. Bitso serves as the on/off ramp for getting funds into the hands of recipients.

Founded in 2021 and headquartered in Miami, Florida, Félix made its Finovate debut at FinovateSpring 2025. At the conference, the company demonstrated its Félix Send solution, which allows financial services firms to embed cross-border remittances into their apps with a simple integration. Félix Send enables users to initiate remittances via WhatsApp with a single tap: funds are debited through the partner platform and recipients receive their money in seconds. Félix Send helps financial services companies generate new revenue streams, boost engagement, and deliver greater value to their customers.

Photo by Sergio Arteaga on Unsplash

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Socure Secures New Investment, Acquires Fraud Platform Fravity

Socure Secures New Investment, Acquires Fraud Platform Fravity
By David Penn Posted on
Categories: Fravity, Funding, Mergers & Acquisitions, Socure
  • Trust infrastructure for global identity and risk intelligence, Socure, has secured a strategic growth investment of $156 million, boosting the firm’s valuation to $5.2 billion.
  • In addition to the funding announcement, Socure announced that it is acquiring Fravity, an agentic AI platform for risk and compliance.
  • Socure has been a Finovate alum since 2013. Fravity made its Finovate debut last year at FinovateFall 2025 in New York.

Socure, which offers trust infrastructure for global identity and risk intelligence, has received a $156 million strategic growth investment that gives the firm a valuation of $5.2 billion. The investment was led by Summit Partners and included participation from Goldman Sachs Alternatives, Wells Fargo, and Docusign, among others. The funding also included both primary capital and an existing employee secondary tender offer.

“What stands out to us about Socure is the combination of durable growth and disciplined execution at this scale. We have followed this market closely for years, and we believe Socure is well positioned to bring identity, fraud, and compliance workflows onto a single platform,” Summit Partners Managing Director Matt Hamilton said.

The numbers for Socure are strong. The company closed Q2 2026 with $364 million in total ARR, 63% year-over-year ARR growth, 1.3x net dollar retention, and 0.01% logo churn. The company also noted that its international volume now represents a “double-digit” share of Socure’s network, up from two years ago.

In addition to the investment, Socure announced that it is acquiring agentic AI platform Fravity, which automates fraud, risk, and compliance operations. A Finovate alum that made its debut at FinovateFall 2025, Fravity provides AI agents that power deep investigations and execute workflows for onboarding, business due diligence, dispute resolution, and AML compliance. Founded in 2024, Fravity will add a native, first-party agent development platform and agentic operations layer to Socure’s RiskOS, an orchestration and decisioning platform that serves the firm’s 3,000+ customers. Integrating the two firms is expected to be relatively straightforward; Socure and Fravity share many enterprise clients, and the founding teams of both companies have collaborated across multiple companies for more than ten years. Fravity’s agentic AI capabilities will be delivered through Socure’s RiskOS platform as “RiskOS_Agents.”

“Stopping financial crime in the age of AI is getting harder every day, and there is no version of this where institutions hire their way out of it,” Socure Co-Founder and CEO Johnny Ayers said. “The solution will come from the infrastructure with the platform, proprietary data, first-party agents, and vertical domain expertise. Fravity, now as RiskOS_Agents, gives us the agent-building and ontology layer, wired into the nucleus of RiskOS, on top of our proprietary data and models, providing the complete loop to maximize customer decisioning accuracy. We are grateful for the support of Summit Partners and our other investors as we deliver on our vision for the future.”

Socure’s funding and acquisition come at a time when banks are spending significant amounts of time and money fighting fraud. Intelligence platform Liminal reported that organizations in the US spend $100 billion a year staffing internal and outsourced fraud, compliance, and risk management teams. Nevertheless, Liminal also noted that AI-powered fraud attacks have increased 8,000% over the last year, creating alert volumes that are increasing faster than fraud teams can staff for. Add to this the time spent on reviews—Liminal noted that 53% of banks spend at least an hour reviewing each alert, and 37% manually review more than 40% of their alerts—and the challenges facing banks and other organizations become all the more clear.

In contrast, Fravity has reduced cost per case by 80%, accelerated case resolution by up to 5x, and reduced false positives by as much as 70% across its current deployments. With its capabilities delivered as RiskOS_Agents, the technology will be wired directly into Socure’s proprietary datasets, purpose-built models, and downstream decision outcomes to maximize accuracy. Furthermore, RiskOS_Agents can learn from approximately 10 billion decisions a year and millions of resolved cases across the Socure network, creating a closed feedback loop that standalone agentic AI vendors cannot be easily replicated.

Socure serves customers in 190+ countries across financial services, e-commerce, government, healthcare, telecom, and gaming. The company’s clients include the top five US banks, four of the Magnificent Seven, 160 organizations throughout the public sector, and more than 600 fintechs.

Photo by Ashkan Forouzani on Unsplash

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10x Banking Raises £40 Million from AshGrove Capital

10x Banking Raises £40 Million from AshGrove Capital
By David Penn Posted on
Categories: 10x Banking, Funding
  • Core banking platform 10x Banking has raised £40 million ($53.8 million) in funding from AshGrove Capital. The UK-based fintech will use the capital to drive sales and go-to-market activity.
  • The investment comes in the wake of the pair of major announcements from 10x Banking: becoming EBITDA-positive and topping the 10 million live account milestone.
  • Based in London, 10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023. Antony Jenkins is Founder, Chair, and CEO.

SaaS core banking platform 10x Banking has secured £40 million ($53.8 million) from AshGrove Capital. The funding will fuel the UK-based fintech’s sales and go-to-market efforts and comes as the company reports becoming EBITDA-positive and surpassing the 10 million live account milestone. Additionally, in the last 12 months, 10x Banking has onboarded 10+ new financial institutions and boosted annual recurring revenue (ARR) by more than 30%.

In the company’s statement, the firm underscored that its recent positive financial outcomes are the result of growing demand from financial institutions seeking to modernize legacy infrastructure, drive continuous product innovation, or develop the data and flexibility necessary to support AI-enabled banking.

“Financial institutions have a clear ambition to innovate, but many remain constrained by infrastructure that was not built for real-time, digital banking,” 10x Banking Founder, Chair, and CEO Antony Jenkins said. “We created 10x to remove those constraints, enabling financial institutions to launch products faster, serve customers in real time, and compete more effectively. Our platform is now proving its value at significant scale. AshGrove’s investment is a strong endorsement of the progress we have made and will help us meet growing demand from banks around the world.”

10x Banking offers a cloud-native, core banking platform that enables banks to deliver new hyper-personalized products, services, and experiences to both retail and corporate customers faster, more efficiently, and more cost-effectively. The platform processes more than 10,000 transactions per second and runs at 99.99% uptime. Leveraging fourth-generation core banking, 10x Banking features a microservices architecture, real-time data screening, an API-first design, and a managed core that allows banks to configure rather than rebuild for each new offering.

“10x Banking has built one of the most compelling technology platforms in core banking today,” AshGrove Capital Co-founder and Managing Partner Phil Fretwell said. “Delivering a cloud-native platform at enterprise scale is exceptionally difficult, yet 10x has already proven its capabilities across millions of live accounts and with some of the world’s leading financial institutions. We believe the company is well positioned to benefit from powerful industry tailwinds as banks continue replacing legacy systems with more flexible, real-time, and AI-ready infrastructure.”

10x Banking won Best of Show in its Finovate debut at FinovateEurope 2023 in London. At the event, the company demonstrated its 10x SuperCore Cards solution that enables banks to create a card proposition in minutes using the 10x Bank Manager interface. The technology empowers financial institutions to build and launch an enterprise-grade, full-stack, functional cards business solution in as little as 12 weeks. Founded in 2016, 10x Banking counts leading financial institutions such as Westpac and Chase UK among its customers.

Photo by Aron Van de Pol on Unsplash

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EnFi Secures $15 Million to Bring Agentic AI to Commercial Lending

EnFi Secures $15 Million to Bring Agentic AI to Commercial Lending
By David Penn Posted on
Categories: EnFi, Funding
  • AI-native lending platform EnFi has raised $15 million in Series A funding. The round was led by FINTOP and the investment brings the firm’s total capital raised to date to $22.5 million.
  • The funds will be used to enable the Boston, Massachusetts-based fintech to scale its offering, grow its team, and boost its go-to-market efforts.
  • EnFi made its Finovate debut last year at FinovateFall 2025 in New York. Co-founder Joshua Summers is CEO.

Here’s some Finovate alumni funding news from earlier this year that slipped beneath our radar: EnFi, which leverages agentic AI to complete end-to-end commercial lending workflows, has raised $15 million in Series A funding. The Massachusetts-based fintech will use the capital to scale its technology, grow its team, and accelerate go-to-market efforts.

The investment takes the company’s total funding to $22.5 million. The round was led by FINTOP, and featured participation from Patriot Financial Partners, Commerce Ventures, Unusual Ventures, and Boston Seed Capital. In its statement, the company noted that these investors collectively span more than 150 financial institutions. FINTOP’s network of strategic investors consists of approximately 90 community and regional banks. Patriot Financial Partners has invested in 66 banks through its three active funds. Commerce Ventures has more than 20 strategic enterprise limited partners (LPs), including seven of the largest banks in the US.

EnFi enables commercial lenders to rapidly scale their portfolios while enhancing risk management. The firm’s AI agents can be deployed across the full commercial credit spectrum and loan lifecycle to boost the capacity of lending professionals by completing a range of end-to-end tasks, from deal screening to portfolio monitoring. Readily deployable and productive within 60—90 days, EnFi’s agents help lenders originate and manage more loans efficiently, leading to greater profitability and lower rates of loss.

An under-discussed challenge for lenders in the US is what EnFi referred to as a “growing talent crisis.” Noting that “tens of thousands of credit analyst positions remain unfilled at any given time”—despite $112 billion spent annually on credit labor—many institutions have been compelled to make tradeoffs that undermine their potential as lenders. These include processing fewer loans, lowering underwriting standards, and overworking existing lending teams.

This point was underscored by both FINTOP Partner John Philpott and Citadel Credit Union Chief Lending Officer Michael Desimone. Philpott warned that “the human talent pool cannot scale at the rate credit demand is growing.” Desimone highlighted the importance of being able to “respond to rising demand more efficiently without increasing … our risk profile, by extending the capacity of our credit teams.” Citadel Credit Union went public about its deployment of EnFi’s technology in February, when the funding announcement was made.

“We have seen this consistently across hundreds of conversations with lenders,” EnFi Co-founder and CEO Joshua Summers said. “Our investors have wide exposure to the challenge through their banking LP networks and portfolio investments. They are investing in agentic human infrastructure, not just software. EnFi enables commercial lenders to operate beyond traditional capacity limits while strengthening risk oversight and accelerating credit decisions.”

Founded in 2024 and headquartered in Boston, Massachusetts, EnFi made its Finovate debut at FinovateFall 2025. At the conference, the company introduced its AI-native lending platform and showed how its suite of agentic AI solutions handles data ingestion and extraction, automated spreading, and relationship management. The technology also features orchestrations that combine agents into larger automated workflows such as deal screening, underwriting, and portfolio monitoring. EnFi’s agentic infrastructure delivers audit-ready accuracy with human oversight, enabling rapid deployment, full data access, and seamless legacy system integration for high-performance lending.

Photo by Osman Rana on Unsplash

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