• Smart just landed $95 million in funding for its savings and investment platform.
• The Series E funding brings Smart’s total raised to $391 million.
• Today’s investment will fuel the company’s global expansion and boost its retirement savings platform, Keystone.

Global savings and investment platform Smart has raked in $95 million in a Series E round this week. The London-based company’s total funding now sits at $391 million.

Aquiline Capital Partners led the round, followed by existing investors Chrysalis Investments, Fidelity International Strategic Ventures, DWS, Barclays, and Natixis Investment Managers.

Smart, which currently operates in Europe, the U.S., the Middle East, and Asia, will use today’s investment to further fuel its global expansion. The funding round will also help finance acquisitions and boost its retirement savings technology platform, Keystone.

Andrew Evans and Will Wynne co-founded Smart in 2014 after the U.K. launched its workplace pension auto enrollment requirement. The company serves more than one million end users and 70,000 employers. Smart’s flagship product, Keystone, is a retirement platform-as-a-service that offers companies infrastructure to offer employees digital retirement savings tools.

“Smart’s distinct retirement technology leadership coupled with Aquiline’s deep experience in the retirement technology industry makes this a compelling investment, as does the growing global need for better retirement saving technology,” said Aquiline Chairman and CEO Jeff Greenberg. “Smart has consistently delivered impressive commercial growth, and is backed by an array of top-tier investors whom we are delighted to join. Under the leadership of Andrew and Will, we have every confidence that Smart is a multi-billion pound company in the making.”

Based on the company’s growth, it is apparent that Smart has struck a nerve with its global user base. The company saw revenues top $83 million £67 million last year, which was a 65% increase over 2021. Earlier this year, The Financial Times ranked Smart among Europe’s fastest-growing companies. Smart currently has over $6.9 billion (£5.5 billion) in assets under management on its platform and expects to exceed $12.5 billion (£10 billion) by the end of next month.

Photo by MART PRODUCTION

• Funderbeam has received $40 million in funding, boosting its total raised to just under $60 million since it was founded in 2013.
• Venture private equity group VentureWave led the round, taking a majority stake in Funderbeam.
• The investment also brings a strategic partnership between Funderbeam and VentureWave, as the two seek to facilitate venture deals and offer access to the secondary market.

Angel investing and trading platform Funderbeam received $40 million in funding this week. The investment brings the U.K.-based company’s total funding to just shy of $60 million. Leading the round is Ireland-based venture private equity group VentureWave, which now holds a strategic majority stake in Funderbeam.

With this week’s fresh funding and strategic partnership, the two organizations will combine efforts to facilitate venture deals and offer access to the secondary market for venture deals for both institutional and angel investors.

“VentureWave’s investment in Funderbeam is a game-changer for the industry, shaping the future of venture markets and enabling access to global venture deals and secondaries,” said VentureWave Chairman Alan Foy. “Together, we have the necessary assets, technology, and capital to take on the entire venture investment life cycle. This represents a transformative moment to put impact at the centre of the investment industry.”

Notably, the partnership will enable Funderbeam to serve institutional clients, including VC funds, family offices, brokers and investment banks. The company will continue to serve investor networks and provide its flagship private-market-as-a-service offering, Angel Market. Additionally, as Funderbeam Founder and CEO Kaidi Ruusalepp noted, the deal will enable his firm to accelerate its vision, which he described as “to serve venture investments across borders and create a unique secondary market for private assets.”

Additional investors in today’s round– which is subject to approval by regulators in the U.K., Singapore, and Estonia– include Mistletoe, Draper Associates, and Ruusalepp.

Founded in 2013, Funderbeam offers a platform to help solve liquidity for angel and venture investments. The company’s technology helps investor networks, accelerators, and other venture investors manage their syndicated investments, post-investment flows, and handle secondary transactions across borders.

• Banking technology provider Plumery raised $4.5 million in seed funding.
• Tomorrow Ventures, Headline, Seedcamp, and Cocoa Ventures led the investment.
• Former Mambu CTO and CPO Ben Goldin founded Plumery in 2020.

Component-based banking technology company Plumery has raised $4.5 million in funding. Better Tomorrow Ventures, Headline, Seedcamp, and Cocoa Ventures led the investment. Also participating in the funding were business angels Didier Valet, Ricky Knox, and Alan Morgan. Valet is former deputy CEO of Société Générale. Knox is the founder of Tandem Bank. Morgan is a former senior partner at McKinsey. Ben Goldin, former CTO and CPO of Finovate alum Mambu, founded the company in 2022. Plumery will use the capital to fuel product development.

“The banking industry has changed and continues to evolve every day,” Goldin said. “Today, consumers are looking for a seamless digital onboarding and customer experience, continuous product improvements that are personalized, and reliability when it comes to their bank. However, many traditional banks aren’t able to make these changes as easily as one would think which is why it’s essential that we build a next-generation platform.”

Plumery offers a software overlay that enables banks to develop and launch mobile and web apps faster. Financial institutions can use Plumery’s technology without having to overhaul their existing banking infrastructure. The company expects to launch a publicly accessible version of its solution via a subscription-based model later this year.

Headquartered in Amsterdam, Plumery was founded in December 2022. Goldin, who serves as the company’s CEO, brings more than 20 years of experience to the new venture. He spent more than five years at Mambu as CTO, CPO, and Strategic Advisor. Previously to his tenure at Mambu, Goldin spent more than four years at Backbase – another Finovate alum.

In a LinkedIn post, Headline General Partner Jonathan Userovici explained the role he believed Plumery would play in helping banks innovate better.

“Something we all noticed,” Userovici wrote, “successful tech companies, including some challenger banks, improve their mobile applications up to 5x more frequently than traditional banks. With Plumery, everyone will be able to implement mobile and web apps blazingly fast and at a fraction of current costs.”

Photo by _ Harvey

• Super.com raised $85 million in a Series C funding round led by Inovia Capital.
• Super.com did not disclose its current valuation but said that it has “increased significantly” since 2021.
• Super.com rebranded from Snapcommerce in October of last year.

Super.com is bringing in an $85 million investment today in a Series C fundraising round that boosts the company’s total funding to $186 million. While there is no update on Super.com’s current valuation, the company noted that it has “increased significantly” since it closed its Series B round in March of 2021.

The round was led by Inovia Capital with contributions from new investors Harley Finkelstein, Deb Liu, Allen Shim, Josh Proctor, Chris Best, Neha Narkhede, and Mike Lee. Existing investors Telstra Ventures, Acrew, Lion Capital, Full In Partners, NBA star Steph Curry, and others also contributed.

“Raising our Series C is proof of investor confidence in our ability to scale the business responsibly. This will allow us to both continue investing in growth while driving improving margins,” said company CFO Daniel Weisenfeld.

Super.com rebranded from Snapcommerce in October of last year and offers a savings app to help users save money, access credit, and find travel experiences. In 2022, the company launched SuperCash, a secured credit card product that offers cashback while helping users build their credit.

In addition to helping consumers track their SuperCash transactions, the Super.com app also offers deals and savings opportunities when purchasing travel experiences and shopping major brands. Since the company was founded in 2016, it has helped its five million customers save more than $150 million.

“Super.com’s diversified business model now drives savings across all facets of our customers’ lives, from travel to fintech. It’s great to see market excitement match our own as we rapidly build the first savings super app focused on everyday Americans,” said Super.com CEO Hussein Fazal.

Photo by Karolina Grabowska

• Axle raised $4 million in a Seed round led by Gradient Ventures.
• Today’s investment brings the Atlanta, Georgia-based company’s total funding to $4.5 million.
• Axle is bringing consumer permissioned data to the insurance vertical.

Consumer permissioned insurance data company Axle has raised $4 million this week for a tool it calls “the Plaid for insurance.” The Seed round brings the Atlanta, Georgia-based company’s total funding to $4.5 million.

Gradient Ventures led the round, which also saw contributions from existing investor Y Combinator, Soma Capital, Contrary Capital, Rebel Fund, BLH Ventures, and others.

“Axle’s innovative approach to insurance and commitment to a personalized customer experience has already demonstrated early traction and validates their potential to make a significant impact in the market,” said Gradient Ventures Partner Wen-wen Lam. “We look forward to supporting the team and their mission to democratize access to insurance data.”

Axle was founded in 2022 to offer a universal API that allows individuals to connect their insurance account to companies seeking to verify their insurance. The tool enables rental car companies, lenders, and gig services to quickly obtain proof-of-insurance, as long as they have permission from the end user.

“We plan to use the funds to grow our team, enabling us to service new and existing demand from our fast-growing list of customers, strengthen our carrier network, and expand into new markets,” the company said in a blog post.

The company’s current carrier network includes hundreds of insurance carriers and supports policy information including term, insureds, premiums, third parties, and more.

Consumer permissioned data is widely used across the financial services industry– from credit scoring to payment processing and personalized marketing. Plaid— the company to which Axle is comparing itself– may be the most well-known fintechs facilitating consumer permissioned data. The California-based company uses consumer permissioned data to facilitate the data exchange between financial institutions and third-party applications.

Photo by Engin Akyurt

• Earned wage access platform Rain has raised $116 million in Series A funding.
• The round consisted of $66 million in equity and $50 million in debt financing.
• Rain has disbursed more than $150 million in earned wages to its users, and grown its user and client base by 20% in the past 30 months.

Rain, an earned wage access platform, has secured $116 million in combined equity and debt funding. The Series A round consisted of $66 million in equity financing and $50 million in debt, and was led by QED Investors and Invus Opportunities.

“We built Rain to empower people, especially hourly workers, to take control of their finances and eliminate the need for predatory loans,” Rain CEO Alex Bradford said. “With this investment, we will continue to improve our platform and deliver a powerful employee benefit that improves individual financial wellbeing and boosts morale while giving employers a valuable tool for recruiting and retaining workers during a tight labor market.”

Also participating in the Series A were WndrCo, Tribe Capital, and Dreamers VC. The debt facility was provided by Sound Point Capital Management. Rain will use the funding to fuel expansion in the U.S., as well as make investments in technology, infrastructure, marketing, and employee and employer experience.

Rain’s platform enables employers to offer workers on-demand pay or access to earned wages. The company refers to the benefit as “income streaming,” and allows employees to receive their pay after completing a shift rather than waiting for a payday that may be weeks away. Workers are charged a small fee which Rain equates to an “ATM charge” when withdrawing earned wages. Additionally, workers cannot withdraw more than 50% of their gross earned wages per pay period. Earned wage access has emerged as a alternative to payday loans, which often charge exorbitant rates of up to 400% APR. Rain noted that employers using its app have experienced a reduction in employee turnover of up to 80%.

Founded in 2019, Rain is headquartered in Santa Monica, California. The company launched its Instant Pay app in 2020, and has grown its user and client base by more than 20% over the past 30 months. Rain has disbursed more than $150 million in earned wages to its users, helping them avoid “tens of millions in predatory fees” the company noted in a statement.

Photo by Pew Nguyen