Funding

Plaid Scores $425 Million in Series D Funding

Plaid Scores $425 Million in Series D Funding
By David Penn Posted on
Categories: Funding, Plaid

Plaid to DOJ: No acquisition? No problem.

There has been no stopping Plaid since the U.S. Department of Justice put the kibosh on its planned acquisition by Visa at the beginning of the year.

Last week, the financial data connectivity platform announced that it was collaborating with fellow Finovate alum DriveWealth. Before that, the company introduced the first graduates of its diversity-oriented fintech accelerator, FinRise; announced a partnership with Dun & Bradstreet; and unveiled its new income verification tool, Plaid Income.

Today brings news that Plaid has secured a massive $425 million investment in a round led by Altimeter Capital. The Series D round also features participation from Silver Lake, Ribbit Capital, and other current investors, and gives the firm a total capital amount of more than $734 million. Now sporting a valuation of $13.4 billion, Plaid said it will use the additional capital to “grow its platform, invest in infrastructure, payments capabilities and global expansion,” according to the company’s U.K. head, Keith Grose.

In a blog post titled “Digital finance is everywhere, but it’s just getting started,” Plaid CEO and co-founder Zach Perret described how, in some ways, the dream that led to the founding of Plaid “nearly a decade ago” is beginning to come true. “We dreamt of a financial system that was built to empower consumers and unlock financial freedom for everyone,” Perret said. “We are humbled to watch as fintech continues to expand and improve the financial lives of billions of people worldwide.”

More specifically, Perret’s post makes it clear that “scale” is the next big objective for the San Francisco, California-based fintech. In order to meet increasing global demand, as well as deliver on the growing expectations of ever-more-digitally-savvy consumers, Plaid will continue to invest in API technology as well as “tools and services to support enhanced privacy, personalization, decisioning, and automation.”

Founded in 2012, Plaid made its Finovate debut two years later at our developers conference, FinDEVr. The company has grown from an API-building technology infrastructure startup to now also offer key insights into the data access it provides via a suite of analytics solutions. Plaid’s technology enables users to access detailed transaction histories, setup direct debits and payouts, verify borrower assets, user identities, and real-time account balances; and make instant, in-app bank payments.

Since inception, Plaid has analyzed more than 10 billion transactions. Use cases for the company’s technology range from personal finance, lending, and wealth management, to consumer payments, banking, and business finance.

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More Than $3.3 Billion Raised by 26 Alums in Q1 of 2021

More Than $3.3 Billion Raised by 26 Alums in Q1 of 2021
By David Penn Posted on
Categories: Alumni News, Funding, Fundings, Quarterly Funding

When it comes to the competition for investment dollars, Finovate alums are off to their best start to date. Having raised more than $3.3 billion in funding in the first three months of 2021, companies that have demoed their innovations on the Finovate stage are attracting VC capital at the fastest rate in years.

In fact, Finovate alums in Q1 of 2021 raised more money than in the previous four first quarters combined.

Previous quarterly comparisons

  • Q1 2020: $1.3 billion raised by 14 alums
  • Q1 2019: $468 million raised by 20 alums
  • Q1 2018: $1.3 billion raised by 26 alums
  • Q1 2017: $230 million raised by 20 alums
  • Q1 2016: $656 million raised by 32 alums

This year’s powerful first quarter came courtesy of nearly a dozen, nine-plus figure investments. Global breadth was wide. Among the countries represented by the quarter’s top ten equity investments are Sweden, Brazil, Germany, and the U.K. And within the U.S., innovators from familiar locations in Silicon Valley share our top ten list with fintechs from Boston, New York, and Lehi, Utah.

Top Equity Investments

  • Klarna: $1 billion
  • Nubank: $400 million
  • Blend: $300 million
  • MX: $300 million
  • Feedzai: $200 million
  • Jumio: $150 million
  • OutSystems: $150 million
  • Mambu: $135 million
  • Stash: $125 million
  • Blockchain.com: $120 million

The top ten equity investments of the quarter represented $2.88 billion or 87% of the quarterly total. As large as these investments were, they represented a smaller share of the quarter’s overall total than we’ve seen in the past few years. In 2020, the top ten investments made up more than 99% of the Q1 total. In 2019, the top ten represented more than 91% of the total raised by Finovate alums for the first quarter.

Here is our detailed alum funding report for Q1 2021.

January: More than $1.3 billion raised by 10 alums

February: More than $533 million raised by eight alums

March: More than $1.5 billion raised by eight alums

If you are a Finovate alum that raised money in the first quarter of 2021 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.

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Spiral Secures $14 Million for its Ethical Banking App

Spiral Secures $14 Million for its Ethical Banking App
By David Penn Posted on
Categories: Daily news, Funding

Digital banking services company Spiral picked up a $14 million investment this week. The New York-based company will use the capital to fund its new app that makes it easy for users to donate to the charity of their choice.

“The future belongs to socially-conscious brands that care as much about giving back to society as they do about generating profits and growth,” Spiral CEO and co-founder Shawn Melamed said. He explained that the company’s goal is to create a new solution to serve an ecosystem of millions of charitable givers and more than one million non-profit businesses.

“People are increasingly supporting brands that align with their values,” Spiral President and co-founder Dan Blumenfeld added. “And they expect a simple and effortless user experience. Spiral will offer customers both a personalized banking experience and a deeper connection to the charities they support.”

Currently in beta, Spiral boasts that it offers account holders 15x more than the national average in savings and cash bonuses. No minimum balance is required and no fees are charged for active accounts or for transferring money by ACH. Spiral provides donation matching of up to $150 per year to more than one million charities and nonprofits ranging from the David Ortiz Children’s Foundation to the Cerebral Palsy Research Alliance Foundation. Automatic donation reports for tax returns are provided, and the company’s deposit accounts are issued by nbkc Bank of Overland, Kansas, and are FDIC-insured up to $250,000.

The funding round was led by Team8 and featured participation from Communitas Capital, Phoenix, Nidoco AB, and MTVO. Melamed and Blumenfeld founded Spiral after Melamed served as Managing Director of Morgan Stanley’s Technology Business Development and Innovation Offices and Blumenfeld served as Head of Product and Growth at Skype.

Photo by Gerritt Tisdale from Pexels

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Avanti Closes $37 Million Round En Route to Digital Asset Bank Launch

Avanti Closes $37 Million Round En Route to Digital Asset Bank Launch
By David Penn Posted on
Categories: Daily news, Funding, Women in Fintech

Avanti Financial Group has put the final touches on a deal that will bring the firm that much closer to its goal of launching a digital asset bank.

Late last week, Avanti announced that it had closed a Series A round, raising $37 million from a wide swathe of institutional investors, cryptocurrency companies, family offices, and angel investors.

The investment takes Avanti’s total capital to $44 million. Launched last year, Avanti secured $5 million in angel funding last June in a round led by the University of Wyoming Foundation and featuring participation from Morgan Creek Digital, Blockchain Capital, and Digital Currency Group. The new financing will fund the necessary regulatory capital for Avanti’s digital asset bank, as well as support engineering and operating expenses.

“Our roadmap includes offering API-based U.S. dollar payment services for wires, ACH, and SWIFT; issuance of our tokenized, programmable U.S. dollar called Avit; and custody and on-/off-ramp services for bitcoin and other digital assets,” Avanti founder and CEO Caitlin Long said. Long highlighted the number of customer inquiries (2,500+) that Avanti had received since it secured a bank charter back in the fall of 2020 and said that those looking to become a part of the firm’s digital asset bank should expect a launch “soon.”

Headquartered in Cheyenne, Wyoming, Avanti sees itself as a bridge between traditional banking and a world in which digital assets are bought, sold, and trusted as thoroughly as fiat currencies. A software platform with a bank charter, Avanti gives customers a strong regulatory environment compared to other digital asset companies, including a full-reserve requirement for dollar deposits and resources like its tokenized dollar, Avit, to help solve painpoints in the payments process.

Trace Meyer, who formed the consortium that led Avanti’s Series A, praised Avanti’s “potent, institutional-quality human capital.” A Bitcoin investor and early adopter, Meyer emphasized that both smart regulation and “experienced, competent operators” are critical to the institutionalization of digital assets, and said that Avanti was “well-positioned to competently answer questions that most in the industry have not even thought about.”

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Meniga Brings in $11.8 Million Investment to Build Out Green Banking

Meniga Brings in $11.8 Million Investment to Build Out Green Banking
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Meniga

On the heels of its FinovateEurope demo this week, digital banking player Meniga has raised $11.8 million (€10 million). The investment brings the company’s total funding to $55.7 million.

Velocity Capital and Frumtak Ventures led the round, followed by Industrifonden and Meniga customers UniCredit, Swedbank, Groupe BPCE, and Íslandsbanki.

“Meniga has established itself as a trusted strategic partner to top-tier banks around the world for Personal Finance Management and Business Finance Management tools, which are built on top of its market-leading data consolidation and enrichment technologies,” said Willem Willemstein, General Partner & Founder at Velocity Capital Fintech Ventures. “We’re extremely excited about the growing demand for the personalised banking experiences that Meniga delivers, such as its new product, Carbon Insights, which uses transaction data to measure a bank customer’s carbon footprint.”

Meniga will use the funds to increase its R&D efforts and further build its sales and service teams. The company also said it will use the funds to bolster its green banking products.

The latter point is notable because Meniga has been making a name for itself in the green banking arena since the launch of its Carbon Insights tool. While multiple digital banking providers, such as Aspiration and Treecard, have launched in an effort to promote ESG banking for individual consumers, there have not been many players helping incumbent banks to compete by offering their own green banking products.

Launched last year, Carbon Insights enables banks to inform customers about their carbon footprint based on their spending habits and offers them the ability to reduce or offset it. Earlier this month Iceland’s Íslandsbanki became Meniga’s first client for Carbon Insights.

During the company’s FinovateEurope demo, Meniga CEO and Co-founder Georg Ludviksson noted that the company is currently implementing Carbon Insights with banks in four separate countries. “The demand is growing fast,” he added. “Carbon-concious consumers are here to stay.”

Founded in 2009, Meniga powers banking apps used by more than 100 million people in more than 30 countries. The company is headquartered in the U.K. with offices in Reykjavik, Stockholm, Warsaw, Singapore, and Barcelona.

Photo by Alena Koval from Pexels

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Feedzai Raises $200 Million, Earns Unicorn Status with Billion Plus Valuation

Feedzai Raises $200 Million, Earns Unicorn Status with Billion Plus Valuation
By David Penn Posted on
Categories: Feedzai, Funding

Financial crime fighter Feedzai has secured a growth investment of $200 million. Product development, partner strategy, and global expansion are three Feedzai priorities that will be accelerated by the new investment.

The Series D round was led by KKR, and featured participation from existing investors Sapphire Ventures and Citi Ventures. The company’s total capital now stands north of $277 million, having most recently raised $50 million in a 2017 Series C round.

“This new investment delivers on our mission to keep commerce safe by further developing our single machine learning cloud platform for all four stages of the customer risk journey: prevention, detection, remediation, and compliance,” Feedzai CEO Nuno Sebastiao wrote on the company blog this week. “Focusing on the entirety of the risk lifecycle,” he added, “allows us to partner with financial services in a radically new way at every step of the journey.”

The funding also gives the risk management platform a valuation “well over $1 billion” the company noted in its funding announcement.

Partnered with some of the largest financial institutions in the world – including four of the five largest banks in North America, Feedzai leverages its risk management platform to monitor activity at companies with more than 800 million customers in 190 countries. The firm’s platform leverages machine learning and AI to help companies defend themselves from financial crimes including money laundering, detecting fraud in less than three milliseconds.

A Finovate alum since 2014, Feedzai unveiled its Feedzai Fairband solution earlier this month. Feedzai Fairband is an AutoML algorithm-based technology that automatically discovers less biased machine learning models while increasing model fairness by as much as 93% on average. Dubbed “the world’s most advanced AI fairness framework,” Feedzai Fairband enables financial institutions to accommodate their customers fairly and without the bias that even the most carefully-designed AI models may still hold.

“Feedzai Fairband is one of the biggest milestones in the financial services industry as it presents a low-cost, no-friction framework to address one of the biggest problems of our era – AI bias,” Feedzai Chief Scientist Dr. Pedro Bizrro said. “By creating the most advanced framework for AI fairness, Feedzai is allowing financial institutions to incorporate a critical piece of technology that addresses a problem under close public scrutiny with proven damaging effects across the globe. Building accurate and fairer models will be less challenging from now on.”

Named to Techround’s roster of the top 50 fintech companies in the U.K. in February, Feedzai highlighted the “skyrocketing” rise in fraud attacks in 2020 in its Financial Crime Report Q1, 2021, released earlier this month.

“2020 was a year of rapid growth in financial crime. Fraudsters tried to take advantage of the convergence between a fast-paced digital environment and a new wave of inexperienced consumers to perpetrate a multitude of attacks that created a significant uptick in fraud,” Jaime Ferreira, Senior Director of Global Data Science at Feedzai said in the report. “Financial institutions need to further invest in technologies to protect their customers while developing educational approaches. Robust technology and informed consumers are a powerful combination when fighting financial crime.”

Feedzai began the year with an announcement that Latin America’s largest investment bank, BTG Pactual, will implement Feedzai’s financial crime management technology.

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Jumio Makes History with $150 Million Investment in Digital Identity

Jumio Makes History with $150 Million Investment in Digital Identity
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Jumio

In the biggest fundraising for an identity verification company to date, Jumio has locked in an investment of $150 million. The funding comes courtesy of Great Hill Partners, a private equity firm that specializes in investments in “high-growth, disruptive companies.” The investment takes Jumio’s total funding to more than $255 million, according to Crunchbase.

“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” Jumio CEO Robert Prigge said. The company plans to use the new capital to automate its identity verification solutions, expand the breadth of its Jumio KYX Platform, and further build out the platform’s suite of AML compliance solutions.

As part of the investment, Great Hill Partners’ Nick Cayer and Matt Vettel will join Jumio’s Board of Directors. Cayer, who has been with Great Hill since 2006, praised the company as “the de factor global leader in online identity verification, fraud detection, and compliance.” He added that given the mandate many institutions have to digitize processes such as onboarding and KYC monitoring, firms like Jumio can play a key role in helping them keep pace with the growing volume of digital and mobile-based transactions.

Making its Finovate debut in 2013 and being acquired by Centana Growth Partners in 2016, Jumio has verified more than 300 million identities issued by 200+ countries and territories since inception in 2010. With customers and partners in a wide range of verticals – from financial services and the sharing economy to retail, travel, and online gaming – Jumio leverages AI, biometrics, machine learning, and certified liveness detection to help ensure that customers are who they claim to be. Jumio’s KYX Platform, launched last fall, provides organizations with an end-to-end identity verification and eKYC solution that enables them to onboard new accounts safely and accurately, keep existing accounts secure, and meet their compliance obligations with regards to KYC, AML, and GDPR.

“Digital transformation is more than a buzzword. It’s today’s business imperative,” Prigge said. “To succeed, organizations must transform quickly and do it in ways that build trust, security, and satisfaction. Businesses can tailor the Jumio KYX Platform to fit their unique needs and risks and tap into services that accelerate digital transformation without sacrificing security and convenience.”

Learn more about how Jumio fights deep fakes and bots in our interview from last summer featuring company VP of Marketing, Dean Nicolls.

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Zopa Receives $28 Million Investment

Zopa Receives $28 Million Investment
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Zopa

Peer-to-peer lending platform and digital bank Zopa landed some extra funds this week, now that its new banking platform is starting to take off.

The U.K.-based company pulled in $28 million (£20 million) from existing investors, bringing its total raised to $465 million.

Investors in today’s round include IAG Silverstripe, which led the round, as well as Augmentum, Alternative Credit Investments, Venture Founders, and others. The company will use the funds to support the growth of its digital bank.

Zopa secured its banking license last June and has since transitioned its platform from a peer-to-peer lending operation to a digital bank with a peer-to-peer lending option. Since that time, Zopa began offering savings accounts, which have reached $346 million (£250 million) in customer deposits, and a credit card product that has made Zopa a top 10 credit card issuer in the U.K. based on new customers.

The new funding comes at a time when competition among digital banks is at an all-time high. Zopa is poised to do well in the battle for new clients and deposits, however. The company has built a well-established client base, resources, and relationships since it was founded in 2004 as a peer-to-peer lending platform.

Zopa CEO Jaidev Janardana echoes this. “Less than a year since launching our bank, we have exceeded our plan for growth, both in terms of customers and balance sheet,” he said. “This capital injection will enable us to continue on this accelerated path. Our strong entry to the U.K. savings and credit card markets shows the organic appeal of our products and we are happy to have investors who share our excitement at the opportunity to serve more customers across more product categories.”

Photo by Paweł Czerwiński on Unsplash

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Identity Verification Specialist Socure Scores $100 Million in New Funding

Identity Verification Specialist Socure Scores $100 Million in New Funding
By David Penn Posted on
Categories: Funding, Socure

Digital identity verification company Socure announced that it has secured $100 million in Series D funding in a round led by Accel and featuring participation from the investment divisions of Citi and Wells Fargo. The investment brings the company’s total capital to more than $196 million.

“We are now more confident than ever that we will be the first company to eliminate identity fraud while unlocking complete and fully-automated coverage of every good ID,” Socure CEO Johnny Ayers said.

Also participating in the round were Commerce Ventures, Scale Venture Partners, Flint Capital, Strategic Capital, Synchrony, Sorenson, and Two Sigma Ventures. And while a specific new valuation was not included in the funding announcement, Socure’s Ayers hinted at the lofty level – and more – in congratulating his team on the company’s success.

“Reaching unicorn status is a testament to our dedicated and talented team which we are looking forward to rapidly scaling to meet demand,” Ayers said. “We are incredibly grateful for the chance to innovate and partner to solve this problem with some of the greatest companies in the world and are energized for the opportunities that lay ahead for Socure, especially as we make our march to a potential IPO.”

A Finovate alum since 2013, the company demonstrated its digital-to-physical identity verification technology at our fall conference in 2017. Socure’s predictive analytics platform marries AI and machine learning with trusted on- and offline data intelligence from a wide variety of sources to verify identities in real time. Operating in a number of verticals ranging from financial services and eCommerce to gaming and telecom, Socure has more than 350 customers including three of the top five banks, six of the top 10 card issuers, and more than 75 of the most innovative fintechs including Varo Money, Chime, and Stash.

More recently, Socure announced a partnership with advisory, tax, and assurance firm Baker Tilly that has since established that Socure’s Intelligent KYC product meets “and creates additional assurance” in providing USA PATRIOT Act compliance. Earlier in the year, Socure had announced that Intelligent KYC would be made available to digital gaming operators in eleven states.

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SumUp Scores $895 Million in Debt Financing to Speed Growth

SumUp Scores $895 Million in Debt Financing to Speed Growth
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, SumUp

Courtesy of Goldman Sachs, Temasek, Bain Capital Credit, Crestline, and funds managed by Oaktree Capital Management, international payments company SumUp has secured a $895 million (EUR 750 million) debt facility.

“As one of the fastest growing technology companies in the world, this cash injection – in addition to having the built-in option to expand the financing – will significantly accelerate the growth of our customer base, enhance SumUp’s technology leadership position, and drive the development of new services to support our merchants globally,” SumUp co-founder Marc-Alexander Christ said.

SumUp’s funding news comes at a time when the company is adding to its product portfolio in both Europe and the U.K. Much of this growth has come through acquisitions of POS software providers like London-based Goodtill, as well as Tiller, a digital service provider for gastronomy merchants. Separately, SumUp’s recent acquisition of Paysolut, a Lithuanian cure banking system provider will enable the company to fortify the banking services that it offers to its merchants.

SumUp supports more than three million merchants around the world. In addition to its expansion in Europe – going live in Romania to bring the total number of its European markets to 29 – the company has added to its interests in the Chilean market and launched operations in Columbia – the fourth largest economy in Latin America.

At the beginning of this year, SumUp announced that it was working with Shutterstock to give merchants the ability to add high-quality visual images to enhance their online storefronts.

“It’s important now more than ever that small businesses have the means to trade in the e-commerce space in order to take on larger competition,” SumUp European EVP Alex von Schirmeister said. “This partnership with Shutterstock will do just that, giving them more visibility to grow their customer bases.”

Founded in 2011, SumUp made its Finovate debut at FinovateEurope in 2013. Daniel Klein is CEO.

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upSWOT Secures $4.3 Million in Seed Funding

upSWOT Secures $4.3 Million in Seed Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, UpSwot

upSWOT, a fintech that helps bring business intel to small business owners, has raised $4.3 million in seed funding. Among Finovate’s newest alums, upSWOT offers a data aggregation and business finance management platform that leverages cash flow predictions and business insights to enable banks, insurance companies, and other institutions to better serve their small business and mid-market customers.

“Managing a portfolio of SMB clients is a challenge for every bank, lender, and servicer,” upSWOT CEO Dmitry Norenko said. “Amidst a global pandemic, the financial industry must find new and innovative ways to support this vital customer segment. Our white-label solution helps leading national and community banks gain granular insights into their SMB customers launched within six weeks, and with minimal strain on internal IT or overlap with legacy systems.”

upSWOT’s funding round was led by Common Ocean, a venture capital firm that specializes in early-stage fintechs that are innovating in the financial wellness space. Also participating in the round were CFV Ventures, ICBA, First Southern National Bank, and SpeedUp Venture Group, as well as previous investors. upSWOT said that it would use the funding to grow its business in the U.S., add talent to support “a growing list of deployments with Tier 1 and Tier 2 financial institutions,” as well as continue to add features and functionality to its data aggregation and BFM platform.

upSWOT leverages APIs to aggregate data from more than 120 widely-used business solutions such as Quickbooks, Salesforce, Amazon, and Shopify and provide business owners with predictive analysis and actionable insights. Via partnerships with financial institutions, upSWOT’s goal is to help SMEs that have been left to “fend for themselves” by giving them “modern day tools” to help support cash flow management, debt funding, financial planning and accurate cash reporting.

Founded in 2019, upSWOT demonstrated its white-label platform at FinovateWest Digital last year. A graduate of the Berkeley SkyDeck accelerator, the company includes Raiffeisen Bank International, Privat Bank, D&B, and Mastercard among its customers.

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Stripe Rakes in $600 Million in Funding, Boosting Valuation to $95 Billion

Stripe Rakes in $600 Million in Funding, Boosting Valuation to $95 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding

Ecommerce technology company Stripe announced over the weekend that it recently raised $600 million in funding. The Series H round brings the company’s total funding to $2.2 billion and boosts its valuation to $95 billion.

Investors in this month’s funding round include Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency.

Stripe will use the funds to expand its Global Payments and Treasury Network and invest in its European operations to support increasing demand in the region. Specifically, the California-based company aims to boost its Dublin headquarters.

“We’re investing a ton more in Europe this year, particularly in Ireland,” said Stripe President and Cofounder, John Collison. “Whether in fintech, mobility, retail, or SaaS, the growth opportunity for the European digital economy is immense.”

Stripe has clients in 42 countries, 31 of which are in Europe. Among the company’s European clients are Deliveroo, Doctolib, Glofox, Klarna, ManoMano, N26, UiPath, and Vinted.

As Stripe pointed out in a blog post, only 14% of commerce happens online. That’s why, as the company’s CFO Dhivya Suryadevara notes, Stripe is “investing in the infrastructure that will power internet commerce in 2030 and beyond.” More specifically, the company is expanding its software and services and is making its technology available to millions more businesses in Brazil, India, Indonesia, Thailand, and the UAE.

“While Stripe already processes hundreds of billions of dollars per year for millions of businesses worldwide, the opportunity ahead is much larger for Stripe than it was when the company was started 10 years ago,” added Suryadevara.

Photo by Paweł Czerwiński on Unsplash

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