Funding Archives - Page 77 of 88

MX Lands $4 Million from CheckFree Founder Pete Kight

By Julie Muhn (@julieschicktanz) Posted on September 30, 2015
Categories: Funding, MX

Just days away from its presentation at the FinDEVr developer conference next week, MX received a $4 million investment from CheckFree founder, Pete Kight.

Following this investment, Kight (pictured right) will join MX’s board of directors and will serve as an adviser to the company’s CEO, Ryan Caldwell.

Today’s investment brings the Utah-based company’s total raised to $54 million. In April of this year, USAA led MX’s most recent round, totaling $30 million. Prior to that, in November of 2014, it pulled in $20 million in seed funding.

MX, formerly known as MoneyDesktop, offers data aggregation, data cleansing, auto-categorization, classification, money management, custom APIs, data analytics, and marketing to help more than 550 financial institutions serve up a better user experience.

MX is one of 64 companies that will present its latest tools and APIs to a crowd of developers at FinDEVr in San Francisco next week. Brandon Dewitt, CTO of MX, will lead a presentation titled, How You Build Something Is More Important Than What You’re Building. Tickets for FinDEVr are available through early next week.

The company, founded in 2010, last demoed at FinovateFall 2014 in New York. Check out the video below.

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Ellevest Pulls in $10 Million from Morningstar

By Julie Muhn (@julieschicktanz) Posted on September 28, 2015
Categories: Ellevest, Funding

Ellevest, a digital investment platform for women—co-founded by Finovate alum Charlie Kroll—raised $10 million this week in a Series A round led by Morningstar.

Other investors in the New York-based startup include:

Ajay Banga, president and CEO of Mastercard
Robert Druskin, executive chairman of the DTCC, former COO of Citigroup, and former chairman of E*Trade
Mohamed El-Erian, chief economic adviser at Allianz and the former CEO of PIMCO
Karen Finerman, co-founder of Metropolitan Capital Advisers and panelist on CNBC’s Fast Money
Brian Finn, former chairman and CEO of Asset Management Finance Corp. and former president of Credit Suisse First Boston
Andrea Jung, CEO of Grameen America and former CEO of Avon
Jeff Schwarz, co-founder of Metropolitan Capital Advisors
Contour Venture Partners

Ellevest is focused on helping women bridge the investment gap, and seeks to transform investing into a women-specific experience.

The Ellevest investment platform, slated to launch in early 2016, was founded by Sallie Krawcheck (CEO) and Charlie Kroll (COO). Kroll is former CEO of Andera, which debuted its FortiFI solution at FinovateFall 2011. In October of 2011, Andera purchased oFlows, which demoed oFlows for Everyone at FinovateFall 2011. In May 2014, Andera was acquired by Bottomline Technologies.

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Kreditech Raises €82 Million in Series C Investment Led by J.C. Flowers

By David Penn Posted on September 28, 2015
Categories: Funding, Fundings, Kreditech

German consumer-finance technology company Kreditech today announced that it has raised €82.5 million in a Series C round led by J.C. Flowers—and more funding could be on the way. The investment includes a bridge loan from Peter Thiel and Amadeus Capital Partners (Amadeus) from earlier this year that has been converted into equity, as well as word that Kreditech hopes the round ultimately will raise more than €100 million.

Also participating in the round were existing investors Värde Partners, HPE Growth Capital, and Blumberg Capital.

The more than €80 million raised so far boosts the company’s total funding to more than €300 million in debt and equity. Kreditech CFO Rene Griemens noted that more than half of the company’s total funding are unused debt facilities—a revolving credit arrangement—that can be loaned out to help fuel growth.

Kreditech CEO and co-founder Sebastian Diemer demonstrated Kredito24 at FinovateSpring 2014 in New York.

Loren Felsman, managing director at J.C. Flowers who will be joining the Kreditech board as part of the investment, praised the company’s “sophisticated approach to real-time consumer banking,” especially as it relates to the underbanked. “Most lenders, including those built on modern technology, may not crack these markets for years,” Felsman said.

Kreditech leverages big data to create better credit-scoring technology for consumer-borrowers with poor or no credit histories. Kreditech focuses on the current financial health of the borrower, analyzing more than 20,000 data-points to establish potential creditworthiness.

These data-points encompass a wide range of information typically overlooked when analyzing a borrower’s likelihood of repaying debt, and include everything from a borrower’s Facebook friends to semantic analysis, i.e., the writing tone in email messages or social media posts. The goal, as Deimer explained from the stage last year at FinovateFall 2014, was both a more accurate credit rating, better pricing and more personalized lending options for the borrower.

Kreditech has deployed its technology with subsidiaries operating in nine markets: Germany, Poland, Spain, Peru, Mexico, Australia, the Dominican Republic, the Russian Federation, and the Czech Republic. “These are markets with very low or no credit-bureau infrastructure at all,” Deimer pointed out. This was key to both maximizing margins and keeping customer-acquisition costs low.” The company is also “ramping up” operations in Brazil and Romania.

Deimer was named to the Hot Topic 100 list of the most influential people in fintech in August. In May, Inc.com added Kreditech to its roster of the “22 Financial Technology Startups You Need to Know.” This spring, Kreditech announced the hiring of Oliver Prill as its new COO. Prill was previously the CEO of a boutique small-business and consumer-debt-reconciliation firm, Optanus, and before that was the founder and CEO of C&A Bank in Germany.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech demoed its technology at FinovateSpring 2014 in New York.

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CoverHound Completes $33 Million Series C

By David Penn Posted on September 22, 2015
Categories: CoverHound, Funding, Fundings

Move over robo-advisers and alternative lenders, there’s a new destination for investment dollars in the fintech space.

Digital insurance-comparison and -shopping platform CoverHound announced today that it closed a $33.3 million Series C round. The investment takes the company’s total funding to more than $53 million, giving CoverHound a valuation of more than $100 million.

The round was led by ACE Group and featured participation by existing investors, American Family Ventures, Blumberg Capital, Core Innovation Capital, Route 66 Ventures, and RRE Ventures.

CoverHound CEO Keith Moore emphasized his company’s commitment to the comparison-shopping model as the “fastest and smartest way” for consumers to buy property and casualty (P&C) insurance. The company plans to use the capital to invest in new talent, specifically in product management and engineering, as well as new products for SMEs and entrepreneurs. CoverHound also plans to emphasize adding insurance carriers to its platform and finding partnerships in new states.

2015 has been a banner year in funding for CoverHound. This spring, the company announced a successful $14 million Series B round that included news of its Google Compare partnership. CoverHound currently provides auto, homeowners, renters, and motorcycle insurance from more than 20 carriers including Progressive, Safeco, Travelers, and MetLife. The company says it has experienced new customer policy growth of more than 168% in 2015.

As part of the investment, James D. Robinson III, RRE Ventures’ co-founder and general partner, will join the CoverHound board. Robinson was CEO of American Express from 1977 to his retirement in 1993.

Founded in May 2010 and headquartered in San Francisco, California, CoverHound demonstrated its technology at FinovateFall 2013 in New York.

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Coinalytics Earns $1 Million in Seed Funding from The Hive

By David Penn Posted on September 21, 2015
Categories: Coinalytics, Funding, Fundings

Feeling sour on cybercurrencies? Coinalytics now has one million more reasons why you should be a blockchain—if not Bitcoin—believer.

The Palo Alto-based blockchain-analytics specialist has raised $1.1 million in seed funding from The Hive. The Hive is an incubator that specializes in working with companies that develop technologies for “data-intensive enterprises.” And these days, when you hear “data-intensive,” think blockchain. According to Fabio Federici, Coinalytics CEO, technologies like those built by his company will play a major role in “break(ing) down a significant barrier for mainstream adoption of the blockchain.”

Coinalytics has developed a platform that helps businesses gain valuable intelligence, analytics, and risk assessment from the blockchain. The platform relies on advanced machine learning, pattern recognition, and distributed systems, providing businesses in industries ranging from online payments to financial services with real-time transaction information that is both secure and private.

The investment takes the company’s total capital to $1.3 million raised in three rounds.

While blockchain is synonymous with Bitcoin for many, Federici pointed out that the virtues of the blockchain extend beyond Bitcoin, potentially to any instance where value is exchanged, including not only financial services, but also supply-chain management and the internet of things.

Founded in 2014, Coinalytics will use the new capital to drive growth, including building out technology and sales teams. Coinalytics will make its FinDEVr debut next month in San Francisco.

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Finicity Acquires Aurora Financial Systems

By David Penn Posted on September 11, 2015
Categories: Aurora Financial Systems, Finicity, Funding, Mergers & Acquisitions

As we were about to publish the Finovate debut feature for Aurora Financial Systems, we were asked to hold off by Chris Melendez, vice president for corporate partnerships. “There may be some big news coming,” he said.

This week, the big news arrived: Aurora Financial Systems has agreed to be acquired by fellow Finovate alum, Finicity.

In a statement released earlier this week, Finicity announced it had acquired “substantially all the assets” of Aurora Financial Systems. Aurora will become part of Finicity’s Data Services Division and will be led by Melendez and Aurora co-founder Michael Ciberey. The terms of the acquisition were not disclosed.

A division of Finicity Corporation, Finicity Data Services provides API services for fintech developers building account aggregation, cash-flow verification, and account-ownership-verification solutions. With the acquisition of Aurora Financial Systems, Finicity will add transaction processing and card program management to its developer stack.

With the acquisition, Finicity is intensifying its promotion of its TxPUSH real-time financial data delivery. Finicity co-founder Nick Thomas highlighted Aurora’s TxPUSH Event Management API and Event PUSH Delivery engine as “standards-based solutions” for delivering card transaction data “immediately, not three days from now.”

“Real-time transaction data opens many new doors for fintech innovators,” Thomas said.

Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity’s Data Services division launched its TxPUSH API for fintech apps at FinovateSpring 2015. The company will make its FinDEVr debut next month at FinDEVr 2015 San Francisco (early bird ticket sales end this Friday) where it will demonstrate real-time data delivery via its TxPUSH API.

Aurora Financial Systems made its Finovate debut at FinovateSpring 2015 in San Jose, Calif., with the debut of Note, a vertically integrated budgeting solution for FIs. But the Purchase, New York-based company’s pedigree is as a debit processor and program manager specializing in incentive, payroll, and reloadable, prepaid solutions. Aurora has processed millions of dollars of transactions within these categories since its founding in 2009.

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Trunomi Raises $3 Million to Solve KYC Challenges

By Julie Muhn (@julieschicktanz) Posted on September 8, 2015
Categories: Funding, Trunomi

Trunomi, a startup that uses consent-based data-sharing to streamline customer-verification for banks, announced a $3 million raise today.

Saturn Partners led the round. Fenway Summer, Persistent Ventures, and SenaHill Partners also participated. This lineup of investors also contributed to Trunomi’s $2.3 million Angel round in 2014, bringing its total funding to $5.3 million.

Trunomi, which launched about a year ago, plans to use the funds to progress its technology.

Here’s the company’s live debut of TruMobile at FinovateEurope this year:

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Fintech Fundings: 18 Companies Raise $160 Million Week Ending 4 Sep 2015

By Jim Bruene Posted on September 4, 2015
Categories: Funding

After a slow start, fundings picked up and finished the week at $160 million raised by 18 fintech companies. That compares to the blistering (and unsustainable) weekly pace of 20 fundings and $575 million in August. Last year during the first week of September 2o companies raised $275 million.

Last week’s total disclosed amount raised was $158.3 million, of which $17 million was known to be debt. Three companies did not disclose funding amounts.

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Unicorn hunting
I completely agree that the term “unicorn” is overused, but it’s still an easy way to communicate an important valuation hurdle. Last week, The New York Times published an article, sourced from CB Insights, predicting the next 50 unicorns. It comes as no surprise that eight (17%) were fintech companies, including four Finovate alums (Betterment, Coinbase, Wealthfront, ZenPayroll) and four others (Avant, Collective Health, Raise, and Zuora). We’ll update our near-unicorn list (published 22 July) to include ZenPayroll, Collective Health and Raise.

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Here are the fundings from 29 Aug to 4 Sep 2015 by size:

Prospa
Australian alt-lender to small businesses
HQ: Sydney, Australia
Latest round: $60 million Series B
Total raised: $60+ million
Tags: Lending, loans, commercial, underwriting, online, SMB
Source: Crunchbase

Shift Payments
Debit card with universal currency access
HQ: San Francisco, California
Latest round: $50 million
Total raised: $50.1 million
Tags: Payments, digital currency, loyalty points, prepaid cards, debit, Y Combinator, Dwolla (partner)
Source: FT Partners

Remitly
Mobile remittance service
HQ: Seattle, Washington
Latest round: $12 million Debt
Total raised: $35 million ($23 million equity; $12 million debt)
Tags: Payments, remittances, P2P payments, mobile, Silicone Valley Bank (lender)
Source: GeekWire

InVenture
Mobile loan underwriting for the unbanked
HQ: Santa Monica, California
Latest round: $10 million
Total raised: $11.2 million
Tags: Lending, credit, consumer, loans, underwriting, unbanked, underbanked
Source: FT Partners

QuanTemplate
Data analytics for the insurance industry
HQ: London, England, United Kingdom
Latest round: $8.0 million
Total raised: $8.0 million
Tags: Insurance, reinsurance, analytics, big data, BI
Source: FT Partners

Electronic Payments
Payment processing
HQ: Calverton, New York
Latest round: $5 million Debt
Total raised: Unknown
Tags: Payments, acquiring, cards, POS, point-of-sale
Source: FT Partners

Quovo
Portfolio analytics and management tools
HQ: New York City, New York
Latest round: $4.8 million
Total raised: $6.2 million
Tags: Investing, trading, wealth management, analytics
Source: FT Partners

Questis
Financial coaching as an employee benefit
HQ: Charleston, South Carolina
Latest round: $2 million Seed
Total raised: $2 million
Tags: Personal financial management, advice, PFM, retirement planning, employee benefits, insurance
Source: WhoGotFunded

Bux
Easy mobile trading for consumers
HQ: Amsterdam, Netherlands
Latest round: $1.9 million
Total raised: $1.9 million
Tags: Investing, gamification, stocks, share trading, mobile, Ayondo (partner)
Source: Crunchbase

MoneyBrilliant
Money management geared towards women
HQ: Darlinghurst, Australia
Latest round: $1.5 million
Total raised: $1.5 million
Tags: Consumer, PFM, personal, financial management, budgeting
Source: Crunchbase

Paymium
Bitcoin exchange
HQ: Paris, France
Latest round: $1.1 million
Total raised: $1.1 million
Tags: Payments, cryptocurrency,
Source: WhoGotFunded

FattMerchant
Payment processor
HQ: Orlando, Florida
Latest round: $850,000
Total raised: Unknown
Tags: Acquiring, SMB, merchants, cards
Source: WhoGotFunded

Mobetize
Mobile wallet and point-of-sale
HQ: Reno, Nevada
Latest round: $750,000
Total raised: $2.1 million
Tags: Payments, mobile, mPOS, merchants, wallet, SMB, consumer
Source: FT Partners

Xendit
Mobile wallet
HQ: San Francisco, California
Latest round: $285,000
Total raised: $400,000
Tags: Payments, remittances, funds transfer, P2P payments, Y Combinator
Source: WhoGotFunded

Wirate
Equity crowdfunding platform
HQ: France
Latest round: $110,000
Total raised: Unknown
Tags: Investing, P2P, person-to-person, marketplace
Source: WhoGotFunded

Kash
ACH at the point-of-sale
HQ: Waterloo, Canada
Latest round: Undisclosed
Total raised: $2+ million
Tags: Payments, API, merchants, mobile, SMB, acquiring, ACH, developers
Source: FT Partners

Platform Black
P2P invoice and supply chain finance
HQ: Basingstoke, England, United Kingdom
Latest round: Undisclosed
Total raised: Unknown
Tags: SMB, financing, credit, factoring, accounts receivables, crowdfunding, peer-to-peer
Source: InsiderMedia

Verifacto
Connecting auto dealers, lenders, insurers and consumers
HQ: Norcross, Georgia
Latest round: Undisclosed Series A
Total raised: Unknown
Tags: Indirect lending, automobiles, car dealers, installment loans, insurance
Source: FT Partners

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Graphic licensed from 123rf.com

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SumUp Raises €10 Million in Round Led by BBVA Ventures, Groupon, American Express

By David Penn Posted on August 27, 2015
Categories: Funding, SumUp

Investments totaling €10 million from BBVA Ventures, Groupon, American Express and others have boosted mPOS specialist SumUp’s total capital to more than €50 million.

The infusion comes on the heels of a June investment from Venture Incubator AG, a Swiss venture-capital firm. The combined investments, SumUp CEO Daniel Klein said, makes SumUp “better equipped than ever to execute our vision of empowering small businesses all over the world by radically simplifying payments.”

Specifically, SumUp plans to put the capital to use by:

Expanding into two more countries in 2015, growing the company’s footprint to 15 countries on three continents.
Introducing a new contactless version of its end-to-end payment platform as well as “supporting the development of new services.”

From left: Stefan Jeschonnek, CMO and co-founder; Florian Richter, U.K. country manager, demonstrated SumUp at FinovateEurope 2013 in London.

Both development and new services have been on the agenda for SumUp in recent months. In May, SumUp released its Terminal Payment SDKs for iOS and Android and a suite of APIs that enabled third parties to connect to SumUp’s platform and terminals. According to the company, this made SumUp the “first truly open mPOS platform.” Also in May, SumUp expanded payment options for Swiss merchants by including payments from American Express.

SumUp’s technology enables merchants to accept credit and debit card payment via both smartphone and tablet. The solution relies on proprietary, end-to-end, EMV payment technology, a portable card reader, and an app available on both iOS and Android to enable small businesses to accept payments on-the-go. SumUp charges a flat 1.95% for both credit and debit transactions, and has no monthly fee.

SumUp demoed its cashless point-of-sale solution at FinovateEurope 2013 in London. The company was founded in August 2011 and is headquartered in Dublin, Ireland.

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Fintech Fundings: 27 Companies Raise $345 Million Week Ending 14 August 2015

By Jim Bruene Posted on August 14, 2015
Categories: Funding

Do VC investors slow down in the summer? Not this year. Since 1 June 2015, we’ve seen 189 fintech deals globally raising a total of $3.1 billion.

And this week was no different, with the highest number of funded companies since we began tracking a year ago. In total, 27 companies raised $345 million ($257 million equity; $88 million in debt). It was another stellar week for Finovate alums with 6 fundings totaling $123 million, including: Money-transfer service Payoneer ($50 mil); AI innovator Kensho ($33 million); tax specialist VATBox ($24 million); cash-back specialist Mogl ($7.9 million); mobile security provider Tyfone ($6.6 million); digital payments provider Digital Retail Apps ($770,000); and StockViews ($16,000 check from London-based accelerator, Startupbootcamp). Finally, Finovate charter-alum Yodlee received a buyout bid in excess of $660 million from Envestnet.

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Fintech Unicorn Watch: Along with Yodlee’s near-unicorn exit, another apparent fintech unicorn was crowned when London-based Skrill (formerly Moneybookers) was acquired by Optimal Payments for a reported $1.2 billion. We’ll add it to our full unicorn list when we receive confirmation.

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Here are the deals in order of size between 8 Aug and 14 Aug 2015:

Prodigy Finance
Loan marketplace for graduate students
HQ: London, England, United Kingdom
Latest round: $100 million ($87.5 million Debt; $12.5 million Equity)
Total raised: $100 million($87.5 million Debt; $12.5 million Equity)
Tags: Lending, credit, crowdfunding, P2P, student loans, investing
Source: Crunchbase

Payoneer
International money transfers
HQ: New York City, New York
Latest round: $50 million
Total raised: $90 million
Tags: Payments, p2p, remittances, mobile, Finovate alum
Source: Finovate

Maestro Health
Health insurance solutions for the enterprise
HQ: Highland Park, Illinois
Latest round: $35 million
Total raised: $35 million
Tags: Insurance, self-insurance, enterprise
Source: Crunchbase

PokitDok
Healthcare and insurance APIs
HQ: San Mateo, California
Latest round: $34 million
Total raised: $46.2 million
Tags: Insurance, payments, healthcare, enterprise, SMB
Source: Crunchbase

Kensho
Artificial intelligence technology
HQ: New York City, New York
Latest round: $33 million Series A
Total raised: $58.3 million
Tags: Analytics, AI, business intelligence, BI
Source: Finovate

VATBox
VAT tax refund solution
HQ: Tel Aviv, Israel
Latest round: $24 million
Total raised: $24 million
Tags: Taxes, compliance, SMB, accounting, governance, Finovate alum
Source: Finovate

eShares
Equity management system
HQ: Mountain View, California
Latest round: $17 million
Total raised: $25.8 million
Tags: Investing, trading, stock shares, enterprise, compliance
Source: Crunchbase

Tyfone
Mobile security and payments
HQ: Portland, Oregon
Latest round: $6.6 million
Total raised: $12 million
Tags: Mobile, payments, security, authentication
Source: Finovate

Mogl
Online cash-back services for restaurants
HQ: San Diego, California
Latest round: $7.9 million
Total raised: $45.2 million
Tags: Payments, POS, SMB, acquiring, merchants, FinovateFall 2015 presenter
Source: FinovateFall 2015

OneAssist Consumer Solutions
Mobile and payment security
HQ: Mumbai, India
Latest round: $7.5 million
Total raised: $11 million
Tags: Mobile, security, payments, insurance
Source: FT Partners

Cloudability
Cloud-based spending management
HQ: Portland, Oregon
Latest round: $5.9 million
Total raised: $15.8 million
Tags: Accounting, enterprise, financial management, SMB
Source: NW Innovation

NUMONI
Micropayments
HQ: Singapore
Latest round: $4.8 million Series B
Total raised: Unknown
Tags: Payments, underbanked, unbanked, mobile
Source: The Paypers

bitFlyer
Bitcoin exchange
HQ: Tokyo, Japan
Latest round: $4.0 million
Total raised: $6.9 million
Tags: Cryptocurrency, virtual cash, payments
Source: Crunchbase

Scripbox
Online mutual fund investment platform
HQ: Bangalore, India
Latest round: $2.5 million Series A
Total raised: $ million
Tags: Investing, wealth management
Source: Crunchbase

CASHBOARD
Online investment management
HQ: Berlin, Germany
Latest round: $2.2 million
Total raised: Unknown
Tags: Investing, wealth management, personal finance
Source: EU Startups

Avalon Solutions
Payment processing solutions
HQ: Damascus, Maryland
Latest round: $2 million
Total raised: $5 million
Tags: Payments, acquiring, SMB, merchants, point-of-sale, POS
Source: FT Partners

PaidEasy
Mobile payments at the point-of-sale
HQ: New York City, New York
Latest round: $2 million Seed
Total raised: $2 million
Tags: Payments, point-of-sale, merchants, POS, mobile, SMB, acquiring
Source: Crunchbase

Stash
Digital investment adviser
HQ: New York City, New York
Latest round: $1.4 million Seed
Total raised: $1.4 million
Tags: Investings, savings, mobile
Source: Crunchbase

Invesdor
Equity crowdfunding platform
HQ: Finland
Latest round: $1.1 million
Total raised: $2.1 million
Tags: P2p, investing, peer-to-peer, SMB
Source: EU Startups

ToneTag
Mobile payments via audio waves
HQ: Mumbai, India
Latest round: $1 million
Total raised: Unknown
Tags: Payments, POS, point-of-sale, acquiring, merchants, SMB, contactless
Source: NFC World

Vendorin
Enabling electronic payments in B2B commerce
HQ: Omaha, Nebraska
Latest round: $900,000
Total raised: $4.9 million
Tags: Payments
Source: FT Partners

Digital Retail Apps
“Self-pay” mobile payments in-store
HQ: Toronto, Ontario, Canada
Latest round: $760,000 Seed
Total raised: $760,000
Tags: Payments, mobile, POS, point-of-sale, acquiring, SMB, merchants, Finovate alum
Source: Finovate

Money Clouds (aka Quemulus)
Goal-based savings
HQ: Bellevue, Washington
Latest round: $380,000
Total raised: $700,000
Tags: Personal finance, consumer, mobile
Source: Geekwire

Xfers
Payments platform for Southeast Asia
HQ: Singapore
Latest round: $120,000
Total raised: Unknown
Tags: Payment processing, online, mobile, merchants, SMB, API, Ycombinator (YC S15)
Source: YC

Second Measure
Applying consumer spending data to investment analysis
HQ: San Mateo, California
Latest round: $120,000
Total raised: $120,000
Tags: Y-Combinator (YC S15), investing, metrics, analytics, valuation
Source: YC

StockViews
Social investing platform
HQ: London, England, United Kingdom
Latest round: $16,000 Accelerator
Total raised: Unknown
Tags: Investments, social network, crowdsourcing, trading
Source: Finovate

SABR
Crypto-currency tracking
HQ: New York City, New York
Latest round: Unknown
Total raised: Unknown
Tags: 500 Startups (accelerator), bitcoin, security, regulation
Source: VentureBeat

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Image: 123RF

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Payoneer Pulls in $50 Million

By Julie Muhn (@julieschicktanz) Posted on August 13, 2015
Categories: Funding, Payoneer

Cross-border payments platform Payoneer closed its eighth round of funding yesterday, a $50 million investment from seven contributors.

Financiers include new investors Greylock, Secondary Market, and Wellington Management. Existing investors Carmel Ventures, Nyca Partners, Ping An, and Susquehanna Growth Equity also contributed.

The new installment brings the company’s total funding to $90 million. While shares were purchased from existing investors, all of Payoneer’s major shareholders retained the majority of their holdings.

Payoneer’s money-transfer solutions enable small businesses and professionals to receive funds in 150 currencies and withdraw the money to their local bank account in their own currency. It also facilitates mass payouts for businesses looking to transfer money internationally, a service that supports companies such as newegg, airbnb, and fiverr.

The New York-based company has 500 employees in offices across Silicon Valley, Europe, and Asia.

Payoneer debuted its commercial account capability at FinovateAsia 2013. Check out the live demo video below:

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CashStar Raises Capital: New Investment Boosts Total to $50 Million

By David Penn Posted on August 6, 2015
Categories: CashStar, Funding

A $15 million Series D round led by FTV Capital has boosted to $50 million the total capital of prepaid solutions provider CashStar. New investor Mosaik Partners and current investors, Passport Capital, Intel Capital, and North Hill Ventures also participated. The additional capital will help CashStar invest in product innovation, sales, and “client success.”

Founder of Mosaik Partners, Miles Kilburn pointed to CashStar’s “exceptional growth potential” as one reason for his firm’s decision to support the company. “CashStar is reinventing the prepaid industry for retailers with innovative digital and mobile solutions that drive business growth,” said Kilburn, who will be joining the CashStar board of directors.

CashStar President and CEO Ben Kaplan saw the investment as part of a larger wave of momentum the company has enjoyed in recent months. The company made two executive appointments this year: Martin Hood as vice president of channel partnerships in May, and Matt Kerper as vice president of strategic business development in July. May was also the month CashStar moved into new offices in Portland, Maine, and announced that Studio Movie Grill would be launching CashStar-powered digital gift cards. In July, CashStar was named to the AlwaysOn Global 250 for the second year in a row; in March, CashStar won a 2015 PYMNTS Innovator Award in the Best Prepaid Innovator category.

Founded in 2007 and headquartered in Portland, Maine, CashStar demonstrated its Digital Gifting and Incentives Platform as part of FinovateFall 2011 in New York.

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Kreditech CEO and co-founder Sebastian Diemer demonstrated Kredito24 at FinovateSpring 2014 in New York.

—— Graphic licensed from 123rf.com

From left: Stefan Jeschonnek, CMO and co-founder; Florian Richter, U.K. country manager, demonstrated SumUp at FinovateEurope 2013 in London.

—– Image: 123RF

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Graphic licensed from 123rf.com

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Image: 123RF