• Enfuce closed a $9.2 million follow-on investment, adding to the $49 million it received in 2021.
• Vitruvian Partners led the round, which saw contributions from existing investor Maki.vc and new contributor Visa.
• Enfuce will use the funds to prepare for growth in the enterprise segment, as well as expand into more European markets.

Card issuing and payments processing innovator Enfuce recently announced it received a $9.2 million (€8.5 million) follow-on investment. The new funds are added to the Finnish company’s $49 million (€45 million) Series C round in 2021 and bring Enfuce’s total funding to $67 million (€62 million).

Leading today’s follow-on round is Vitruvian Partners. Existing investor Maki.vc, along with new contributor Visa, also participated.

Commenting on the new investor, Enfuce Co-founder and Co-CEO Monika Liikamaa said, “Visa’s trust isn’t just a validation of  our business, it’s a testament to our significant growth during challenging economic times. With Visa’s investment, we will continue to bring our bold vision of shaping the future of embedded finance to life.” Enfuce Co-founder and Co-CEO Denise Johansson added, “This investment represents more than mere financial backing for us. It’s the continuation of an extensive and productive partnership between Visa and Enfuce.”

Enfuce was founded in 2016 with the intent to offer a cloud-based processing system that could allow any business to start issuing payment cards. In addition to payment card issuing, the company also offers digital wallets, fraud and dispute managements, card program analytics, and more. Enfuce processes $2.2 billion (nearly €2 billion) in transactions annually for clients including Pleo, OKQ8 and Memo Bank.

Enfuce will use today’s follow-on investment to prepare for its next area of growth, the enterprise segment. Additionally, the company plans to expand across European markets including Benelux, Germany, and France.

The rise in banking-as-a-service (BaaS) tools, such as the ones provided by Enfuce, offers businesses across a range of industries access to financial infrastructure. Integrating financial services into non-financial platforms not only enhances the customer experience but it also offers businesses new revenue streams. As we enter into 2024, BaaS and embedded finance solutions are set to rise. However, as regulators begin to take notice and find new risk factors, adoption of this trend will likely be cautious.

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• Canadian fintech Peloton Technologies has raised CAD $2 million in seed funding.
• The funds will help the company meet its growth objectives. The investment also serves as a “precursor” to a “larger capital raise” next year.
• Founded in 2011, Peloton Technologies offers a platform that enables small businesses to simplify payment workflows.

Victoria, Canada-based fintech Peloton Technologies has landed $1.5 million (CAD $2 million) in seed funding. The investment will help fuel the company’s growth as it seeks to simplify payment workflows for small and medium-sized businesses.

Peloton did not disclose the names of the investors. The company did say that members of the investing team have joined Peloton Technologies’ advisory board. The seed funding comes four months after the company secured $1.5 million (CAD $2 million) from the Pacific Economic Development Agency of Canada (PacifiCan). The funding from PacifiCan was the second investment Peloton received from the agency. The company picked up CAD $500,000 in funding from PacifiCan’s Business Scale Up and Productivity (BSP) program in 2022 ($367k in today’s dollars).

“We’re thrilled with the response from the Private Investor community,” Peloton Technologies Executive Chair of the Board John MacKinlay said. “We have a world-class group of investors with deep background in payments, banking, risk management, compliance, accounting, IT architecture, and securities law.” MacKinlay added that the funding will also help Peloton Technologies execute its acquisition strategy; last month, Peloton announced the acquisition of KIS Payments, an ISO (Independent Sales Organization). MacKinlay also noted that this week’s fundraising was a “precursor” to a “larger capital raise” slated for the first half of 2024.

“We’ve spent a lot of time creating the most comprehensive solution for businesses and now it’s time to scale,” CEO Craig Attiwill said when the company acquired KIS Payments in October.

Founded in 2011, Peloton Technologies helps small and medium-sized businesses in Canada process payments, execute fund transfers, exchange currencies, and store payment data. Its platform also supports the integration of multiple payment methods across multiple financial institutions. Peloton’s proprietary technology ensures the secure storage of payment data, document management, email/SMS notifications, and scheduling, as well as providing a sophisticated rules engine.

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• Cloud payments modernization specialist Volante Technologies raised $66 million in debt and equity financing.
• The round was led by Sixth Street Growth. Wavecrest Growth Partners and Wells Fargo Strategic Capital also participated.
• Volante Technologies will use the capital to accelerate its product roadmap, especially with regards to real-time payments solutions.

Cloud payments modernization company Volante Technologies has raised $66 million in combined debt and equity financing. The round was led by Sixth Street Growth. Wavecrest Growth Partners and Wells Fargo Strategic Capital also participated in the investment. Today’s funding brings the company’s total outside capital raised to $116 million.

Vijay Oddiraju, Volante Technologies CEO, said that the investment will help “accelerate” the company’s product roadmap. This includes the company’s initiatives in global real-time payments, the UK New Payments Architecture (NPA), as well as domestic and cross-border ISO 20022 modernization. Oddiraju added that the funding will help Volante Technologies bring its Payments-as-a-Service solution to mid-tier banks in the U.S. and Europe. Oddiraju pointed to FedNow Instant Payments, The Clearing House RTP, and SEPA Instant Payments as developments that are driving opportunity in and adoption of “modern payments technology.”

Volante helps financial institutions modernize payments. This enables them to focus on executing their business models, pursue new opportunities, and scale their operations. The company offers real-time/instant payments connectivity, embedded preprocessing that works with existing technology to enhance customer service, as well as U.S. wire payments. Volante’s low-code financial integration platform enables users to leverage visual modeling to integrate with and orchestrate workflows to build a variety of financial, transaction-based services.

Nari Ansari, Managing Director at Sixth Street Growth, praised both the the company’s PaaS and low-code payments platform as offering “a compelling value proposition.” Ansari added that it was a good time for Volante to look to scale its operations in order to take advantage of FIs that are “increasingly prioritizing both investment in payments modernization and partnerships with fintech companies.”

Founded in 2001, Volante Technologies is headquartered in Jersey City, New Jersey. The company’s Payments-as-a-Service and low-code platform process millions of transactions and trillions in value every day. Four of the top five global corporate banks and two of the world’s largest card networks rely on Volante Technologies’ payments solutions.

Last month, the company was named to The IDC FinTech Rankings Top 100 for 2023. This marked the third year Volante had earned a spot in the IDC’s Fintech Top 100. In September, the company introduced new Chief Operating Officer David Weber.

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• Supply chain financing company Twinco Capital has received $53 million in debt financing from BBVA Spark.
• The funds boost Twinco Capital’s total combined debt and equity to $71.3 million.
• Twinco Capital works with more than 150 suppliers and has grown 3x in the past four years.

Supply chain finance company Twinco Capital announced it has landed $53 million (€50 million) in debt financing. The funds come from BBVA’s BBVA Spark. The funds boost Twinco Capital’s total combined debt and equity funding to $71.3 million.

The Spain-based company offers financing to suppliers of large corporations working in retail and apparel. To help free up working capital, Twinco advances up to 60% of the order value within 48 hours after the retailer places the order. Twinco then pays the remaining percentage after the goods have been delivered. The company leverages business performance and ESG data combined with machine learning to assess and mitigate risk, therefore minimizing losses.

“The value added Twinco is providing to customers stems from the combination of its unique funding solution with business intelligence that provides a holistic overview of supply chain risk,” said Twinco COO Carmen Marin. “Technology and machine learning provide invaluable data insights on commercial, financial and ESG suppliers’ performance, giving our customers a state-of-the-art supply chain risk management tool.”

BBVA Spark was launched in 2022 as an investment arm to provide venture debt and growth loans to what it calls “high-impact” companies. The firm currently has more than 800 clients and has facilitated $265 million (€250 million) in financing.

Launched in 2019, Twinco has received equity funds from Quona Capital, Working Capital Fund, Mundi Ventures, and Finch Capital. The company works with more than 150 suppliers located across 13 different countries. Twinco has grown 3x in the past four years.

“We are very pleased to support Sandra and Carmen, two entrepreneurs who, with Twinco, have reinvented the way supply chains are financed on a global scale and who have also incorporated innovative environmental and social criteria into their supplier financing model,” said BBVA Spark Head Roberto Albaladejo.

Photo by Felix Haumann

• Statement has raised $12 million in Seed funding.
• The funds come from Glilot Capital Partners, Citi, Mensch Capital Partners, Titan Capital, and Operator Partners.
• The company will use the funds to bolster its market launch strategies, speed up product development, and hire additional employees.

Cash flow intelligence company Statement has raised $12 million in Seed funding this week for its cash flow management platform. Today’s funds come from Glilot Capital Partners, Citi, Mensch Capital Partners, Titan Capital, and Operator Partners.

According to TechCrunch, which broke the news, Statement will use the $12 million to bolster its market launch strategies and speed up product development. To fuel this growth, the New York-based company said it plans to expand its team to 35 employees by the end of 2024.

Launched last year by co-founders Idan Vlodinger and Shahar Lahav, Statement offers what it calls a “Cash Intelligence Platform” that provides enterprises a single, cohesive overview of their financial data in real time. The platform, which automatically categorizes transactions, connects with multiple banks and ERP systems to reflect real-time cash positions, show working capital analytics, automate accounts receivable reconciliation, and forecast cashflow using AI.

“Statement saves the office of the CFO hundreds of hours per month on manual data collection and enrichment, and hundreds of thousands to millions of dollars by being able to manage their money faster and better,” Vlodinger told TechCrunch. “CFOs deserve to work with great software, with a fantastic user interface, that has real-time data, and have the systems ‘speak’ to each other with true data reconciliation, so they can focus on growing their businesses.”

Armed with increasingly powerful AI-tools, more companies have been operating in this treasury management space, which used to be thought of as simply business financial management (BFM). Other companies offering financial management tools include Kyriba, international cash management provider Neo and HighRadius, which reached unicorn status in 2020.

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