Funding

Fintech Fundings: $530 Million Raised First Week of February

By Jim Bruene Posted on
Categories: Funding

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It was a big week for marketplace lenders with SoFi landing $200 million; CommonBond, $150 million (an undisclosed portion of that was commitment to purchase loans); Fundera, $12 million (debt). In addition, Chinese online lender U51 pulled in $50 million.
In total, 13 companies—including Finovate alum, SimplyTapp‘s $2.5 million—raised $533 million, which includes at least $12 million in debt.
Here are the deals from 31 January to 6 Feb 2015, in order of size:
Marketplace for student loan refinancing and other loans
Latest round: $200 million
Total raised: $766 million; $365 million equity, $401 million debt
Tags: lending, student loan, personal loan, underwriting, P2P, peer-to-peer, San Francisco, California
Source: Crunchbase
Student loan marketplace lender
Latest round: $150 million; an undisclosed portion of the round is a guarantee to fund loans originated on the platform
Total raised: $253.5 million
Tags: lending, education, student loan, refinance, investing, P2P, person-to-person, New York City
Source: Crunchbase
Indian mobile bill-pay and commerce platform 
Latest round: $80 million
Total raised: $116.5 million
Tags: mobile, bill payment, billing, rewards, offers, coupons, prepaid, wireless, topup, Mumbai, India
Source: FT Partners
Chinese alternative lender
Latest round: $50 million
Total raised: $50 million
Tags: lending, personal loans, underwriting, credit, China
Source: FT Partners
Mobile banking and payments platform for Latin America
Latest round: $19 million
Total raised: $39 million
Tags: mobile, online banking, payments, Miami, Florida
Source: Crunchbase
Archer (a.k.a. Market Street Advisors)
Investment management technology 
Latest round: $12.5 million
Total raised: $12.5 million
Tags: investing, enterprise, Edison, New Jersey
Source: FT Partners
Loan marketplace for small business loans
Latest round: $12 million (debt)
Total raised: $15.3 million; $3.3 million equity, $12 million debt
Tags: lending, small business, SMB, investing, debt crowdfunding, loans, New York City
Source: Crunchbase
Mobile receipt capture app
Latest round: $2.6 million
Total raised: $3.1 million
Tags: expense management, PFM, receipts, SMB, Barcelona, Spain
Source: Crunchbase
Cloud-based mobile payments
Latest round: $2.5 million
Total raised: $10.1 million
Tags: payments, mobile, SMB, POS, Austin, Texas, Finovate alum
Source: Finovate
Digital currency
Latest round: $2.3 million
Total raised: $2.3 million
Tags: cryptocurrency, payments, bitcoin, Paris, France
Source: FT Partners
Bitcoin security and authentication
Latest round: $850,000
Total raised: $950,000
Tags: security, bitcoin, authentication, cryptocurrency, Rochester, New York
Source: Crunchbase
ziftrCOIN digital currency
Latest round: $850,000
Total raised: $850,000
Tags: cyrptocurrency, digital currency, bitcoin, ecommerce, Milford, New Hampshire
Source: Crunchbase
Indian mobile wallet
Latest round: $240,000
Total raised: $240,000
Tags: mobile, payments, Bengaluru, India
Source: Crunchbase

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Funding for E.U.-based Finovate Alums Totals $377 Million in 2014

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding

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With FinovateEurope less than a week away, it’s a good time to review the results of 2014. In total, European-based alumni of Finovate raised $377 million. And 2015 is looking even better with two major fundings in January:

Here are the 2014 fundings by quarter:

Q1, 2014
Total: $180 Million
Q2, 2014
Total: $107 Million
Q3, 2014

Total: $21 Million

Q4, 2014
Total: $69 Million

Note: This total does not reflect funding raised by the 44 new-to-Finovate companies that will demo next week at FinovateEurope 2015.

** We used $1 million for Red Zebra’s “seven figure amount”

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Payments Platform Mozido Adds $2.5 Million to SimplyTapp’s Series B Round

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, SimplyTapp

SimplyTappLogo.jpg

Host Card Emulation company, SimplyTapp, announced a $2.5 million addition to this week’s most recent round, bringing its Series B total to $8.5 million and total cumulative funding to $10.1 million.

The Austin-based company announced the first round, which was furnished by Blue Sky Capital and Lightspeed Venture Partners, last November.

SimplyTappHomepage.jpg

The funding comes from mobile payments and rewards company, Mozido, which is also based in Texas.

SimplyTapp demonstrated at FinDEVr San Francisco 2014.

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Fintech Accounted for 10% of Companies Funded Online via Angel List in 2014

By Jim Bruene Posted on
Categories: Funding

angellist-logo.pngIt’s no secret that the fintech sector is hot. We have tracked $6 billion in new investments during the past 6 months alone (see note 1). Most of those dollars are from big VC deals, such as last week’s $58 million to Transferwise and $30 million to Ripple Labs.

But what about smaller fintech seed rounds? While it’s hard to get solid data across all industries, online fundraising through Angel List’s platform provides a few clues.
In 2014, Angel List reported that 243 startups across all tech sectors raised $104 million through its online platform. While the size of the deals aren’t known, we can see that 23 of the companies fit into a broad definition of “financial technology.” That’s just under 10% of the startups funded through Angel List’s new online funding option.
Here’s a listing of the startups funded, including close date of the angel round:
Q1, 2014
—-
RealCrowd (19 Feb)
LedgerX (22 Feb)
Estimize (14 March)
Q2, 2014
—-
Equidate (24 April)
Abacus (30 April)
PayByGroup (13 May)
RealtyShares (21 May)
ZipZap (22 May)
Q3, 2014
—-
True Link Financial (22 July)
Lenda (22 Aug)
MakeLeaps (26 Aug)
Splitwise (11 Sep)
Blockstream (18 Sep)
Cleartax (18 Sep)
OneName (26 Sep)
Q4, 2014
—-
Coinsetter (1 Oct)
Koinfy (2 Oct)
ChartIQ (4 Nov)
Neighbor.ly (4 Dec)
Elsen (22 Dec)
ExpenseBot (26 Dec)
Close date unknown
—————————
OpenDoor
Vouch Financial
——
Note:
1. Includes more than $1 billion raised in IPOs from Lending Club, OnDeck and Yodlee.

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Micronotes Receives $910k in Funding

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Micronotes

MicronotesLogo4.jpgCross-selling is an effective tool in financial services, helping banks market everything from mortgages to new savings accounts. Micronotes‘ Cross-Sell helps banks take the sales conversation from the branch to the online channel.

According to an SEC filing, this week, the Massachusetts-based company announced it pulled in $910,000 in funding, bringing its total to $4.8 million. It plans to use the funding to drive the business to profitability.
MicronotesHomepage.jpg
Micronotes’ Cross-Sell technology enables consumers to lead themselves through the sales process by answering questions about their status and interests. Aside from helping banks generate leads and learn more about customers, it also offers the opportunity to educate customers about products and services.

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Bolstr Raises $1.7 Million in Seed Funding

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bolstr, Funding

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Since its launch in 2011 Bolstr has been on a mission to offer a simple way for small businesses to get financing quickly. It began lending in 2013 and since then, the 1,000+ investors on its platform have delivered $1 million to more than 12 companies.

The Chicago-based startup pulled in its first round of funding yesterday. The $1.7 million comes from Montage Ventures, Kapor Capital, DRW Trading Group, Merrick Ventures, and Wilson, Sonsini, Goodrich & Rosati.

BolstrHomepage.jpg

Bolstr will use the funding to add to its six-person team and scale the platform. It aims to host 15 to 20 deals per month by the end of this year (it did not disclose its current volume).

On the Bolstr platform, accredited investors contribute to small business’ funding campaigns, which range from $25,000 to $500,000. The businesses have 30 days to reach their target amount, but since launch, every campaign has reached its goal within five days.

Businesses retain full ownership and pay investors back over 12 to 36 months, depending on the agreed-upon revenue share. So far, there have been zero defaults.

Bolstr debuted its platform at FinovateFall 2012 in New York.

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Fintech Fundings: 16 Companies Raise $150 Million Last Week of January

By Jim Bruene Posted on
Categories: Funding

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January went out with a bang, with another $150 million invested into 16 fintech companies. Finovate alums secured two-thirds of the cash with four companies taking in $90 million: Transferwise ($58 million), Ripple Labs ($30 million), Bolstr ($1.7 million) and Spreedly ($150,000).

In January, a total of $772 million was raised, $565 million in equity and $200 million in debt. That’s an annual run rate of more than $9 billion, or about $7 billion only considering the equity investments. 
The deals from Jan 24 through Jan 30 in order of size:

International money transfers
Latest round: $58 million
Total raised: $90.4 million
Tags: Remittance, international transfers, FX, payments, SMB, London, UK, Finovate alum
Source: Finovate
Open source payment network 
Latest round: $30 million
Total raised: $39 million
Tags: Cryptocurrency, virtual payments, San Francisco, California, Finovate alum
Source: Finovate
Digital lender
Latest round: $17 million
Total raised: $32 million
Tags: Credit, lending, personal loans, student loans, refi, San Francisco, California 
Source: Crunchbase
Builds trust between business & trading partners
Latest round: $12.5 million
Total raised: $12.5 million
Tags: B2B, SMB, enterprise, payments, identification, security, McLean, Virginia 
Source: Crunchbase
High-tech and high-touch bookkeeping services
Latest round: $7.0 million
Total raised: $10 million
Tags: Accounting, SMB, bookkeeping, Techstars, Vancouver, Canada
Source: Crunchbase
Solutions to automate accounts payables
Latest round: $6.0 million
Total raised: $10.2 million
Tags: Invoicing, billing, SMB, B2B, accounts payables, billpay, payments, Beaverton, Oregon
Source: Crunchbase
Helping consumers manage health care savings accounts 
Latest round: $5.1 million
Total raised: $5.1 million
Tags: Healthcare, payments, HSA, FSA, health insurance, Hunt Valley, Maryland 
Source: Crunchbase

Personal financial mangagement
Latest round: $3.7 million
Total raised: $7.8 million
Tags: Personal finance, money management, consumer, aggregation, PFM, online, mobile banking, Edinburg, Scotland, UK
Source: Crunchbase
Remittances that directly pay for goods & services
Latest round: $2.8 million
Total raised: $3.6 million
Tags: Remittances, payments, P2P transfers, Africa, Paris, France
Source: Crunchbase
Blockchain technology
Latest round: $2.5 million
Total raised: $2.5 million
Tags: Cryptocurrency, payments, blockchain, bitcoin
Source: Crunchbase
Crowdlending for small businesses
Latest round: $1.7 million
Total raised: $1.7 million
Tags: Lending, underwriting, SMB, investing, Carthage, Illinois, Finovate alum
Source: Finovate
Japanese Bitcoin exchange
Latest round: $1.1 million
Total raised: $2.9 million
Tags: Cryptocurrency, payments, Japan
Source: Crunchbase
Social lending platform
Latest round: $1.0 million
Total raised: $1.0 million
Tags: Lending, underwriting, social networks, P2P, peer-to-peer, New York City
Source: Crunchbase
Credit card with highly customizable controls
Latest round: $1.0 million
Total raised: $1.0 million
Tags: Credit, debit cards, customization, YC, security 
Source: Crunchbase
Netherlands Bitcoin exchange
Latest round: $570,000
Total raised: $570,000
Tags: Cryptocurrency, payments, Netherlands
Source: Coindesk
Secure card tokenization technology
Latest round: $150,000
Total raised: $2.2 million
Tags: Credit/debit cards, security, payments, Durham, North Carolina
Source: Crunchbase

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Fintech Fundings: 13 Companies Raise Nearly $400 Million This Week

By Jim Bruene Posted on
Categories: Funding

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The new year finally blasted off this week with nearly $400 million in new money headed to the hot sector ($194 million equity, $200 million debt). The majority of the cash ($322 million or 82%) went to Finovate alums including Kreditech ($200 million), Coinbase ($75 million including money from two retail banks, USAA and BBVA), Motif Investing ($40 million from China), True Link ($3.4 million), and Kofax ($1.9 million). In addition, one Finovate alum, prepaid card white-label specialist Akimbo was acquired by Payment Data Systems.
This brings total funding for the month to more than $630 million ($430 million equity, $200 million debt), a healthy $10 billion annual run rate (see recaps from 1st week, 2nd week of January). 
The deals from Jan 17-23 in order of size: 
Alternative banking & lending products 
Latest round: $200 million (debt)
Total raised: $263 million (includes $215 mil debt)
Tags: Mobile, lending, underwriting, online banking, Hamburg, Germany, Finovate alum
Source: Finovate
Cryptocurrency wallet and exchange
Latest round: $75 million
Total raised: $106.7 million
Tags: Bitcoin, cryptocurrencies, blockchain, Investors: USAA, BBVA, NYSE, San Francisco, California, Finovate alum
Source: Finovate
Giftcard marketplace for buying and selling
Latest round: $56 million
Total raised: $82.2 million
Tags: Prepaid, gift card, merchant, POS, fee income, Chicago, Illinois
Source: Crunchbase
Automated investment advice for consumers
Latest round: $40 million
Total raised: $126 million
Tags: Consumer, investing, robo-advisor, wealth management, ETFs, Renren (investor), San Mateo, California, Finovate Best of Show alum
Source: Finovate
Mobile-first payments platform
Latest round: $9.1 million
Total raised: $14.1 million
Tags: Payments, apps, mobile, SMB, London, UK
Source: FT Partners
Italian payment network
Latest round: $6.4 million
Total raised: $6.4 million
Tags: Mobile payments, micropayments, P2P, peer-to-peer, Milan, Italy
Source: Crunchbase
Prepaid card with advanced controls for seniors
Latest round: $3.4 million
Total raised: $3.4 million
Tags: Prepaid card, credit, debit, controls, security, seniors, YC, California
Source: Finovate
Document and image capture technology
Latest round: $1.9 million
Total raised: $11.5 million (public KOFX)
Tags: Remote capture, enterprise, mobile, Irvine, California
Source: Crunchbase
Social trading network
Latest round: $1.0 million
Total raised: $1.0 million
Tags: Investing, consumer, social networks, Mountain View, California
Source: Crunchbase
Securities market technology
Latest round: $800,000
Total raised: $800,000
Tags: Trading, investment management, enterprise, Bangkok, Thailand
Source: Crunchbase
Secure mobile payments with your signature
Latest round: $700,000
Total raised: $700,000
Tags: Security, mobile payments, Antwerp, Belgium
Source: Crunchbase
Online and mobile payments
Latest round: $500,000
Total funding: $9.0 million
Tags: Payments, mobile, Palo Alto, California
Source: FT Partners
Canadian provider of blockchain-powered smart contracts
Latest round: Undisclosed
Total raised: Unknown
Tags: Bitcoin, cryptocurrency, legal, identity, security, Vancouver, Canada
Source: FT Partners
—————
Exits
White-label prepaid card solutions
Price: $3 million
Buyer: Payment Data Systems
Tags: Prepaid card, gift card, debit, San Antonio, Texas, Finovate alum
Source: Finovate

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Kreditech Secures $200 Million Line of Credit

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Kreditech

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Germany-based Kreditech said, “hallo” to a $200 million line of credit yesterday. Victory Park Capital supplied the debt.

The company has served 2 million customers in 9 countries since launching in 2012. It will use this debt to “address the growing demand for loans of longer durations at fair prices.”

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Kreditech CFO, Rene Griemens says, “Setting the stage for our upcoming Series C financing round, the credit facility will reaccelerate our growth well beyond the 500 percent per year mark.” According to TechCrunch, the impending Series C round will bring Kreditech to a $750 million pre-money valuation before its anticipated IPO in two to three years.

Kreditech uses its big data credit-scoring technology to better serve the world’s un and underbanked population, which accounts for four billion people. Earlier this month it acquired Kontomierz for its KYC technology and ability to get unique data in real-time.

Check out its live demo from FinovateSpring 2014.

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BlueVine Grabs $18.5 Million to Increase Small-Business Lending

By Julie Muhn (@julieschicktanz) Posted on
Categories: BlueVine, Funding

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Being a small business short on funds is never a good thing. However, with more startups tackling short-term funding headaches for small businesses, there are now more options available.

For example, BlueVine Capital raised $18.5 million in a series B round today, bringing its total funding to $24 million. The announcement comes a day after its competitor, Taulia, pulled in $15 million.

The funding was co-led by 83North (formerly Greylock Partners) and Lightspeed Ventures. Silicon Valley Bank, Correlation Ventures and private investors also contributed.

The Palo Alto-based company will use the funding to expand into new verticals and add software integration. It also plans to double its employee base this year.

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In March of 2014, BlueVine beta-launched its cloud-based platform that helps small businesses smooth out their cash flow by freeing up funds stuck in unpaid invoices. Businesses can receive credit lines from $5,000 to $50,000.

Since launch, BlueVine has processed thousands of invoices and provided several million dollars to small businesses in the U.S.

Check out BlueVine’s debut at FinovateFall 2014 in New York.

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Taulia’s Fresh $15 Million to Fuel International Growth

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Taulia

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Invoice management company, Taulia, raised $40 million over the last six months, and brought in even more cash yesterday. The new, $15 million installment, which has been added to its previously-closed Series D round, comes from Zouk Capital.

Since launching in 2009, the San Francisco-based company acquired BillFLO in 2011 and has raised a total of $91 million. It operates primarily in North America and Europe and the new funds will be used to fuel international expansion.

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The growing funding mirrors the company’s rising success. Over the past year, Taulia has doubled the number of employees to 200. Additionally, its network of suppliers has grown by 186%.

At the start of 2015, Tauila brought Rik Thorbecke on board as CFO. In the remainder of the year, the company plans to bolster R&D efforts and expand its enhanced financing options for buyers.

Taulia demonstrated its Early Invoicing Platform at FinovateSpring 2012.

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LendingRobot Pulls in $3 Million to Boost Your Lending Club and Prosper Portfolios

By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, LendingRobot

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Yesterday, LendingRobot received $3 million in funding for its platform that helps individuals invest like pros on P2P lending sites, Prosper and Lending Club. Europe-based Runa Capital led the Series A round.

The new funding, plus the undisclosed amount received in a Seed round last April, brings LendingRobot’s total raised to somewhere north of $3 million.

The Washington state-based company plans to use the funds to add new features, enhance its prediction models, and accelerate growth.

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LendingRobot uses an algorithm to invest users’ available balance in their Prosper and Lending Club accounts to get them the best return.

How is this different from Prosper’s QuickInvest or Lending Club’s Automated Investing?

Think of it as Bid Sniper software for eBay-meets P2P Lending. Popular loans are funded seconds after they are posted on Prosper or Lending Club, usually by institutional investors or hedge funds with automated loan investing technology. By the time the average individual makes their investments, often times the best loans have already been snatched up.

Additionally, it offers its 1,000+ users more than 40 filtering criteria to insure their cash is being invested how they want.

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LendingRobot has no up-front fees, and manages users’ first $10,000 for free, after which it takes 0.45% per year.

LendingRobot was recently named a finalist in SWIFT Innotribe’s Startup Challenge.

We featured LendingRobot in our Behind the Scenes feature in May of 2014. Check out LendingRobot’s live debut at FinovateSpring 2014.

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