#DoneDeal FinTech Weekly Newsletter powered by Marcel van Oost
Connecting the dots in FinTech...
Connecting the dots in FinTech...
REPORT
👀 NEWS HIGHLIGHT
Bold, a financial technology company building an electronic payments infrastructure in Colombia, raised $50 million in Series C funding in a round led by existing investor General Atlantic.
International Finance Corporation, a member of the World Bank Group, joined existing investors InQLab and Amador in the round. In total, Bold has raised $130 million, company co-founder and CEO José Vélez told TechCrunch.
💡INSIGHTS
Global IT and fintech company, Digital Wallet Corporation (DWC), has reached an agreement with Seven Bank, a Japanese bank run by Seven & i Holdings Co Ltd, operating Seven-Eleven stores in Japan, to acquire its subsidiary and international money transfer service, Seven Global Remit.
DWC owns and operates Smiles Mobile Remittance (Smiles), known as Japan’s first and most popular mobile remittance application. This acquisition will allow DWC and Seven Bank to collaborate in redefining and improving the landscape of international money transfer services and financial inclusion for foreign residents in Japan.
🤝 M&As
Barclays to buy most of Tesco’s banking business for £600mn. Barclays said that it would take on Tesco Bank’s credit cards and unsecured personal loans, totalling about £8.3bn of lending balances.
Tembo announces acquisition of Lifetime ISA provider Nude Finance. With the acquisition, Tembo will now be able to offer its customers Nude’s award-winning Lifetime ISA.
HiBob is acquiring UK payroll startup Pento. The acquisition came about after seeing the fragmented payroll market in the UK with HiBob opting to go one step further than integration, CEO Ronni Zehavi told Business Insider.
Ripple to acquire Standard Custody. The move underscores Ripple's commitment to regulatory compliance and enables the company to expand beyond its primary payments network into other blockchain-based financial products for institutional clients.
Virgin Money acquires abrdn's stake in joint venture wealth platform. The business has added a pension product for users to save from just £25 a month and shift existing pensions to the platform.
Nordic Capital acquires Zafin. The investment is made in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital.
Payroc Elevates Canadian Market Presence with Best-of-Breed Card-Present Solutions through SterlingCard Acquisition. Payroc proudly announces the successful acquisition of SterlingCard Payment Solutions Inc., based in Markham, Ontario.
Juspay acquires LotusPay to strengthen recurring payment offerings. This augments Juspay’s offerings to BFSI segment and merchants, with a particular focus on enhancing its recurring payment capabilities.
Paytm is considering the acquisition of Bitsila. Acquiring Bitsila would enable Paytm to extend its presence within the network to the seller side, enhancing its market reach.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🎉 NOTABLE FUNDING ROUNDS
⭐️ Digital banking platform Freo raises debt funding from Sidbi.
⭐️ Pluto Markets, a Danish fintech startup that offers stock trading, has raised $2.6 million.
⭐️ Cascading AI secures $3.9m in pre-seed funding.
UK 🇬🇧
Finom, a European neobank aimed at SMEs and freelancers, has raised €50 million ($54 million) in a Series B equity round of funding. Finom lets businesses open up an online bank account in minutes.
EUROPE 🇪🇺
Bitwala raises investment from Blockchain Founders Fund. The strategic investment opens Bitwala’s low-fee trading and debit card service to global partnerships.
Navro secures EMI licence and raises $14m to revolutionise global payments. Formerly known as Paytrix, it has concurrently announced that the Central Bank of Ireland has authorised its EMI licence.
USA 🇺🇸
Pagaya secures five-year $280m credit facility led by BlackRock. The company says the new facility “extends its corporate debt maturity to 2029” and “provides the capital and liquidity needed to support the company’s future growth”.
Mia Share, a full-stack payments solution designed specifically to meet the tuition management and payment needs of trade and technical schools, today announced that it has closed its seed round with $6.5 million in funding.
SVB strikes $50M debt deal with Toronto fintech Float. Toronto-based fintech Float has secured $50 million in debt financing from SVB to help expand its corporate credit program.
Fordefi Raises $10M to Make Crypto Safer With Institutional-Grade Wallet to Retail-Facing Platforms. Fordefi aims to make crypto safer with its self-custodial wallet with multi-party computation (MPC) that divides a single private key among multiple parties.
Rising Fintech LoanStar Secures US$28m in Growth Equity. LoanStar plans to use US$12m of the funding round to expand its sales and marketing organisation, continue investment into its market-leading technology platform.
Anatomy Unveils AI-Powered Financial Automation for Healthcare Organizations. Anatomy uses AI to automate the healthcare back-office by linking bank, claims, and accounting data to provide real-time financial insights and automated reconciliation.
CANADA 🇨🇦
Code Raises $6.5m in Seed Funding. The company intends to use the funds to accelerate the growth of its new global payments platform.
Sibli Secures Us $4.5m Seed Financing. The Sibli technology leverages the latest advancements in NLP and generative AI to process vast amounts of unstructured data find relevant insights.
LATAM
Paytech Coba raises US$2.2 million. Coba is bringing the next evolution in cross-border financial services: completely optimizing the way remote workers in Latin America receive, save and spend their money.
Techreo has successfully closed a $3.4 million convertible capital investment round. This funding is earmarked for innovation, expansion, and consolidation efforts in Mexico and Bolivia.
Fintech Plataform received US$3M investment to consolidate its service portfolio. With these resources, the fintech will seek to consolidate its portfolio of services to finance more than 100,000 Colombian and regional companies.
ASIA
Crypto Payments App Oobit Raises $25M in Series A Funding Round Led by Tether. The firm is planning to open up the capability to third-party wallets, which will transition Oobit into a non-custodial crypto payments app.
Kema Raises $2m to Transform B2B Cash Flow in MENA. Kema aims to revolutionise financial workflows for B2B SMEs, a segment historically underserved in terms of both capital and solutions.
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