TDB Digest

TDB Digest – What’s Cooking in the FinTech and Banking Industry (Issue 16)

Return to previous page

FUNDING NEWS

Oxygen raises USD 17 million in Series A Funding

Oxygen – a digital banking platform announced a $17 million Series A round of funding. The round was led by  Runa Capital, S7V, 1984.vc, EFG Hermes, Rucker Park, and Inventures, in addition to celebrity and prominent fintech investors. Oxygen aims to provide consumers and small businesses flexible and modern banking solutions. Hussein Ahmed, Oxygen CEO said “this investment not only validates what we’ve built but also enables us to continue pursuing our vision of building financial tools that integrate seamlessly with the digital world of today and delight our customers.”

Cred raises USD 81 million in Series C Funding

Cred – a start-up which rewards customers who pay their credit card bill on time, announced that it raised  $81 million in Series C round and bought shares worth $1.2 million its employees. The round was led by DST Global with existing investors such as Sequoia Capital, Ribbit Capital, Tiger Global and General Catalyst also participating in the round. Cred has nearly doubled its customer base which now stands at about  5.9 million which accounts for about 20% of the credit card holder base in India.

Divvy raises USD 165 million in Series D Funding

Divvy –  a financial platform for businesses to manage payments and expenses with features such as real-time transaction tracking and insights into expenses, recently announced that it raised 165 million in Series D Funding round. The investment round included saw existing investors such as NEA, Insight Venture Partners, Acrew, and Pelion and also attracted new investors – Hanaco, PayPal Ventures, Whale Rock, Schonfeld. Funds from this round will enable Divvy to continue to support businesses by providing the required capital to thrive with cutting-edge financial software to manage it.

Mambu raises €110 million in funding

Mambu – a SaaS banking platform recently announced its latest funding round of €110 million in new capital. This round was led by TCV, with additional investment from Tiger Global and Arena Holdings, as well as participation from existing investors such as Bessemer Venture Partners, Runa Capital and Acton Capital Partners. The firm aims to use this capital to accelerate growth and deepen its footprint in over 50 countries with focus on Brazil, United States and Japan where it already operates. Eugene Danilkis, co-founder and CEO of Mambu said: “As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses.”

ACQUISITIONS AND EXPANSIONS

Wahed Invest is set to acquire Niyah

 Wahed – a US-based Islamic-finance fintech company, recently announced it will acquire Niyah – a UK-based fintech focused on building an ethical banking app for the Muslim community. This acquisition comes in right after Wahed’s most recent investment round led by Saudi Aramco Entrepreneurship Ventures. With this acquisition, Wahed aims to help the underserved Muslim community in the UK by offering customers access to interest-free financial products including  digital bank accounts, debit cards and investments through an user-friendly mobile app. Not just limited to UK, the fintech aims to eventually expand its services to customers in North America, Asia, Europe and the Middle East.

N26 expands to Brazil

N26 – a German neobank received the greenlight to “carry out credit operations” such as third-party credit analysis and the ability to issue electronic currency from the Brazilian regulator – Brazilan Central Bank. This expansion is an expected one as N26 had indicated an interest to expand to Brazil way back in 2019. While Brazil represents a large underbanked customer segment, N26 will have to compete with the home grown neobank Nubank which currently has over 25 million existing users.

STRATEGIC INVESTMENT

HQLAᵡ secures EUR 14.4 million in Series B Funding

HQLAᵡ – a fintech focused on securities lending and collateral management has secured EUR 14.4 million in Series B Funding. This strategic investment was secured from BNY Mellon, Goldman Sachs, BNP Paribas Securities Services and Citigroup, and participation from existing strategic partner Deutsche Börse Group. Investment from this round will be used to help address fragmentation in European collateral market by effectively enhancing connectivity between leading triparty agents, custodians and market participants. Guido Stroemer, Chairman and CEO of HQLAᵡ, remarked,” Closing this strategic investment round with BNP Paribas Securities Services, BNY Mellon, Citigroup and Goldman Sachs is another major step towards market adoption.”

 

Return to previous page