There may be talk of a venture capital slowdown, but B2B FinTech saw a busy week, with more than $280 million raised. Investors found promise in startups that target financial institutions (FIs) with software to improve their own services, as well as FinTechs that offer small business solutions by wielding their bank data. But the biggest round of the week went to a challenger bank, which also secured unicorn status with its latest funding.
Though it did not disclose how much it raised, Singapore FinTech platform Nium announced a new investment round led by Visa and several existing backers. BRI Ventures also joined as a new investor, the company noted. Nium bridges businesses with technology to streamline the way they send and receive payments, with a focus on small and medium-sized businesses able to offer their own remittance offering, InstaReM, via Nium’s remittance-as-a-service product. The company said it plans to further build out its payments offering and continue to target SMBs, corporates and FIs as it expands throughout Europe, India, the U.K. and the U.S.
In the U.K., Banked announced a $2.9 million investment round, reports in ProlificLondon said. The company offers banks, businesses and consumers real-time payments capabilities via its API. With the latest addition to its seed funding round, the FinTech plans to expand its commercial relationships and growth throughout Europe. Backers included Force Over Mass, which led the round, as well as Backed, Acrew Capital and several other individual investors.
U.K. business accounting startup Countingup announced a $4.94 million funding round led by ING, as revealed on the investor’s website this week. Targeting freelancers and self-employed professionals, Countingup offers a mobile-first banking solution that merges accounting and banking. Triple Point, BiG Start Ventures and CVentures also participated, the announcement said, though Countingup did not reveal how it plans to deploy the funding.
Cybersecurity startup Hub Security, which targets FinTech, cloud storage and blockchain companies, has raised $5 million in Series A funding from AXA Ventures. OurCrowd also participated in the backing, per a press release from the Israel-based startup. Hub Security plans to deploy the investment toward growing its team and bolstering its product offering, with a focus on financial service providers. The company noted that its cybersecurity offerings can enable seamless access to credit and corporate banking tools, including global payments, through a mix of hardware and software.
Targeting FIs as its core customer base, Treasury Prime offers banking automation software to ease back-office workflow friction. Per reports, the company raised $9 million in a Series A funding round led by Amias Gerety of QED, while SaaStr’s Jason Lemkin and NYCA Partners’ Hans Morris also participated. The company links to banks via API to modernize their operations and enable FIs to more efficiently collaborate with other FinTechs.
Logistics startup Loadshare Networks, based in India, has notched $13.3 million in Series B funding, VCCircle reported this week, with Singapore’s Beenext leading the investment. CDC Group also joined as a new investor, while existing backers Matrix Partners, Stellaris Venture Partners and Alteria Capital also participated. As the company targets new verticals, including consumer goods, grocery and pharmaceuticals, with its logistics software and delivery capabilities, the firm will also continue to target SMBs in the logistics arena.
France’s Agicap recently revealed a $16.3 million funding round led by Partech, which the firm will use to expand its sales team. The company targets small and medium-sized businesses with technology to track and manage finances using cash flow data analytics. Data is collected as a result of the FinTech’s direct integration into user bank accounts as well as their accounting, factoring, ERP and other back-office platforms.
Business spend management company Corcetric has revealed an $80 million capital raise led by private equity firm Bregal Sagemount, a press release said. Corcentric will deploy the funds to focus on product innovation and integration, as well as to expand globally. The investment follows an acquisition spree for Corcentric, as the company expanded its capabilities throughout the source and procure-to-pay spaces, supporting expense management and automation in both AP and AR.
Securing unicorn status, Australia-based B2B FinTech Judo Bank announced a $230 million funding round, with investors including existing backers Myer Family Investments, Bain Capital Credit and the Abu Dhabi Capital Group, reports in Smart Company said. According to the publication, the investment makes Judo Bank the first Australian challenger bank to receive a $1 billion valuation. The company targets small and medium-sized businesses with lending offerings. Having secured its banking license last year, Judo Bank has expanded its financial services offerings for SMBs. The company will continue to focus on small firms moving forward, the FinTech told the publication, particularly as it looks to help its clients endure market volatility as a result of the pandemic.