It’s The Fintech Times Bi-Weekly News Roundup on Thursday 21 December 2023.
Funding and investments
web3mine, an open-source innovation lab building Web3 tools that help humanity transition to community-owned and -governed internet infrastructure, announces its emergence from stealth mode following a successful $6million seed funding round. The funding round was led by 1kx and also included Protocol Labs. The seed funding is being allocated to develop the core services of web3mine.
TRES, the accounting and financial data reporting platform for crypto assets, has raised $11million in Series A financing. The successful round follows a record growth year as over 100 customers signed up to manage, monitor and reconcile their collective assets worth $19billion since the company’s launch. The funding will fuel TRES’ ongoing mission to provide solutions for tracking, monitoring and reporting all financial activity across every blockchain.
Spare, an open banking services provider, has closed a $3million funding round led by Vision Ventures with participation also from Wa’ed Ventures and Seedra Ventures. The funds will be predominantly allocated for talent acquisition, marketing as well as operations in KSA.
Fiat Republic, a banking-as-a-service (BaaS) platform, has raised $7million in a seed extension round. Kraken Ventures, Fabric Ventures, Arca and Inovo Ventures, as well as existing investors Speedinvest, Credo Ventures and Seedcamp took part. It has earmarked the funds for strategic hires, strengthening banking partnerships as well as expanding to new territories.
Tabby, a shopping and financial services app in MENA, has secured up to $700million in receivables securitisation from J.P. Morgan. The deal represents the largest asset-backed facility obtained by a fintech company in the MENA region. Tabby has also extended its Series D financing to close $250million with participation from Hassana Investment Company.
More funding updates
Hakluyt Capital has unveiled its first investments – AI-powered platform Interos, AI security company CalypsoAI and AI software platform Viz.ai. Hakluyt Capital invests alongside VC funds, and targets Series B to D companies with international ambitions and high growth potential. Its team across the Americas, Europe, the Middle East and Asia works closely with portfolio companies to identify and introduce potential customers, as well as to navigate policy and regulatory issues around the world.
Vestwell, the New York-based fintech, has completed a $125million equity round. The raise was a preempted round led by Lightspeed Venture Partners, with additional participation from existing investors Fin Capital, Primary Venture Partners, and FinTech Collective. Plus, newcomers Blue Owl and HarbourVest. The funds will accelerate the expansion of Vestwell’s offering to include new products.
EnKash has successfully secured regulatory approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name Olympus. Following the regulatory approval, EnKash is ready to bring further innovation to the B2B payment business. Since its launch, the company has helped over 2,50,000 businesses digitize and decentralise their corporate payments.
Origence, a credit union lending technology company in the US, has partnered with Tesla to offer credit union financing to EV buyers through the Tesla website. This partnership will provide Tesla buyers with more options through competitive rates and extended financing terms. Origence establishes subsidiary, FI Connect, to power credit union financing with new consumer EV financing solutions.
Alchemy Pay, a fiat-crypto payment gateway, has entered into a strategic partnership with Worldpay, the global acquirer, to amplify its payment channels and elevate its payment capabilities. This partnership grants access to Worldpay’s Visa and Mastercard payment rails on Alchemy Pay’s On & Off-Ramp, empowering users to enjoy increased efficiency and better customer experience when buying as well as selling crypto using their credit and debit cards.
Trigger Software has partnered with Mambu to launch Neobank Engine aimed at companies who want to launch a digital neobank at a fixed cost and fixed time. Trigger Neobank Engine also ensures that Android and iOS apps are adapted to the bank’s brand book, style guide and tone of voice.
Careem and Mastercard have launched a new sustainability campaign that will support Mastercard’s Priceless Planet Coalition, a global initiative that unifies efforts to restore 100 million trees. For every Careem Pay wallet top-up transaction using a Mastercard debit card, Emirates Nature-WWF will plant a mangrove in the UAE on behalf of the cardholder.
Europa Underwriting, a MGA, has selected Covernet, an insurance software provider, to streamline its policy management processes and elevate operational efficiency through the implementation of the Covernet ISMIS platform. The platform will automate the collection and processing of full cycle EDI messages for Europa Underwriting.
Sygnum Bank announces a strategic partnership with Aquila GVM Consulting SA, an independent wealth management firms in Lugano with traditional asset management expertise. Aquila GVM Consulting will leverage Sygnum’s crypto-native all-in-one digital asset banking services. Sygnum is also increasing its commitment to the innovative growth in the crypto and DLT hub in Lugano.
Hinckley & Rugby Building Society has appointed Barry Carter as the mutual’s new CEO. The Society confirmed that current CEO, Colin Fyfe, is stepping down after five years in the role. Carter is currently the Society’s chief operating officer; a role he has held since July 2022. Fyfe, will begin his new role as CEO of Unity Trust Bank in 2024.
Climate X, a climate risk financial data company, announces Manuel Vicente as VP of commercial strategy. Vicente will spearhead the company’s efforts to integrate cutting-edge climate risk technology and analysis into global financial strategies. He has held strategic roles in global finance for more than 25 years.
Landvault, a metaverse-tech company, has named Muhammad Hamza as vice president of business GCC. He will further drive Landvault’s business strategy and oversee its international expansion in the GCC region. Hamza has previously worked at Emirates & Dnata Group, Wafi Group and Dubai World. Landvault has built over 100 million square feet in virtual experiences for brands including Mastercard and Standard Chartered.
Socure, a provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, has welcomed three new executives. Arun Kumar as CTO, Katia Mar as SVP marketing and Steve Rooney as SVP global sales will support Socure’s growth and its commitment to offer pioneering innovative solutions in an increasingly digital world.