Fintech venture deals surged in the first and second weeks of January, with several mega-deals occurring both in the US and offshore. India, Germany and the Philippines each saw fintech deals closing in excess of $100M USD and two US deals rounded out the top 5 for this past week.
The sectors receiving the highest investments included a SAAS-based banking platform, a corporate spend management firm, a payroll services entity, an Indian B2B e-commerces platform and a telecom-related payments firm.
Following are the top five fintech deals for the past week according to the Digital Wealth News research team. We’re also adding firm overviews moving forward so our readers have additional information on the firms receiving venture investments.
- Globe Fintech Innovations, Inc (Payments) | $175M, Capital Raise | Philippine-based fintech arm of Globe Telecom | Bow Wave, ASP Philippines LP
LinkedIn Firm Overview: “Mynt (Globe Fintech Innovations, Inc.), is a partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations. Its vision is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services. It operates two fintech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer, and Fuse, a tech-based lending company that enables Filipinos to get microloans to business loans without the traditional requirements set by banks and other lending institutions.”
- Udaan (Payments) | $280M Capital Raise| Indian Platform for B2B e-commerce | Undisclosed Investors
Firm Website Overview: udaan is a Business-to-Business (B2B) ecommerce platform, designed to solve core trade problems for small, medium and large businesses across India. It is the largest such national distribution platform of its kind enabling retailers and businesses to source merchandise from manufacturers, brands, white labels, importers etc. on a single platform. udaan brings to users the power of technology to grow their business.
- Mambu (Banking) | $134M| Berlin-based SaaS platform for banking | TCV, Tiger Global, Arena Holdings, Bessemer Venture Partners, Runa Capital, Acton Capital Partners
LinkedIn Firm Overview: Mambu gives financial institutions a powerful competitive edge by allowing them to rapidly create, launch and service any lending or deposit portfolio through a modern SaaS banking platform. Built from the cloud up, Mambu is a powerful alternative to the costs and complexity of traditional core banking systems or custom in-house solutions.
- Divvy (Fintech) | $70M, Series D | UT-based corporate expense management | Hanaco, PayPal Ventures, Whale Rock, Schonfeld, NEA, Insight Venture Partners, Acrew, Pelion
LinkedIn Firm Overview: Divvy is a secure financial platform for businesses to manage payments and subscriptions, build strategic budgets, and eliminate expense reports. By integrating real-time tracking for every business transaction, Divvy provides organizations with instant insight into their spend. With Divvy, you can make informed cash flow decisions, curb losses before they happen, and never have to save a receipt again.
- Paycor (Payments) | $270M| OH-based payroll management services | General Atlantic, WestCap, Activant Capital, Tribe Capital
LinkedIn Firm Overview: More than 30,000 medium-sized and small businesses trust Paycor to help them manage their most valuable asset—their people. Paycor is known for delivering modern, intuitive recruiting, HR and payroll solutions, but what makes us legendary is our singular focus on helping business leaders, entrepreneurs and HR professionals make a real difference in their organizations. Paycor’s personalized support and user-friendly, scalable technology streamlines every aspect of people management, giving our clients the peace of mind to focus on what they know best, their business and their mission. Paycor is recommended by today’s most innovative brokers, bankers, and CPAs.
We’ll be back next week with more news on fintech VC funding occurring in the new year.