Friends, we have a fresh new format for you this week, as we continue to see more stratospheric investment in fintech.
That said, in our past two weeks, every Top 5 VC deal has been over $200M, and this week, we saw those numbers drop somewhat. Time will tell if this foretells a future trend of lowering investment numbers in the sector. In the meantime….
- The deals this week came from India, France, New York & Asia
- The largest capital allocation – $260M USD – went to an Indian crypto exchange. Crypto is getting serious traction in that massive market.
- The most unexpected allocation went to Parisian employee benefits firm Swile which has created an app to manage employee benefits.
Without further ado, here are this week’s top 5 fintech VC deals for the week below…
$260M, Series C| Indian cryptocurrency exchange| Andreessen Horowitz, Coinbase Ventures, Paradigm, Ribbit Capital, Sequoia Capital, Tiger Global |
LinkedIn Firm Overview: “CoinSwitch Kuber is the largest crypto trading platform in India with a user base of 10M+, in just 15 months and growing every second. Currently we make buying and selling crypto as simple as online shopping – but at CoinSwitch we are not only building a unique product, we are defining an industry. Everyday we work on industry first problems with the resolve to bring out the best and most simple solutions for our users.”
$200M, Series D | Parisian employee benefits platform | SoftBank, Eurazeo, Index Ventures, Bpifrance |
LinkedIn Firm Overview: “Swile is the 1st card that brings together all of your employee benefits: meal vouchers, gift vouchers, commuter benefits… as well as an exclusive app for team life which includes collections, team events, P2P payments and more! Swile is first and foremost a meal voucher card unlike any other. Spend what you want where you want, checking out has never been so easy! There are numerous personalized options so that your Swile card fits your lifestyle. It also works with Apple Pay and Google Pay. Swile also caters to gift vouchers. Whether online or in your local shop, Swile has you covered. With our deals and discounts feature, find sales all year round for your favorite brands. How about cultural events? With Swile, you have access to a vast ticketing network (theaters, cinemas, amusement parks, trips or hotels)….”
$180M, Series C | New York-based marketing intelligence firm | a16z, Coinbase Ventures, Sequoia, Winklevoss Capital, Polychain Capital, Pantera Capital |
LinkedIn Firm Overview: “AlphaSense is a market intelligence platform used by the world’s leading companies and financial institutions. Since 2011, our AI-based technology has helped professionals make smarter business decisions by delivering insights from an extensive universe of public and private content—including company filings, event transcripts, news, trade journals, and equity research. Our platform is trusted by over 1,600 enterprise customers, including a majority of the S&P 100. Headquartered in New York City, AlphaSense employs over 450 people across offices in the U.S., U.K., Finland, and India.“
$160M ($60 million, Series F Equity & $100 million, Debt) | New York-based robo-advisor | Treasury, Kinnevik, Anthemis Group, Bessemer Venture Partners, Aflac Venture |
LinkedIn Firm Overview: Betterment is an investing and savings app that serves one purpose—to help you grow your money, so that you can live better. Sign up effortlessly to get goal-setting and planning tools at no extra cost. For one low, transparent fee, you can invest your money with automatic deposit and trading features that put your money to work. Earn with interest and investment growth—plus maximize your savings with rewards on your everyday spending. Learn more at Betterment.com. Investing involves risk and performance not guaranteed.“
$152M, Series B | Vietnamese & Singapore-based crypto gaming firm | Viking Global, Goldman Sachs Asset Management |
LinkedIn Firm Overview: “Sky Mavis is a technology-focused game studio. We create: Virtual worlds with player owned-economies; Marketplaces for trustless trading of unique digital assets; Infrastructure that enables our products to reach millions of players worldwide. Our flagship product, Axie Infinity, is the #1 game on Ethereum by daily, weekly, and monthly active players. By using blockchain technology and incentive design Axie Infinity has transcended traditional games and evolved into a complex digital nation. Although still in early access, it has generated over $4M in revenue (7000 ETH).”
We’ll be back next week with more news on fintech VC funding.