This week we’re back with a fresh round of new Top 5 VC deals, and the numbers continue to sky-rocket into the HIGH hundreds of millions and deals in the $200M+ range that are TOO small to make this week’s list. Shocking, isn’t it?
- Two of this week’s five top deals comes to us from India – a growing fintech market.
- The top deal – coming in as a $700M secondary – goes to the crypto sector.
- Two other deals focus on providing credit cards for SMBs and other businesses.
Without further ado, here are this week’s top 5 fintech VC deals for the week below…
1Digital Currency Group
$700M, Secondary | New York, NY | Crypto conglomerate | SoftBank, CapitalG, Ribbit Capital, GIC, Tribe Capital, Emory University |
LinkedIn Firm Overview: “Digital Currency Group’s mission is to accelerate the development of a better financial system. We do this by building and supporting blockchain and digital currency companies using our network, insights, and access to capital. DCG has been the most active investor in the digital currency industry, with investments in over 150 companies in 30 different countries. We also own and operate five businesses: CoinDesk (the industry’s leading media, research, and events platform), Genesis (the industry’s leading institutional lending and brokerage firm), Grayscale (the largest digital currency asset management firm), Foundry (a financing and advisory company focused on digital asset mining and staking), and Luno (a leading global digital asset exchange and wallet.)…”
2Capital On Tap
$615M, Debt | London, UK | Fintech providing credit cards for SMBs| Coatue, Rahul Kishore, Lucas Swisher |
LinkedIn Firm Overview: “Recently listed in Forbes as one of the fastest-growing companies in the UK, Capital on Tap provides vital funding to small businesses across the UK. To date, we’ve lent over £2bn to 120,000+ SMEs. We invest in our team and infrastructure to continuously move faster in an environment that has high energy and collaboration. Far from a beige cube-farm, our corporate headquarters in Old Street provides a dynamic, relaxed and fun culture.”
3Brex
$300M| San Francisco, CA | Credit card provider for startups | Greenoaks |
LinkedIn Firm Overview: “Brex is all-in-one finance for growing businesses. We help companies spend, save, and earn smarter—and take every dollar further—by doing more than a bank, bookkeeping, or reward program could ever do alone. After completing the Y Combinator accelerator program in 2017, Brex has grown to over 600 employees and raised over US $940 million in venture capital. Learn more at brex.com.”
4Acko
$255M, Series D | India | Micro insurtech | General Atlantic, Multiples Private Equity, Canada Pension Plan Investment Board, Lightspeed, Amazon, Accel Partners, Elevation, Ascent Capital, Intact Ventures, Munich Re Ventures, Binny Bansal, Catamaran Ventures, SAIF Partners |
LinkedIn Firm Overview: “ACKO is India’s first and fastest-growing InsurTech company which makes buying and using insurance effortlessly. It was founded in 2016 by Mr. Varun Dua- a serial fintech entrepreneur who set simplicity, affordability and innovation as its cornerstones. In a short span since its inception, Acko has partnered with major tech companies like Amazon, OYO and Ola, and is renowned for its innovative insurance products. The company is backed by Amazon, Accel, Catamaran Ventures, SAIF Partners, Swiss Re Transamerica Ventures and seasoned investors like Ashish Dhawan, Kris Gopalakrishnan, Hemendra Kothari, Atul Nishar, Rajeev Gupta, Venk Krishnan and Subba Rao. Its latest round of funding has also added Binny Bansal, RPS ventures and Intact ventures to its list of investors. Recently, ACKO has won the Golden Peacock Award for innovative product and service, has been featured in LinkedIn’s top 25 startups in India list, Business Today’s Coolest Startups list, and won the Entrepreneur 2019 Startup of the year- Fintech Award.”
5Groww
$251M, Series E| India | Millennial-positioned fintech for investing in mutual funds, futures, derivatives, stocks, and IPOs | Iconiq Growth, Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global, Propel Venture Partners, Alkeon, Lone Pine Capital, Steadfast |
LinkedIn Firm Overview: “We are making finance simple. For millions in India. Groww is on a mission to democratize access to financial services for millions of Indians responsibly. We are a customer-first company. We believe in crafting the best and most delightful user experience for our customers. And we leverage first principle thinking and technology to solve problems at scale.”
We’ll be back next week with more news on fintech VC funding.
