Hello VC Friends! WELL……this was an interesting week. So much going on politically and within the markets, and yet….the VC sector for digital wealth seemed to push forward with more mega funding rounds as if it had blinders on. Quite interesting. We hear there is some SERIOUS dry powder out there still – to the tune of $5 Trillion USD – so we suspect we’ll continue to see these mega deals for the foreseeable future.
- Our top deal this week came in at $624M (debt & equity) for a British POS payments system – that is some serious coin in an otherwise nervous market;
- Neobanks are still out there and still raising capital – this week we feature one out of India with a total debt & equity round of $270M – another sizable fund raise;
- CRYPTO may be tanking in the markets at present, but CRYPTO NEVER DIES. Our last 3 “Top 5” deals fall within institutional digital assets (where the smart money lives) and an NFT marketplace. So don’t chalk that sector off anytime soon.
Without further ado, here are this week’s top 5 fintech VC deals for the week below, in order from highest to lowest funding levels.
$624M, Debt & Equity | UK | POS Payments | Bain Capital Tech Opportunities, BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, Sentinel Dome Partners |
LinkedIn Firm Overview:
“SumUp is a leading financial technology company, operating across 34 markets on three continents. We’re building a world where small businesses can be successful doing what they love. We empower business owners by enabling them to accept card payments in-store, in-app and online, in a simple, secure and cost-effective way. Today, our card readers are used by over 2 million merchants around the world. We’re continually developing new ways to help our customers do business, and our solutions are always intuitive and inclusive. We’ve launched multiple new products in 2020, including SumUp Invoices and Mobile Payments.“
$270M, Series C (Equity & Debt) | India | Neobank | Uncorrelated Ventures, Abstract Ventures, Fasanara Capital, Altara Ventures, Kravis Investment Partners, Snow Leopard |
“Stashfin is a neo-banking platform with a mission to deliver seamless and transparent financial services to consumers across a wide spectrum. Our aim is to empower the customers by improving their financial health, which will lead to inclusivity, growth and economic independence. Stashfin has disrupted the traditional banking formats and our purpose is to cater to the unforeseen needs of the underbanked and bridge the widening credit gap in India, thereby enabling customers to take control of their finances. We offer flexibility and affordable interest rates to reduce the financial burden for users. We are also striving to create an opportunity for people with a limited credit footprint, enabling them to embark upon their financial journey successfully. We’ve already assisted millions of customers, creating a mind-set of trust and convenience with our distinct proposition.”
$150M, Series D | San Mateo | Institutional Digital Asset Platform | GIC, B Capital, Thoma Bravo, Wellington Management, Adams Street, Tiger Global Management |
LinkedIn Firm Overview:
“FalconX is a digital asset trading platform that provides clients fast, secure and reliable execution using data science to eliminate slippage and hidden fees. We’re fortunate to be backed by a wide range of investors including: Accel, Fidelity, B-Capital, Tiger Global, Accomplice, Coinbase, Fenbushi Capital, Flybridge Capital, Lightspeed Venture Partners, and others.”
$130M, Series B | CA | NFT Marketplace on Solana | Electric Capital, Greylock Partners, Lightspeed Venture Partners, Paradigm, Sequoia Capital
“Magic Eden is the #1 NFT marketplace on Solana. Home to the next generation of digital creators. Our mission is to be the only destination for discovering, trading, and creating NFTs. Magic Eden aims to bring the strongest user-friendly experience with cutting-edge tools and support that will allow creators to seamlessly mint and generate digital content and lead the fate and growth of their digital communities online. Magic Eden is backed by the industry’s leading investors including: Coinbase Ventures, Alameda Ventures, Solana Capital and Co-founders of Phantom.”
$100M, Series B | Las Vegas | Digital asset-focused trust company | FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, Seven Peaks Ventures |
LinkedIn Firm Overview:
“Prime Trust powers innovation in the digital economy by providing fintech and digital asset innovators with financial infrastructure. Our API platform and plug-and-play widgets allow companies to build seamlessly, launch quickly, and scale securely.”
We’ll be back next week with more news on fintech VC funding.