The past week was herky jerky (I always have to look up the spelling of that) in the VC funding sector for digital wealth. Two deals went over the $100M mark – the rest fell under. Overall, the trend of lower funding levels is continuing, even as inflation continues to spiral up. Something’s gotta give here. Anyhoo – some trends to takeaway from the latest funding round winners for hte week.
- The top deal came in this week $315M for an insurtech;
- This is a first – one of our winners is named after a fish (why?) – and it built the compliance and fraud prevention platforms behind Revolut & Coinbase;
- Our top deals this week originated in the US (with 3 of 5), India & Switzerland.
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.
$315M, Series D| Washington DC | Insurtech for Small Businesses | Centerbridge Partners, Allianz X, White Mountains Insurance Group, Gallatin Point Capital, Greycroft, Acrew Capital | https://pieinsurance.com/
“Pie is transforming small business insurance—starting with workers’ compensation. Our team of seasoned technology and insurance experts is on a mission to make insurance less expensive, simpler, and more transparent for small business owners. In other words, we’re making it as easy as pie.“
$115M, Series A | NYC | Private Capital Platform | Tiger Global, 8VC, Michael Dell, Clocktower Ventures, FinVC, HOF Capital | http://www.optoinvest.com
“Our mission is to ensure that the financial system is routing money to the best ideas while helping people build and protect their long-term financial health.
Our investment platform provides financial advisors with expert insights and tools to help them discover, execute, and service private investment strategies that help their clients build long term wealth.”
$75M, Series C | India | Insurtech API Platform | Creaegis, ICICI Venture, Bessemer Venture Partners | https://www.zopper.com/
“Looking to provide insurance solutions for your business or for your customers? Look no further! Zopper’s Insurance Infrastructure APIs will enable insurance solutions for you in no time. Right from creating a customized insurance plan for you and your customers, to providing the right APIs, we offer a complete product solution. We partner with Lifestyle, Digital and Financial Ecosystem companies to offer bespoke and off-the-shelf insurance solutions.”
$51.5 million, Series B | SF | ACH & Fraud Prevention | Andreessen Horowitz, XYZ, Nyca Partners, Sound Ventures, Activant Capital, Visa, Google Ventures, Eric Schmidt, Vikram Pandit, The General Partnership, NAventures, ING Ventures, ConsenSys, Cross River Digital Ventures, Alloy Labs, Uniswap Labs Ventures | https://www.sardine.ai/
“Our team built the fraud prevention and compliance infrastructure that scaled both Coinbase and Revolut. Now, you can build on our platform to stop payment fraud, and increase customer conversion. Fund settlement without the wait times for bank payments, international remittance, virtual cards, and crypto. Offer your customers more payment options, without worrying about fraud. Secure your customer’s money with the world’s most advanced identity, behavior biometrics and device intelligence. Build faster, while spending less on compliance. Our fraud prevention tools, come bundled with 100’s of pre-configured and tested typologies. Easily customizable, with our easy to use no-code rule builder. Sardine offers one API integration to protect all of your valuable customer flows. We built a comprehensive, easy-to-use API, so your team doesn’t need to spend months evaluating and integrating dozens of disparate systems.“
$50M | Switzerland | Layer 1 blockchain platform | GEM Digital Limited | https://grngrid.com/
LinkedIn Firm Overview:
“GRNGrid is a sustainable way to use crypto without compromises.
Introducing a new consensus mechanism PoSv2 for GRNGrid’s own blockchain (called Grid) and introducing innovating features for a greater user experience and easier use of crypto. Join the GRN journey and help us build a better future.”
We’ll be back next week with more news on fintech VC funding.