Friends, with our lead writer out for the past few weeks, we temporarily shifted up our content offering, and this column went “on vacation”, but only for a moment. BUT WE’RE BA-ACK!!! And we have some great new deals to report, and for this week, we’ll reach back a few weeks for our Top 5 VC deals.
Some trends worth noting for the week:
- We’re back at $100M+ number on three of the top five deals – of late, this deal size has become much more rare;
- Our funding winner for the week was a rewards platform for renters helping them gain traction on the road to home ownership – something we think is quite innovative and very much needed;
- With quite a diverse set of fintech sectors, we think it’s fascinating we’re seeing POS finance, a white label insurtech platform and a construction financing offering this week. Every company we’ve listed below looks to be a great new vertical and we’re excited to see the innovation in digital wealth charging forward, even in an incredibly challenging economic climate.
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.
$150M | NYC | Co-branded credit card offering for renters | Left Lane Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, Smash Capital, Prosus, Kairos |
“Bilt Rewards is the first-ever rewards program that allows renters to earn points on rent and builds a path towards homeownership. With an alliance of the nation’s largest real estate owners, Bilt Rewards will enable renters in more than two million units across the country to earn points just by paying rent. Launched in June 2021, Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers for travel across over 100 major airlines and hotel partners; fitness classes at the country’s top boutique studios; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and the ability to use points for rent credits or towards a future downpayment. Bilt has also partnered with Mastercard and Wells Fargo to create the Bilt Mastercard – the first and only credit card that can be used to pay rent with no fees. In October 2022, we announced a valuation of $1.5 billion following a $150 million growth round to advance our loyalty program and credit card for renters.“
$110M | Canada | POS Sales & Management Platform | Francisco Partners | https://www.touchbistro.com/
“TouchBistro is an all-in-one POS and restaurant management system that makes running a restaurant easier. Providing the most essential front of house, back of house, and guest engagement solutions on one powerful platform, TouchBistro helps restaurateurs streamline and simplify their operations – allowing them to spend less time manually connecting the dots, and more time connecting with guests and growing their business.“
$100M | Austin | Payments solutions for subcontractors | LL Funds LLC | https://billd.com/
“Tackling one of the biggest pain points in the construction industry, Billd offers commercial subcontractors financing terms that finally align with their payment cycles. Supply chain finance has long been broken in construction, leaving contractors footing the bill for materials and labor far before they’re paid for their work. With a flagship product that offers 120-day terms on material purchases, subcontractors can now improve their cash flow to take on larger projects, finish projects faster, and grow their business.“
$90M | California | Wealth ManagementPlatform | Capital India, Ribbit, Coatue, Eric Schmidt, Betsy Cohen, Michael Milebach, Jeff Dean | https://artafinance.com/
“We believe in using technology to make life simpler, easier, and a bit more beautiful. We are a group of product builders, machine learning researchers, and investment professionals who have created products for billions of users and run businesses worth billions of dollars. Our investors include some of the biggest names in tech and finance. Now we’re on a mission to rethink an industry that is primed for change.”
$70M, Series D | NYC | Insurtech | Dawn Capital, Atlas Merchant Capital, King River Capital | https://covergenius.com/
“Cover Genius is the insurtech for embedded insurance that protects the global customers of the world’s largest digital companies including Booking Holdings, owner of Priceline, Kayak and Booking.com, Intuit, Hopper, Skyscanner, Ryanair and Descartes ShipRush. We’re also available at Amazon, Flipkart, eBay, Wayfair and SE Asia’s largest company, Shopee. Cover Genius’ vision is to protect all the customers of the world’s largest online companies through XCover, an award-winning global distribution platform for any line of insurance or warranty, with an API for instant claims payments that holds an industry-leading NPS of +65‡. Cover Genius and partners co-create solutions that embed protection that’s licensed or authorized in over 60 countries & all 50 US States. ‡ The score includes any type of claim and claim outcome across our partner network except for those partners with less than 30 claims and those not assessed by Cover Genius.“