Bank VCs and Startups: A match made in ____?
More and more banks are lending to startups- an action previously avoided in years gone by. But now, as bank legacy tech ‘expires,’ new skills and technology must replace outdated systems; the race to fund and implement is on!
This week’s VC deals reflect the changing demographic of VCs as lenders to Fintechs. With many banking conferences featuring ‘show and tell’ sessions, the industry is grappling with staying ahead of its competition. Read more about how conference sessions have changed into immersive digital banking solution showcases and funding opportunities.
Additionally, one massive deal was recently announced with AlphaSense, which touts itself as an AI-powered “market intelligence solution for leading consulting companies”.
Some notable trends this week…
- Mostly single-digit million-dollar deals
- Banks lined up to play VC.
- Foreign deals dominated (again, like 5:1)
Up next are this week’s top 5 VC deals…
1AlphaSense
$650M, Capital| Equity | NYC | Fintech | Viking Global Investors, BDT & MSD Partners, J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, Alkeon Capital, Alphabet’s CapitalG and Goldman Sachs Alternatives | https://www.alpha-sense.com/
LinkedIn Overview:
“AlphaSense is how the world’s most sophisticated companies remove uncertainty from their decision-making. With market intelligence and search built on proven AI, AlphaSense quickly delivers relevant insights from a trustworthy universe of public and private content—including equity research, company filings, event transcripts, expert calls, news, trade journals, and clients’ own research content….“
2AccountsIQ
$64.5M, Capital| Equity | Ireland | Fintech | BlackRock, Citadel Securities | https://www.accountsiq.com/
LinkedIn Overview:
“AccountsIQ delivers award-winning accounting software that enables forward-thinking, mid-sized businesses to grow faster through automated, data-driven finance...“
3Mad Mobile
$50M, Capital| Equity | Florida | Payments | Morgan Stanley Expansion Capital, Bridge Bank | https://madmobile.com/
LinkedIn Description:
“Mad Mobile is a global technology company specializing in innovative and scalable solutions for the restaurant and retail industries…“
4Spy Cloud
$35M, Capital | Equity | Texas | Fintech | CIBC Innovation Banking | https://spycloud.com/
LinkedIn Description:
“SpyCloud transforms recaptured darknet data to protect businesses from cyberattacks…“
5Nexus
$25M, Series A, Capital | Equity | SF | Blockchain | Lightspeed Venture Partners, Pantera Capital, Dragonfly Capital, Faction Ventures, Blockchain Builders Fund | https://thenexus.ai/
LinkedIn Description:
“A generative AI company, currently doing text-to-image synthesis.”
