UK fintech funding round-up: Timeline, Leatherback & Network B
A handy round-up of the recent funding endeavours of UK-based fintechs.
Timeline, a digital, end-to-end planning technology and turnkey portfolio management platform for financial advisers, has raised £6 million in Series A funding.
Timeline raises £6m in Series A funding
The round was led by MTech Capital, a financial services-focused venture capital firm. Other major participants include global wealth management platform and existing investor FNZ and Darren Carter, non-executive director at Peel Hunt.
Founded in 2018, the fintech’s mission is to help people fulfil their financial goals and retire with confidence.
CEO Abraham Okusanya says: “The capital from this financing will enable us to accelerate our growth and secure a greater share of the market.”
Timeline claims to be the only platform in the UK market that provides independent financial advisers (IFAs) with a digital, end-to-end financial planning and portfolio solution.
Leatherback, a UK-based cross-border payments platform, has raised $10 million in pre-seed funding from Zedcrest Capital, a pan-African principal investment firm.
The fintech offers a multiple currency solution allowing businesses and individuals to conduct global transactions quickly and efficiently through its digital payments infrastructure, promoting business expansion and removing barriers to business growth across continents.
The funding will be used to make new strategic hires and elevate its marketing and branding strategy.
Co-founder and CEO Ibrahim Toyeeb says: “Some of the funding will be deployed to extend its capacity in the many countries it’s licensed in and where it is about to be approved. These include South Africa, Egypt, Uganda, India, and the UAE.”
Before receiving the pre-seed funding, Toyeeb and his partner funded the operation themselves.
Network B, an open banking and card-linked rewards platform, has received an undisclosed investment from Velocity Capital Advisors.
Founded in 2020, Network B says it has seen an increase in sales in the past eight months. The company expects revenue to surpass £3 million by the end of 2022.
The retail rewards platform has access to over 20 million customers with over 3.5 million customers using its open banking and card-linked offers through over 25 publishers and more than 4,000 retail brands.
“Our technology enables us to use open banking and card-linking to drive hyper-personalised customer offers via AI, while ensuring our retail partners are gaining incremental sales,” says CEO Brad Blake.
With Velocity Capital’s investment, he says the company intends to focus on developing its API technology to enhance the loyalty landscape.
