North America fintech funding round-up: equipifi, PayEngine & Moves
A handy round-up of the recent funding endeavours of fintech companies across North America.
Arizona-based fintech start-up equipifi, which provides financial institutions with buy now, pay later (BNPL) solutions, has raised $12 million in Series A funding.
equipifi raises $12m
The round was led by Curql Collective via Curql Fund and PHX Ventures.
The SaaS fintech firm says the new funding will allow it to provide BNPL capabilities to banks and credit unions through their existing debit cards and banking apps.
Equipifi says its platform also helps financial institutions deepen customer engagement, grow market share, increase revenue and provide a single place to view, accept and manage BNPL plans on their existing banking app.
Los Angeles-based B2B payments facilitation platform PayEngine has closed $10 million in a Series A funding round led by Point72 Ventures.
Mucker Capital, BAM Ventures and K5 Global also participated in the fundraise.
With the new capital, PayEngine says it will expand its team and clients and develop more financial product offerings.
PayEngine’s platform helps SaaS companies across a range of verticals including home services, automotive, construction, healthcare and transportation improve their payments monetisation strategies.
The firm claims its platform can increase annual recurring revenue (ARR) by “an average of 30 percent” as it allows businesses to set their own merchant rates to retain the majority of their profit while eliminating merchant-of-record liability and implementation complexities.
“Software companies have the opportunity to generate additional revenue from payments flowing through their platforms, but most lack the resources or desire to become a payment facilitator (PayFac) given the complexity and resources required,” says Adam Carson, operating partner at Point72 Ventures.
“PayEngine is a PayFac-as-a-service platform that enables software companies to monetise the payments flowing through their platforms quickly and easily.”
Toronto-based fintech Moves, an all-in-one banking app for gig workers, has secured $5 million in seed funding.
Moves bags $5m seed funding
The round was led by OMERS Ventures and a group of former gig economy and consumer technology senior executives from Airbnb, eBay, Facebook, Lyft, Uber and Shopify. Other investors include Panache Ventures and N49P Ventures.
Moves launched its mobile app in 2021 and has since built its products in partnership with gig workers.
The platform provides financial services exclusively for gig workers and additional features such as early deposits for weekly payouts, earnings insights across 16 supported apps and cash advances up to $1,000.
The fintech firm boasts over 10,000 members who it says are collectively “on track to earn over $56 million by year’s end”.
