ICYMI fintech funding round-up: Banco and Stake
At FinTech Futures, we know that it can be easy to let funding announcements slip you by in this fast-paced industry. That’s why we put together our weekly In Case You Missed It (ICYMI) funding round-up for you to get the latest funding news.
Dubai-based digital real estate investment platform Stake has secured over $8 million in pre-series A funding.
Stake raises over $8m
Stake claims the round was oversubscribed and is the largest capital raise by a real estate investment platform in the MENA region.
The round was led by MEVP and BY Ventures with participation from returning investors Vivium Holding and Combined Growth Real Estate. The new funding follows a $4 million seed round held in June 2021, bringing the company’s total funding to over $12 million.
It plans to use the new cash to develop its product and technology, hire more staff and expand its operations within the region.
Stake says it intends to enter Saudi Arabia and Egypt by the first quarter of 2023.
Singapore-based fintech firm Banco (RABC Group) has bagged $6.7 million in Series A funding.
The round was led by Japan-based SBI Group, with participation from Sumitomo Mitsui Banking Corporation (SMBC), R3, Savills and KZM and Company, among others.
With the fresh funds, Banco says it aims to recruit new staff with technology and business development expertise, as well as look into market expansion within the Southeast Asia region.
Founded in 2018, Banco is headquartered in Singapore with subsidiaries in China and Japan. The company offers financing solutions for small and medium-sized enterprises (SMEs).
