ICYMI fintech funding round-up: Ordo, Plum, Maplerad and more
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.
UK-based open banking payments platform Ordo has raised £10 million in a Series A funding round led by Equinox Systems.
Founded in 2018, Ordo enables businesses to carry out low cost, real-time Request to Pay, e-commerce, Point of Sale (POS), invoice and contact centre payments direct from their customer’s bank accounts into their own bank accounts.
Ordo says the investment will be used to fuel its expansion into sectors including credit and lending, wealth management, government, utilities, property, vehicle distribution and FX.
UK-based smart money app Plum has secured £1 million via crowdfunding platform Crowdcube, achieving its initial target.
Plum secures £1m in crowdfunding
It claims more than 3,700 people from the UK, Greece, Cyprus, France, Bulgaria, Belgium and Spain took part in the crowdfunding round.
Victor Trokoudes, CEO and co-founder of Plum, says: “Plum has worked hard to deliver its promises in 2022, bringing major new features to its app, from introducing commission-free investing and a debit card, to expanding into new European markets and enabling cryptocurrency trading.”
It intends to use the funds to accelerate its European expansion and for further product development and app improvements. Plum recently raised £5 million from Silicon Valley Bank UK.
Nigerian fintech start-up Maplerad has raised $6 million in seed funding in a round led by Valar Ventures.
Also participating in the round were a number of venture capital funds and angel investors.
Maplerad says it will use the funding to build out its product offerings and boost its infrastructure to help businesses and consumers make cross-border payments.
Founded in 2022, Lagos-based Maplerad is a banking-as-a-service (BaaS) platform and operates Wirepay, its cross-border payments product.
Canadian fintech start-up Perch has secured $4 million in Series A funding from Second Century Ventures and BEST Funds.
Founded in 2018, the Toronto-based firm enables Canadians to access insights about their financial data and make “data-driven decisions” regarding their mortgages and real estate.
The platform allows people to compare “thousands” of mortgages from 30+ lenders and get pre-approved in under 20 minutes, view monthly property value estimates and find new savings opportunities on their mortgage from within the Perch account.
It plans to use the fresh funding to scale its operations and hire additional staff.
US-based Sightline Payments, a paytech firm for the regulated gaming industry, has received an undisclosed amount of funding from JP Morgan Payments.
Sightline Payments secures funding
As part of the deal, the two firms will work on developing an integrated omnichannel solution for resort and online gaming companies.
“A gaming patron’s money should be safe, secure, and should follow that patron effortlessly through their digital and brick and mortar lifecycle,” says Omer Sattar, co-founder and co-CEO of Sightline.
Sattar adds that the partnership will deliver a “unique” mobile user experience for gaming industry patrons and “power the digital transformation for gaming operators”.
Founded in 2010 with its HQ in Las Vegas, Sightline Payments is a digital payments provider for sports betting and casino gaming markets in the US.
Earlier this year, JP Morgan Payments announced it would become the primary merchant acquirer for the firm’s flagship Sightline Play+ product.
Egyptian fintech start-up Nexta has landed $3 million in a funding round led by e-finance.
Founded in 2021, Cairo-based Nexta is gearing up for launch soon and is looking to receive its final banking licence from the Central Bank of Egypt in the next few weeks.
“The investment is set to tide Nexta over until its official launch,” the start-up says.
Calling itself a “lifestyle banking” app, Nexta wants to “redefine” the way Egyptian households deal with money. It aims to provide “instant, easy and reliable” money transfers and budgeting, among other features.
