2022: Top five fundraising rounds of the year
Capping off 2022, FinTech Futures takes a look back at some of the year’s top fundraising rounds in fintech.
From big ticket raises to humbler amounts, fintech companies have managed to snag themselves varying levels of funding this year despite turbulent market conditions.
We take a look at the top five for 2022.
Wealthtech FNZ secures $1.4bn investment
FNZ is valued at over $20bn
In February, wealth management platform FNZ secured $1.4 billion in fresh funding from CPP Investments and Motive Partners to turbocharge its expansion plans.
The company says the investment, which values FNZ at more than $20 billion, is one of the largest ever primary equity raises in the wealth management sector.
Founded in New Zealand in 2003, FNZ boasts $1.5 trillion in assets under administration and claims more than 20 million customers worldwide.
The platform allows institutional customers to create hyper-personalised products and services that are aligned with the needs of their clients from all wealth segments, including savings and retirement, affluent and high-net worth.
Checkout.com bags $1bn in Series D funding
In January, London-based payment solutions provider Checkout.com raised $1 billion in a Series D funding round that took its valuation to $40 billion.
Primary investors in the bumper financing round included Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund and another large west coast mutual fund manager. A number of existing investors also participated.
The company had said it planned to use the funds to drive its expansion plans in the US and strengthen its balance sheet.
TripActions lands $400m in credit facilities, raises $304m in Series G funding
TripActions had a bumper funding this year
US-based travel, corporate card and expense management platform TripActions was on the receiving end of a bumper funding this year.
At the start of December, it secured $400 million in credit facilities from Goldman Sachs Bank USA and Silicon Valley Bank (SVB). The funding consists of a warehouse debt facility from Goldman Sachs with a $200 million commitment ($300 million total limit) and an asset-backed lending facility of $100 million led by SVB.
TripActions says it will use the new funding to accelerate the expansion of its customer base and to boost the growth of its corporate card and expense management solution TripActions Liquid.
In October, it raised $304 million in Series G financing at a post-money valuation of $9.2 billion.
The fundraise was a mix of $154 million in equity from new and existing investors and a $150 million structured capital transaction led by Coatue.
FTX Trading secures $400m Series C funding at $32bn valuation
Before its highly publicised collapse, FTX Trading, the owner and operator of crypto exchange FTX.com, had closed a $400 million Series C round in February, at a valuation of $32 billion.
Investors in the round included the likes of Temasek, Paradigm, Ontario Teachers’ Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global and Insight Partners, among others.
The round followed a $900 million Series B in July 2021.
Then CEO Sam Bankman-Fried said the financing round would help support the exchange’s global expansion with additional licenses around the world, adding that FTX “will look to continue interacting with regulators to facilitate access to digital assets in a safe and compliant manner”.
Italian BNPL platform Scalapay raises $524m in Series B funding
Scalapay raised over $500m this year
Scalapay, an Italian start-up that enables customers to buy now, pay later (BNPL) without interest, first raised $497 million in Series B funding in February, followed by a $27 million extension in May.
The company had said that the new funding would go towards hiring new staff, product development, and brand building.
Founded in 2019, the company has raised $727 million in funding to date. It hit unicorn status earlier this year with a valuation of over $1 billion.
