ICYMI fintech funding round-up: BondIT, Paywatch, 1fs Wealth 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.
Israel-based BondIT, which provides investment technology, has raised $14 million in a new funding round led by BNY Mellon, with participation from existing investors.
As part of the investment, BNY Mellon will join BondIT’s board of directors.
“This investment will help us accelerate innovation and offer clients a unique holistic solution for fixed income investing,” says Etai Ravid, CEO and founder of BondIT.
“As bond investors are keen to lock in higher yields, our versatile technology and data-driven approach can help them increase automation to improve efficiency and performance, and better mitigate risk.”
BondIT make use of machine learning and artificial intelligence (AI) to automate and optimise fixed income portfolio construction, management and research.
Southeast Asian earned wage access (EWA) provider Paywatch has raised $9 million in a pre-series A funding round led by existing investor Third Prime.
Paywatch raises $9m
Also participating in the round were Hana Ventures (the venture arm of Hana Financial Group in Korea), Parkwood Corp and endowments of Vanderbilt University and University of Illinois Foundation.
Founded in 2020, Paywatch currently operates in Malaysia and South Korea, aiming to promote financial inclusion by helping workers gain financial security and financial access to banks. It claims to have more than 100 corporate clients.
The company plans to use the new funds to grow its product offerings, strengthen its presence in existing markets, and accelerate expansion efforts into new markets, including the Philippines and Hong Kong, where it expects to launch in 2023.
Kenya’s Finclusion Group is rebranding to Fin along with its subsidiaries and has announced an extension of $2 million to its $20 million equity funding round.
This funding is led by existing investors Leonard Stiegeler, who is also joining the board of the company, as well as Sudeep Ramnani and Jai Mahtani.
Fin says it will use the funding to expand to new territories and develop new offerings, in particular supporting microfinance banks. The company adds that with the rebranding it aims to consolidate its footprint in Africa “under one identity” and become the “leading international neobank across eastern and southern Africa”.
Fin currently offers credit, insurance, buy now, pay later (BNPL) and other financial services.
London-based fintech start-up 1fs Wealth has received backing from fintech heavyweight Dominique Cerutti, with the funding sum remaining undisclosed.
1fs wealth receives angel investment
The 1fs Wealth platform helps wealth owners to consolidate and manage their assets, control risk and analyse portfolio performance through data and technology.
Along with an investment in the firm, Cerruti will also join its advisory board.
The company closed its seed funding round in December 2021, securing the backing of 14 investors. It claims its platform is already used by wealth owners and family offices across the world “who particularly value its ability to support succession planning”.
The firm intends to deploy the funding towards its expansion in the UK, Europe and the US.
Two Swiss fintech firms, Edge Laboratories and Evooq, have received strategic investments from JP Morgan Private Bank, with the amounts undisclosed.
Both companies specialise in software that helps advisors customise portfolios for wealthy clients across Europe, the Middle East, Latin America and Asia. The software offers risk analysis, advisory services and assistance building and optimising portfolios.
