ICYMI fintech funding round-up: Ledge, AdalFi and Power
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.
Tel Aviv, Israel, and New York-based fintech start-up Ledge has emerged from stealth with $9 million in seed funding, led by New Enterprise Associates (NEA) with participation from Vertex Ventures, FJ Labs and existing investors Picus Capital.
Ledge raises $9m
Ledge provides a fully automated, no-code payments and operations platform. It claims to solve “critical” business problems by automating the entire payment lifecycle, thereby improving visibility, lowering risk of losses, and reducing operational costs, without engineering support.
With this investment, Ledge plans to enhance its automated finance operations platform, introduce greater treasury management capabilities to equip finance teams with “instant insights they need to make strategic decisions”. The round will also be used to expand its team and product globally with a focus on North America.
Pakistan’s “first” end-to-end digital lending infrastructure provider AdalFi has bagged $7.5 million in a funding round led by COTU Ventures, Chimera Ventures, Fatima Gobi Ventures and Zayn Capital alongside angel investors including executives from Plaid.
AdalFi uses AI-powered credit scoring and underwriting models to provide “instant” loans to consumers and SMEs in Pakistan. These include unsecured loan products such as term loans, credit cards and revolving finance facilities for consumers and small and medium-sized enterprises (SMEs) respectively.
The start-up, launched in July 2021, also provides pre-built integrations with 14 banking platforms.
Kenyan fintech start-up Power Financial Wellness has raised $3 million in seed funding.
Investors in the round include DOB Equity, Bolt by QED Investors, Quona Capital, Zephyr Acorn and Norrsken Accelerator.
The seed round will help Power scale operations in Kenya and Zambia, and expand the start-up’s footprint across Africa and beyond.
Founded in 2019, the Nairobi-based start-up works with regulated banks and lending partners to provide customers with tools to pay, save, borrow and protect their money. Its digital platform is aimed at employees and gig workers to improve their financial wellbeing.
