ICYMI fintech funding round-up: Toku, Finverity, Lumiant 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.
Chilean fintech Toku has raised $7.15 million in a seed round led by F-Prime Capital, accompanied by Wollef, Honey Island by 4UM and existing investors FundersClub and Clocktower.
Toku raises $7m
Founded in 2020, Toku offers a comprehensive payments platform for subscription companies to streamline and manage their collection processes. The firm says its solution “solves the problem of manual and inefficient collection” in Latin America.
With the new funding, Toku plans to expand into Mexico, Brazil, Colombia and Peru. It also intends to develop new offerings, improve its existing products and hire more talent.
Finverity, a UK-based start-up offering a “digital ecosystem for trade and supply chain finance”, has raised $5 million in an equity funding round.
New investors include Outward, Acrobator Ventures and s16vc founders fund, with follow-on investment from B&Y Venture Partners.
Founded in 2017 and based in London, Finverity provides a funding platform to enable trade and supply chain finance deals to be executed seamlessly and at scale. The firm also offers a Software-as-a-Service (SaaS) solution for banks and non-banking financial institutions (NBFIs).
The funding will be used to increase its headcount from 40 to 60 employees and expand its product offerings. The company also plans to open offices in Dubai, Poland and Kenya.
Aussie fintech Lumiant has raised $3.35 million (AUD 5 million) in a new funding round from Savant Wealth Management and Invest Blue.
Founded in 2020 and based in Sydney, Lumiant operates a cloud-based wealth management and client engagement platform.
The new funding will help the firm accelerate the development of its platform and grow globally with the addition of a new head of corporate. The firm also plans to develop iOS and Android apps for its offering.
UK climate fintech Connect Earth has raised £4.65 million in a round led by Gresham House Ventures.
Connect Earth raises £4.65m
Also taking part in the round were Love Ventures, Global Brain and its CVC partner The Norinchukin Bank, Portfolio Ventures, Super Capital VC, strategic angel investors and existing investors Market One Capital, Mustard Seed MAZE and Venista Ventures.
Founded in 2021 and based in London, Connect Earth is an API-led environmental data company that works with banks and fintech firms to offer their customers insights into the climate impact of their spending and investment decisions.
The funding will be used to accelerate Connect Earth’s expansion into Europe and the US, and also help bolster the company’s product offering.
Indian start-up Nimbbl, which offers a one-click payment checkout solution, has raised $3.5 million in its seed and pre-Series A funding rounds. Investors include Groww, Sequoia Capital India and Global Founders Capital.
Founded in 2020 and based in Mumbai, Nimbbl offers a single integration for all payment methods, including buy now, pay later (BNPL) offerings.
With the funding, it plans to develop more solutions to payment problems faced by merchants and help them increase conversions and reduce costs.
Payday raises $3m
Payday, a pan-African neobank issuing global accounts to Africans, has raised $3 million in a seed round led by Moniepoint, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors, among others.
The new funding brings Payday’s total investment to date to $5.1 million, following a $2 million pre-seed round in 2021.
The new capital will be used to secure operational licencing in the UK and Canada. Funding will also be used to boost talent acquisition as the start-up looks to increase the size of its team from 35 to 50 employees.
