ICYMI fintech funding round-up: Wingspan, Monite, Fundpath 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.
US-based payroll platform for flexible workforces, Wingspan, has raised $14 million in a Series A funding round led by Andreessen Horowitz, bringing its total capital raised to $23.5 million.
Existing investors Distributed Ventures, Long Journey Ventures, Ludlow Ventures, and 186 Ventures also participated, along with angel investors.
Wingspan says it will use the funding to expand its team and invest in its platform.
Founded in 2019, Wingspan claims to be the first payroll platform for independent contractors. Its solution allows companies to onboard, pay and support contractors, claiming to save companies $240 per contractor and 10 hours of time every week.
Germany-based embedded finance start-up Monite has doubled its seed funding round to secure $10 million.
Monite raises $10m
It first raised $5 million early last year in a round led by Point 72 Ventures, which was recently followed by another $5 million led by Third Prime, with participation from S16, Audeo Ventures and Long Run Capital. The start-up is also backed by a number of angel investors.
Monite lets B2B neobanks and Software-as-a-Service (SaaS) platforms offer invoicing, bill pay, expense management and other financial automation to their small and medium-sized business (SMB) clients.
It plans on using the new funding to develop new product features, cover more payment and financial services integrations, and expand its reach. Monite currently has 10 clients across Europe and US.
UK-based SaaS platform Fundpath has secured £4 million in a late seed round from Fuel Ventures.
Launched in 2021, Fundpath aims to bridge the “information disconnect” between asset and wealth managers, by enabling fund buyers and allocators to share their business responsibilities, parameters, interests and intentions “quickly and securely” with asset management firms.
With the funding, Fundpath aims to extend the capacity of its systems and data, and invest in new technologies.
European fintech start-up Roundtable has bagged €3 million in a funding round which saw participation from 100 angel investors across the continent.
The start-up is working to open up community investing and enable start-up investing for everyone.
HeavyFinance, a European climate tech investment marketplace for the agricultural industry, has secured €3 million in a seed funding round led by Practica Capital.
HeavyFinance co-founders
The fintech provides financing and loan schemes for companies in the sustainable agriculture space, with the goal of removing one gigaton of carbon dioxide emissions by 2050.
HeavyFinance will use the money to fuel its European expansion. It currently operates in Poland, Portugal, Lithuania, Latvia and Bulgaria, and has plans to double its current headcount of 33 staff over the next 12 months.
The funding will also be used to accelerate the switch from conventional farming to regenerative practices, enrol 200,000 hectares of regenerative farmland as part of a carbon farming initiative, and create direct access for businesses looking to offset their carbon footprint.
UAE-based digital banking platform Credable has received $2.5 million in a seed funding round led by Ventures Platform and Acacia Ventures.
Founded in 2022, Credable is a B2B2C fintech platform providing digital banking infrastructure, enabling businesses across emerging markets to offer banking products to their customers.
Credable will use the funding to roll out its products in Tanzania, Uganda and Kenya and scale its products across new markets.
Scottish non-profit fintech body FinTech Scotland has secured an undisclosed sum of funding from the UK Government in a bid to accelerate fintech innovation in Scotland.
FinTech Scotland has been set up by members of the financial services sector, universities and Scottish Enterprise.
The funding will be deployed towards research and innovation in financial regulation, and the creation of the Financial Regulation Innovation Lab, which will focus on leveraging new technologies to accelerate efficiencies, further risk management and shape future regulatory developments.
