ICYMI fintech funding round-up: Finanzguru, Spendflo & 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.
German fintech Finanzguru has raised €13 million in a funding round led by new investors SCOR Ventures and PayPal Ventures.
Finanzguru raises funds
The round also saw participation from existing investors including Deutsche Bank, Coparion, VR Ventures, Hannover Digital Investments, Venture Stars and former Postbank CEO Frank Strauss.
The new funding brings the firm’s total capital raised to €27 million since it launched in 2018.
Initially, Finanzguru launched as a multibanking app, but now operates as a platform that enables customers to manage all their bank accounts and contracts. Since mid-2021, it also offers independent advice on insurance and financial products based on digital analysis of customers’ banking data.
Finanzguru claims more than 1.5 million registered users. With the funding, it plans to accelerate its growth in Germany, expand its product platform and strengthen its current team of 70 employees.
US-based Software-as-a-Service (SaaS) start-up Spendflo has raised $11 million in Series A funding from Prosus Ventures and Accel to fuel its product growth.
Also taking part in the round were Together Fund, Signal Peak Ventures and Boldcap Ventures.
Founded in 2021 and based in San Francisco, Spendflo offers one single platform for companies to buy, negotiate, renew and track all their Software-as-a-Service (SaaS) subscriptions.
As part of a strategic partnership, Singapore-based payment solutions provider Alchemy Pay has received $10 million from DWF Labs, which will be used to facilitate its expansion in the South Korean market.
The funding comes at a valuation of $400 million for Alchemy Pay.
Founded in 2018, Alchemy Pay is a payment gateway that connects crypto and global fiat currencies for businesses, developers and users. It supports payments from 173 countries via Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, popular regional mobile wallets and domestic transfers.
US-based collections and credit risk fintech Akuvo has raised $10 million in new funding.
The round includes existing backers VyStar Credit Union, BCU, Coastal Credit Union of Raleigh and Reseda Group.
New investors include Launch Credit Union, Financial Plus Credit Union and the Curql Collective.
The new funding will be used to fuel the company’s growth and hire more staff to support new and existing customers.
Playbook lands $7m
US-based financial planning app Playbook has secured $7 million in Series A funding.
The round was led by Telstra Ventures with support from existing backer Atomic.
Founded in 2020 and launched in 2021, Playbook helps people uncover tax advantages and create a customisable, automated financial plan based on one’s finances.
The new funding will be used to expand its product offering.
The company has also launched Playbook for Work, for businesses to understand utilisation.
Swiss and UK-based digital financial services firm Kashet has raised CHF 6.2 million ($6.8 million) from Trifork Labs.
The money will be used to support its expansion and readiness for further growth.
Kashet is focused on delivering a membership-based financial solution app for customers and private bank clients and has plans to launch later this year.
Kashet has already obtained Financial Conduct Authority (FCA) licenses in the UK, including E-Money, AISP, and PISP licenses. The company intends to submit applications for UK FCA 5MLD registration and a Swiss Fintech Licence with Switzerland’s Regulatory Authority FINMA.
