FinTech news in Flourish Ventures category

Ultimately, Hakimian said, TrueBiz claims it gives financial services providers a way to onboard their business customers faster, and eliminate the churn that can result from verification delays. Its target customers are mid-size financial service providers, such as banks opening new business bank accounts, or payments providers onboarding merchants. Founded by Danny Hakimian  and Max Morlocke, the company recently raised $2.4 million in a seed round led by Flourish Ventures in an effort to reinvent how financial services verify businesses during account opening. Specifically, TrueBiz aims to add color to a business’ background with over 50 data points – such as industry and revenue – from around the web, and then summarize key risk indicators, noted Satya Patel, partner of Homebrew.

Launched today, Madica is a pan-African investment program that aims to offer funding, technology support and mentorship to underrepresented founders across the continent. And while venture capital and founder support programs within the continent are growing, a lot still remains to be done to meet the financing, technology and social capital needs of especially marginalized groups, like women founders. It is these gaps that continue to inspire the development of new programs like Madica by U.S.-based venture capital firm Flourish Ventures, which hopes to lessen the burdens of building startups. Venture studio Adanian Labs fuels startup growth in Africa Seedstars Africa Ventures appoints new partner to back more founders in the continent

Inside Plaid’s plans to build a new, global finance network Other participants include Trihill Capital and returning investors Better Tomorrow Ventures and Rally Cap Ventures, along with individual investors like Creative Juice co-founder and CEO and Plaid’s former head of business development and strategy Sima Gandhi; Bond Financial Technologies co-founder Yan Wu; Brian Ma, founder of Divvy Homes; Iterative co-founder and managing partner Ooi Hsu Ken; Pine Labs CEO Amrish Rau; and Aspire co-founder and CEO Andrea Baronchelli. Brick’s APIs include Brick Data, Brick Verification and Brick Payments, which can enable an end-to-end process for online loans, including verifying user identity, underwriting and making sure that funds are disbursed into the right bank account. This amount includes Brick previously undisclosed seed funding, which journalist reported in May 2021, but the majority of it is fresh capital, said co-founder and CEO Gavin Tan. Brick currently operates primarily in Indonesia, but is planning to expand into Singapore and the Philippines before eventually covering all markets in Southeast Asia.