FinTech news in neobank category
Perhaps persuaded by Slash’s 20,000-person-strong customer base, NEA, Menlo Ventures, Connect Ventures, Y Combinator, Soma Capital, Global Founders Capital and angel investors poured $19 million into Slash’s Series A and seed rounds.
Essentially, Green-Got guarantees that your savings and the money that is sitting in your bank account aren’t going to finance fossil fuel projects and other polluting industries
The round was led by Japanese bank Mizuho Bank, a subsidiary of Mizuho Financial Group that contributed $125 million. It included participation from returning investors like Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures.
Revenue can be broken down in three big pillars: cards, subscriptions, and foreign exchange
Founded in 2018 to provide working capital loans for small to medium-sized businesses, Aspire began offering more services, including bank accounts for cross-border businesses, corporate cards, payable and receivable management and automated invoice processing connected to financial management software.
The startup announced today that it has closed a round of €35 million. Lunar says it has around 500,000 users in Denmark, Norway and Sweden
Into this fray has stepped Bling, a startup founded by a 20-year-old, that offers a finance platform aimed specifically at families, which is designed so that parents can do financial planning for their children, from pocket money to first investments. It now raised a €3.5M Seed round of financing from Peak (based out of Amsterdam); La Famiglia ; angels such as Lea-Sophie Cramer, Verena Pausder, Felix Haas (co-founder IDnow), Jakob Schreyer (Co-Founder Orderbird), former ING-Diba CEO Ben Tellings, football world cup winner Andre Schürrle, family ‘influencer’ Carmen Kroll, Angel Invest and Prediction Capital . Prior to Bling, Feigenwinter founded three other companies in the youth segment, including Switzerland’s largest student magazine, family merchandise and licensing house, as well as a consultancy agency specialized in young adult topics, leading him to be described as the ‘fintech wunderkind’ by German media. After that, family members and the community join Bling via links, thus contributing to savings pots and investment plans, managing household spending and prepping for critical financial events.
Last batch, YC’s India founders appeared concentrated mostly within the financial services sector, around 30% when you consider that out of 36 Indian startups, 11 were in the fintech world. Out of the 21 startups YC backed in India this cohort, about 40%, or 8 startups, are in the fintech category. Despite a bit of a slowdown in fintech funding for private companies this year compared to the ultra-hot 2021 market, the sector remains much hotter than it was in years past, accounting for nearly 21% of total venture deals as of Q2 2022. YC’s startups are no exception – only time will tell if their approach of focusing in on international companies operating in niche markets will pay off or if consolidation in the sector has already gone too far for new upstarts to see breakout success.
The startup said it is looking to launch three new products — revenue-based financing Flo, early settlement card offering Settl and working capital lending Capital — in the coming months to further broaden its offerings. Existing backers Tiger Global, Temasek and 3one4 Capital also participated in the round.
In the works is Zeller Financial Services, which will include credit and debit cards and expense management tools, as well as enhanced analytics through Zeller’s dashboard. Zeller’s product roadmap includes new omni-channel commerce capabilities, like the ability to accept online payments through integrations with website and e-commerce platforms.
Niyo co-founder and chief executive Vinay Bagri told journalist in an interview that the startup has amassed over 4 million customers across its banking and wealth management products. India Niyo has raised $100 million in a new financing round as the consumer-facing neobank platform looks to add lending and insurance to its offerings and make deeper inroads in the world’s second largest internet market.
But it’s interesting to see that Revolut is still releasing new features in the U.S. in order to build a financial super app that works across multiple markets.
The startup sells a salary-advance service to employers to offer their staff — charging companies a commission for the tech rather than levying a fee on users to withdraw a portion of their salary early (as some other salary startups do).
Industry veteran Jitendra Gupta consumer-focused neobank Jupiter has raised about $86 million in a new financing round as the Bangalore-based startup gears up to offer its customers lending and wealth management services. Tiger Global, QED and Sequoia Capital India co-led the two-year-old startup’s Series C round.