FinTech news in tiger global category

Beyond providing access to higher interest rates, Mayfair says its software gives businesses a way to choose how much they need for operations and earn yield on the rest via automated cash management. Stripe in turn pays Mayfair and Mayfair pays its customers, keeping what Chopra described as a small cut. The pair teamed up with serial entrepreneurs Kent Mori and Kevin Chan in February 2021 to start a company, exploring different business models before settling on Mayfair current offering. Mayfair itself is not a bank, but rather a fintech company that offers FDIC-insured products through an Arkansas-based bank called Evolve Bank & Trust.

Indian fintech Money View said on Monday it has raised $75 million in a new funding round, its second this year, despite the market slump as it looks to scale its core credit business and build more products in the South Asian market. The eight-year-old startup offers personalized credit products and financial management solutions to customers who otherwise don’t have a credit score and so can’t avail credit from banks and other financial institutions. Apis Partners led Money View Series E funding round, valuing the Bengaluru-headquartered startup at $900 million, up from $615 million in a $75 million Series D funding round in March. Money View plans to deploy the fresh funds to grow its credit business, broaden its product portfolio with services such as digital bank accounts, insurance, wealth management and hire more talent, it said.

Users can also leverage Taktile to experiment with off-the-shelf data integrations and monitor the performance of predictive models in their decision flows, Wehmeyer said, performing A/B tests to evaluate those flows. To allay the fears of privacy advocates, customers and regulators, Wehmeyer says that Taktile built technology that enables its clients to host decision flows in their country of choice and process data locally — a requirement for many regulatory agencies. As a piece in The New York Times recently detailed, some lenders are increasingly drawing on outside-the-box data sources to evaluate creditworthiness, presenting opportunities to consumers historically barred from certain financial products but at the same time amplifying the risk of perpetuating biases or making inaccurate predictions. Taktile puts the onus on its fintech customers to communicate the types of data and models they’re hosting and deploying via the platform.

While much was made on Monday of the departure of John Curtius, a software investor who joined Tiger Global in 2017, Tiger Global has a slightly larger team than it did at the beginning of this year, says a source familiar with the firm. Indeed, in an investor letter that also came out Monday, Tiger Global stated it has recently hired five new investors, including two individuals from Blackstone, two recent Harvard graduates and a fifth investor, Evan Stanleigh, who joined the firm after a seven-year stint as a partner with the New York hedge fund Cadian Capital. Of course, like a lot of investors having a lousy time of it, Tiger Global is pointing to its historic returns and stating in its new investor memorandum that since inception in 2003, its funds have called down $36 billion and distributed $30 billion (roughly $8 billion of which has flowed back to its investors over the past two years alone, says a source close to the firm). Called Cedar Investment Management, it is expected to compete on earlier-stage deals with Tiger, whose average investment size, once jaw-dropping, has decreased to $30 million over the last year, the firm says in its investor letter.

Kuila said PhonePe never held any stake in Zopper, and the startup, which counts Tiger Global among its backers, continues to be supported by its early backers and new investors. Zopper currently has presence in over 1,200 Indian cities and has partnered with over 150 players in the industry, including retail group Amazon, ride-hailing startup Ola, retail chain Croma, phonemaker Xiaomi, Japanese conglomerate Hitachi, and Equitas Small Finance Bank. He said Zopper is initially aiming to first reach nearly $1 billion in revenue, and over the course of about five years it will file for an initial public offering. That business, an API platform for insurance infrastructure, said on Tuesday it has raised $75 million in new funding.

Founded in Israel and now with headquarters in New York, Mesh Payments is one of a growing group of startups focused on helping companies manage their spend through automation. Put simply, Mesh aims to help its clients automate, and get real-time insights about, their spend. For its part, Mesh says it saw its revenue run rate triple in the first half of 2022, since its November 2021 raise.

His good timing only cemented the legend of Robertson, who just passed away at age 90 of cardiac complications, according to his spokesman, but who, until he was 67, led Tiger Management, one of the best-known funds in the 70-year-old hedge fund industry. (In addition to Robertson’s own family foundation and Tiger Foundation, a nonprofit that says it has provided more than $250 million in grants to organizations working to break the cycle of poverty in New York City, Robertson in 2017 signed the Giving Pledge, which asks participants to give at least half of their wealth away.) One of those appreciative protégés is Coatue founder Philippe Laffont, who spent three years working for Robertson before striking out on his own in 1999 with a reported $45 million and who, unlike Robertson, had a penchant for tech companies. Another of Robertson’s famous mentees is Chase Coleman, who worked as an investment analyst at Tiger Management for nearly four years before the hedge fund wound down.

But in May, Union54 began experiencing some operational issues with its product, resulting in the temporary suspension of its Bank Identification Number (BIN), the first four to six numbers on a payment card that identifies a card issuer. They attributed the virtual dollar card service disruption to an update from a card partner — which happens to be Union54 — without citing a definite recommencement time. This April, when we covered Union54, whose API allows companies to issue debit cards to their customers and employees without needing a bank or a third-party processor, it had just raised a seed extension, bringing its total seed round to $15 million (Tiger Global led both rounds). Many have begun searching for alternative options, which include Sudo Africa, another card-issuing platform and other fintechs, which claim to be unaffected by Union54’s downtime (as a result of using another provider), such as Chipper Cash, Mono and Bitmama.

Google has invested in Progcap, an Indian startup that provides working capital to small and medium-sized businesses, the firms said Tuesday, making a new push into a category that has attracted the attention of Facebook and Amazon in recent years.

CRED is raising $140 million in a new financing round, its fourth funding in the past year and a half, as the Indian fintech startup courts millions of high credit score customers and broadens its offerings.

Slice, a fintech startup that is bringing credit card features to millions of Indians, has raised $50 million in a new financing round as it looks to scale its recently launched UPI payments product and push to make its core credit business profitable.

In fact, such is the demand for gold in India — Indians stockpile more gold than citizens in any other country — that the South Asian nation is also one of the world’s largest importers of this precious metal.

That first fund proved so successful — it ranked in the top 5% of its vintage, according to data from Cambridge Associates — that Jalanbo managed to attract one of the largest investment firms in the world as an LP for his second fund — Tiger Global.

The crypto market is showing no signs of slowing down as funds and investors alike continue to deploy massive amounts of capital into the ecosystem. Today’s evidence of the trend: Dragonfly Capital, a crypto-centered investment firm, closed its third venture fund for $650 million, the firm’s managing partner, Haseeb Qureshi, told TechCrunch. The fund was \[…\]

CertiK, a web3 and blockchain security company, has raised $88 million in its latest round, bringing its valuation to $2 billion. To date, CertiK has protected over $300 billion worth of crypto assets for 2,500 enterprise clients through its auditing and fraud investigation services, among other offerings, the company stated.

Piecing together many of its services makes sense for a startup like Bazaar in Pakistan because it enables the startup to offer a more comprehensive set of values to a merchant, and Easy Khata is helping the firm win customers, Saad Jangda, co-founder of Bazaar, said in an interview with journalist. Dragoneer Investment Group and Tiger Global are backing Bazaar, a startup that is attempting to digitize Pakistan retail with e-commerce, fintech and last-mile supply chain solutions, they said today, joining a growing list of high-profile investors making large bets in the South Asian market.

At that time, New York-based Selfbook was valued at $125 million — so it has essentially seen a 2.4x increase in valuation from the fourth quarter of 2021 to the first quarter of 2022 and a 38x increase after it raised a $2 million seed round in April of 2021. Hotel payment software provider Selfbook has completed a $15 million extension of its Series A financing that values the company at $300 million.

Genesis, which has built a low-code/no-code application platform specifically for the financial markets, announced today it has landed a $200 million investment led by Tiger Global Management.

Polygon has raised $450 million in a new venture financing round as the firm, with a market cap of about $13 billion, aggressively expands its portfolio of Ethereum scaling solutions and works to attract the larger developer ecosystem.

Users’ investments in digital gold is backed by physical gold of the same amount and they can choose to withdraw that much gold or liquidate their investments at any time, said Misbah Ashraf, co-founder and chief product officer of Jar.

Bold, a technology company working to enable financial access to electronic payments in Colombia, has raised $55 million in a Series B funding round led by Tiger Global Management.

Identity verification (IDV) provider Veriff, has raised a $100 million Series C round co-led by Tiger Global and Alkeon. He also said he thinks the future of IDV is being driven by the fact that it’s not just essential for financial services companies, but that it’s also now requisite for just about every service online. They were joined by existing investors IVP and Accel, bringing Veriff total funding to date to $200 million. It also claims that last year it grew verification volumes by more than 8x, and by 20x in the U.S., with its financial services operation growing by 10x, while customer growth had grown by 150%.

M2P Fintech, a payments infrastructure startup that has established market dominance in India, has raised $56 million in a new financing round, less than three months after closing its previous funding, as it works to deepen its footprints in several international geographies.

Tiger Global, Steadview Capital, and Dragoneer co-led the startup’s $75 million Series D funding, said Ashish Kashyap, founder and chief executive of INDmoney, in an interview with journalist.

Refyne has raised a new financing round, just seven months after securing its previous funding, as the Bengaluru-based startup scales its platform that helps workers access their earned salaries in real time.

While there are still a lot of SMEs that are not using Qonto in France, Germany, Spain and Italy, Qonto also plans to enter new market in 2023.

Rupifi has raised $25 million in a new financing round as the Indian startup, which currently provides buy now, pay later service to several marketplaces to serve their merchants, looks to expand its business-to-business payments offerings. Buy now, pay later is Rupifi’s marquee offering today, but Jain, who previously worked at American Express and Razorpay, and sold his edtech platform StudyBud in an all-cash deal, said that the startup will be expanding its product offerings in the next few months. Rupifi works with more than two dozen business-to-business marketplaces.

Tiger Global, which has made over 50 investments in India this year, is currently conducting due diligence to back an additional nine startups in the country, according to a person familiar with the matter.

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.