Category: Fintech

• Identity verification fintech Data Zoo secures $35 million in funding after 13 years of bootstrapping, backed by Ellerston Capital’s JAADE fund
• Data Zoo’s software offers KYC identity verification for financial institutions, payment providers, and fintech startups, enhancing compliance and fraud prevention
• Founder Tony Fitzgibbon steps down as CEO, with Charlie Minutella taking over the role
• The funding will drive adoption and innovation in Data Zoo’s ID verification software, expanding its customer base globally
• Data Zoo’s growth and success in the identity verification industry impresses investors, leading to continued support for the company’s expansion

Identity Verification Fintech Data Zoo Banks $35 Million After 13 Years of Bootstrapping

In the fast-paced world of fintech, the need for robust identity verification solutions has never been greater. Read more

• Renda secures $1.9 million in successful pre-seed funding round led by Ingressive Capital
• Equity participants include Techstars Toronto, Founders Factory Africa, and others
• Renda, founded by Bimbo Onaboye and Ope Onaboye, offers infrastructure solutions for businesses in Africa
• Renda’s Renda360 platform provides order processing, delivery management, cash reconciliation, and more
• Pre-seed funding enables Renda to expand its partnership network, enhance technology offerings, and extend development into new markets

Renda Secures $1.9 Million in Successful Pre-Seed Funding Round

In the fast-paced world of startups and tech ventures, securing funding is a crucial milestone that can propel a company towards growth and success. Read more

• Fintech startup Archive Intel secures $1M seed funding led by Social Leverage
• The startup aims to address compliance issues in financial communications archiving for wealth firms
• Industry faces significant fines due to shortcomings in communication archiving tools, leading to penalties by regulators
• Archive Intel’s platform offers multi-channel communication archiving and analysis for financial services firms
• Funding will be used to enhance AI capabilities, broaden communication connections, and support growth

Fintech Startup Archive Intel Secures $1M Seed Funding

Archive Intel, a fintech startup specializing in communications archiving and compliance solutions for wealth firms, has hit a noteworthy milestone with the successful acquisition of $1 million in seed funding. Read more

• Dallas-based OptMyCare, a clinically engineered AI platform in healthcare & risk management, has raised $3 million in Series A funding led by LiveOak Ventures.
• The funding will accelerate customer acquisition, refine technology, onboard key personnel, and add healthcare and technology leaders.
• OptMyCare’s platform addresses holistic care, social determinants of health, and behavioral health to mitigate risk and healthcare costs.
• The company’s product combines precision analytics with actionable risk stratification solutions for multiple chronic conditions.

• Food tech business secures £750k funding for widespread roll-out of Xtend antimicrobial packaging coating
• Xtend technology extends shelf-life of food produce, reduces waste, and lowers greenhouse gas emissions
• Funding supports expansion of OSY Group team and accelerates commercialization of Xtend in UK and globally
• Xtend is water-based antimicrobial coating for various packaging surfaces, proven food-safe and compliant
• Trials with major UK grocer and European companies show Xtend significantly reduces food waste and maintains freshness

Revolutionizing Food Preservation with Xtend Technology

In a significant move towards combatting food waste and enhancing food safety, a dynamic food tech company in Wythenshawe has recently secured a substantial £750,000 in funding. Read more

• Fintech startup 50Fin secures $550,000 in funding for expansion and tech advancements
• Company reports sixfold increase in distribution capacity post previous funding round
• 50Fin revolutionizing financial industry with focus on Loan Against Securities distribution
• CEO Aditya Srinivas Prasad outlines company’s progress and strategic direction
• Funding round led by Arali Ventures to democratize access to Loan Against Securities

Revolutionizing Financial Industry with Tech Advancements

In the fast-paced world of fintech, securing funding is a crucial step towards achieving growth and innovation. Read more

• Crete Professionals Alliance secures strategic funding from Thrive Capital and Bessemer Venture Partners to add new partner firms and enhance tech capabilities, including AI.
• The Tampa-based accounting platform partners with firms nationwide, allowing them to maintain independence while accessing back-office resources and financial support.
• The funding will accelerate the alliance’s expansion plans and enable the utilization of technology to improve productivity and professional development.

• Chinese tech fund remains a contrarian play despite strong performance this year, according to Josh Brown
• Credit cards, loans, banking, mortgages, insurance, and personal finance options are highlighted
• Best credit cards, loans, and banking options are recommended based on different criteria
• Various insurance options such as life, homeowners, renters, and car insurance are discussed
• Investing opportunities like IRA accounts, Roth IRA accounts, and free stock trading platforms are outlined

Chinese Tech Fund: A Contrarian Play in 2024

In the world of investments, sometimes going against the grain can lead to unexpected success. Read more

• China aims to mobilize “patient capital” for long-term investment in emerging technologies to drive economic development
• The term “patient capital” was coined by American economist Stephen Kaplan and is gaining significance in China’s official discourse
• Patient capital is crucial for funding tech start-ups with high risk exposure and lack of collateral
• To scale up patient capital, Beijing needs to issue policies to ensure funding remains patient and minimizes interventions
• State-owned enterprises should take the lead in backing start-ups in decisive sectors to attract private capital and set ground rules for long-term investment opportunities

Understanding Patient Capital in China

In a strategic move to drive economic growth through emerging technologies, China is looking to harness what they term as “patient capital.” Read more

• Norfolk fintech sector could be worth £100m by 2027, with 24 fintech companies raising £49m in investment
• Norwich drives economic and fintech growth in Norfolk, recording highest real output per hour growth in UK cities
• Funding opportunities in Norfolk are limited, with majority coming from Snoop’s £33m raise
• Norwich has a strong insurtech presence, with high concentration of insurance workers and major companies like Aviva
• Recommendations include attracting more financial services brands, raising awareness of fintech opportunities, and creating a regional fintech entity for the East of England

Norfolk Fintech Funding: A Closer Look at the Growing Sector

In Norfolk, a county known for its scenic towns and waterways, a hidden gem is emerging in the form of the fintech sector. Read more

• Uniqus Consultech secures $10 million in Series B funding led by Nexus Ventures and Sorin Investments to fuel growth and innovation
• Rapid expansion of Uniqus with offices in eight cities across the US, India, and the Middle East, boasting a team of over 350 professionals serving 150 clients
• Introduction of groundbreaking solutions including AI Assistant for financial reporting and ESG, and tech platform for ESG data management
• Success attributed to integrated global delivery model, tech-enabled consulting, and attractive equity incentive plan, attracting top-tier talent and global clients
• Funding to propel Uniqus into next growth phase, expanding existing solutions, launching new services, entering new markets, and investing in technology for enhanced service delivery

Consultech Funding Growth: Uniqus Consultech Secures $10 Million in Series B Funding

In the fast-paced realm of tech-enabled consulting, Uniqus Consultech has made waves with its recent accomplishment of raising $10 million in Series B funding. Read more

• Pula raises $20 million for ag insurance to assist smallholders globally
• SOSV closes new fund for deep tech and planetary health
• Impossible Foods plans to transform a cattle ranch for meat production
• Ketones predicted to power future energy drinks, backed by AgFunder’s $4m seed round
• Various startups secure funding for innovative agri-food technologies and sustainability efforts

AgriFoodTech News Roundup: Pula’s $20m Raise, SOSV’s Planetary Health Fund, Impossible’s Ranch Revamp

In the dynamic world of AgriFoodTech, keeping abreast of the latest developments is crucial for industry players and enthusiasts alike. Read more

• QI Tech achieves unicorn status in Series B extension round led by General Atlantic
• QI Tech offers financial infrastructure solutions including APIs for businesses
• QI Tech provides digital onboarding tools, credit scoring, and investment fund management
• General Atlantic deepens partnership with QI Tech for long-term development
• J.P. Morgan Securities LLC acts as exclusive financial advisor to QI Tech

QI Tech: Transforming Financial Services with Series B Extension

QI Tech, a prominent financial technology platform based in Brazil, recently made headlines by securing additional equity in a Series B extension round led by General Atlantic, a renowned global growth investor. Read more

• Nigeria’s Moove secures $100 million in funding, ranking among the top 10 global fintech funding in Q1 2024
• The funding was part of the $466 million raised by tech startups in Africa in the first quarter, with Moove leading the pack
• Moove’s Series B funding round was led by Uber, marking Uber’s first major investment in Africa
• The investment brings Moove closer to unicorn status with a $750 million valuation and will be used for expansion into new markets
• Moove operates in 13 cities across six countries and plans to expand to 16 markets by the end of 2025

Nigeria Fintech Funding: Moove’s Impressive $100 Million Raise

In the fast-paced world of financial technology, Nigeria’s Moove has made a significant mark by securing a position in the top 10 global fintech funding list for the first quarter of 2024. Read more

• Dutch pension funds are becoming a catalyst for deep tech and energy transition investments, aiming to close the funding gap by investing in innovative technologies.
• Recent announcements reveal significant investments from pension funds like PMT and PME in deep tech scale-ups, with plans to allocate billions towards the energy transition.
• Pension funds have been gradually increasing their investments in Dutch innovations, although the majority of their assets are still invested abroad.

• South Dakota is offering millions in tech grants to nursing homes to improve medical care within elder care facilities
• The grants will fund telehealth services, technology innovations, and home monitoring devices
• Telemedicine providers like Avel eCare offer immediate medical care through internet connections and video links
• The grants aim to keep elderly residents at home longer, reduce stress for staff, and improve patient care
• The grants are seen as a substantial move in the right direction for the long-term care industry, especially in rural areas

South Dakota Tech Grants Revolutionizing Nursing Homes

The landscape of healthcare for elderly residents in nursing homes is undergoing a significant transformation in South Dakota, thanks to the introduction of millions of dollars in tech grants aimed at enhancing the quality of care provided. Read more

• Institutions are bullish on Challenger Chains as VC funding spikes in tech sectors, with the crypto market cap surging from $1 trillion to $2.5 trillion in six months due to renewed institutional interest.
• The derivatives market and on-chain metrics for BTC and ETH show a bullish trend, with increasing call premiums and robust investor sentiment, especially with the impending bitcoin halving and potential bull run in 2024.

• Superlogic secures $7.6 million funding to propel Next-Gen Loyalty Solutions, powered by blockchain and AI
• Funding round includes investors such as Amex Ventures, Sangha Capital, 10SQ Capital, Nima Capital, Actai Unicorn Fund, Chainlink Capital
• Total funding to date exceeds $15 million, with previous investors including Warner Music Group, Mirabaud, Galaxy Interactive, Liquid 2 Ventures
• Superlogic’s technology integrates seamlessly with existing CRM, CDP, and traditional loyalty management systems, leveraging blockchain for tokenizing rewards points
• Superlogic’s innovative loyalty technology offers personalized rewards, experiential offers, and enhanced customer engagement, backed by strategic partnerships and visionary leadership

Revolutionizing Loyalty Programs with Next-Gen Solutions

Superlogic, a trailblazing company in the realm of loyalty solutions, has recently made waves in the industry with the announcement of securing $7.6 million in funding to drive the proliferation of its next-gen enterprise-grade loyalty systems. Read more

• VKAV successfully secures $60 million in initial funding round
• Key institutional investors include SBI Holdings, Toyota Tsusho Corporation, and Japan International Corporation Agency
• Institutional investors from Japan and Nigeria join the investor group
• VKAV aims to support growth-stage African companies in Series A and B stages
• Fund focuses on digital infrastructure, business-consumer inefficiencies, and new market opportunities

VKAV Successfully Secures $60 Million in Initial Funding Round

Verod-Kepple Africa Ventures (“VKAV”) has recently made significant strides in the investment world by successfully concluding its initial funding round, securing an impressive $60 million. Read more

• Fintech regains top spot in UK startup funding with $1.4B raised in Q1 2024, surpassing energy sector.
• Cutting-edge sectors like frontier technology and quantum computing see increased funding in UK tech landscape.
• VC investment levels stabilize in Q1 2024, with early-stage funding reaching $1 billion.
• Edinburgh, Brighton, and Cambridgeshire emerge as fastest-growing UK hubs in 2024, attracting substantial investments.
• UK leads in European VC landscape, raising $2.3 billion in Q1 2024, surpassing Germany and France combined.

• GridBeyond secures €52m in Series C financing to expand its energy tech into new markets
• Funding led by Alantra’s Energy Transition Fund to support GridBeyond’s US and international growth
• GridBeyond’s AI-based energy management platform optimizes energy generation and storage
• Investment to enhance demand response, storage, renewables, and grid operator capabilities
• Company aims to advance global energy networks towards digitalization, decarbonization, and decentralization

Expanding GridBeyond’s Energy Tech into New Markets

GridBeyond, a Dublin-based smart energy company, has recently secured €52m in a Series C financing round led by Alantra. Read more

• People’s Bank of China (PBoC) sets up a 500 billion yuan re-lending facility to support tech firms
• One-year loans at 1.75% interest to be provided to 21 banks for lending to technology firms
• China Development Bank, Postal Savings Bank of China, and other banks included in the lending program
• Loans can be extended twice, up to a year, offering low-cost funding for tech development
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Funding Tech Development: PBoC’s Bold Move

In a significant move to bolster the development of technology in China, the People’s Bank of China (PBoC) has announced the establishment of a 500 billion yuan re-lending programme. Read more

• China’s central bank has launched a $70 billion tech lending program to support science and technology sectors.
• The program will provide loans through 21 banks to small and midsize technology enterprises at a favorable interest rate of 1.75%.
• Loans will have a duration of one year, extendable twice for up to a year to accommodate evolving needs.
• The initiative is part of broader efforts by China’s policymakers to address economic challenges and stimulate growth.

• The EPA awarded $20 billion in grants to kickstart loans and equity investing in climate technologies across the country, with a focus on low-income and disadvantaged communities.
• A new U.S. green bank has been established to underwrite smaller climate projects that traditional banks overlook, aiming to attract private capital and spur green technology deployment.
• The Greenhouse Gas Reduction Fund, as the green bank is known, is expected to leverage $7-12 of private investment for every dollar dispersed, with a goal of reducing carbon emissions to net zero by 2050.

• A new publicly traded fund, Destiny Tech100, allows individual investors to own shares of private tech companies like Stripe and SpaceX.
• Historically, it has been challenging for retail investors to invest in privately held tech start-ups due to restrictions on accredited investors.
• The fund aims to democratize access to high-growth private tech companies and plans to expand its holdings to include stock in 100 start-ups.

• Women-Led healthtech ventures in Africa experienced a remarkable 2,000% increase in funding from 2022 to 2023, rising from 1% to 31% of total funding.
• Despite a global decline in startup investments, African healthtech remained resilient with only a 2% decrease in funding in 2023.
• Online pharmacy solutions attracted the most investor interest, with significant funding going to companies like Kasha, MyDAWA, and Yodawy.

• Compliance tech leader Formalize secures €15m Series A funding led by BlackFin Tech
• Funding milestone marks pivotal step in rebranding and expansion efforts
• Formalize offers innovative compliance operations platform to ease EU regulatory burdens
• Funds to enhance platform capabilities and automate compliance workflow
• Evolution from whistleblower platform to comprehensive compliance software demonstrates adaptability and growth

Transforming Compliance with €15m Series A Funding

Formalize, the compliance tech leader formerly known as Whistleblower Software, has reached a significant milestone by securing a substantial €15m in Series A funding. Read more

• Community bank CEOs are tackling challenges related to technology, talent, and deposits amidst changing consumer expectations.
• CEOs emphasize the importance of fair lending strategies, marketplace assessments, and peer lending in navigating the digital future.
• The CEOs identify technology, talent acquisition, and net interest margins as significant obstacles in the current operating environment.
• They highlight the impact of regulatory overreach and the need for differentiation between big and small banks.

• The UK Fintech sector is a leading segment in the UK tech ecosystem, ranking third in funding raised in Q1 2024 after the US and China.
• Tracxn’s Geo Quarterly Report: UK Tech Q1 2024 highlights insights into the UK tech space, with a total of $2.5 billion raised in Q1 2024, showing a decline from previous quarters.
• Late-stage investments in Q1 2024 were notably affected, with a decline in funding compared to previous quarters.

• Tech-betting mutual fund investors lost over 4% in March, particularly in Aditya Birla Sun Life Digital India Fund.
• Technology funds saw a decline of around 3.96%, prompting speculation on potential changes in April.
• Recommendations for the best mutual funds to invest in.
• An article on Hari Shankar Tibrewala and his involvement in channeling illicit funds into stock markets.
• Discussion on the safety versus competitive pricing of India-made cars in global crash tests.