NEM Ventures Strategically Invests in Cyclebit, a Company that Provides Tools for Accepting Cryptocurrency and Fiat Payments to Online and In-Store Merchants

NEM Ventures, the venture capital and investment division of the NEM blockchain ecosystem, one of the world’s largest cryptocurrency platforms with a market cap of more than $300 million (at time of writing), has reportedly made an investment in Cyclebit, a provider of “simple, affordable and robust tools” for retail consumers to accept cryptocurrency and fiat payments for in-store, online and “on-the-go” purchases.

Dave Hodgson, director and co-founder of NEM Ventures, stated:

“Cyclebit is already an established player in the crypto and fiat payments space, and we are thrilled to make a strategic investment in this project at a time of major growth for the organization. With an existing global presence and the potential to help bring crypto to the mainstream, we are aligned in our vision to bring crypto to mass adoption.”

As mentioned in a press release shared with CrowdFund Insider, Cyclebit aims to bridge the gap in the road to the mainstream adoption of digital assets by teaming up with brick-and-mortar retailers and merchants throughout the world and setting up point of sale (PoS) terminals that accept cryptocurrency payments. By doing so, Cyclebit will be helping to bridge the crucial gap between traditional businesses and consumers who are eager to perform transactions using  digital currencies.

Some Canadian residents are already paying municipal taxes in cryptocurrencies and fiat. There are more than 200,000 PoS terminals at present, and the platform has the capacity to support “millions of transactions” each month.

The Cyclebit wallet is expected to launch early next year in collaboration with Tangem, the creator of “the first smart banknote” for crypto-assets. The wallet will function as a universal wallet for “all fiat and cryptocurrencies, enabling users to load their credit cards onto Cyclebit,” the release noted.

Users will have the option of managing their funds through one simple wallet, while being able to keep their assets secure in cold, or offline, storage.

The release said that by “linking, customers, merchants, exchanges, and coin issuers, Cyclebit fosters a community of users globally.” Headquartered  in Canada, Cyclebit will be launching it services in Japan, Korea, Germany, Italy and the UAE.

As explained in the announcement, Cyclebit allows users to make payments with NEM’s native digital currency, XEM (since last year). The strategic partnership investment aims to further support the growth and development of NEM’s proprietary Catapult technology, which is expected to launch early next year.

The investment will provide the ability to expand the current global service in North America, which will allow consumers to pay in XEM and Catapult tokens at retail outlets in many different countries.

Sameer Pirani, CEO at Cyclebit, remarked:

“The upcoming Catapult launch will undoubtedly make waves in the industry, and we are excited to be partnering with NEM Ventures at this monumental time. This investment makes it possible to continue scaling our PoS terminals globally, and we can’t wait to continue diversifying our user base with a major industry player by our side.”

As the VC and investments division of the NEM blockchain platform, NEM Ventures supports the development and adoption of the NEM technology via strategic investment in “meaningful, high-tech projects,” the release stated.

NEM Ventures aims to invest in projects which appear to have long-term potential and the “desire to promote the growth of the [larger] blockchain ecosystem.”

Global Insurtech Cover Genius Secures $10 Million Through Series B Funding Round Led By King River Capital

Global insurtech company Cover Genius announced last week it secured $10 million through its Series B funding round, which was led by King River Capital with participation from Belfer Family, Jasper Tans, Regal Funds Management, and Marinya Capital. Founded in 2014, Cover Genius claims to be one of the fastest-growing insurtechs in the world. The company’s partners notably use its services to sell millions of policies per year in more than 60 countries.

Cover Genius’ award-winning technologies include XCover, a distribution platform providing coverage for any line of insurance in any country, language and currency. XCover was developed after the early success of Rental Cover in the mobility space. Underpinned by our global insurance licensing framework and a capability to make customers central insurance experience, the two platforms protect millions of customers per year. Claims are handled by XClaim, our API for real-time payment of approved claims. It handles tens of thousands of instant claim payments in 90+ currencies via bank transfer, and it also allows partners to choose to remit via store credits, e-wallet and card top-ups.”

Speaking about the investment, Cover Genius CEO and co-founder, Angus McDonald, stated:

“The insurance industry has been held back by legacy systems and a lack of global coordination and customer-centricity for decades. We sought to change that and create simple, yet useful, policies, streamline the claims process and enable the world’s largest online companies to protect their global customers. Customer needs have evolved and today they want protection for a variety of items like sports equipment, pets, electronics, contracting work, jewelry, flight tickets and cars. We are evolving the insurance experience to cover all of the things they care about and purchase online.”

Chris Barter, Partner at King River Capital, added:

“[Cover Genius’] extraordinary growth over the past few years is no surprise when you look at the many friction points for customers that they have resolved and the opportunities they provide for partners to offer protection to all their worldwide customers and increase customer loyalty. We are pleased to support their ongoing growth and continued international expansion.”

UK-based Fintech Modulr Says It’ll Invest Most of Its £20 Million Funding in Scotland’s Financial Tech Sector

London-based Fintech firm Modulr revealed on October 30 that it’s planning to invest most of its £20 million in funding in Scotland’s financial technology sector, in order to promote innovation and support the nation’s role as a leading tech hub.

Modulr’s investment-related decision has come after the company was granted £10 million from the BCR Capability and Innovation Fund (CIF), which the firm has now matched.

Modulr’s management set up its primary development center in Edinburgh. The company says it intends to use the investment to create and offer more than 50 tech jobs for highly skilled professionals.

Modulr, which offers a Payments as a Service API for businesses that need to transfer funds quickly and securely, currently serves Sage, Revolut and Paxport.

The Fintech and mobile payments firm has made a commitment to hire new tech talent in Scotland. The company says it will employ recent graduates from universities throughout Scotland every year for the next five years.

Modulr’s management also mentioned that the company will host payment education events in Edinburgh and Glasgow, in order to teach local firms how to effectively use its payment technology.

Modulr said it’s currently working on expanding its tech development team, so that it can continue to create solutions for businesses, which provide access to the latest payment services. These include products such as the Accounts Payments Control Centre (APCC), which gives users more control, while being able to take advantage of increased automation and greater efficiency.

The tech industry in Edinburgh is ranked as second in the region, after London by Tech Nation. The area accounted for almost £4 billion in tech-related revenue in 2018 and presently employs around 60,000 workers. The average salary for tech employees in Edinburgh is approximately £42,500 per annum.

The recent £20 million investment has come after Modulr raised £14 million in February 2019 from Frog Capital and Blenheim Chalcot.

Myles Stephenson, CEO at Modulr, stated:

“Scotland is packed with fantastic technology talent, world-renowned universities and businesses, so we’re tremendously excited to be growing our presence in Edinburgh and investing to raise the profile of Scottish fintech. Our base here will be absolutely critical as we work to drive innovation and competition in our sector, and to make money flow more efficiently through the economy.”

Derek Mackay, cabinet secretary for Finance, Economy and Fair Work, noted:

“I welcome the announcement of this award of £10m which is both great news for Modulr and great news for Scotland’s Fintech sector.”

Mackay added:

“This award will enable Modulr to create more than 50 additional jobs at its Edinburgh operation by accessing the pool of highly-skilled people available in the surrounding area. This is further evidence of the strength and attractiveness of Scotland’s fintech sector and Edinburgh in particular which now has over 100 fintech companies established.”

Mark Hallan, head of inward investment at Scottish Enterprise, remarked:

“Modulr is a valuable member of Scotland’s fintech community and I welcome this further investment that will create more high-quality jobs. This will take the company to over 100 employees in Edinburgh and highlights Scotland’s attractiveness for investment in a very competitive sector.”

Hallan also mentioned:

“We supported the firm’s expansion to Edinburgh last year and it joins many companies investing here from across the UK and globally who can access a talented, experienced workforce alongside a network of fintech companies.”

Huobi Japan Receives $4.6 Million Investment from Tokyo’s Financial Products Group

Singapore-based crypto exchange Huobi’s Japan division has reportedly received nearly 500 million yen (appr. $4.6 million) in funding from a major Tokyo-listed firm focused on several areas including leasing, real estate, insurance brokerage and mergers and acquisitions (M&A).

As noted in Huobi’s press release, the company’s investor, Financial Products Group (FPG), acquired 499,968,000 yen worth of shares from the Japan-based subsidiary of Huobi Asset Investments on October 25.

FPG’s management noted that it purchased shares in the company because of its potential, as Huobi Japan is planning to create various solutions for digital currencies and related payments systems.

FPG and Huobi might also work cooperatively on new projects involving the tokenization of financial securities. FPG’s management has a strong background in traditional finance and real estate.

The companies have not yet disclosed exactly how the investment will be allocated, however, they said the funds would be used to finance Huobi Japan’s expansion in the East Asian country.

At present, it’s not clear what percentage of ownership FPG will have in Huobi, however, the disclosure confirmed that the exchange’s paid-up capital was $5.7 million. Meanwhile, the firm’s website mentions that total capital, including reserves, stands at $11 million.

Established in Beijing in 2013, Huobi Global is ranked as the world’s 15th largest crypto exchange in terms of trading volume, according to data from CoinMarketCap. The exchange also has its own Huobi Token, which is presently ranked 17th in terms of market capitalization.

Huobi’s Japan division was launched in 2016. Last year, the exchange operator acquired BitTrade, a fully-compliant crypto trading platform in Japan. Bittrade’s company name has been changed to Huobi Japan. Trading on the platform started in January of this year in six major digital assets: Bitcoin (BTC), XRP, Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and MONA.

In April 2019, Japan’s financial regulator, the Financial Services Agency (FSA), raided Huobi Japan’s offices. The FSA had been checking to determine whether the exchange was adhering to relevant regulatory guidelines.

U.S. Fintech West Creek Secures $150 Million Credit Facility From Pollen Street Capital to Expand Point-of-Sale Financing

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West Creek, a U.S.-based fintech company that provides point-of-sale financing, announced on Thursday it secured a $150 million credit facility from Pollen Street Capital, bringing the company’s total credit facility capacity to $250 million. Founded in 2014, West Creek claims it focuses on using big data and technology to optimize underwriting, enable industry-leading approval rates.

Our high approval rates lead to great customer experiences and maximum sales for our dealers.”

The company also noted that since 2015 its revenue has grown over 4,400% and will surpass $200 million for 2019. West Creek further explained it partners with over 8,000 retailers nationwide and has helped over 250,000 customers in purchasing essential items, including furniture, mattresses, appliances, tires, and HVAC systems.

Speaking about the credit facility, Rajesh Rao, CFO and CRO of West Creek, stated:

“This new credit facility represents a significant milestone for West Creek and allows us to continue to transform point-of-sale financing. We are laser-focused on delivering a superior financing experience for our retail partners and their customers through a combination of world-class customer support, technology, and data-science-driven credit decisioning.”

Lindsey McMurray, Founder and Managing Partner of Pollen Street Capital, then added:

“We are impressed with West Creek’s progress and growth to date and are excited to support its next expansion phase through the $150 million credit facility. We look forward to a strong, long-lasting partnership and believe that this sets a solid foundation for us to support West Creek in many other aspects.”

U.S. Fintech Galileo Financial Technologies Secures $77 Million Through Series A Funding Round Led By Accel

Galileo Financial Technologies, a U.S.-based fintech, announced on Thursday it secured $77 million through its Series A funding round, which was led by Accel with participation from Qualtrics Co-Founder and CEO Ryan Smith.  

Founded in 2000, Galileo claims it has grown to become one of the latest payment processors and program managers in North America. It also says it is the only payments innovator that applies tech and engineering capabilities to empower fintechs and financial institutions to unleash their full creativity to achieve their financial goals.

“Galileo leads its industry with superior fraud detection, security, decision-making analytics and regulatory compliance functionality combined with customized, responsive and flexible programs to accelerate the success of all payments companies and solve tomorrow’s payments challenges today.”

Speaking about the investment round, Galileo Founder & CEO Clay Wilkes, stated:

“Over the years, we’ve built the API standard for card issuing programs and fintech innovation, focusing on a feature- rich product set, profitability and delighting our clients. This funding will help us double-down on these themes, while also becoming more aggressive in expanding geographically and providing the building blocks for the world’s most innovative payments programs. We’re thrilled to be working with Accel and Ryan Smith.”

Accel Partner John Locke, who is joining the Galileo Board of Directors as part of the investment, added:

“We’re in a golden era of fintech innovation and Galileo has quietly built the API infrastructure layer powering the industry’s most innovative products. Clay and his team have built a very impressive business with many parallels to companies like Qualtrics and Atlassian: bootstrapping first to build a quiet, profitable powerhouse and now, ready to go big globally. We’re excited to help Clay and team take Galileo to the next level.”

eToro Set to Use AI With New Sentiment-Based Cryptocurrency Investment Strategy

eToro, a global social trading platform, announces on Tuesday the launch of TheTIE-LongOnly CopyPortfolio, which offers users access to a sentiment-based, AI-driven investment strategy from The TIE, a cryptocurrency data analytics platform trusted by some of the largest traditional quantitative hedge funds as well as crypto-specific funds. While sharing more details, Guy Hirsch, US Managing Director of eToro, stated:

“In traditional markets, retail investors have historically lagged behind the ‘smart money’ when it comes to the data and tools available to them. This puts individual investors at a major disadvantage. In the spirit of crypto and decentralized technology, we believe that offering institutional-grade tools to every investor will level the playing field and democratize investing.” 

eToro then reported that the Tie’s proprietary machine learning and language processing models ingest 850 million tweets per day, quantifying the positive and negative tone of conversations on Twitter. TheTIE-LongOnly CopyPortfolio strategy allocates based on positive sentiment, algorithmically rebalancing once per month. Joshua Frank, CEO of The TIE, also commented:

“eToro is well-known as a community where some of the smartest crypto traders share insights and strategies. We’re proud to offer investors of all experience levels a way to employ artificial intelligence and machine learning in an automatically-executed strategy, unified with eToro in our goal to make traders more active and informed.” 

eToro went on to add that since launching the strategy in October 2017, the algorithm has generated a 281% return after fees, compared to a 41% return generated by Bitcoin alone. Annualized, The TIE’s Long-Only portfolio strategy generates on a return of 123% on average, compared to a 29% return from an equally weighted basket of the same underlying crypto assets.

BBVA Announces Investment in Spanish Fintech Startup PrivacyCloud

BBVA announced on Tuesday it led the first funding round of PrivacyCloud, a Spanish startup developing a series of tools to allow users to control how their data are used by businesses to create commercial or marketing offers. La Sexta Opción, an investment vehicle promoted and coordinated by ILP Abogados and Fundación Villacellino, also participated in PrivacyCloud’s funding round.

PrivacyCloud, which was founded last year, develops technology to put people in control of their data, facilitating individuals and businesses to build trusting and mutually beneficial relationships, while safeguarding customer privacy at all times.

“On the one hand, consumers only see adds about products and services that really want to know about the company’s data-based personalization engine. On the other, businesses reach out to highly-segmented groups of anonymous potential consumers, much more likely to purchase their products and services.”

BBVA reported that with this investment, it strengthens and fosters the new-technology innovation ecosystem, supporting the development of data-based solutions capable of bringing true value to users. Sergio Maldonado, CEO and Co-Founder of PrivacyCloud, added the investment round’s funds will be used to allow the startup to keep moving forward in reformulating current marketing, sales, and customer loyalty building practices. The amount secured through the round has not been disclosed.

ArborCrowd Announces New Offering For Miami’s Biscayne 112 Property

Commercial real estate crowdfunding platform ArborCrowd announced last week a new offering today that allows investors to acquire equity interests in Biscayne 112, a Class-A, ground-up development located at 11200 Biscayne Boulevard in North Miami. According to ArborCrowd, the offering presents an opportunity for investors to get in on the ground floor of Miami’s blossoming suburbs, which continue to evolve as high prices in Downtown Miami are pushing renters farther from the city center.

“An affiliate of Arbor Management Acquisition Company LLC (AMAC) is the project’s sponsor, and — along with ArborCrowd — is a member of The Arbor Family of Companies. Affiliates of the sponsor have funded more than 85 percent of the total equity of the deal. ArborCrowd now seeks to raise $5.15 million from investors for the remaining equity, which has been prefunded into the project by an affiliate of ArborCrowd.”

While sharing more details about the offering, ArborCrowd Co-Founder and COO, Adam Kaufman, stated:

“North Miami is an attractive place to live as it is a short commute to Downtown Miami, is in a school district with multiple top schools, and is seeing a surge of investment into the community. However, it is notably lacking in vacant multi-acre development parcels, which makes a project like ours both scarce and highly desirable. Biscayne 112 is one of the only large-scale, multifamily developments under construction in the area, which provides a competitive advantage as the sponsor seeks to capitalize on strong renter demand for luxury product while offering an expected 20 to 30 percent discount to rents in Downtown Miami.”

Biscayne 112 is notably ArborCrowd’s ninth offering since its inception. In total, ArborCrowd has raised nearly $25 million of equity for assets with a total capitalization of roughly $270 million and to date, ArborCrowd has returned almost $6 million to investors.

Blockchain Solutions Provider Oneiro Raises $5 Million Through Series A Investment Round Led By Cosimo Ventures

Oneiro, global provider of blockchain solutions, announced last week it secured $5 million through its Series A funding round, which was led by Cosimo Ventures. Oneiro reported that this is the second investment round by Cosimo to Oneiro, following a seed round of $3 million in February 2018.

Founded in 2017, Oneiro claims to be a leading global provider of advanced blockchain solutions for the decentralized Internet. The company has notably been contracted by the Axiom Foundation to provide a variety of technology development services for ndau, a buoyant virtual currency.

“Oneiro has a passion for turning the most ambitious ideas which can leverage blockchain technology into reality.”

Speaking about the investment, Ciarán Hynes, Managing Partner at Cosimo Ventures, stated:

“Another investment into Oneiro, is another investment for the advancement of the entire blockchain ecosystem. Oneiro has proven its development expertise in the blockchain space particularly following the launch of ndau. The Oneiro team has made significant progress this year, and these new funds will allow the team to further develop multiple blockchain technologies, extend into the crypto ecosystem, and accelerate the adoption and use of various blockchain applications, including digital virtual currencies such as ndau.”

Dhesi Ananchaperumal, CEO of Oneiro, added:

“I am absolutely thrilled to be joining the Oneiro team, in order to accelerate the growth of services offered by Oniero, especially during this exciting investment period. My past experience and expertise will allow me to drive new innovation and partnerships, and identity adjacent areas of opportunity that leverage established core competency of blockchain development.”

UK Challenger Bank Tide Secures £44.1 Million Through Series B Funding Round Led By SBI Group & Augmentum Fintech

Tide, a UK-based SME challenger banking, announced on Monday it secured £44.1 million through its Series B funding round, which was led by specialist fintech investment companies, The SBI Group and Augmentum Fintech plc.

As previously reported, Tide describes itself as a current account that saves businesses time and money with its tools that automate bookkeeping and make paying/sending invoices quicker.

“We’re building a banking service for small businesses and freelancers. One that helps them do less banking, so that entrepreneurs can get back to doing what they love. Within a year of launching, 1 in 12 of all new business current accounts in the UK were opened with Tide. But we’re not stopping there. We believe the world would be a better place if more people did what they loved. And that’s why we’re building Tide.”

Tide revealed this is the first round of Series B fundraising and the second round is expected to close by the end of the year. The additional funding will be used to help Tide to increase its share of the UK business banking market, as well as to support the banking platform’s planned international expansion. Speaking about the investment round, Oliver Prill, CEO of Tide, stated:

“Securing this substantial investment from successful fintech investors like The SBI Group and Augmentum, underlines how far the business has come in a short time. We believe this is one of the largest Series B rounds ever secured by a UK fintech company. As we outlined earlier this year, securing more funding means we can accelerate our strategy to capture a significant share of the UK SME banking market. We want to challenge the oligopoly that has dominated and failed SMEs for too long. With a clear plan for growth in the UK backed by significant investment, we are ready for an exciting future, which includes looking at taking Tide to an international market.”

Tim Levene, CEO of Augmentum Fintech, then added:

“Since we first invested in Tide last year, we have been impressed by how the team have delivered significant growth. Tide fits our investment criteria. It is disrupting its market by challenging incumbents, bringing efficiencies to the end customer, and is led by a talented and driven management team. We look forward to supporting Tide in its next stage of growth.”

Spanish Mobile-First Neobank Bnext Secures $25 Million Through Series A Funding Round Led By DN Capital

Bnext, a Spain-based mobile-first neobank, announced this week it raised $25 million through its Series A funding round, which was led by DN Capital, with participation from RedAlpine, SpeedInvest, Founders Future, Cometa, Enern, USM, and Conexo.

Founded last year, Bnext states it offers customized services tailored to individual needs. The mobile banking platform allows its customers to connect their existing bank accounts and aims to facilitate transparent and flexible financial management along with financial and insurance products from partners. 

While sharing details about the investment, Nenad Marovac, Founder and Managing Partner of DN Capital stated:

“Bnext is the market-leading digital bank in Spain and soon to be in Latin America. We are very impressed with the company’s growth to date and the ambitions of the management team. Together with our partners Speedinvest and RedAlpine we look forward to helping Bnext realize its ambitions.”

Guillermo Vicandi, Co-Founder and CEO of Bnext, added:

“We are delighted to be able to work with such a select group of investors. The financing obtained will allow us to consolidate our leading position in and accelerate our growth in and out of our borders. We face a great challenge and we are very excited about it.”

Bnext is planning to use the Series A funds to continue the development of its products, as well as expand to its services to Latin America, especially Mexico.

Decentralized Trading Technology Startup Vega Secures $5 Million Through Latest Investment Round Led By Pantera Capital

Vega, a decentralized trading technology startup, announced on Wednesday it secured $5 million through its latest funding round, which was led by Pantera Capital. Founded in 2018, Vega describes itself as a technology protocol that is building an open, blockchain-based public network for fully automated end-to-end trading and execution of financial products.

“We believe in transforming the financial system, changing the dynamics of power and forming part of a wave of change that could radically alter the operation of markets and their relationship with society. The decentralized network, secured with proof-of-stake, will facilitate fully automated, end-to-end margin trading and execution of complex financial products. Any participant will be able to build a market on Vega’s infrastructure.”

Speaking about the company, Barney Mannerings, Founder and Shareholder of Vega Holdings Limited, stated:

“We support the right to collaborate and trade freely. Privileged institutions and gatekeepers have for too long kept the financial system rigid and rigged in their favor. It is neither desirable nor necessary for market participants to be subject to profiteering, monitoring, and control by those privileged institutions.”

Paul Veradittakit, Partner at Pantera Capital, went on to add:

“In Vega, we see a project with the potential to disrupt and transform the financial landscape with decentralized margined products. The team’s vision for the future of finance is a level playing field in which all people can participate. That vision is integral to the blockchain ethos and represents everything we are fighting to enact.”

Vega is supported by Xpring (Ripple), Hashed, NGC Ventures, gumi Cryptos Capital, Rockaway Blockchain, KR1, Eden Block, Focus Labs, Greenfield One, Monday Capital, RSK Ecosystem Fund, and select private investors

UK Fintech Rapyd Raises $100 Million Through Recent Financing Round Led By Oak HC/FT

Rapyd, a global Fintech-as-a-service provider, announced on Tuesday it secured $100 million through its latest financing round, which was led by Oak HC/FT with participation from Tiger Global, Coatue, General Catalyst, Target Global, Stripe, and Entree Capital. The latest funding round comes just months after Rapyd raised $40 million in through its Series B financing round.

As previously reported, Rapyd describes itself as a mobile-first financial network that makes the world’s “favorite ways” to pay and be paid instantly available through a single API and SDK.

“Through our scalable platform and API we are bringing together local financial specialists from every corner of the world to make the 100s of ways people pay available around the world, so that eCommerce merchants, gig platforms, challenger wallets, remittance platforms, online lenders, and even traditional banks can break free of their old infrastructure and limitations and create new mobile-friendly solutions to make payments faster, smarter, accessible and convenient to all.”

Speaking about the investment round, Arik Shtilman, Co-Founder and CEO of Rapyd, stated:

“We are excited to work with Oak HC/FT, Tiger Global, Coatue and our other long-term investors to continue building and rolling out our Fintech-as-a-service platform globally. Global commerce is at a critical inflection point as businesses are pressed to launch new applications, process and accept local payment methods, disburse funds, and manage risk and compliance so they can offer highly localized customer experiences without having to build their own infrastructure.”

Tricia Kemp, Co-Founder and Managing Partner at Oak HC/FT, also commented:

“As financial services become increasingly digitized and global, Rapyd’s fintech-as-a-service approach has tremendous growth potential. We’re thrilled to back and partner with the Rapyd team as they tackle one of the biggest challenges in financial services by helping businesses navigate the complexity of local and cross-border digital payments.”

Rapyd is planning to use the funds from the financing round to build out its unified cloud-based technology platform that helps businesses quickly integrate Fintech and payment capabilities into any commerce application. The company added:

“The funding will also be used to further build out the Rapyd Global Payment Network that helps businesses expand in local and cross-border markets by reaching more than four billion consumers with a broad range of local payment methods beyond credit cards. “

Update: Assetz Exchange Closes Seedrs Funding Round With More Than £750,000 Raised

Assetz Exchange, a UK-based property crowdfunding platform, has closed its equity crowdfunding on Seedrs with a total of £750,367 raised. The funding round launched earlier this summer and quickly raised its initial £350,000 funding target. Assetz Exchanged offered 4.83% in equity at a £6,902,276 pre-money valuation.

As previously reported, Assetz Exchange describes itself to be a revolutionary new crowdfunding property investment platform. The platform noted it is the buy-to-let you know, without the barriers.

“Assetz Exchange has been established to offer retail investors a way to more efficiently invest and trade in residential buy-to-let property and housebuilding projects for both income and capital growth. The business has an experienced team with a 17-year pedigree in the buy-to-let property industry through its association to Assetz Property and its 140,000 registered property investors.”

The property platform further explained that it offers fractional property investment opportunities through a crowdfunding model with optional ISA tax advantages. Assetz Exchange also noted that it enables investors to create a customized and diversified property portfolio in minutes made up of different types of properties across the UK, including Buy-to-Let and developments.

Funds from the Seedrs round will go towards the following:

  • Further optimizing and development of the website
  • Further development of the property and client money back-office accounting systems
  • Hiring further team members
  • Further legal and professional costs
  • Working capital
  • Launch marketing and PR

Following $250 Million Funding Round, Stripe Announces Upcoming New York City Office

Payments platform Stripe announced last week it is set to open a new office in New York City. The company reported that it is going to be hiring for hundreds of roles across engineering, sales, marketing, partnerships, recruiting, and more in the next few years.

The new office announcement comes just days after Stripe announced it secured $250 million through its latest funding round at a pre-money valuation of $35 billion. Speaking about the investment at the time, John Collison, President and Co-Founder of Stripe, stated:

“Even now, in 2019, less than eight percent of commerce happens online. We’re investing now to build the infrastructure that’ll power internet commerce in 2030 and beyond. If we get it right, we can help the internet fulfill its potential as an engine for global economic progress.”

Stripe noted that the funds from the investment round will go towards accelerating its growth in three key areas, which are accelerating international expansion, growing its product suite, and extending its enterprise capabilities. To see the full list of positions available at the New York City office, click here.

U.S. Distributed Spend Management Software Company Teampay Secures $12 Million Through Series A Funding Round Led By Tribe Capital

Teampay, a U.S.-based provider of distributed spend management software, announced last week it secured $12 million through its Series A financing round, which was led by Tribe Capital with participation from existing investors Crosscut, Silicon Valley Bank, and Precursor Ventures. The company reported that the investment round brings its total funds raised to $16 million.

Founded in 2016, Teampay explained that it delivers smart purchasing for empowered teams. It also claims to modernizes how companies manage to spend, by delivering intelligent automation, robust integrations, and a “delightful” user experience.

We help companies focus their resources on growth, not overhead. Teampay is the first purchasing software built for modern, technology-enabled businesses. Our products enable companies to request, approve and track expenditures in real-time. We give finance teams control and transparency, while empowering workers to be successful. Through automation we reduce the torment of manual processes, allowing our customers to concentrate on building the business.”

While sharing more details about the company, Teampay founder and CEO, Andrew Hoag, stated:

“The purchasing department of today is all your employees,” commented Hoag. “With legacy tools, you have no proactive control, and controllers spend days or weeks at the end of the month trying to code and reconcile what was spent. That’s why we created Teampay – the first distributed spend management platform that makes it safe and frictionless for everyone to buy on behalf of the company, whilst enforcing policy upfront and automatically reconciling in real-time.”

Jonathan Hsu, Co-Founder and General Partner of Tribe Capital, went on to add:

“The increasing speed of business and greater autonomy of individual employees to make decisions has fundamentally changed how businesses spend money,” said  “We invested in Teampay because it delivers the critical distributed spend management capabilities that every business needs, it’s the only product in the procurement space that has a complete platform approach, and it provides seamless interoperability with ubiquitous legacy finance systems.”

Mexican Challenger Bank Klar Secures $57.5 Million Through Latest Investment Rounds

Klar, a Mexico-based challenger bank, announced on Thursday it secured $7.5 million through its seed financing round. The company also reported that it raised an additional $50 million in debt funding. The latest seed round was led by Quona Capital, a fintech venture firm which leverages a strategic relationship with Accion, with participation from Santander Innoventures, aCrew (ex-Aspect Ventures), FJ Labs, Arc Labs, and Western Technology Investment. 

Founded in 2018 by co-founders Stefan MollerDaniel Autrique, and Gianluigi Davassi, Klar states it is looking to offer an alternative to traditional credit cards and debit services. Services are available via mobile app, without traditional fees found at banks. The bank claims its services are designed to be 100% digital, transparent, free and easy to use for consumers. While sharing more details about the bank’s growth and the funding, Klar Co-Founder and CEO, Stefan Moller, stated:

“Klar is the future of banking, and the good news is that it’s open to all Mexicans, not just a few. Today just 15% of adults in Mexico have access to a credit card, and only 3% of credit applications from middle class consumers are approved. We believe Klar will dramatically change banking access across Mexico. This fundraise from Quona Capital, along with the support of our other investors, provides us with growth capital and support we need to democratize banking in Mexico and offer the best service possible to all who need it.”

Jonathan Whittle, Quona Capital Co-Founder and Partner, went on to add:

“Quona has been excited about Klar from the very first meeting. The Klar team has built a solution that we believe can have a dramatic impact on financial inclusion in Mexico. We’re happy to put our support behind the Klar team and its alternative debit card with credit offering.”

Tipalti Secures $76 Million Through Series D Funding Round to Accelerate Global Payables Automation

Global payables platform Tipalti announced on Tuesday it secured an additional $76 million through its Series D funding round, which was led by Zeev Ventures with participation from 01 Advisors (a fund founded by Twitter’s former CEO and COO) and Greenspring Associates.

Tipalti reported it will use this additional funding to continue to set the pace for innovation in the payables automation space and solidify itself as the leading solution for fast-growing and mid-sized companies across the globe. The company will also fuel its growth through increased developer, customer success, sales, and business development headcount, marketing investments while adding new offices in North America and Europe.

While sharing more details about the investment round, Chen Amit, CEO and Co-founder of Tipalti, stated:

“As companies mature and growth accelerates, manual accounts payable processes are no longer an option. This is where Tipalti comes in and this new round of investment will help us widen our innovation edge as the pace-setter in the payables automation space.”

Tipalti then added that in the first half of 2019, it had more than doubled new customer and business bookings and surpassed $8 billion in annual transactions, while maintaining a 98% customer satisfaction rating. The company added:

“Tipalti’s payables automation technology is aimed at fast-growing mid-market companies, who have traditionally been underserved by banks. Leveling the playing field, the solution provides them with the ability to scale efficiently and rapidly, accessing the services that are otherwise only available to large enterprises. Tipalti streamlines and optimizes businesses’ end-to-end global payables workflow, while giving these companies access to cross border payments, currency conversion, and payments across a wide range of methods.”

Nationwide Announces Investment in Business Management Platform BankiFi

Nationwide announced on Tuesday it is investing in BankiFi, which is a business banking technology provider that uses open banking to provide a suite of business microservices which plug into banking infrastructure through APIs.

Founded in 2018, BankiFi revealed it offers financial institutions a consent centric platform with business and corporate solutions that enables the banks to go ‘beyond an open experience’ promise with relevant offerings to their client base in terms of time, location and context. The company’s description further reads:

“BankiFi and its solutions are offered as a managed service that can run either in a private or public cloud. This set of consumable services has been designed so as to store as little data as possible outside the bank environment. BankiFi combines the core strength of the bank – customer relationships and a regulated environment – with the fast, agile development skills of a robust FinTech partner.”

Speaking about the investment, Mark Hartley, Founding Partner at BankiFi, stated:

“We truly believe that the value creation in Open Banking centres around the business customer. They deserve financial and banking services that are wrapped around their daily lives, offered by a robust partner that can offer continuity and a flexible approach. Banks and Building Societies can bundle our micro services into any bundle they or their customers might choose and offer it through the channel they know and use. This highly relevant experience is now possible with the latest technology, through one bank cockpit without sending the customers off to meander through a ‘jungle of apps’. Nationwide wants to ensure its business customers get access to the best technology and we look forward to working with them to explore how we might help them with their new business current account proposition.”

More information about the investment, including the amount, has not been disclosed at this time.