Fintech funding round-up: 2 November 2017
The money rolls for all you fintech souls. Our latest funding round-up features TransferWise, Lendified and Glint.
Let’s begin with a big one. TransferWise has got $280 million in a Series E round led by asset management company Old Mutual Global Investors and Silicon Valley VC firm IVP. A source speaking to TechCrunch and “close to TransferWise” (Husband? Wife?) says the new funding values the seven-year old firm at $1.6 billion.
Existing backers Richard Branson, Andreessen Horowitz, and Baillie Gifford participated too, bringing total raised by the company to $397 million. TechCrunch says: “Regarding how much of the new investment is newly received capital and secondary investment, TransferWise, which makes a virtue of its transparent fees to customers, declined to break out the exact split.” The funding will be used for expansion, “with a particular focus on the APAC region, where the company now has a dedicated hub, and further development of its Borderless account”.
Lendified, a Canada-based firm offering small business loans, has entered into an agreement with ClearFlow Commercial Finance to increase its lending capacity. ClearFlow will provide a $60 million credit facility to fund loans – raising Lendified’s capacity to $85 million. It says it has received over $220 million in loan requests.
Lendified offers working capital loans of $5,000 to $150,000 through an online application. This process is powered by its customisable artificial intelligence (AI) powered credit platform which it also offers to financial institutions.
Someone’s taken a shine to Glint, a start-up planning to launch a “global currency, account and app based technology”, as it has closed its second fundraise of £3 million from investors in the UK, Canada, Europe and Japan.
Among the new investors are NEC Capital Solutions, which through its venture fund co-operated with Venture Labo Investment, and the Tokyo Commodity Exchange (TOCOM). Glint will be available by the fourth quarter of 2017 (we’re there now) as part of a global roll-out.