Fintech funding round-up: 8 November 2017
Hot on the heels of yesterday’s (7 November) fintech funding round-up, here’s more money action. Features WeSwap, OakNorth Bank and OTCX.
Peer-to-peer currency exchange platform WeSwap has revealed its £8 million series B investment round led by London-based private equity firm IW Capital. As WeSwap nears the end of 2017, it says further product features include a savings functionality, international money transfer, and the ability to spend in “all currencies”. Moreover, “once secured”, the £8 million raised will contribute towards the launch of its corporate travel product, with “discussions currently in place” with a number of corporate venture capital partners in the travel industry.
WeSwap has a hop in its step as it says it’s had “exponential revenue growth” of 116% in the last year, and its platform enjoyed £100 million in global currency traded since its inception.
Following the £154 million capital raise announced last month, OakNorth Bank is adding Singaporean sovereign wealth fund GIC as an investor. The latter will invest £90 million for just under 10% of the bank. OakNorth, which focuses on the SME market, says it has grown its loan book to over £900 million since its launch in September 2015.
GIC will assist in OakNorth’s expansion in the US, European and Asian markets. Rishi Khosla, CEO and co-founder of OakNorth, says Indian conglomerate Indiabulls has agreed to sell just under 10% of its stake to GIC and the transaction is due to close in mid-November.
OTCX, an over-the-counter (OTC) derivatives platform, has received unspecified backing from the Angel CoFund as part of its latest funding round. The Angel CoFund is a £100 million investment fund, supported by the British Business Bank, with objectives to “back promising UK businesses and help develop the important business angel investment market”. Last year, British Business Bank pledged £400 million to UK fintechs and other businesses.
OTCX says over 50% of OTC derivatives are traded via chat, email or voice technology, and its platform includes trade reconstruction and compliance with “best execution policies” under MIFID II; and allows buy-side firms to digitalise their OTC derivative processes. Nick Koechlin, the founder and CEO of OTCX, doesn’t offer specifics but says “this investment allows us to accelerate our plans and to expand the reach of our existing offerings”.