ICYMI funding round-up: Estateguru, SaaScada, tell.money, Cheq, GMEX & Bluezone
At FinTech Futures, we know that it can be easy to let funding announcements slip you by in this fast-paced industry. That’s why we put together our weekly In Case You Missed It (ICYMI) funding round-up for you to get the latest funding news.
Pan-European property financing and investing platform Estateguru has announced a funding campaign worth up to €3 million on equity crowdfunding platforms Seedrs.
The capital raised will be used to support the firm’s growth and expansion plans, especially in two of its biggest markets – Germany and the UK, as well as expanding into two new markets.
It also plans to make tech investments to develop a digital, borderless platform for real estate financing and investing.
Estateguru finances projects which have solid collateral, using first-rank mortgages, to achieve straightforward and secure funding in real estate lending.
The firm says its model is useful for entrepreneurs “who struggle with the ‘one-size-fits-all’ policies of banks” and gives people the opportunity to build a diversified real estate investment portfolio from €50 at an average interest rate of 11%.
UK-based fintech SaaScada, a cloud native core banking platform provider, has raised £2.5 million in seed funding from more than 10 investors.
SaaScada says it allows fintechs and challenger banks to launch new products “in minutes, rather than months” at a much lower cost than traditional core banking platforms.
The platform’s open API enables banks to create their own ecosystems, bringing existing and new suppliers together in a fully integrated platform with enhanced data management.
The capital raised will be deployed to build the platform, accelerate the firm’s growth and expand its footprint in the banking sector.
SaaScada claims to have achieved 85% year-on-year growth in FY22, counting “two of UK’s top 20 fintechs” among its clients.
UK-based fintech platform tell.money has secured £2 million in an angel round led by serial fintech investor Craig Dewar.
Launched in 2020, tell.money offers open banking solutions for banks and other account providers. The platform additionally provides testing, monitoring and reporting capabilities that reduce client regulatory reporting overheads.
The firm says the funding will be used to accelerate the development of the platform, build out the team and expand its client base through expansion “into the EU regions and beyond”.
Fintech Cheq, which enables easier crypto payments, has raised $2 million in a pre-seed round led by Connect Ventures.
Also participating were Semantic Ventures, firstminute Capital and 30 angels including former leadership from Monzo, Revolut and Tide.
The firm says the new investment will enable Cheq to establish itself as a primary option for taking payment with stablecoins pegged to the US dollar, removing price volatility for both merchant and consumer.
The fintech platform allows users to connect to a crypto wallet and gives access to a user interface similar to that of a neobank’s. Cheq creates instant payment links that can be shared on websites or social media, allowing customers to pay with crypto in one click.
The three-month-old startup claims to have seen success with event organisers, claiming it has processed nearly $100,000 in crypto payments in this area.
GMEX Group will receive an undisclosed amount of funding from Tempus Network, a wholly owned subsidiary of Burkhan World Investments.
GMEX Group offers business and technology solutions for capital markets players, exchanges and post-trade market infrastructure.
The investment will be made via a Special Purpose Vehicle (SPV) in the United Arab Emirates in conjunction with Middle Eastern investment institutions.
The funding will be used to “jointly develop a range of platforms and projects” in innovative digital financial services, commodities and sustainability markets in the Middle East and North Africa (MENA) region.
The deal is expected to close sometime in June 2022, subject to approvals.
Hirander Misra, chairman of GMEX Group, says the collaboration and investment will leverage GMEX technology and its MultiHub platform, integrating traditional and decentralised finance.
Insurtech Bluezone has raised a £1.5 million seed round to increase access to insurance products for individuals living with chronic health conditions.
The round was led by Insurtech Gateway and AV8 Ventures, with participation from Oxford Capital, Portfolio Ventures and angel investors including the former CEO of AXA, CTO of Aegon Group and the former chairman of NHS England.
The London-based start-up plans to use the funding to expand its team and launch its first product – Type 2 diabetes life insurance.
Bluezone has developed a medical underwriting risk engine, PURE, using Artificial Intelligence and Machine Learning techniques and large medical datasets. PURE will offer customers a fair and precise premium tailored to their risk scores in “a few days”.
With its technology, Bluezone aims to improve the “antiquated process that takes weeks or months” for individuals to get medical cover.