US fintech funding round-up: OatFi, Fintor and StandardC
The Friday funding round-up for this week includes three fintech start-ups based in the US – OatFi, Fintor and StandardC.
Fintech start-up OatFi has emerged from stealth with $8 million in seed funding led by QED Investors.
Also participating in the round were existing investors Portage Ventures, Picus Capital and Cambrian Ventures, and the addition of new investors Fin VC, Dash Fund and Lorimer Ventures, and Ziv Paz, co-founder of Melio.
The new round brings OatFi’s total funding to $11.25 million after it raised $3.25 million in a pre-seed round earlier in the year.
OatFi has also secured $50 million in credit facility from Architect Capital. The funds will be used towards building its product and expanding its team.
Founded in 2021 and based in New York, OatFi provides end-to-end infrastructure for B2B payments platforms, enabling them to launch embedded finance tools such as buy now, pay later (BNPL) or various receivables financing products.
Fintor, a fintech start-up enabling investments in real estate, has launched its mobile-first platform and raised an additional $6.2 million, bringing its total funding to-date to $9 million.
Notable investors in the round include Public.com, Hustle Fund, 500 Global, VU Ventures, Graphene Ventures and angel investors.
The additional funding will be used to grow Fintor’s user base while expanding its number of investment properties. In the first part of 2023, it says it is looking to expand across the country into 20+ markets.
Fintor allows users to invest in real estate starting from $5 and diversify their investment portfolios without the hassle of owning property.
The platform does this by purchasing rental properties, securitizing the asset, and issuing shares of an LLC that owns a property. Through its proprietary Initial Realty Offering (IRO), Fintor launched its first investment properties based in Alabama, Georgia and Tennessee.
Headquartered in Palo Alto, California, Fintor claims a waitlist of over 20,000 users and is fully qualified under the US Securities and Exchange Commission’s (SEC) regulation.
StandardC has secured $4.75 million in a seed financing round from Hard Yaka.
The company is also launching the StandardC Monitoring Center to automate Know Your Customer (KYC) and vendor intelligence functions for financial institutions, enterprise-scale customers, and customers interacting with highly regulated, compliance-intensive customers or vendors.
The StandardC software platform creates and maintains “data-rich” digital identities to simplify customer onboarding and monitor ongoing compliance for businesses, aiming to improve customer experience and business development opportunities.
The San Francisco-based company aims to use the funding to expand its workforce and expects to double its team size in 2023.