ICYMI fintech funding round-up: Siren, DirectID, Gimo & HedgeFlows
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.
Ireland-based cybersecurity firm Siren has secured €12 million in funding from the European Investment Bank.
Siren provides an advanced intelligence platform to law enforcement agencies and organisations responsible for maintaining public safety around the world.
It allows investigators to make complex searches, organise results visually and create advanced reports to share findings with their teams. The platform is also used by large corporations to protect their assets and networks against fraud and cyber threats, the firm says.
The new funding will be used towards developing Siren’s platform further at its new R&D centre in Galway, increase headcount by 50% over the next two years, and enhance the branding and marketing of the firm.
In 2019, Siren received $10 million in Series A funding led by Atlantic Bridge.
Edinburgh, UK-based fintech DirectID has bagged €9 million in minority stake funding from Ingka Investments, the investment arm of Ingka Group, the largest retailer of IKEA.
DirectID specialises in credit risk, risk analytics and predictive modelling using bank transaction data. It provides risk managers with a real-time dataset “to drive efficiencies, optimise decisions and drive lifetime value across the credit life cycle”.
The funding will be deployed to accelerate the market launch of DirectID’s product offerings, expand into new markets and develop models for each stage of the credit life cycle from originations through portfolio management to collections, DirectID says.
Vietnamese fintech start-up Gimo has closed a $5.1 million Series A funding round led by TNB Aura.
Other investment firms in the round include existing investors Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures and Y Combinator.
Quan Nguyen, co-founder and CEO at Gimo, says the money will be used to bolster product development and drive revenue growth.
In 2021, the start-up secured a $1.9 million seed extension round and says it is currently in the process of raising debt capital.
HedgeFlows, a UK-based fintech platform for small and medium sized enterprises (SMEs) has launched with a £2 million fundraise.
Licensed and regulated by the Financial Conduct Authority (FCA), the HedgeFlows platform enables SMEs to manage foreign payments, cashflows and invoices, companies which HedgeFlows says are “often denied by the big banks”.
“SMEs are the lifeblood of the economy, yet so many of these innovative and ambitious businesses struggle to expand into international markets due to a lack of resources,” says Alex Axentiev, co-founder of HedgeFlows.
“Our platform will change all that, giving fast-growing companies a one-stop solution for accelerating international trade and payments, allowing them to reach their full potential.”