ICYMI fintech funding round-up: Mypinpad, Navadhan, TransBnk & more
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.
UK fintech Mypinpad, which provides mobile card payments acceptance and ID authentication solutions, has raised $13 million in an investment round led by Crossfin Holdings.
Founded in 2012 and based in Cardiff, Wales, Mypinpad boasts clients in over 20 countries across APAC, EMEA and the Americas.
With the new funding, Mypinpad aims to accelerate its growth, expand into other countries, and build out its payments and authentication Software-as-a-Service (SaaS) offerings. The company also plans to leverage Crossfin’s portfolio of companies by forging new partnerships with them.
Indian rural fintech start-up Navadhan has secured $1.5 million in a seed round co-led by Varanium NexGen and existing investor Anicut Capital, with participation from Gemba Capital.
Founded in 2019, Navadhan aims to bridge the gap between microfinance and traditional SME lenders in India by providing improved access to finance for underbanked households.
The latest funding brings its total debt and equity capital raised to $16 million to date. Navadhan says it will use the funds to expand and improve its platform.
Indian fintech start-up TransBnk has raised $1 million in a seed round led by 8i Ventures.
The round also saw participation from Growthcap Ventures, Leadway Ventures and Growth Sense.
Founded in 2022 and headquartered in New Delhi, TransBnk operates a transaction banking platform enabling corporate, commercial, and institutional clients to make transactions through embedded finance and SaaS.
With the new funding, TransBnk plans to strengthen its product and technical teams, improve its technology, and expand its product line.
Brazilian Web3 infrastructure provider Parfin has received a strategic investment from Accenture through Accenture Ventures, with the total sum undisclosed.
Founded in 2019 with headquarters in London and Rio de Janeiro, Parfin offers digital asset custody, trading, tokenisation, and management tools to some of Latin America’s largest financial institutions.
“Accenture’s global presence, coupled with its industry expertise in technology and financial services, makes them an ideal strategic investor to help us advance our development of next generation infrastructure for the global adoption of digital assets,” says Marcos Viriato, co-founder and CEO of Parfin.
“With Accenture’s support, and the introductions they can make on our behalf, we are even better positioned to help our existing clients in Brazil execute their digital asset strategies and expand our solution offerings to new clients in other parts of Latin America and around the world.”
Komgo, the world’s largest multi-bank trade finance network, has received an undisclosed strategic equity investment from Santander Corporate and Investment Banking (Santander CIB).
Additionally, the pair have also partnered up to accelerate the digital transformation of several of Santander’s trade and working capital products.
With the strategic partnership, Komgo aims to expand its trade finance proposition after having acquired Global Trade Corporation (GTC) last year.
Santander CIB will contribute expertise and tailor-made trade and working capital solutions for Komgo’s client portfolios in Europe and the Americas, while benefitting from Komgo’s technology to improve client-to-bank communication and to deploy new solutions in trade finance and commodities.
US-based Cleareye.ai, which provides digital trade finance solutions, has secured an undisclosed strategic investment from JP Morgan.
Cleareye.ai operates the ClearTrade platform, which enables digital automation of trade compliance and operations. The platform provides “smart interpretation” of trade data and documents to identify TBML and sanctions red-flags. It automates labour-intensive manual checking processes through a document digitisation engine which has the ability to extract, validate, and classify unstructured data.
The firm will use the new funds to invest further in its technology solutions and roll out new global solutions. Along with the investment, Cleareye.ai is also working with JP Morgan’s Trade and Working Capital division to continually enhance its offering.