ICYMI fintech funding round-up: Navro, Finally, Cashinvoice, SUMA Wealth and 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.
London-headquartered digital payments firm Navro (formerly known as Paytrix) has completed a new internal funding round of $14 million led by Bain Capital and Unusual Ventures with participation from Motive Partners and previous backers Fin Capital.
Navro says the new funding has boosted its reserves to meet the capital requirements of tier-one regulators, banks and clients.
Founded in 2022, the company claims to have developed the “world’s first payments curation platform”. Its tech enables businesses to access worldwide payment and banking infrastructure via a single API.
Along with the new funding, the firm has also secured an EU EMI licence from the Central Bank of Ireland. With the new licence, it adds that “businesses with international ambitions can benefit from Navro’s global payments curation services under the protection of European Union regulation”.
AI-powered accounting and finance solution provider Finally has raised $10 million in new capital. The round was led by PeakSpan Capital and featured additional participation from Active Capital.
The Miami-based start-up, which in 2022 raised a $95 million Series A, says that it will use the extra cash to “continue hiring and expand its suite of solutions to SMBs”.
Felix Rodriguez, founder and CEO of Finally, states that the injection of capital will “supercharge” the firm’s efforts to provide “SMB owners the best tools to grow their businesses”, which includes services for bill payment and payroll, bookkeeping, and expense management.
Indian supply chain finance (SCF) platform Cashinvoice has secured $3.4 million in a Series A funding round led by HDFC Bank, Pravega Ventures and previous investor Accion Venture Lab.
Shrinivas Kasar, co-founder of Cashinvoice, says that the “strategic investment will enable extended financial inclusion for the missing middle” by enabling the firm to expand the deployment of its SCF tech.
He adds the financing will make a “significant impact by expanding our reach to empower thousands of MSMEs linked to over 5,000 anchor corporations and targeting credit support of over $2.4 billion by FY25”.
The fresh capital injection follows a $1 million pre-series A round from Accion Venture Lab in October 2021.
SUMA Wealth, a US fintech offering a financial wellness app and tools focused on advancing the wealth of young Latinos, has secured $2.2 million in new capital, which will be utilised to further develop its product offering.
The capital raise was led by Radicale Impact Partners. They were joined by VamosVentures, Ovo Fund, and the American Heart Association Impact Fund, as reported by TechCrunch.
Announcing the raise on LinkedIn, SUMA’s co-founder and board chairman Xavier Gutierrez claims that the recent round pushes the company’s funding to date over $5.5 million. Additionally, Gutierrez claims that the firm’s app has now passed one million users.
London-based fintechs KoinKoin, which offers customers a platform where they can buy and sell digital assets, and SR Finanzman, which provides similar corporate services, have announced the completion of a $2 million private funding round to fuel their “ambitious growth plans”.
The companies say that the financing is a “major boost” to the pair’s corporate over-the-counter (OTC) foreign exchange and digital assets business.
Specifically, they say the investment will be used to “support the growth and expansion of the technical FX across both businesses, especially in Africa, facilitate technical upgrades and increase the availability of G3 currencies”.
Singapore-based Validus has received a new undisclosed amount of funding from Japanese IT company Reazon Holdings.
The funding will be used to fuel the growth of the Vietnamese arm of Validus Group, Validus Vietnam, which provides financing services to small and medium-sized enterprises (SMEs) in the region.
The Validus Group operates across Indonesia, Singapore, Thailand, and Vietnam.
Founded in 2015, Validus leverages AI and data analytics to provide business finance solutions for regional “underserved” SMEs, including expense management systems, loans, and corporate cards.