FinTech Global reported on only 12 deals in the FinTech sector this week, however, over $1.2bn was raised across all rounds.
The dominant sector this week was FinTech with five, followed behind with WealthTech on two. Securing one deal a piece were the AI, HealthTech, InsurTech, Cybersecurity and ESG sectors.
Here is the full list of this week’s deals.
FNZ secures $500m
FNZ, an end-to-end technology platform serving wealth and asset management businesses, has secured a capital infusion of $500m.
The new equity funding has been secured from FNZ’s long-term institutional investors, who continue to support the company’s strategic vision and growth initiatives.
This substantial investment will bolster its financial resilience, enabling it to sustain and expand its long-term business strategies. The focus will be on delivering superior customer value through ongoing technological advancements and investments in its people and operational capabilities.
SandboxAQ’s bags $450m
SandboxAQ, a leader in enterprise quantitative AI, has successfully completed its Series E funding round, raising over $450m.
This substantial financial injection highlights the growing investor confidence in the company’s advanced capabilities in Large Quantitative Models (LQMs) and its visionary approach to integrating AI in solving complex quantitative and scientific challenges.
This latest funding round saw significant contributions from high-profile investors including Ray Dalio, Horizon Kinetics, BNP Paribas, Google, and NVIDIA. These investors join an already impressive list of backers such as Breyer Capital, Eric Schmidt, and T. Rowe Price Associates, Inc., bolstering SandboxAQ’s prospects in AI and quantum technology development.
Turbine unveils $121m funding
Turbine Finance, commonly referred to as Turbine, has recently announced a significant financial milestone.
The company has successfully raised $13m in Series A funding, co-led by Alpha Edison and TTV Capital, and joined by Fin Capital, B Capital, and Sozo Ventures. In addition to the Series A funding, Turbine had previously secured an unannounced $8.75m in Seed funding. Complementing these investments, Turbine has also arranged a $100m warehouse facility from Silicon Valley Bank (SVB), a division of First Citizens Bank.
This facility is designed to offer general partners and limited partners the option to borrow against their existing fund investments, effectively unlocking previously inaccessible capital.
Pennylane secures €75m boost
Paris-based Pennylane has successfully secured an additional €75m in a funding round aimed at enhancing its role in the electronic invoicing sphere across Europe.
According to EU Startups, this substantial financial injection will fortify Pennylane’s position as a pivotal player in the accountancy platform landscape, particularly during the ongoing rollout of electronic invoicing regulations.
The funding round was spearheaded by Sequoia Capital, Capital G, and Meritech, with participation from DST. These renowned investors have shown their confidence in Pennylane’s strategic vision and operational capabilities.
Rain secures $75m Series B
Rain, the employer-integrated earned wage access (EWA) and financial wellness app, has raised $75m in its Series B equity funding round.
The round saw significant leadership from Prosus and additional backing from Nextalia Ventures, Spark Growth Ventures, along with previous investors such as QED and Invus Opportunities.
The substantial investment comes as Rain continues to experience rapid growth since its establishment in 2019. The fresh capital aims to expand Rain’s market reach and develop new financial wellness solutions tailored for employees and employers alike.
Hawk’s AI solutions attract $56m
Hawk, the pioneering provider of AI-powered AML screening, and fraud prevention solutions, has completed a $56m Series C funding round.
The company, a trusted partner to over 80 customers worldwide, including major Tier 1 banks and mid-market financial institutions, is renowned for its robust technology trusted by some of the most regulated firms in the industry.
One Peak led this substantial funding round, with contributions from a consortium of existing investors including Macquarie Capital, Rabobank, BlackFin Capital Partners, Sands Capital, DN Capital, Picus, and Coalition. This financial injection will bolster Hawk’s continued product innovation and support its strategic expansion efforts, particularly into the US market.
San-Fransisco-based Thatch raises $40m
San Francisco-based Thatch, a HealthTech company focused on employer-sponsored healthcare solutions, has secured $40m in a Series B funding round.
The investment was led by Index Ventures, with participation from Andreessen Horowitz, General Catalyst, ADP Ventures, SemperVirens, PeopleTech Partners, and The General Partnership, according to InsurTech Insights.
Founded in 2021, Thatch provides tools that help employers offer Individual Coverage Health Reimbursement Arrangements (ICHRA) to their workforce.
Since the official launch of its platform in 2023, the startup has already helped more than 1,000 businesses implement its healthcare solution, positioning itself as a growing force in the HealthTech space.
Meanwhile raises $40m Series A
Meanwhile, a digital asset-focused InsurTech company offering life insurance solutions, has raised $40m in a Series A funding round.
The investment round was led by Framework Ventures and Fulgur Ventures, with additional backing from Wences Casares, the founder of digital asset bank Xapo, according to InsurTech Insights.
This latest funding round increases the company’s total capital raised to approximately $60m and values the firm at $190m.
TransFICC raises $25m
TransFICC, a specialist in low-latency connectivity and workflow services for the Fixed Income and Derivatives markets, has successfully completed a $25m Series B investment.
This new investment brings TransFICC’s total funding to $50m. Other notable contributors include AlbionVC, Citi, HSBC, Illuminate Financial, ING, and neosfer, the innovation unit of Commerzbank Group.
TransFICC focuses on providing essential infrastructure to the Fixed Income markets. The company is recognized for its innovative solutions that enable market participants to efficiently trade various Fixed Income products electronically.
Qevlar AI secures $14m
Qevlar AI, a trailblazer in the cybersecurity sector, has announced a significant capital infusion of $14m to expand its innovative approach to SOCs.
The funding aims to bolster the productivity of SOC teams, empowering them to more effectively tackle a rising tide of cyber threats.
The investment was spearheaded by EQT Ventures and Forgepoint Capital International, with notable contributions from industry veterans including Olivier Pomel, Florian Douetteau, and Mehdi Ghissassi. The round also marks the addition of Damien Henault, Managing Director at Forgepoint Capital International, to Qevlar AI’s Board of Directors.
Tracera secures $12m in Series A
Tracera, a pioneering AI-powered platform, has announced a significant financial boost with its latest $12m Series A funding round.
The round was spearheaded by Foundry, alongside contributions from Rho Ignition, Tola Capital, and Contour Venture Partners.
The investment will support Tracera’s mission to automate ESG data management, enabling companies to concentrate on actionable insights that reduce emissions, ensure compliance, and enhance efficiency.
Gen Z WealthTech Alinea Invest secures $10.4m
Alinea Invest, a pioneering WealthTech platform, has successfully secured $10.4m in a Series A funding round.
The innovative app, tailored specifically for the Gen Z demographic, was co-founded by Anam Lakhani and Eve Halimi who began their journey at Goldman Sachs and Citi before launching Alinea in 2021.
The funding was led by Play Ventures, alongside other notable investors including GFR Fund, Y Combinator, Gaingels, FoundersX, F7, and Visible Ventures.
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