Fintech funding round-up: 19 October 2016
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
Cross-border B2B payments network PayCommerce has received a $22 million investment from Tritium Partners in its series B funding round.
Abdul Naushad, chairman and founder of PayCommerce comments the investment from Tritium Partners “is meaningful to the payments industry as it enables the global democratisation of payments”.
The company has also appointed Max Narro as CEO and member of the directors board. Narro comes with years of experience in senior roles in the payments industry, including at WorldPay, Fiserv and First Data.
PayCommerce’s correspondent-banking consortium and network consists of 90+ banks across 75 countries. In the last 12 months, its platform has processed nearly 200 million transactions worth over $400 billion, according to PayCommerce.
Artificial intelligence (AI) and data science specialist Feedzai has received an investment for an undisclosed sum from Citi Ventures.
“As cyber attacks become increasingly sophisticated, investing in technologies that have the potential to advance security for our customers’ financial lives is a priority,” states Ramneek Gupta, MD and co-head of venture investing at Citi Ventures. “Our investment in Feedzai will help support the continued development of its unique machine learning platform, which provides the ability to identify new and emerging threats and protect bank customers at scale.”
And the lack of funding…
The backers of Australian fintech fund H2 Ventures, Toby and Ben Heap, have scrapped plans to raise capital through an IPO. Banking Technology understands this is due to failing to secure enough interest from institutional investors.
H2 Ventures was planning an IPO as a listed venture capital company, H2Ocean, planning to raise up to $55 million for investment in early-stage start-ups and create a portfolio of 15-50 ventures. Instead, H2 Ventures will proceed as a private fund.