Fintech funding round-up: 6 October 2016
When time is tight, the reading can be light. A round-up of key events in fintech funding.
US-based Payoneer has completed the first closing of a growth equity financing. Proceeds from the $180 million financing will be used to “accelerate global growth”.
This year, the firm opened new offices in India, Japan and the Philippines, and launched new billing and escrow services. In March, Payoneer acquired Armor Payments as it looks to create a “global alternative” to letters of credit.
OpenGamma, a provider of open source financial software and derivatives risk analytics, has raised over $13.3 million from institutional investors. The funds will be used to “address increasing demand from financial institutions for more efficient use of capital and technology resources”.
Venture firm Accel and UK-based financial services firm ICAP are leading the funding, with additional investment from fintech “pioneer”, Cristóbal Conde. Conde joined the OpenGamma board in 2014 as an independent non-executive director and is most well-known in his role as president and CEO of SunGard, which was bought by FIS last year.
Good news in New Zealand, where the nation’s first fintech accelerator will become a reality. Callaghan Innovation, Creative HQ, Kiwibank and Xero plan to launch the Kiwibank Fintech Accelerator.
Based in Wellington, it will initially fund and support eight start-ups to get the country on the fintech bandwagon. The accelerator will offer a 14-week mentor-intensive programme and will start in February 2017. Applications are now open!