Fintech funding round-up: 23 March 2017
Fintech funding news comes thick and fast, so here are four stories in one to save you time. Featuring Revolut, Jirnexu, Airpay and Quantexa.
UK-based payments start-up Revolut has launched its 2017 funding round. The latest bout takes place almost a year after it raised £1 million with 10,000 investors registering, pledging in excess of £17 million, leaving it 1,000% oversubscribed. For this reason, Revolut says it has increased this year’s crowdfunding target to £4 million.
It also unveiled its Revolut’s Premium membership – where customers can send money in 23 currencies globally for £6.99 per month. The first 5,000 customers to sign up to Revolut Premium will receive “priority access” to invest in this upcoming round.
Southeast Asian start-up Jirnexu – “Asia’s only full stack fintech solutions provider” – has closed its Series A with an additional $1.5 million in funding, following the $3 million raised in H1 2016. This brings Jirnexu’s total funding, including its seed round, to $6 million. The latest funding round was led by existing investor DMP, with participation by new investors Gobi Partners and OSK Ventures International Berhad (OSKVI).
XpressApply, Jirnexu’s proprietary platform, is used to sell banking and insurance products. Its tech has had a number of takers, including Citibank, HSBC and Standard Chartered.
Over in India, payments start-up Airpay has raised $3.6 million in Series A funding led by Kalaari Capital. The Mumbai-based firm was founded by 2012 by Amit Kapoor, Kunal Jhunjhunwala and Rohan Deshpande, who all worked at online music provider Hungama.
Airpay’s platform does the usual stuff as it lets people make and receive payments across channels including desktop, mobile and offline. Kapoor says with the money it will create a larger sales and distribution team as it looks for more clients in the hospitality, education, banking and retail sectors.
London-based network analytics start-up Quantexa has raised $3.3 million in a Series A round within its first year, led by Albion Ventures and HSBC. The firm will use the money for product development and new offices in Brussels, Sydney and New York.
Quantexa was founded by a team of software, data and advanced analytics experts. It currently uses big data analytics to tackle financial crime and data challenges within the financial services, corporate and public sectors.