Fintech funding round-up: 18 July 2017
You’ve come to the right section for cash injection. Today’s fintech funding round-up features Contego, Privitar, Form3 and Barclays.
Maven Capital Partners, a UK private equity house, has led the £3.5 million investment in Contego Fraud Solutions to support its growth plans. Maven is putting in £1.8 million, NVM Private Equity is investing £1.5 million, and the remaining £200,000 is being funded by existing investors.
Contego provides an automated compliance solution – helping with onboarding, monitoring and data enrichment processes, and providing real-time compliance and fraud checks. The firm was founded in Oxfordshire (UK) by CEO Adrian Black in 2010 with a focus in identity and fraud prevention. It has recently become established in the City of London.
“Privacy engineering software” company, Privitar, has raised $16 million in a Series A funding round led by Partech Ventures with participation from CME Ventures and Salesforce Ventures. Existing investors IQ Capital, 24Haymarket and Illuminate Financial have reinvested. Privitar will use the funds to speed up product and core IP delivery. The firm also plans expansion to the US and other countries, but no specifics or timelines were offered.
Privitar is looking to profit from organisations that need to comply with legislation such as the incoming General Data Protection Regulation (GDPR). The firm currently operates across several sectors including financial services, telecommunications, pharmaceutical and government.
Form3, the cloud-based platform for payments processing, has secured investment from Barclays, the Angel Co-Fund and several individual investors who have joined the existing shareholders in raising $5 million.
This latest funding will be used for growth plans in the UK and expand services across Europe and North America. In addition to its current offering for UK Faster Payments, Bacs, Chaps, SEPA and Swift, the company states it will launch SEPA real-time services from November 2017 and US real-time from early 2018. Form3 adds that it “plans to significantly expand its team”.