Fintech funding round-up: 28 November 2017
No slowing down when it comes to the fintech funding action and this week we’ve got three of the latest stories for another ever-informative round-up. Featuring MoneyMe, TreasuryXpress and Chip.
Australian consumer fintech firm MoneyMe has completed an AU$120 million ($91 million) asset-backed wholesale securitisation facility. Led by $100 million from Fortress Investment Group, it joined with $20 million of bonds issued by corporate advisory firm Evans & Partners.
MoneyMe says the cash places itself in a position to fund continued loan book growth. For the future, the funding will facilitate both the expansion of MoneyMe’s distribution channels and over the next three to five years launch a series of niche loan products targeting the “lucrative” millennial market, MoneyMe explained.
TreasuryXpress, a treasury management solutions provider, has closed a series B investment of $5 million from investors that include Middle East Venture Partners (MEVP), the Luxury Fund and iSME Capital.
Operating with the “vision to make financial technology accessible to companies of all sizes”, the company states that it processes more than 10,000 bank accounts worldwide. TreasuryXpress says this latest round of funding is to continue the development of its technology while investing the rest in sales and marketing for the US and UK markets.
Lastly, while not fully funded, Chip, an artificial intelligence (AI) powered savings app, is going down the crowdfunding route to raise £2.4 million to finance a banking licence application with the intention of becoming a savings-focussed challenger bank.
Launched in late 2016, the Chip app connects UK current accounts with an AI-powered algorithm to calculate how much they can afford to save. Chip says it now has 25,000 accounts, with users saving over £1 million every month. Users of the app were given the opportunity to invest, prior to the public campaign, with more than 1,500 users taking raising £500,000 in 24 hours.