Fintech funding round-up: 21 February 2018
Third day in the row as the fintech funding keeps its flow. This one follows the round-ups on 19 February and 20 February. Stars Anyfin, CivilisedBank, Greenlight Financial Technology, Even Financial and Wealthsimple.
Stockholm-based lending start-up Anyfin is pretty as a picture thanks to a €4.8 million Series A investment led by Accel and Northzone. Global Founders Capital and angel investors also participated.
The firm says by using consumer data, artificial intelligence (AI) and mobile technology, Anyfin enables consumers to refinance their existing loans by taking a picture of their loan statement. Consumers send Anyfin the picture through a channel of their choice, like SMS, email or Facebook Messenger, and the company replies with an option to refinance the loan “at a better price”. The service is currently available in Sweden. The investment will be used to build its balance sheet, user acquisition, hiring, product development and partnerships.
In the UK, challenger CivilisedBank has received a further round of (undisclosed) funding from current investor Warwick Capital Partners. According to the bank, Warwick has provided the majority of the funding for the build phase to date. Completion of this phase, which will deliver its technology and operations to launch “Local Banker” services to business customers and online savings to retail savers, is “on schedule” for a launch in the first half of 2018.
CivilisedBank says it will be the first challenger bank to introduce a business current account for established SMEs since Metro Bank’s launch in 2010. As reported last year, CivilisedBank received its licence from the Bank of England, paving the way for it to build its infrastructure and launch to customers.
Over in the US, Greenlight Financial Technology, creator of a smart debit card for kids, teens, and college students, has raised $16 million in Series A financing. The funding round was led by TTV Capital with participation from existing investors, New Enterprise Associates and Relay Ventures; and new investors SunTrust Bank, Ally Financial, nbkc bank, Canapi, and the Amazon Alexa Fund.
There are few specifics, but the financing will be used for growth, offering financial products worldwide and recruitment. Greenlight’s ambition is to “strengthen financial literacy among kids and inspire new generations of financially confident and successful adults”. Along with the card, it offers a mobile app. The firm was founded in 2014. It is headquartered at Georgia Tech’s Advanced Technology Development Centre in Atlanta.
Still in the US, New York-based Even Financial has secured a $3 million investment round from American Express Ventures, Arab Angels, Plug & Play and others. With the money, Even Financial will expand its team and advance its proprietary technology.
The firm offers a platform that via an API matches consumers with financial products and services in real-time. It also provides analytics and insights for marketers and financial institutions. Even Financial says it currently works with over 150 companies.
Moving north, Wealthsimple, a Canadian digital investing service, has raised £37 million investment from the Power Financial group of companies, bringing Power’s total investment in the firm to £94 million. Wealthsimple says it now manages £1.2 billion for over 65,000 clients in Canada, the UK and US. The new capital will be used to invest in its product and explore new product offerings; and for growth across its three markets, and develop its B2B platform.
According to the firm. clients can sign up through its website or app, and be invested in a “low-cost, diversified portfolio in less than five minutes”. It says 80% of its clients are under 45 and 40% are first-time investors.