Fintech funding round-up: 30 November 2017
Quickly following on from Tuesday’s (28 November) funding round-up, here are more stories from a cash-drenched world. Features 1QB Information Technologies, FinTecSystems, Betalo, Nordea and Constellation Digital Partners.
1QB Information Technologies (1QBit), a quantum computing firm based in Vancouver, has closed a CA$45 million ($34.9 million) Series B round comprising equity and revenue contracts. This round was led by Fujitsu, with additional investment by Accenture, Allianz, the Royal Bank of Scotland and CME Ventures. The company says it plans to use the cash to continue to expand its research and software development teams.
Over the last four years, 1QBit says it has grown into a team of over 50 researchers and software developers to create algorithms and software for quantum and classical computing, focused on machine learning, optimisation methods and simulation. It develops solutions in domains that include, advanced materials, life sciences, energy, and finance.
FinTecSystems gets €4.5m
Account information service FinTecSystems has completed its series B financing round with a handy €4.5 million in funding. The round was led by the Family Office Reimann Investors, entering as an anchor investor. The existing investors Ventech (France) and Littlerock will “increase their investment significantly”. The fresh capital will be used for “strategic adjustments” – such as extend its product and prepare regulation – following the implementation of the second European Payment Services Directive (PSD2).
With its product suite, “accourate”, FinTecSytems says it provides automatic transaction analyses of online banking data. These analyses are applied by banks, financial service providers and fintech firms for real-time credit assessments for online loans. The company says its accourate suite will also include predictions about the “willingness and ability to pay” – and it plans to expand into France, Italy and Switzerland “in the near future”.
Hot on the heels of Nordea’s start-up and growth unit unveiling a new partnership agreement with Nordic Business Angel Network (NordicBAN); it has now revealed it has invested in Swedish payments firm Betalo.
Betalo is raising SEK 45 million ($5.3 million) to “accelerate growth and speed up the development of new products”. Nordea says it accounts for the vast majority of the funds with the remainder coming from existing Betalo shareholders.
We’ll end with the stars of the show, as US-based Constellation Digital Partners has announced a Class C investment of $500,000 from CU Solutions Group, a credit union service organisation (CUSO) based in Michigan. Constellation offers the “first and only” suite of digital financial services dedicated solely to credit unions.
The investment from CU Solutions Group marks the 12th investment in Constellation’s software platform since it launched in May 2017. It is slated to have its first product launched by the end of the year. Constellation is building out its cloud-based marketplace and platform that offers services to use “inside of a secure banking experience”.
