ICYMI funding round-up: Zeepay, Aliaswire, Daylight, Neon & more
At FinTech Futures, we know that it can be easy to let funding announcements slip you by in this fast-paced industry. That’s why we put together our weekly ‘In Case You Missed It’ (ICYMI) funding roundup for you to get the latest funding news.
Zeepay plans a further expansion across Africa
Ghanaian fintech Zeepay has raised $8 million in a Series A funding round led by Investisseurs & Partenaires (I&P).
The firm, which claims to be the fastest-growing mobile financial services company across Africa, specialises in remittances sent to mobile wallets. It is regulated in both Ghana and the UK.
Zeepay aims to use its new funds to expand beyond the 20 countries it operates in, and increase its active 30-day business from 13 markets to 20 markets across Africa.
“Our strategy remains to drive our remittances to digital assets agenda across Africa and the Caribbean, and we are excited by the rate of expansion,” says chairman Paa Kwasi Yankey.
Aliaswire, a US provider of digital payment and credit solutions, has raised $6 million in new funding in a round led by Stage 1 Ventures.
Aliaswire provides two distinct products: cloud-based electronic bill payment system DirectBiller, and cash flow offering PayVus, which the firm says is adding new customers at a 100% rate month over month.
As part of the funding, Stage 1 Ventures operating partner Scott Carmel will join the Aliaswire board of directors.
New York-based Daylight, which claims to be the first LGBTQ+ digital bank, has secured $5 million in Seed funding.
Kapor Capital and Precursor Capital co-led the round. Anthemis Group, Clocktower, Financial Venture Studio and Citi also participated.
Founded in 2020, Daylight is set to use its new cash to expand its lifestyle services, focused on financial equality and inclusion. The firm also plans to build an LGBTQ+ business marketplace.
The bank will offer a checking account, early salary payments, free ATM usage and “no hidden costs”.
Neon, a Swiss challenger bank, has raised £3.9 million in a crowdfunding round which it says lasted less than an hour.
The crowdfunding round follows a conventual round which saw it net £5.5 million.
Neon offers bank accounts managed by its banking partner, Hypothekarbank Lenzburg. It claims to have accrued more than 70,000 customers.
Caary closed its crowdfunding 20 days early
Canadian corporate credit card fintech Caary Capital has closed a late-Seed equity round with $4.1 million raised.
Caary claims to be the first company in Canada to bring an entirely digital credit and payments platform to small businesses. It closed its crowdfunding portion of the round 20 days early.
The firm offers same-day credit card approval, no personal guarantee requirements, and “near-instant” virtual card issuance with physical cards.
“We knew there was demand for this type of service and that was validated in both our practical market analysis and now by vigorous investor interest,” says CEO John MacKinley.
Vietnamese investment app Infina has raised £2 million in Seed funding to continue towards its goal of being “the Revolut of Vietnam”.
Saison Capital, Venturra Discovery, 1982 Ventures, and 500 Startups also participated in the round.
Infina, which launched in January 2021, requires a minimum contribution of about $25, and lets users pick from a range of asset classes.
Founder and CEO James Vuong says he was inspired to create Infina by increased interest in digital investment among Vietnamese citizens.
Amsterdam-based fintech start-up Dyme has raised €2 million in a round lead by Peak, and including former ING retail banking CEO Hans van der Noordaa.
Dyme uses an algorithm to alert users to subscriptions and contracts that are expiring or could be switched to save money.
The firm says it will invest its new capital in product development, and wants to use the money to grow its userbase from 300,000 to 1 million.
Emma’s crowdfunding round was 187% subscribed
UK-based account aggregation fintech Emma has landed £1.8 million from a crowdfunding raise on Crowdcube.
The open banking firm had a target of £1 million to raise, and wants to use its funding to expand its product and grow its userbase.
It uses open banking to connect a user’s accounts together and offer analytics, tips, and financial education based on spending habits.
Emma launched in the US and Canada in 2019, and also plans to move its products “across Europe”. It plans to add stock trading, cryptocurrency investment, and credit scoring in the future.
Hesa, an Indian fintech that aims to set up interconnected marketplaces in rural India, has raised $2 million in funding from Manish Modi of Mastermind Capital at Venture Catalysts and accelerator fund 9Unicorns.
Hesa says its technology-led platform can “empower” businesses in rural India to connect with new customer bases across remote areas of the country.
Instamojo, which claims to be India’s largest full-stack digital solutions provider for small businesses, has gained an undisclosed investment from Mastercard.
The firm offers small and micro merchants a “ready-made virtual platform” through which they can set up an e-commerce business and accept digital payments.
It says the investment and partnership strengthens both companies’ initiatives to support gig workers like electricians, personal trainers, tutors, and small business owners.
Dubai-based buy now, pay later (BNPL) firm Postpay has secured a strategic equity investment from AP Ventures and Afterpay.
Postpay says it works with hundreds of leading global brands in the UAE, including H&M, Footlocker, and Dermalogica.
“For Postpay, this strategic investment provides not only capital to enable us to accelerate our growth but also an opportunity to collaborate,” says Tariq Sheikh, founder and CEO at Postpay.
