ICYMI fintech funding round-up: Payrails, Griffin and 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 round-up for you to get the latest funding news.

Germany’s Payrails, which offers a payment infrastructure for businesses, has secured $14.4 million in a seed extension led by new investor EQT Ventures.

General Catalyst also took part in the round, alongside existing backers Andreessen Horowitz and HV Capital. The funding brings Payrails’ total capital raised to $20.8 million.

Founded in 2021 and headquartered in Berlin, Payrails offers a flexible payment infrastructure for high-growth businesses to accept payments globally and automate financial operations on one platform. It will use the funding to accelerate its product roadmap as it aims to solve its customers’ “complex” payment challenges and increase go-to-market capacity.

UK-based Banking-as-a-Service (BaaS) provider Griffin has raised $13.5 million in a Series A funding round led by MassMutual Ventures.

Griffin lands Series A funding

The round also saw participation from existing investors Seedcamp, Notion Capital and EQT Ventures.

Griffin received an authorised with restrictions (AwR) banking licence from the Prudential Regulation Authority (PRA) earlier this year and says it will use the new funds to prepare for exiting the “mobilisation” period, which is subject to regulatory approval, as the firm pushes to become the UK’s first full-stack BaaS platform with a full banking licence.

The funds will also be used to support Griffin’s commercial activities and will fuel the further development of its embedded finance platform.

Griffin raised £12.5 million last year in a round led by Notion Capital, and in 2020 it raised £6.5 million from EQT Ventures.

Swedish fintech Mitigram, which operates a digital platform for global trade financing, has landed an additional $11 million in its latest funding round, bringing its total capital raised to $38 million.

Launched in 2014 and based in Stockholm, Mitigram operates what it calls “the world’s first” interoperable digital platform for corporations and financial institutions to price check and execute risk cover and financing transactions in cross-border trade. It claims a client portfolio of over 150 banks and companies.

Mitigram says the new funding will be used to accelerate its growth as it looks to execute its product roadmap and scale its network.

The company has also appointed Malin Bäcklund as interim CEO, replacing Milena Torciano, who will remain on Mitigram’s board.

UK payments start-up Atoa has closed a $6.5 million seed round led by Valar Ventures, with participation from previous investors Passion Capital and Leo Capital. The funding takes its total capital raised to $8.6 million.

Launched in June 2022, Atoa aims to provide a viable card alternative payment method in the UK. Through its mobile app, businesses can connect their merchant account and start taking payments after a “five-minute” set-up process.

Small and medium-sized businesses can accept payments via SMS, pay-by-link, or QR codes, saving them from “crippling” card payment fees, the company says.

With the funding, Atoa says it will continue to target in-person SME payments. The start-up so far claims to have seen 60% month-on-month growth in payments processed.

Fabrick receives fresh investment

European open finance fintech Fabrick has received a strategic undisclosed investment from insurance business Reale Group, which has taken a minority stake in Fabrick’s shareholding.

Along with the investment, Reale Group has also chosen Fabrick as a partner to digitise its offerings and enhance customer experience.

The news comes just one week after Fabrick raised €40 million in a new funding round and extended its strategic partnership with Mastercard, which is also a minority stakeholder in the business.

Founded in 2017 with its headquarters in Milan, Italy, Fabrick describes itself as “a European pioneer in open finance”.

UK-based Pay by Bank payment platform Fumopay has secured an undisclosed sum in a seed funding round from three private fintech investors. 

The funding will help Fumopay further develop its launch plan, rooted in financial social impact, and accelerate its sales and communications strategy. 

Founded in 2021, Fumopay aims to help SMEs improve their cash flow and reduce operational costs through its multi-channel payment solution.