ICYMI fintech funding round-up: Communion, CityPay & 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.
New savings app in the market, Communion, founded by ex-Habito founder Daniel Hegarty, has raised £2.5 million in a pre-seed funding round.
Leading the round were Target Global, alongside Uncommon Creative Studio and angel investors Max Rofagha, founder of Finimize; Greg Marsh, founder of Nous; and Erin Lantz, chief revenue officer at Ethos.
Communion offers users an easy-access savings account with 3.66% AER alongside financial education tools to help people build their savings.
Having secured the funding, Communion plans to grow its team and build out its mobile app and infrastructure.
Georgian fintech start-up CityPay, which facilitates cryptocurrency payments, has raised over €2 million in a seed funding round.
CityPay raises €2m
Investors in the round include Tether, Presto Ventures and other angel investors.
Launched in 2021 and based in Tbilisi, CityPay offers a business platform to accept payments in several cryptocurrencies.
It includes four payment channels: web payments, email payment orders, POS terminals, and an initial deposit feature.
With the funding, CityPay plans to expand into new markets in the CIS region and also build out a B2C platform.
Canadian fintech start-up Finofo has secured $1.25 million (CA$1.65 million) in a pre-seed funding round and has launched its platform.
The round was led by Motivate Venture Capital, with participation from SaaS Venture Capital, Sweet Spot Capital, and Desjardins.
Finofo offers businesses the ability to manage multi-currency accounts to ease up the process of sending and receiving money globally. Features include currency conversion and automated accounts payables.
With the investment, Finofo plans to improve its platform functionalities and introduce new product offerings, including the ability to analyse the financial data of its customers and make recommendations for financial planning.
Indian fintech start-up Vegapay has secured $1.1 million in a pre-seed funding round led by Eximius Ventures.
Vegapay raises $1.1m
Other investors taking part in the round include DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, Murugappa Group, GrowthCap Ventures and angel investors.
Founded in October last year, Vegapay offers digital lending as well as a card management platform to enable regulated firms and fintechs to issue cards and increase lending opportunities in India.
With the new funding, Vegapay plans on building out its technology further.
