ICYMI fintech funding round-up: Pockit, Orbital, Traction & 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) fintech funding round-up for you to get the latest funding news.
UK-based financial super-app Pockit has raised $10 million through its latest growth round, which was led by Puma Private Equity, the private equity division of Puma Investments.
Pockit raises $10m
The round also saw additional participation from the Maven Capital Partners-managed North East Development Capital Fund with further support from the European Regional Development Fund.
Founded in 2015 by the company’s current CEO, Virraj Jatania, Pockit seeks to instigate financial inclusion in the UK by filling the gaps left by traditional financial services.
The app supports a range of digital services including international money transfers, direct debits, cash deposits and withdrawals, online transactions and salary advances.
To date, it has processed approximately $5 billion across 73 million transactions while amassing a user base of 800,000 people. Its latest funding round, which takes the total amount raised by the company up to $50 million, is expected to enable the company to expand its current user base and invest in diversifying its product suite.
US-based insurtech start-up Functional Finance has secured $8 million in seed capital in a round led by venture capital and growth equity firms New Enterprise Associates (NEA), Walkabout Ventures and Altai Ventures, with participation from Hank Greenberg’s C.V. Starr Insurance and other investors.
The company also secured $2 million in SAFE notes to fund future equity investments.
Founded in 2021 by Rashmi Melgiri and Tony DeGangi, the start-up provides financial operations software for the insurance industry. This includes the automation of data and reporting functions and the management of back office finance from billing to premium finance and payables.
According to the company, its latest seed capital raise is expected to drive the development of its product suite and further the reach of its client relationships.
Nigeria-based merchant solution platform Traction has raised $6 million in a seed round to scale its operations within its home market.
Traction raises $6m
The round was led by Pan-African investor Ventures Platform and Multiply Partners, with additional participation from P1 Ventures and other investors.
The fintech start-up, founded in 2020 by Mayowa Alli and Dolapo Adejuyigbe, offers payment services, loans and tools for business operation to small and developing companies. Its premise is to digitise traditional paper-based processes to enable growth and commercial success for its clients.
Its latest round of funding is expected to aid its expansion within Nigeria, where 39 million small businesses account for approximately 60% of the country’s GDP.
Orbital, the London-based traditional finance and cryptocurrency solutions platform for global enterprises, has raised £5 million in its first institutional capital raise, led by Golden Record Ventures.
Investors New Form Capital, GSRV, Psalion and Luminous Futures also participated in the oversubscribed growth round.
Founded in 2017 by Chris Mason, Luke Wingfield-Digby and Paulius Grigaitis, the company is a licensed provider of traditional payments, FX solutions and cryptocurrency payments.
It promotes the integration of cryptocurrency – stablecoins in particular – into the existing payment flows of traditional, globally operating enterprises, while its corresponding APIs also act as an embedded finance solution.
With its latest funding, which precedes its Series A round, the company intends to “continue its rapid growth, secure additional licences in new jurisdictions and further develop its product”.
