ICYMI fintech funding round-up: Mundi, Revio, Pontoro 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.
Mundi, a New York-based fintech start-up, has secured $15 million in its Series A-2 funding round led by Haymaker Ventures.
Mundi raises $15 million
The round also saw participation from Union Square Ventures, which previously led its Series A, GMO Ventures, Square One Capital, Upper90, Colibri Ventures, Base10, Asymmetric Capital Partners, Gaingels, Mana Ventures and GSBackers.
Along with its funding, the company has also announced a “full rebrand” as a fintech platform to simplify cross-border trade in Latin America, including solutions for international payments and collections, FX spot trading and hedging, cargo insurance, and free tools and insights.
Despite facing challenges such as layoffs and the SVB crisis, Mundi says it remains a client of SVB with plans to make an announcement with the bank next month.
South African payments start-up Revio has secured $5.2 million in a seed funding round led by QED Investors and joined by Partech, along with participation from existing backers Speedinvest, RaliCap and Everywhere VC.
The Africa-focused payment orchestration platform was founded in 2020 and is based in Cape Town. Through its platform and API, it helps merchants access over 70 payment methods, set up routing and retry rules, and help “minimise the complexity, cost and risk of payment operations”.
With the new funds, Revio plans to grow its coverage across Africa, deepen its routing logic, and expand its capabilities to add more value to customers. The company will also be hiring talent “across the continent and in key international markets” to support its growth.
US-based fintech company Pontoro has raised $4.6 million in seed II funding led by Ulu Ventures, with participation from Illuminate Financial, Nevcaut Ventures, W11 Capital and others.
Pontoro says the oversubscribed funding round took place at a “significant increase” in valuation from the previous round.
Founded in 2018 and based in California, Pontoro is creating a “proprietary and structurally differentiated” platform intended to unlock greater access to institutional-grade private market real assets.
With the funding, Pontoro plans to further develop its technology solution with the intention to provide enhanced customisation, pricing and liquidity to market participants. It adds that it will announce an expanded leadership team of finance and technology in due course.
Asia Pacific-based embedded finance fintech firm Finology has closed an undisclosed amount of funding as part of its pre-Series A round.
The round was led by Silverlake Group, with participation from The Hive Southeast Asia, a recipient of the Dana Penjana Nasional programme under the purview of Penjana Kapital (a wholly owned subsidiary of Malaysia’s Ministry of Finance) and Malaysian Technology Development Corporation (MTDC).
Finology says it will use the money for market expansion and brand building, as well as to improve access to financial services in the APAC through embedded finance.
Finology offers API-led lending and insurance solutions, as well as document processing solution and a multilingual conversational voice-bot.
US-based enterprise technology provider NCR has made an undisclosed strategic investment in Clip Money, which operates a multi-bank business cash deposit network across North America.
NCR makes a strategic investment in Clip Money
Additionally, the pair have also established a long-term partnership that will combine Clip’s business cash deposit solution with NCR’s cardless cash deposit API and cash in network. According to both firms, the partnership accelerates Clip’s market expansion, while boosting NCR’s cash management solutions for issuers and merchants.
Led by APIs, Clip Money claims to enable any business to make cash deposits into their bank account of choice through its network without integration at the bank itself. NCR says it will enable Clip deposit services at its cash in network with more than 2,500 operating sites across 30 US states.
“The expanded network will provide a large portion of US businesses convenient access to Clip services allowing businesses to manage cash more efficiently regardless of the branch presence of their bank or credit union of choice,” the pair says.
