ICYMI fintech funding round-up: Nearpay, Supra, Hyperplane and Pave Bank
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.
Nearpay, a Saudi fintech start-up specialising in payments infrastructure as a service, has raised $14 million in a Series A funding round led by Sanabil Investments.
Nearpay raises $14m Series A funding
The round also saw participation from stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures and Arzan Ventures.
Founded in 2020, Nearpay offers businesses a self-built payments infrastructure with a focus on POS and SoftPOS technology, which the company claims enables firms to simplify payment acceptance on any device including phones, tablets, kiosks and handheld devices.
The fresh funding will be used to support the company’s global expansion plans and boost its technological capabilities.
US fintech start-up Hyperplane has emerged from stealth with $6 million in funding led by former Stripe exec Lachy Groom.
The round also saw participation from SV Angel, Clocktower Technology Ventures, Liquid2 Ventures, Soma Capital, Latitud, Atman Capital, Crestone VC and Norte.
Founded in 2022 and based in San Francisco, Hyperplane’s platform enables financial institutions to offer personalised customer experiences by using first-party data and predicting users’ financial behaviour.
Hyperplane tells TechCrunch that it is currently working with “about a dozen” banks in Brazil and now hopes to expand into the US.
Pave Bank emerges from stealth with $5.2m funding
Singapore-based Pave Bank has emerged from stealth with a digital banking licence from Georgia and a $5.2 million seed funding round led by 468 Capital, with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors.
The company claims to be the world’s first fully regulated commercial bank where clients can not only access business banking products (such as multi-currency operating accounts, global payment connectivity and treasury management solutions) but also multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet, a multi-asset and “always on” network of Pave Bank customers.
Founded by former executives from BigPay, Monzo and VP Bank, Pave Bank claims it sits at the “intersection of traditional finance and digital assets”. Having landed a digital commercial banking licence in Georgia, it plans to continue building its infrastructure globally.
Supra, a Colombian fintech start-up, has raised an undisclosed sum in a strategic funding round led by Citi, with participation from Far Out Ventures and H20 Capital.
Founded this year, Supra enables cross-border payments for small and medium-sized businesses (SMBs) that are involved in import and export activities.
The new capital will enable the growth of Supra’s Colombian operations to fulfil its payment aggregator role in partnership with Foreign Exchange Market Intermediaries (IMC) and licensed payment service providers.
