ICYMI fintech funding round-up: PhiCommerce, Yabi, Enfuce 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.
Indian payment solutions provider PhiCommerce has secured $10 million in a Series A1 funding round led by Singapore-based VC firm BeeNext with additional participation from Opus Ventures.
PhiCommerce raises $10 million
Founded in 2015, the Pune-based start-up has developed an omnichannel digital payments processing platform for banks and merchants called PayPhi that it says “enables businesses to embrace digital payments across online, in-store, on-the move and doorstep channels”.
It claims the end-to-end solution can deliver “a simplified, secure, scalable, robust and frictionless payment experience to all stakeholders”.
The company plans to use the new funds to fuel its expansion into international markets and to develop and roll out new products to build out its payments ecosystem.
UAE-based financial education start-up Yabi has raised $8 million in a seed funding round featuring contributions from Shuaa Capital and Al Wafra Al Thaniya (Wafra II).
Alongside the fresh cash injection and its established presence in the UAE, the company has also announced the launch of its personalised financial wellbeing app in Saudi Arabia, adding it is “dedicated to boosting financial literacy and savings in the Kingdom” in line with the country’s Saudi Vision 2030 plan.
The app enables users to calculate and track their credit score, set budgets and financial goals with the help of budgeting tools and keep track of their financial health. Users can also speak with financial coaches to get personalised tips on how to manage their finances and learn from market experts through in-app courses.
The company says the new funds will be used for further product development and to drive its expansion into regional markets.
Finnish card issuer and processor Enfuce has raised €8 million in a follow-on investment round led by Vitruvian Partners, with participation from Visa and Maki.vc.
Enfuce bags additional €8 million in funding
The funding adds to the company’s €45 million Series C round from 2021 and takes its total capital raised to date to €65 million.
Founded in 2016, Enfuce’s tech enables fintechs, banks and non-financial brands to provide cloud-based payment processing services, cards, digital wallets and embedded finance solutions.
It claims to process nearly €2 billion worth of transactions annually for more than 16 million active debit, credit and prepaid card users on its platform.
The firm says the new cash “positions the company for continued growth in the enterprise sector, enabling expansion across key European markets”, with plans to expand into Benelux, Germany and France.
Canadian fintech Peloton Technologies has landed $2 million in seed funding from undisclosed private investors.
Founded in 2011, the company, which provides a payments platform built to simplify what it calls the “traditionally convoluted workflows” being faced by the country’s small and medium-sized enterprises (SMEs).
John MacKinlay, executive chair of the board at Peloton Technologies, says the new funding is “instrumental to our acquisition strategy and a catalyst to our organic growth initiatives”, adding the round is a “precursor to a larger capital raise planned for Q1/Q2 of 2024”.
The company adds it has already bought and integrated one independent sales organisation (ISO) and plans to use the funds to acquire more in a bid to expand its client base and sales operations.
US fintech start-up Conduiit has raised $1 million in a pre-seed funding round co-led by Fiat Ventures and Aperture Venture Capital, with participation from Collide Capital as well as angel investor and actor, Hiro Mizushima.
The New York-based firm says it provides tools “designed to enhance profitability and streamline financial processes for film and TV productions” and claims it’s “on a mission to modernise production finance in the entertainment industry”.
Its platform enables users to simplify the process on both sides of production finance including managing payroll, accounts payable, invoices and compliance.
“The entertainment industry has been using a Frankenstein model to manage the day-to-day transactions for a project,” says Shawn Hamilton, co-founder and CEO of Conduiit.
“With Conduiit, we are replacing the combination of solutions needed to manage the day-to-day transactions and the compliance around the finances to provide consistency and a great return on incentives.”
