ICYMI fintech funding round-up: Marco, Zone, Copilot, Flowpay 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.
Marco raises $12m Series A
Miami-headquartered fintech Marco has raised $12 million in a Series A funding round led by IDC Ventures.
In addition, the round saw participation from Arcadia Funds, Barn Invest, IDB Lab (the venture lab of the Inter-American Development Bank Group), Florida Funders, Kayyak Ventures, Neer Ventures, SquareOne Capital, and Miami Angels, among others.
Marco is a trade finance platform that looks to serve the “needs of SME exporters in Latin America”. It aims to address the $350 billion trade financing gap in the region by offering fast access to financing for firms involved in cross-border trade.
The company says the new cash injection will allow it to further strengthen its “commitment to ESG efforts within the LatAm region”.
African blockchain start-up Zone has raised $8.5 million in a seed funding round led by venture capital firms TLcom Capital and Flourish Ventures.
Obi Emetarom, Zone’s CEO and co-founder, claims the company is poised to accelerate its mission to “connect every monetary store of value and enable real-time payments within and across geographical borders”.
Headquartered in Lagos, Nigeria, the new funding is set to enable Zone to broaden its domestic network coverage and establish connections with additional banks and financial services companies.
Additionally, the fintech says that a “significant portion of the proceeds” will be allocated to conducting a “comprehensive pilot programme” to evaluate its cross-border capabilities, slated for 2025.
Copilot bags $6m in Series A funding round
US budgeting app Copilot has landed $6 million in a Series A funding round led by VC Adjacent, aimed at fuelling the fintech’s AI and product development ambitions.
Launched in 2020, Copilot offers a personal finance platform that analyses users’ financial activity (such as recurring payments) to help them keep track of their finances and boost their savings.
Copilot founder and CEO Anres Ugarte says: “We wanted a well-crafted app that would provide full visibility into all things money and would get out of the way. No ads, no gimmicks.”
Ugarte adds that the recent closure of Mint “has opened up exciting new opportunities in the personal finance space” and has seen more people turning to Copilot for their personal financial management needs.
Indian start-up TapFin has secured $4 million in a seed round led by Bengaluru-based venture capital firm Elevar Equity.
The Mumbai-headquartered fintech looks to provide financing solutions, insurance and market linkage services to MSME start-ups focused on sustainability.
The cash injection will be used to enhance its data and technological capabilities, drive product development, and support its market expansion.
Announced via a post on the company’s LinkedIn page, the firm says: “This strategic collaboration will propel us forward in realising our vision to facilitate India’s Net Zero ambitions.”
Flowpay raises €2.1m in seed funding
Czech embedded software provider Flowpay has raised €2.1 million in a seed funding round.
The round saw participation from Czech venture capital firms DEPO Ventures and Soulmates Ventures, as well as US-based VC Techstars. In addition, the raise saw backing from angel investors including Allard Luchsinger, Kartik Varma, Mark Ransford, and Martin Herrmann, among others.
Hynek Sochor, founder of round participant Soulmates Ventures, claims that Flowpay’s offering “shortens the time needed to evaluate credit applications to mere minutes, increases the accuracy of risk assessment, and speeds up access to finance for SMEs.”
The new financing will enable the company to expand its footprint outside the Czech Republic, further develop its technological capabilities, and enhance its SME product offerings.
UK-based digital compliance and anti-money laundering (AML) software vendor SmartSearch has secured an undisclosed equity investment from Triple Private Equity.
Furthermore, Triple Private Equity will secure a majority stake in the fintech, while the founders of SmartSearch and current shareholders will maintain a minority interest in the company.
Speaking on the new investment and partnership with Triple, CEO of SmartSearch Guy Harrison says: “The business is especially looking forward to calling on their deep expertise in scaling mission critical, B2B risk and compliance software.”
SmartSearch’s tech enables firms to navigate regulatory demands around AML compliance, customer due diligence, and KYC and KYB procedures.
