ICYMI fintech funding round-up: Mimo, TransferGo, Smartpay, Adro 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.
Mimo lands £15.5m investment
Mimo, a UK-based financial management platform for small to medium-sized businesses (SMBs), has raised £15.5 million in a funding round led by Northzone.
Other participating investors include Cocoa Ventures, Seedcamp, and Upfin VC, alongside numerous angel investors and early backers including Anyfin, Stripe, GoCardless, and Wayflyer. Additionally, as part of the financing, Paris-headquartered lender Fost has arranged an asset-backed facility.
Mimo says it will use the new cash injection to continue developing its offering and “expand its headcount” as it gears up to launch its flagship platform.
Founded in 2023, the start-up looks to simplify financial processes for SMBs, developing a platform to support how businesses manage their cash flows and cross-border payments.
Private markets software start-up Pactio has secured $14 million in a Series A funding round.
The round was led by Sweden’s EQT Ventures alongside additional tech angels including Volt founder Tom Greenwood and Stripe Europe CEO Matt Henderson, among many more.
Formed in 2021 and based in London, Pactio provides digital infrastructure and risk management solutions for the private capital industry.
The company says it will use the new financing to support the development of its AI offering and extend its “digital architecture across the whole investment lifecycle”.
TransferGo raises $10m
UK-based remittances platform TransferGo has landed $10 million from Taiwan-based Taiwania Capital to expand its operations in the Asia-Pacific region.
TransferGo says its service avoids cross-border fees and keeps costs low by transferring funds to local bank accounts before sending them to an international recipient.
The new funding adds to the $50 million the firm bagged in its Series C funding round in 2021.
With the new financing, the fintech plans to boost its product development to help fuel its growth.
Embedded finance fintech Smartpay has raised $7 million in a pre-Series A round led by SMBC Venture Capital.
The round also included participation from Angel Bridge, Global Founders Capital, and Matrix Partners.
Headquartered in Tokyo, Japan, Smartpay offers customers an interest-free buy now, pay later (BNPL) solution aimed at enhancing financial inclusion for those who don’t have access to credit.
Adro bags $1.5m investment
New York-headquartered fintech Adro has raised $1.5 million in a pre-seed funding round led by tech-specialist investment firm Era, with participation from the Cornell Tech Syndicate and Ex Nihilo Ventures.
Planning to launch later this year, the company intends to utilise the funding to fuel its platform development and scale its engineering team.
Looking to solve the challenges faced by internationals living in the US in gaining access to financial services, Adro is set to offer student debit and credit cards as well as checking and savings accounts.
Moreover, the fintech says it will provide “partial reimbursement on the costs associated with international money transfers” and will enable users to start building credit from “the day they arrive in the US”.
UK-based wealth management solutions firm Avenir has bagged $530,000 in a pre-seed funding round backed by Techstars, SFC Capital, and industry angel investors.
The funding, which was secured just three months after the company completed the ABN Amro + Techstars Future of Finance accelerator programme, will be used to continue developing the firm’s offerings.
By leveraging AI and advanced direct indexing tech, Avenir provides personalised investment solutions that enable firms to create customised exchange-traded funds (ETFs) and portfolios tailored to their “clients’ goals and principles”.
“With this funding, we’re poised to disrupt the £1.2 trillion in assets under management within the wealth management sector in the UK,” says Jeremy Bensoussan, CEO and co-founder of Avenir.
Funding Xchange completes Series B round
Funding Xchange (FXE), the business loan and funding marketplace, has announced the completion of its Series B fundraising round.
The round, which raised an undisclosed amount, was led by banking giant Barclays and was described as being “client-led” by Sarah Hollyhead, MD of Funding Xchange.
The UK-based company offers white-label software solutions to banks and lenders. Additionally, it says it is focused on developing “industry-wide solutions that join-up the SME finance ecosystem”. The new injection of funds is intended to expedite this initiative.
The recently secured funds add to the $10 million raised by FXE in its Series A round in 2020.
Payment orchestration platform Paytring has completed a pre-seed funding round, raising an undisclosed sum.
The investment round, which was led by London-based fintech Unlimit, will be utilised to propel Paytring’s product development, acquire new customers, and broaden its market presence.
Headquartered in Gurugram, India, Paytring offers businesses a no-code solution for payment collection. It claims to integrate with over 20 payment gateways and acquirers, providing users with a “unified communication, control, and management interface”.
Corlytics receives investment from Verdane
Irish regtech Corlytics has announced it has received an undisclosed “significant investment” from Norwegian venture capital firm Verdane through its newly established €1.1 billion Edda III Fund.
The new cash injection, overseen by investment bank Baird, is earmarked to support Corlytics’ ongoing expansion efforts.
Corlytics delivers an end-to-end compliance platform, which it claims is the “only solution” that allows clients to “align with, and stay ahead of, regulatory demands”.
Commenting on the new funding, John Byrne, Corlytics’ founder and CEO, states: “This investment from Verdane ensures the continued growing market leadership for Corlytics.”
