ICYMI fintech funding round-up: Toku, Tabs, Kamina, Lemon 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.
Toku lands $9.3m investment
Toku, a Chilean paytech, has bagged $9.3 million in its latest fundraising round led by Californian VC Gradient Ventures.
The round also featured participation from existing backers Clocktower, F-Prime Capital, Funders Club, Y Combinator, and Wollef.
The recent financing adds to the $7.15 million raised by the firm in its seed round in March last year.
Founded in 2020, Toku provides a payment platform designed to enable subscription-based businesses to automate and oversee their collection procedures.
The new cash injection will be used to further boost its presence in Chile and drive the firm’s intended expansion into Brazil and Mexico.
Tabs, an accounts receivable (AR) platform for B2B enterprises, has secured $7 million in a seed funding round spearheaded by Lightspeed Venture Partners.
The new investment brings the fintech’s total sum raised to date to over $12 million and will be used to “fuel Tabs’ mission to reimagine B2B AR processes”.
The firm’s flagship offering, Tabs AI, is a proprietary platform designed to extract B2B contractual data to automate invoicing, payments, and “contract ingestion”.
“With this funding, Tabs is set to revolutionise AR and how finance understands the customer,” claims Ali Hussain, co-founder and CEO of Tabs.
Kamina raises $3.2m
Ecuadorian fintech Kamina has raised $3.2 million in a pre-seed funding round, which it claims is the largest pre-seed round in the country’s history.
Founded in 2023, Kamina’s platform enables users to manage and track their finances.
While the company has not disclosed the contributors to the funding round, it states it will utilise the new cash to expand its offering and advance the development of its AI-driven technology.
Looking ahead, Kamina has plans for international expansion, with the firm targeting entry into the markets of Colombia, Chile, Mexico, and Peru.
InGain, a Latvia-based Software-as-a-Service (SaaS) firm, has secured €650,000 in a funding round led by Fiedler Capital and Trind VC.
The round also attracted participation from numerous industry angels and the Latvian Business Angels network.
The Riga-headquartered firm is aiming to provide financial enterprises with a no-code SaaS loan management solution catering to secured and unsecured loan products, subscription services, and rent-to-own fintech services. It intends to use the new cash injection to complete the development of its offering.
Lemon bags £500,000
Headquartered in Manchester, UK, Lemon, a SaaS and subscription management fintech, has raised £500,000 in pre-seed funding.
The round was spearheaded by VCs Pitchdrive and SFC Capital with further support from industry angels including Nick Dodd, former partner of debt advisory at KPMG, and Kimberley Waldron, co-founder of SkyParlour – both of whom will now join Lemon’s advisory board.
The fintech states that this investment brings “more than just monetary value”, highlighting the investor team’s expertise and guidance, which it believes will be invaluable as it embarks on its “growth journey”.
The financing will be used to help accelerate Lemon’s product development and the expansion of its team. Following the appointment of Matt Parke as its new chief technical officer (CTO), the company is now seeking to recruit a content and community manager.
Boasting the potential to save small and medium-sized enterprises (SMEs) up to 20% on their SaaS expenditures, Lemon is developing a management platform tailored to assist SMEs in overseeing their SaaS subscription expenses.
