ICYMI fintech funding round-up: Ekko, Layer, MNZL, Panax 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.
NG.CASH lands $12.5 million
Brazilian digital challenger NG.CASH has bagged the largest Series A funding round for a Latin American fintech in 2024 so far, raising $12.5 million.
VC firm Monashees led the round with additional participation from Generalist Capital, Andreessen Horowitz (a16z), 17Sigma, and Tekton Ventures.
Founded in 2021, NG.CASH aims to provide “financial access and freedom” for Gen Z customers and claims to be the “largest digital bank for young Brazilians”.
The firm offers prepaid credit cards, Pix payments, financial insight tools, crypto investing services, and a marketplace with exclusive offers.
With this new financing, the challenger’s COO, Petrus Arruda, says the company intends to expand its range of Gen Z-orientated products and services, with a particular emphasis on credit offerings, the fintech’s primary focus next year.
Additionally, the company has revealed that it plans to grow its team in preparation for its future expansion across Latin America.
Israeli start-up Panax has secured $10 million in a Series A funding round led by Tel Aviv-based venture capital firm Team8, with support from TLV Partners.
Panax provides financial teams with a cash flow management solution which automates treasury operations.
Its latest funding round, which increases the firm’s total funding to date to $15.5 million following a $5.5 million seed round led by TLV Partners, will be used to build out its AI and data unit, expand its New York office, and further fuel its R&D efforts.
MNZL bags $3.5m investment
MNZL, a lendtech headquartered in Cairo, Egypt, has landed $3.5 million in seed funding led by a collection of investors, including Ingressive Capital, P1 Ventures, and Localglobe.
Founded by Sameh Saleh, Ahmed Eldessouky, and Bassem El Shaer, MNZL aims to disrupt the lending sector in the MEA region.
The start-up says that only 10% of adults in Egypt have accessed credit from financial institutions, adding that “most of those loans are unsecured, which by nature comes with a very restrictive access, or a much higher cost”.
MNZL is primed to step in to address this gap by introducing a wallet solution that enables asset owners to leverage their properties and vehicles for liquidity.
Its new cash injection is set to be used to upgrade its tech and scale its operations.
Italian wealthtech CheckSig has closed a €2.7 million Series A funding round, bringing its total raised since its inception in 2019 to €5.1 million.
Headquartered in Milan, CheckSig offers a suite of Bitcoin and crypto solutions for private and institutional investors. It says its mission is to make access to crypto “simple and safe, offering trading, custody, tax compliance, training and information”.
The company aims to leverage its new funds, which have led to a post-money valuation of €25 million, to solidify its position in Italy and commence its international expansion, beginning with the Swiss market.
“Internationalisation and expansion of services are our growth guidelines for 2024-2025,” says Ferdinando Ametrano, CEO of CheckSig.
Ekko lands $2.5m
UK-based climate fintech Ekko has raised $2.5 million in a funding round led by Fuel Ventures and supported by Sorven Partners, Mishcon de Reya, and existing backers.
Founded in 2019, Ekko provides financial institutions with embedded sustainability solutions.
Commenting on the funding round, Oli Cook, co-founder and CEO at Ekko, states: “The time to act on our current climate situation is now. With this raise, we aim to be the disruptor in the market and enable banks, fintechs, and payment providers to empower their customers to have a tangible and meaningful impact on our world.”
US fintech Layer has secured a $2.3 million pre-seed investment from VC firm Better Tomorrow Ventures.
The funding round also saw contributions from executives from notable companies such as Plaid, Square, Unit, and Check.
Headquartered in San Francisco, Layer provides embedded accounting software designed for vertical Software-as-a-Service (SaaS) platforms and neobanks catering to small and medium-sized enterprises (SMEs).
The start-up plans to utilise the funding to broaden its range of services and grow its current workforce, focusing on engineering and business operations.
