ICYMI fintech funding round-up: Kudos, Teal, WeMoney 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.
US-based fintech start-up Kudos, which offers an AI-powered smart wallet designed to help users maximise rewards and benefits when spending, has secured $10.2 million in a Series A funding round.
Kudos raises $10.2m
The round was led by previous backer QED Investors and featured participation from fellow returning investor Patron alongside Samsung Next, SV Angel, Precursor Ventures, The Mini Fund, Newtype Ventures, the Four Cities Fund, and The Points Guy founder Brian Kelly.
Founded in 2021, Kudos says its smart wallet shopping assistant recommends or automatically selects the best credit card for customers to use when paying to maximise their rewards and cashback.
“Consumers want to know they’re getting the most for their money as they juggle budgets, multiple credit cards and rewards systems that can be confusing. Kudos simplifies all of that with one easy-to-use app and extension,” says Tikue Anazodo, co-founder and CEO of Kudos.
The company says it will use the new cash to expand its product and roll out new services.
Teal, a New York-headquartered accounting infrastructure start-up, has raised $8 million in a seed funding round led by Torch Capital.
Additional contributors include Basis Set Ventures, General Advance, Dash Fund, and angel investors including execs at Service Titan, Plaid, Brex, Unit and Gusto.
Founded in 2023, Teal says it provides APIs and tools to enable vertical Software-as-a-Service (SaaS) companies to “build their own accounting offerings for small business customers”.
Ian Crosby, co-founder and CEO of Teal, says the company is “building the Stripe for accounting”.
“Just like Stripe provides the underlying infrastructure for Vertical SaaS companies to build payments products, Teal provides the infrastructure for Vertical SaaS companies to build and offer accounting features within their platforms,” he adds.
Australian financial wellness fintech WeMoney has bagged $3 million in a fresh fundraising round to fuel its growth.
WeMoney bags $3m
The latest cash injection, which the company says was led “mostly by existing investors”, follows a $7 million funding round in 2022 and a $2 million seed round in 2020.
Adding to this, the company says it’s “actively advancing a fresh fundraising round of more than $10 million to expand its offering as the Australian open banking ecosystem matures and improves its stability”.
WeMoney offers an open banking-powered app designed to help users keep on top of their finances, allowing people to view their debts and accounts, manage recurring payments, and set goals to pay off any debt faster, all in one place.
The company has also recently signed a new partnership with Mastercard to utilise its open banking capabilities in Australia.
Dublin-based consumer credit reporting firm Experian has acquired a undisclosed strategic stake in customer engagement specialist Reward.
The investment will also see Experian’s head of corporate development, Kashif Aslam, join Reward’s board of directors.
Founded in 2001 and headquartered in London, Reward’s cloud-based API platform powers the loyalty programmes of global financial services firms including Visa, NatWest Group, Barclays and First Abu Dhabi Bank.
The company says its tech leverages “rich data and insights” and “integrates content, advertising and commerce” to help banks and retailers drive customer engagement and loyalty by offering personalised experiences.
Experian says the investment “cements an existing commercial partnership” between the two companies, with the duo set to focus on “leveraging Experian’s rich data and audience activation capabilities to fuel Reward’s offerings across banks and retail” and scale their solutions across international markets.
