ICYMI fintech funding round-up: Landytech, Frich Money, Swiipr 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.
CBiBank is a subsidiary of CBi Group
CBi Group, owner of US commercial banking platform CBiBank, has bagged $15 million in a Series A funding round led by Alpol Capital Family Office.
The financing has been earmarked to drive the firm’s research and development initiatives, with a focus on new tech such as AI in a push to enhance its product offerings.
Founded in 2017 by serial entrepreneur Jiangtao Sun, CBi Group specialises in international financial services, offering business bank accounts, global transfers, forex trading, and cross-border payment services.
The company currently claims to serve clients “in 163 countries and partners with over 120 banks and financial institutions, building a robust global clearing network for over 100,000 international businesses and users”.
Travel paytech Swiipr has secured £6 million in a Series A funding round led by Octopus Ventures and supported by Solano Partners and TX Ventures.
Claiming to be the world’s first airline-specialised payments platform, Swiipr offers the travel sector an integrated digital solution featuring a range of virtual and physical prepaid compensation cards along with a mobile app.
The platform is aimed at helping the industry manage compensation efficiently while ensuring full compliance with the latest passenger rights regulations.
Swiipr states that the new funds will be used to develop its product and technology strategy. This includes investing in AI and data analytics, research and development, and efforts to “drive international airline market growth”.
Landytech bags $5m corporate debt facility
London-based investment management platform Landytech has secured a $5 million corporate debt facility from CIBC Innovation Banking.
Landytech will use the facility to fuel its “strategic expansion” across European markets and to enhance its investment management solution, Sesame.
Since its formation in 2019, the wealthtech has raised $20 million to date, which includes the $12 million bagged during its Series B funding round completed last year.
Tom Dods, director of CIBC Innovation Europe, states: “Our funding will enable the business to continue its trajectory towards becoming the category leader in the space.”
Frich Money, a New York-based financial wellness app, has secured $2.8 million in a seed funding round led by Californian VC firm Restive Ventures.
According to TechCrunch, the funds raised during the round, which also saw participation from K20, Spartan Innovations, and TruStage, are in part being used to make key hires.
Launched in 2021, Frich Money’s app aims to help Gen Z users “make informed decisions about money quickly and confidently”.
In March, the start-up entered into a pilot partnership with Michigan State University Federal Credit Union.
Angelique Schouten, CEO and founder of 10x.team (Image: LinkedIn)
10x.team, a Dutch members-only AI-driven platform which connects fractional professionals with start-ups, has closed a seed funding round of €1 million, just six months after the firm’s launch.
The round received support from numerous angel investors, including founders and former executives of companies including Brand New Day, Ohpen, Narwhal Investments, Valtech, Adyen, and Euro-Rijn.
Commenting on the cash injection, company founder and CEO Angelique Schouten says: “With this seed funding, 10x.team will amplify its mission to deliver an AI-driven, fractional professional services platform”.
“This investment will enable us to expand both our team and our platform, meeting the growing demand for our services,” Schouten adds.
Singapore-based digital financial market infrastructure firm Marketnode has closed a Series A round led by HSBC, with additional backing from co-founder Temasek.
The enterprise says the undisclosed funding has been earmarked to “scale Marketnode’s platforms and realise the shareholders’ ambitions to develop a multi-asset ecosystem, starting in Asia-Pacific”.
Since 2020, the company says it has worked with HSBC to co-develop “a digital market infrastructure spanning credit, funds and structured products”, while also participating in “MAS’s Project Guardian initiative, Singapore’s fund settlement infrastructure Fundnode, and several digital bond initiatives”.
As a component of HSBC’s investment, John O’Neill, HSBC’s global head of digital asset strategy, will become a member of Marketnode’s board of directors.
