June 2024: Top five fintech funding rounds of the month
Despite varying market conditions, fintechs worldwide have bagged funding at different scales this month, from credit facilities to substantial investments for multinational corporations.
Here, we run through five of the top funding stories of the month, featuring Clip, Gynger, Fibe, and more.
Mexican fintech unicorn Clip lands $100m investment
Clip secures $100 million
Mexican digital payments and commerce platform Clip has bagged $100 million from investment funds managed by Morgan Stanley Tactical Value (MSTV), the bank’s non-control private venture division, and from an unnamed West Coast mutual fund manager.
Clip has earmarked the new funds to drive product development and “expand and strengthen our offerings to empower more stakeholders across Mexico’s economy”, as stated by company founder and CEO, Adolfo Babatz.
Clip says the investment values the company “in line with the Series D round completed in 2021” when it raised $250 million led by SoftBank Latin America Fund and Viking Global Investors LP at a value of $2 billion.
US start-up Gynger completes $20m Series A and lands $100m debt facility
Gynger, an AI-driven payments platform, has concluded a $20 million Series A round while also bagging a $100 million debt facility.
The New York-headquartered firm’s Series A was spearheaded by PayPal Ventures, alongside additional backing from BAG Ventures, Deciens Capital, Gradient Ventures and Velvet Sea Ventures.
The funds will be used to increase Gynger’s workforce and propel its transition into a “full-scale payments solution for buying and selling of technology”.
Meanwhile, the start-up has also secured a debt facility with Californian impact investment firm CIM (Community Investment Management), which has agreed to finance the payments platform up to $100 million.
Pipe secures new $100m credit facility from Victory Park Capital
Pipe lands new $100 million credit facility
Pipe, the San Francisco-headquartered capital platform, has bagged a new $100 million credit facility with Victory Park Capital (VPC).
The facility, which “has the potential to upsize up to $200 million in the future”, will be used to support Pipe’s recently launched embedded Capital-as-a-Service solution for small and medium-sized businesses (SMBs).
In addition, the facility will enable the company to “expand our existing capacity to more than $1 billion per year in originations for SMBs,” states Luke Voiles, CEO of Pipe.
Finbourne lands £55m Series B from Highland Europe and AXA Venture Partners
Finbourne Technology, a London-based investment data management solutions vendor, has raised £55 million through a Series B round spearheaded by UK venture capital firm Highland Europe and AXA Venture Partners (AVP), a French VC specialising in tech companies.
The cash injection has been earmarked to fund Finbourne’s “next phase” in commercial development. The UK fintech says this will include scaling its product, sales, and marketing capabilities in Australia, the US, Singapore, Ireland, and the UK.
Founded in 2016, Finbourne offers the wealth management sector a cloud-native Software-as-a-Service (SaaS) data management platform, alongside a suite of investment administration solutions.
Indian fintech Fibe bags $90m in Series E funding round
Fibe lands $90 million Series E funding
Fibe, the Indian digital lending platform formerly known as EarlySalary, has secured $90 million in a Series E funding round co-led by new investors Amara Partners, TR Capital, and Trifecta Capital.
In addition, the investment round was supported by several of Fibe’s existing backers, including Chiratae Ventures, TPG Rise Fund, Norwest Venture Partners, and Eight Roads Ventures.
The fintech plans to use the new funds to fuel its market outreach, develop more lending products, enhance its technological infrastructure, and “deepen our impact across India”, according to co-founder and CEO Akshay Mehrotra.
The new cash adds to the $110 million raised by the Pune-based firm in its Series D funding round in 2022.
