July 2024: Top five fintech funding rounds of the month
Amid fluctuating market conditions, fintechs globally are still managing to secure various levels of funding to continue their growth. Here, we run through five of the top funding stories in July, featuring Aven, MNT-Halan, Coast, and more.
US fintech Aven’s valuation tops $1bn with latest $142m Series D capital raise
Aven’s valuation tops $1bn with new Series D funding
A new $142 million Series D investment has elevated Aven, a credit solutions start-up based in San Francisco, US, to unicorn status.
The funding was led by Khosla Ventures and General Catalyst (which both previously supported Ramp’s $150 million raise in April), with additional participation from existing investors including Caffeinated Capital, Electric Capital, Founders Fund and The General Partnership.
Founded in 2019 by former Facebook and Square executives, Aven specialises in democratising consumer capital access for homeowners by offering a credit card combined with a home equity line of credit (HELOC), enabling homeowners to “access their home equity in minutes”.
The fintech says the new capital will be used to expand its offering into “new categories including auto-backed cards, mortgage refinance, and more”, with a focus on entering all 50 US states by next year. It also plans to grow its mobile-based financial advisory tool, Aven Advisor
Egypt’s MNT-Halan raises $157.5 million, plots regional expansion
MNT-Halan, an Egypt-based fintech, has raised $157.5 million in its latest funding round.
$40 million came from the International Finance Corporation (IFC) and the rest was provided by Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate and GB Corp.
The current round follows raises of $400 million in January 2023 and $120 million in September 2021.
Founded in 2018 and based in Giza, MNT-Halan has developed a financial services mobile app that offers loans to consumers, micro and small businesses, pre-paid cards, payments, savings, e-wallets, e-commerce, gold and money market fund investments.
MNT-Halan describes itself as “Egypt’s first unicorn” and says it is now “extremely well positioned to further expand regionally”. Pakistan is among its first international forays, due to the microfinance bank licence the fintech holds there.
Brazil’s Matera lands $100m investment from Warburg Pincus
Matera secures $100 million investment
Brazil and US-based paytech Matera has bagged a $100 million investment from Warburg Pincus, a private equity firm headquartered in New York.
The investment, which TechCrunch reports will give Warburg Pincus a minority stake in the Brazilian firm, has been earmarked to finance Matera’s expansion into the North American market and boost its product development.
Founded in 1987 in Brazil, Matera provides financial institutions with a range of instant payment, core banking and QR code payment services.
Last year, it acquired Brazilian AI firm Cinnecta for an undisclosed sum, a move which enabled the firm to integrate AI capabilities into its instant payments offerings.
Thailand’s Ascend Money lands $195m investment led by MUFG
Ascend Money, the fintech arm of Thailand’s Charoen Pokphand Group, has bagged a $195 million investment led by MUFG Bank, a consolidated subsidiary of Japanese financial services giant Mitsubishi UFJ Financial Group (MUFG).
The round was also supported by the Finnoventure Private Equity Trust I fund managed by Bangkok-based venture capital firm Krungsri Finnovate.
Ascend Money, which claims to be Thailand’s largest digital financial solutions firm, provides an array of financial offerings through its TrueMoney platform, such as insurance, investing, e-payments, lending, and buy now, pay later (BNPL) services.
The company states that the funding will fuel its plans to provide “inclusive financial services for underserved consumers and SMEs (small and medium-sized enterprises), fostering equitable economic growth and financial well-being in Thailand”.
US fintech Coast bags $40m Series B for product, partnership and team expansion
Fleet-focused fintech Coast raises $40m Series B
Coast, a New York-based card and expense management solution provider for fleet-operating businesses, has raised $40 million in a Series B funding round led by ICONIQ Growth.
As part of its round leadership, ICONIQ Growth has installed its general partner, Yoonkee Sull, on Coast’s board of directors.
Also participating in the raise were Accel, Insight Partners, Vesey Ventures and Avid Ventures – all of which previously supported Coast’s $92 million raise in March – alongside new investors Thomvest and Synchrony.
Coast operates an expense management platform that enables fleet managers to authorise and track transactions for fuel. It complements this remit with B2B fuel cards, issued by Celtic Bank, alongside newly-launched mobile capabilities, virtual cards, spend programmes and shared team budget functions.
The fintech says it will apply its latest financing to “accelerate its product and partnership development” with an eye for “expanding to other financial services needs of its business customers”, hinting at the ascent of automated accounts payable and bill payment functions.
