ICYMI fintech funding round-up: Datricks, PastPay, LineLeap, Kompasbank 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 so you can get the latest funding news.

Datricks closes $15m Series A

Israeli fintech start-up Datricks has raised $15 million in a Series A funding round led by Team8.

SAP, which expanded its partnership with Datricks in July, also joined the round alongside Jerusalem Venture Partners (JVP).

As part of the investment, SAP Signavio’s founder and GM, Gero Decker, will join the Datricks board.

Founded in 2019, Datricks operates an AI-powered risk management platform with a focus on enabling organisations to leverage data management, data integration, and business intelligence to mitigate vulnerabilities posed by human errors, non-compliance and fraud.

PastPay has secured €12 million to expand its B2B payment solutions beyond its current operating area of Central and Eastern Europe.

The round was led by Platina Capital with participation from MBH Bank, Advance Global Capital, Quantic Financial Solutions, STRT, and BNL Start Partners.

Private investors including Jared Schrieber, founder of Revolution Robotics, and former Actis Capital director Mark Ransford also took part.

PastPay says it will now trigger a two-stage expansion strategy with a focus on “investment in product development and the expansion of its digital services and infrastructure”.

LineLeap raises $10m

Fast pass provider and venue app LineLeap has bagged $10 million in a Y Combinator-led funding round.

The round, which was supported by Alex Pall of popular US DJ duo The Chainsmokers, among other investors, brings LineLeap’s total funding since its 2016 inception to $25 million, and carries a company value of $100 million, according to TechCrunch.

Based in New York, LineLeap operates a mobile app which allows customers to purchase concert tickets and line-skipping passes for popular venues in the US, and claims over 800,000 customers are currently using the service.

The start-up’s latest raise will be put towards expanding the app to a wider set of venues, introducing new in-app features, and developing a customer relationship management (CRM) platform for bars, per the TechCrunch report.

Kompasbank, an SME-focused digital business bank based in Denmark, has obtained €5.5 million in fresh funding.

The bank has not disclosed the round’s participants other than stating that the round garnered support “primarily from existing investors”.

Kompasbank previously secured €175 million in portfolio guarantee agreements with the European Investment Fund (EIF) in July to “take on riskier lending segments”.

The bank plans to expand its lending portfolio and launch additional corporate banking products, including leasing, overdraft facility, FX, transaction banking, and payments.

Cashmere secures $3.6m in seed funding

AI-powered client acquisition platform Cashmere has completed a $3.6 million seed funding round led by new board observer Canapi Ventures.

Benchstrength, Plug and Play, The House Fund and Courtyard Ventures supported the round alongside “several angel backers”.

Founded last year and based in Los Angeles, the Cashmere platform aims to automate the discovery, research, and engagement of prospective clients for wealth management firms.

A statement from the start-up says the seed funding will be used to “drive rapid product development and strategic hiring”.

NetNow, a trade credit automation platform based in Toronto, has raised $1.8 million in pre-seed funding.

Led by Ripple Ventures, the round was supported by Centre Street Partners, Antler, Motivate Venture Capital, and Day One Ventures.

The company has also received a grant for an undisclosed amount from financial software provider Intuit in conjunction with the round.

The pre-seed funding will be used to “accelerate AI product development” for the NetNow platform, which currently automates credit and collections processes for wholesalers and distributors.

It intends to leverage the development to “simplify documents, analyse data, and generate risk scores and metrics”.

$1m in fresh funding for Approveit

Expense management and approval automation platform Approveit has bagged $1 million in fresh funding.

Investors in the round included 10vc, Verras Capital and Telegraph Hill Capital, among others.

The start-up, founded in 2020, is expected to use the funding to “further refine our features, enhance user experience, and expand our market outreach”, with the goal of achieving $1 million in annual recurring revenue by the end of Q1 2025.

At present, the Approveit platform enables businesses to manage expenses, create purchase orders, handle annual leave requests, administer access approvals and automate other critical workflows, with claims of being able to save adopters $2 million annually.

EMTECH, a central banking infrastructure provider based in New York, has received an undisclosed investment from Accenture Ventures.

The investment will, according to Accenture, “support EMTECH in its efforts to transform central banks’ financial and technology infrastructure and make it easier for central banks to regulate and supervise fintechs in an increasingly digital economy”.

This support also extends to Accenture integrating EMTECH’s products for digital cash, regulatory sandboxes and compliance into its core banking transformation services.

EMTECH, in return, is joining its partner’s Project Spotlight, described as “an engagement and investment program for start-up companies that create or apply disruptive enterprise technologies”.

BillEase signs Series C lead agreement

Alternative asset manager TPG is preparing to lead a “significant strategic investment” into the Series C equity round of BillEase, a card-free buy now, pay later (BNPL) platform in the Philippines.

The investment will be led by The Rise Fund, an impact investing platform managed by TPG, with existing investor Burda Principal Investment also set to participate in the round.

Georg Steiger, CEO of BillEase, says the incoming investment will “empower us to not only sustain our strong growth but also expand our product offerings to better serve the underserved and underbanked”.

Steiger does not disclose what these expanded product offerings will include.

Launched in 2017, BillEase previously raised $11 million through a Series B round closed in 2022.