ICYMI fintech funding round-up: Loop, Primary, Sitewire, Savr 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.
Loop raises $4.7m
Toronto-headquartered cross-border business banking fintech Loop has secured $4.7 million (CAD 6.4 million) in funding, its second round since launching in 2022.
The round saw participation from Mistral Venture Partners, Luge Capital, Graphite Ventures, Wedbush Ventures and Conconi Growth Partners, among others, and adds to the $2.9 million (CAD 4 million) previously raised by Loop two years ago.
Loop says it will use the funding to “further bolster the company’s growth and accelerate its mission to build the first global-by-default financial services solution for businesses”.
The fintech provides an integrated finance platform that enables small to mid-sized businesses to efficiently manage their international financial operations, including payments, foreign exchange and treasury functions.
Primary, an Australian fintech offering a treasury management operating system, has raised $3.5 million in a seed funding round led by Carthona Capital.
Carthona has installed its partner Damian Fox on Primary’s board as part of its leadership of the round, which brought Primary’s total raised to date to $4.75 million.
The round was supported by Macdoch Ventures, Archangel, AfterWork Ventures, Resolution Ventures and No Brand Holdings.
Primary will leverage its latest capital injection to grow and scale its offering, which according to a statement posted by CEO and founder Ben Buckingham via LinkedIn, “gives businesses the security of big banks while offering significantly higher yields on your deposits”.
The company says its tech can help businesses grow “by reducing complexity around treasury, payments and cash flow”.
California’s Sitewire has bagged $3.17 million in seed funding to scale its construction finance platform.
The round was led by Zacua Ventures, with Argonautic, Great Wave and Hamilton Ventures also participating.
According to an official statement, the start-up, founded in 2019, will use the funding to “support the expansion of Sitewire’s platform, enhance its network of partners, and bolster its presence in key homebuilding markets”.
Regfyl secures $1.1m in pre-seed funding
Regfyl, an anti-money laundering (AML) and compliance platform from Lagos, has raised $1.1 million in pre-seed funding.
Techstars, RallyCap Ventures, DCG Expeditions, Africa Fintech Collective and Musha Ventures were among the investors supporting the round, alongside a number of “strategic angel investors”.
Founded last year, Regfyl consolidates multiple compliance checks for banks and fintechs in Africa into single API requests. The platform is supported by an AI-powered transaction monitoring system.
According to a statement, the start-up plans to leverage its pre-seed funding to “expand its business development [and] engineering and customer success teams”.
Swedish retail investment platform Savr has received an “additional financial investment” from Incore Invest.
Launched in 2019, Savr says its platform delivers “access to international exchanges that the region has long required”.
Savr says it will use the undisclosed investment to expand its platform with equities and mutual funds, while teasing the introduction of exchange-traded funds (ETFs) “in the future”.
“With this new offering, Savr is set to further disrupt the Swedish financial industry as the company pushes forward with its growth plans for the rest of the year and beyond,” its statement reads.
Kasisto closes Series D
New York-based Kasisto, which operates a conversational AI platform for the financial services industry, has completed its Series D funding round, raising an undisclosed amount.
Founded in 2013, the company now claims to have raised $90 million to date, including a $31 million Series C closed two years ago.
In conjunction with the completion of its latest round, Kasisto has named former NCR EVP Don Layden as the new executive chairman of its board of directors.
“With the infusion of new capital and Don’s strategic leadership, we are well-positioned to enhance our market presence in conversational and generative AI for financial institutions,” comments Zor Gorelov, CEO and co-founder of Kasisto.
