ICYMI fintech funding round-up: Outgo, Mifundo, Mesa, Simpler, 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.
Outgo raises $15 million
Outgo, a US-based start-up providing banking services to freight carriers, revealed that it secured $15 million in a funding round last year, which had not been previously disclosed.
The round was led by Gradient Ventures and Construct Capital, with participation from Bezos Expeditions, Fintech Fund, Neo, PSL Ventures, Operator Stack and Upper90.
Upper90 has also granted Outgo a $50 million credit facility to support receivables purchasing.
The start-up, founded in 2021, has not disclosed how the funds from its latest round have been applied.
Estonian fintech Mifundo has raised €10 million from various sources.
The total includes a €1.2 million pre-seed round led by Tera Ventures, contributions from existing investor Opus11 VC and several angel investors, as well as €2.5 million in grant funding.
This was joined by €6.3 million in matched funding from the European Innovation Council (EIC) Accelerator programme, which is supported by the European Investment Bank (EIB).
Mifundo previously received €2.5 million in grant funding from the Accelerator programme back in July.
According to a company statement, the funds shall be used to create a cross-border data platform for portable credit profiles across the EU.
Mesa lands $9.2 million
Mesa, a homeowner membership platform based in Austin, US, has exited stealth with $9.2 million in seed funding.
The figure comprises $2 million in venture debt from Silicon Valley Bank and $7.2 million from a funding round led by Streamlined Ventures.
Assurant Ventures, Vera Equity, Redwood Trust Horizons, Clocktower Ventures, Starting Line also participated in the round, among others.
The start-up aims to bring “credit card style membership to every financial product for your home”, offering homeowners benefits and rewards across various services, including insurance, mortgage origination and payments, warranties, and more.
Mesa says the cash injection will enable it to increase its workforce, scale its membership offerings, and add more partners to the Mesa Homeowners Network.
UK-based fintech Simpler has secured €9 million in a pre-Series A funding round to strengthen its presence in the UK, Italian and Spanish markets.
According to a TechCrunch report, the round saw participation from Lamda Development, VentureFriends, and MMC Ventures.
Founded in 2021, Simpler provides a Checkout-as-a-Service platform that allows merchants to consolidate payments, shipping, and loyalty programmes into a single system.
The company boasts of serving over 250 merchants and more than 500,000 registered shoppers.
Real-time credit bureau Infact has secured £4 million in seed funding led by Albion Capital.
13books Capital, Outward VC, Form Ventures, and Portfolio Ventures joined a number of undisclosed angel investors to support the round.
In conjunction with the raise, Infact has also landed authorisation as a Credit Reference Agency from the Financial Conduct Authority in the UK, where it was founded in 2022.
“This capital will fuel our growth, allowing us to expand our team, accelerate the development of our rich bureau database, and extend our product suite to support the entire credit lifecycle,” a statement from the company reads.
Desia secures $3.3 million
Desia, a UK-based fintech start-up, has bagged a $3.3 million pre-seed funding round led by venture capital firm Dig Ventures.
The round saw additional support from Plug & Play Ventures, LaunchBay Capital, Octopus Ventures, Foreword Ventures, 2100 Ventures, and Vento by Exor Ventures. A consortium of angels also participated in the raise.
Founded this year, Desia leverages AI to extract knowledge and data about potential investments, claiming to automate the analysis process to save investment professionals time and resources.
“This initial funding round is a major step towards developing the system for more structured and complex investment analyses,” states Raffaele Terrone, co-founder and CEO of Desia.
Going forward, the fintech reveals that it has its “eyes set on the UK, the US and Continental Europe”.
SETTLE, a B2B payment platform based in Egypt, has raised $2 million in a pre-seed funding round led by the UAE’s Shorooq Partners.
This financing is aimed at supporting the company’s growth in Egypt and facilitating its expansion into international markets.
Founded last year, SETTLE aims to “streamline financial operations for businesses” by providing a CFO tool focused on automating accounting processes.
By integrating with ERP systems, the firm claims its platform enhances financial control by streamlining payments, treasury management and receivables.
Mintos raises $2 million
Mintos, a Latvian multi-asset investment platform, has bagged €2 million in debt funding from FlyCap, a private equity fund based in Riga.
The cash obtained will help drive Mintos’ “growth initiatives”, particularly to acquire more EU customers and to help the firm “reach a wider audience of future investors”, says CEO and co-founder Martins Sulte.
This raise follows the company’s crowdfunding campaign on CrowdCube in August, where Mintos secured €3.1 million from more than 3,300 investors across over 55 countries.
Yolo Bank, a Brazilian neobank, has landed $500,000 in a pre-seed funding round led by Marathon Ventures, a Colombian VC that specialises in B2B platforms.
Founded in 2023, Yolo Bank offers payment services, debit and credit cards, and leverages AI to provide tuition discounts for students in Brazil.
The neobank, which currently claims to serve over 700,000 students and partners with 76 universities, says it will utilise the cash injection to advance its AI technology and expand its team.
