ICYMI fintech funding round-up: Brightwave, Mala, UnitPlus, Parachute, 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.

Brightwave lands $15 million Series A

Brightwave, an AI-driven financial research platform, has secured a $15 million Series A funding round.

The round, which brings the company’s total funding to date to $21 million, was led by Californian VC Decibel Partners with support from OMERS Ventures.

Brightwave says its platform provides a “knowledge graph” that describes the “structure of global markets in granular detail”.

The graph is built from high-value information sources including earnings call transcripts, SEC filings, public internet content, and breaking news.

The cash injection will be used to support improvements to the firm’s knowledge graph and reasoning engine, ongoing investments in engineering and commercial talent, and strategic data collaborations.

Saudi-based B2B fintech start-up Mala has raised $7 million in a pre-seed funding round.

The round was led by Dubai-headquartered venture capital firm VentureSouq with participation from Access Bridge Ventures, Waad Investment, D Global Ventures, Palm Ventures, M Capital, BECO Capital, and Shorooq Partners.

Founded this year, Mala is developing a buy now, pay later (BNPL) solution for the region’s small and medium-sized enterprises (SMEs). The platform offers credit risk assessments, instant cash payments, and flexible credit options for buyers.

The platform is slated to launch in Saudi Arabia in Q4 2024.

UnitPlus raises €4.7 million

Germany-based fintech UnitPlus has bagged €4.7 million in a seed funding round co-led by Liechtenstein’s Seed X and the UK’s VC Pact.

The firm says a number of other venture capital firms, business angels, and existing backers participated in the round, including the former German Justice and Economic Affairs Minister Brigitte Zypries.

Founded in 2021, UnitPlus offers capital market products designed for both retail and corporate clients.

Announced via a company LinkedIn post, UnitPlus says the funding will “fuel our next chapter” by enabling the company to enhance its technical infrastructure and develop new products.

Going forward, the firm is looking to launch solutions like a savings plan powered by AI for private clients alongside new active ETF and private equity products.

Auquan, a fintech start-up based in the UK and US focused on AI automation, has landed a $4.5 million extension to its seed funding round, building on the $3.5 million it raised in October 2023.

The extension was led by Peak XV with ongoing support from Neotribe Ventures, the lead investor in the 2023 round.

Auquan claims to be the “first AI solution to leverage an AI agent architecture and retrieval augmented generation (RAG) to automate deep knowledge-intensive workflows in financial services”.

The company’s Software-as-a-Service (SaaS) offering streamlines processes related to credit, due diligence, risk monitoring, investment, and ESG.

The recent financing will be chiefly used to expand Auquan’s engineering and sales teams.

Datava bags $3 million

Datava, an end-to-end data management platform tailored for credit unions, has secured $3 million from Philadelphia’s American Heritage Credit Union and Launch Credit Union based in Florida.

Founded in 2020 and headquartered in Colorado, Datava says its platform manages “the entire data journey – from collection to activation, ensuring credit unions deliver the right product to the right member at the right time”.

Furthermore, the firm says its solution can integrate with existing systems and unify siloed or disparate data.

The funding has been earmarked to advance the company’s research and development efforts and support its expansion plans.

Canadian start-up Parachute has bagged a $1.11 million (CAD 1.5 million) seed funding round, bringing its total funding raised to date to around $1.55 million.

The round, which closed earlier this month through a convertible note, was led by Kitchener-Waterloo’s Adrenaline Fund and included contributions from existing backer Highline Beta and a consortium of angel investors.

Founded in 2022, Parachute offers a financial wellness app that allows users to consolidate their high-interest rate debt into one lower cost monthly payment.

Openwork lands fresh investment

The Openwork Partnership, a financial advice network based in the UK, has secured an undisclosed sum of investment from Bain Capital, a private investment company managing over $185 billion of assets.

The deal comes after Openwork announced in 2023 its intention to find a minority investor to fuel its “strategic growth plans”. On 24 October 2024, over 98% of Openwork Partners voted in favour of the proposed investment by the US firm.

Openwork plans to utilise the funding to advance its “core priorities,” which include technology investment, expediting the network’s growth through “strategic initiatives,” and enhancing offerings for adviser firms.

Established in 2005, Openwork has developed into a network of over 4,750 financial advisers with a presence throughout the UK.