ICYMI fintech funding round-up: Kalder, Pemo, PostSig, StoreCash, 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.
Kalder raises $7 million
Kalder, a US-based loyalty and rewards start-up, has landed a $7 million seed round led by Javelin Venture Partners.
The round saw additional participation from Emergence Capital, Formus Capital Human Capital, Gingerbread Capital and 8VC, alongside a group of angel investors.
The funds, the intended use of which has not been disclosed, bring the firm’s total funding to $10.5 million, following Kalder’s $3.5 million seed round in 2022.
Founded in 2021, Kalder provides a white-label partner rewards platform that enables brands to implement partner cashback programmes directly through their app or website.
Dubai-based fintech Pemo has bagged $7 million in a pre-Series A funding round co-led by Shorooq Partners and Augmentum Fintech.
Founded in 2022, Pemo offers a spend management platform, with corporate cards that give employers the ability to set limits, verify receipts, and oversee company spending with real-time insights and AI-driven accounting automation.
The company, which recently reached $381 million (AED 1.4 billion) in annualised transactions, previously secured a $12 million Seed round in April 2022.
With these new funds, Pemo says it aims to expand across the Gulf Cooperation Council (GCC), with a particular focus on entering the Saudi Arabian market.
EdfaPay bags $5 million
Saudi start-up EdfaPay has secured a $5 million pre-Series A funding round spearheaded by OmanTel Innovation Labs.
Founded in 2021, EdfaPay provides a softPOS platform for companies to accept and process payments via smartphones using near-field communication (NFC) technology.
This round, which saw additional backing from Aljabr MENA and Waad Investment, adds to the firm’s $3.2 million seed funding raised in June 2023.
This latest cash injection has been earmarked to fortify EdfaPay’s position in Saudi Arabia and extend its footprint across the MENAP region, especially in Oman and Pakistan.
StoreCash, a cashback-focused fintech, has raised a $3.7 million seed round, bringing its total funding raised to $6.4 million.
The investment was led by Californian VC firm Black Operator Ventures, with support from Alumni Ventures, Buffalo Angels, Popular Ventures, Mucker Capital, 43North Foundation, and existing backer MaC Venture Capital.
Founded in 2019, StoreCash provides a mobile payment solution accessible via a custom plug-and-play cashback API, allowing users to make payments with QR codes while earning cashback against its network of brand partners
Daricus Releford, founder and CEO of StoreCash, says the funding will allow the company to “accelerate our growth, expand our reach and serve even more consumers by putting more cash in their pockets”.
PostSig secures $1.2 million
PostSig, a contract performance management platform headquartered in San Francisco, has secured $1.2 million in a pre-seed funding round.
The round was led by US-based venture capital firm Frontier Venture Capital, with contributions from SaaS Ventures and a consortium of angel investors.
Founded this year, PostSig has developed an AI-powered platform tailored for the capital markets industry, automating each phase of post-signature contract management.
The firm claims the solution “eliminates time-consuming manual processes, reduces risk and transforms contracts from passive documents into strategic business assets”.
The start-up plans to use the capital to fuel customer acquisition and revenue growth.
