ICYMI fintech funding round-up: Navadhan, Kosli, Sibstar, 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.

Navadhan closes $12.8m Series A for platform development

Navadhan, a fintech start-up seeking to democratise funding access for underbanked households in India, has secured $12.8 million in a Series A funding round co-led by NabVentures and Prime Ventures.

The round drew additional participation from Anicut, LNB Group, Gemba Capital, Faad, Varanium NexGen Fintech Fund and VC-Grid.

Founded in 2019, Navadhan targets the “missing middle” in India – businesses that fall between micro-finance and traditional small and medium-sized (SME) lenders – by offering a wide range of financing products.

This latest round, which builds on the company’s $1.5 million seed round in 2023, will be used to accelerate the firm’s platform development, support expansion efforts, and broaden its loan options.

ALT21, a London-based provider of multi-currency account solutions, has raised $12.5 million in funding from a group of unnamed angel investors.

Founded in 2016 and regulated by the FCA, ALT21 offers an embedded finance platform that integrates hedging and cross-currency payment services, along with risk management and customer analytic tools.

The cash injection, which brings ALT21’s total funding to $44 million, will support the launch of new products beyond FX, fuel global expansion efforts, and strengthen the company’s sales and marketing teams.

ClearGrid emerges from stealth with $10m in funding

UAE-based start-up ClearGrid has emerged from stealth with $10 million in funding to spur the development of its debt collection infrastructure offering.

The funding was raised over two rounds: a pre-seed round co-led by Beco Capital and Raed Ventures, and a seed round co-led by Nuwa Capital and Raed Ventures.

ClearGrid also attracted backing from the likes of Waed Ventures, KBW Ventures, Sharaka, Endeavor Catalyst and Wamda Capital, alongside multiple angel investors.

Founded in 2023, ClearGrid provides an AI-powered debt collection solution for lenders. The firm says it has plans to go beyond its current offering to “tackle wider challenges in the lending life cycle”.

Its long-term vision includes leveraging AI and machine learning, as well as developing a Software-as-a-Service (SaaS) platform for early risk detection and credit orchestration.

Moreover, ClearGrid aims to “unlock new revenue streams” by integrating AI-powered debt counselling, alternative risk assessments, and debt consolidation into its product portfolio.

Kosli, a compliance-focused fintech based in Oslo, has secured $10 million in Series A funding led by Deutsche Bank’s Corporate Venture Capital (CVC) group and Heavybit.

The round, which coincides with the launch of its new governance automation solution Kosli Enterprise, also saw support from Defined Capital, Transpose Platform, and several unnamed angel investors.

Founded in 2019, Kosli helps financial institutions automate their software development lifecycle (SDLC) controls and audit trails, offering real-time visibility and oversight across the software delivery processes.

The new funding will be used to expand the team across “all departments” and invest in its technology, with a focus on servicing large banking clients.

Start-up ABEX raises $6m from MMC Ventures

UK-based start-up ABEX has landed a $6 million investment from London VC firm MMC Ventures to enhance its execution technology and trading infrastructure.

ABEX specialises in providing institutional players in digital asset markets with advanced execution solutions powered by machine learning and its ultra-low-latency, high-frequency trading engine.

With the fresh capital, ABEX plans to scale its development and research teams, while broadening its product portfolio by launching new derivatives solutions and venturing into areas such as matched principal trading.

Registered with the FCA as a crypto asset business, ABEX is also pursuing additional regulatory approvals in the EU and Asia.

Buy now, pay later (BNPL) start-up Qlarifi has secured £1.4 million in a pre-seed funding round supported by HoneyComb Asset Management, Carthona Capital and a consortium of unnamed angel backers.

Founded in 2023 and headquartered in London, Qlarifi positions itself as the “first real time BNPL consumer credit database”, aggregating BNPL consumer credit data to provide a “complete picture of customers’ borrowing and repayment history across different providers”.

The fresh funds have been designated to enhance the company’s data infrastructure and expand its market reach.

Sibstar launches Crowdcube campaign

Sibstar, a UK-based fintech providing dementia-friendly banking services, has launched a crowdfunding campaign on Crowdcube aiming to raise £350,000.

If secured, the funds will be used to scale the company’s operations, expand its UK footprint, and develop new product features into a broader offering.

Jayne Sibley, CEO and co-founder, explains: “We’re now expanding our product to support all adults that require help managing their everyday money.”

“We’re already supporting people with learning disabilities, mental health conditions, and addictions,” Sibley continues.

The campaign builds on the £125,000 investment secured by the company last year from Sara Davies and Deborah Meaden, two ‘Dragons’ on the popular UK television show Dragons’ Den.