Fintech funding round-up: 4 July 2017
There’s no lacking of backing. Our latest fintech funding round-up features Tide, Instarem and IntellectEU.
UK-based mobile banking firm Tide, which launched in January, has raised $14 million in its Series A investment round. The round has been led by specialist fintech investor Anthemis, alongside Creandum, the Scandinavian fund that has backed companies including Spotify and iZettle.
The new money will be used to expand Tide’s workforce at its central London headquarters and develop more features. Existing investors Passion Capital and LocalGlobe have also participated in the round, which follows the $2 million seed investment last year. The fundraising also coincides with its partnership with online lender iwoca, which will offer Tide’s members loans of up to £100,000 from later this summer.
Singapore-headquartered Instarem, a digital cross-border payments company, has received a $13 million investment led by GSR Ventures, with participation from SBI-FMO Ventures, Vertex Ventures, Fullerton Financial Holdings and Global Founders Capital.
The money will be used to build out its payment infrastructure and recruit more people for its office in Mumbai where most of the company’s teams are based. In total Instarem has now raised over $18 million. The firm says by the start of Q4 2017, it will be available across all markets in Europe and US in addition to Australia, Singapore, Hong Kong and Canada. Instarem is also mulling an IPO in 2020 – if it gets profitable.
Blockchain and distributed ledger technology (DLT) firm IntellectEU has raised €2 million in funding from Belgium-based Pamica NV. The investment will be used for vague growth plans.
IntellectEU was founded in 2003. It is a Swift integration partner and a founding member of Linux Foundation’s Hyperledger Project. Its headquarters are in Belgium, and it has offices in the US, Ukraine, Portugal and Mexico.
