ICYMI fintech funding round-up: Efficient Capital Labs, CapStack 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 for you to get the latest fintech funding news.
Efficient Capital Labs, a US-based fintech start-up that provides non-dilutive capital to B2B Software-as-a-Service (SaaS) companies operating in the US-South Asia corridor, has secured $7 million in a pre-Series A funding round.
ECL raises $7 million
The round was led by new backer QED Investors with participation from Generalist and existing investors including 645 Ventures, The Fund, Lorimer Ventures and Riverside Ventures.
Founded in 2022, ECL provides revenue-based financing to its clients and deploys funds out of its own balance sheet. The company has so far raised $110.5 million in total, which includes a $100 million debt facility. The start-up secured an equity raise of $3.5 million in April last year, led by 645 Ventures.
ECL will use the fresh cash to invest in process automation and expand its team across engineering, product, underwriting, sales and operations.
CapStack, which offers an integrated operating system for banks, has emerged from stealth with $6 million in pre-seed funding.
The round was led by Fin Capital with participation from Alloy Labs, Cambrian Ventures, Cowboy Ventures, Future Perfect Ventures, Gaingels, Selah Ventures, Uncorrelated Ventures and Valor Equity Partners.
The start-up aims to enable cooperation across banks and financial services institutions in order to increase profitability and asset diversification.
Founded by Michal Cieplinski, who was also co-founder of Pipe, CapStack says its infrastructure will “redefine banking operations, enhance risk management and deliver cutting-edge solutions for SMBs”.
Indian fintech start-up OneStack has raised $2 million in pre-Series A funding from GrowX, Stride Ventures, 9Unicorns and Venture Catalyst.
Founded in 2019, the start-up provides technology to Indian co-operative banks and credit societies with the aim of helping them migrate from legacy systems. The company has set itself a goal of modernising more than 1,000 such banks this year.
With the funding, OneStack plans to strengthen its product portfolio, hire new talent and accelerate its growth.
Egyptian digital savings platform Menthum has bagged an undisclosed amount of funding in a pre-seed round.
Menthum raises pre-seed funding
The round saw participation from A15 and Acasia Ventures as well as a number of angel investors.
Founded in 2021, the Cairo-based fintech went live on mobile app stores in November last year. It offers a B2B and B2C digital savings platform that allows individuals and companies to invest in safe treasury bills (T-bills) through a money market fund.
Menthum positions itself as a viable alternative to traditional bank accounts for both individuals and corporates.
With the funding, the company plans to expand its team across various functions, increase its focus on customer acquisition and brand building and further develop its tech infrastructure.
