ICYMI fintech funding round-up: Statement, iink, Finzly 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.
Statement secures $12m seed funding
Israel-based fintech start-up Statement has emerged from stealth with $12 million in seed funding.
The round was led by Glilot Capital Partners with participation from Citi, Mensch Capital Partners, Titan Capital and Operator Partners.
Founded in 2022, Statement is based in Tel Aviv with offices in New York. It has built a data infrastructure with artificial intelligence (AI) algorithms to help finance and treasury teams automate manual tasks, manage cash and liquidity and forecast cashflow using their financial data.
It claims to be working with “dozens” of companies already and says its tech can be easily integrated with ERP and accounting software and payment service providers.
US-based fintech iink, a digital payments network that accelerates the disbursement of funds related to property insurance claims, has secured $12 million in a Series A funding round led by Headline.
The round also saw participation from Motley Fool Ventures, Chartline Capital Partners, Silver Circle Ventures and several existing investors.
The company says the new funding will be put towards “strategic integrations” with mortgage-servicing banks and insurance carriers to create a fully digital and automated workflow.
“This will allow restoration work to occur with greater ease and expediency,” iink says.
Finzly raises $10m Series A
US-based fintech Finzly, which provides a payment infrastructure for financial institutions, has closed a $10 million Series A funding round led by TZP Growth Equity.
Founded in 2012 by Booshan Rengachari, Finzly claims its cloud-based API platform “simplifies” back-office operations and the end-user experience for financial institutions by bringing together all payment rails onto one platform. It also offers an API connection to FedNow, the US Federal Reserve’s new instant payments service.
Commenting on the raise, Rengachari says: “This capital raise will enable us to further invest in our product roadmap built around the theme of providing real-time financial services demanded by today’s real-time economy, scaling our product delivery to maintain our high customer satisfaction rate.”
Spanish fintech Flanks, which offers an API for automated wealth services, has scored $8 million in its Series A funding round.
The round was led by Earlybird Venture Capital with participation from existing investors JME Ventures and 4Founders Capital, with co-founders of Scalapay and Upvest also investing as angels.
Founded in 2018 in Barcelona, Flanks provides a financial “data stream” to banks, wealth and asset managers and family offices, enabling a complete view of their investment portfolio in real-time.
With the new funding, the company plans to go international and boost its product development, including “tapping into further parts of the wealth management value chain”.
Basis, a US-based AI platform for accounting firms, has emerged from stealth with a $3.6 million seed round led by Better Tomorrow Ventures.
Basis lands $3.6m seed round
The round also saw participation from BoxGroup and Avid Ventures as well as several accounting firms and angel investors.
Founded in 2023 and based in New York, Basis is launching with two products, the first one being an AI assistant called “Basis Intern” that helps accountants with tax and accounting questions and workflows.
The second is “Basis Accountant,” which sits alongside existing software and gives accountants a team of AI assistants to streamline tasks such as closing books, adjusting entries, reconciling accounts, compiling financial statements, generating work papers and more.
UK and US-based AI fintech Auquan has raised $3.5 million in a seed round led by Neotribe Ventures.
Along with the funding, the company has also announced the launch of Auquan Intelligence Engine, a Software-as-a-Service (SaaS) product that helps financial institutions “extract intelligence” from the world’s unstructured data to carry out due diligence, research, compliance and risk monitoring.
The funding round also saw participation from Episode 1 and Stage 2 Capital. Auquan says it plans to use the funds to further the development of its newly launched engine as well as expand its market presence in the US.
Kiwi fintech Akahu has secured $1.4 million in funding from Red Bird Ventures, the corporate venture capital fund of Westpac NZ, along with co-investors K1W1 and NZ7 Investments.
Through the investment and partnership, the bank hopes to leverage Akahu’s open banking insights and expertise to create new banking experiences for customers.
Launched in 2021, Akahu provides open finance infrastructure for the government as well as corporate and fintech companies in New Zealand. Through its data integrations with banks and other financial services providers, Akahu helps people connect their financial accounts to third parties.
