ICYMI fintech funding round-up: UnaFinancial, Multifi, Triple-A 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.
UnaFinancial, a group of fintech companies operating in the Middle East, Asia, and Europe, is looking to raise up to $15 million in funding to launch a new finance app in the UAE in 2024.
UnaFinancial seeks to raise up to $15m
The group says it has already provided the initial funding required for the start-up and is now looking to raise funds for its second round. This new cash injection will be deployed towards internal IT development, marketing expenses and forging technology and business partnerships.
The upcoming digital finance app will cater to spending, borrowing and investing needs of customers, UnaFinancial says.
One of its initial products will be an online investment platform for equities, forex, bonds, commodities and derivatives. Over time, the app also plans to introduce a digital wallet and credit products.
UK-based SME lending start-up Multifi has secured £10 million in initial funding from Fasanara Capital.
Founded this year and based in London, Multifi operates an online platform that claims to ease access to credit for SMEs, enabling them to check their eligibility for up to £200,000 “instantly” for a fixed monthly access fee of 0.3% and an interest rate of 1.99% per month on used credit.
With the fresh capital injection, Multifi says it plans to lend to businesses across various sectors including wholesale, manufacturing and logistics.
Singapore-based digital currency payment institution Triple-A has raised $10 million in a Series A funding round.
The round was led by existing investors Peak XV Partners (formerly known as Sequoia India and Southeast Asia) and Shrooq Partners, with participation from other existing investors. The latest round follows the start-up’s $4 million seed funding round held over a year ago.
Founded in 2017 by serial fintech founder Eric Barbier, Triple-A enables global businesses to pay and get paid in traditional and digital currencies “without any currency volatility risk”. It claims to serve over 20,000 businesses.
The company is licenced by the Monetary Authority of Singapore (MAS) and by Banque de France in the EU, and is also registered with the United States Financial Crimes Enforcement Network (FinCEN).
US-based digital personal finance platform Credit Genie has secured $10 million in additional funding led by Khosla Ventures with participation from Tippet Ventures, bringing its total capital raised to $21 million.
Credit Genie raises $10m
Launched in 2022, Credit Genie leverages AI and machine learning to offer financial alerts and insights, personalised budgeting, and credit-building solutions via its mobile app. It claims to have engaged with over one million Americans since its launch.
The platform also identifies patterns and predicts credit risk to provide “more accurate credit scores and better lending decisions”.
With the new funding, Credit Genie plans to expand its product line and hire new talent to scale its behavioural finance, budgeting and cash/credit management teams.
Additionally, Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group to help it finance its cash advance and credit card receivables.
Mexican fintech start-up Finerio Connect has raised $6.5 million in a fresh funding round led by Third Prime.
The round also saw participation from Visa, Bancolombia Ventures, Krealo, Alaya Capital, Gaingels, Plug and Play, and Winklevoss Capital, as well as a group of angel investors.
Launched in 2018 and based in Mexico City, Finerio Connect started out as an automated personal finance management app for consumers.
In 2020, it pivoted to a B2B model that leverages open banking “to connect bank accounts, process data, and analyse it to create a personal finance experience in a white label”, co-CEO Nick Grassi tells TechCrunch.
With the new funds, the company plans to further develop its open finance platform, hire new talent, and expand into new markets.
US-based fintech Prism Data, a cashflow underwriting and data analytics platform that leverages open banking, has raised $5 million in seed funding in a round led by Obvious Ventures.
The round, which also saw participation from Citi Impact Fund and Core Innovation Capital, follows on from a strategic investment from Samsung Next.
Prism Data will use the new capital to expand its team and enhance its product suite “in response to growing demand from financial institutions, fintechs, and other businesses”.
