ICYMI fintech funding round-up: KlariVis, Komunal, Maalexi, Cleva & CSI
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 funding news.
KlariVis secures $11m funding
US-based KlariVis, which offers data analytics solutions for community banks and credit unions, has raised $11 million in a Series B funding round led by Blueprint Equity.
Founded in 2018 by Kim Snyder, a former community bank chief financial officer, KlariVis is headquartered in Roanoke, Virginia.
Its tech allows banks to leverage their data and gain actionable insights to facilitate better decision-making.
The fresh funds will be used to fuel advancements in engineering, product development, customer success, and sales and marketing, KlariVis says.
Indonesian neobank Komunal has secured $5.5 million in a Series A+ funding round led by Sumitomo Corporation Equity Asia.
The round also saw participation from Jafco Asia, Skystar Capital, Sovereign Capital, and Gobi Partners. It follows on from an $8.5 million investment round in January 2023 led by East Ventures.
Founded in 2018 and based in Surabaya, East Java, Komunal describes itself as a “neo-rural bank” and claims to have partnered with 376 rural banks across Indonesia, offering loans primarily to micro, small and medium-sized enterprises (MSMEs) based in the country’s tier 2 and tier 3 cities.
With the latest funding, Komunal is aiming to expand its product offerings and increase its number of partnerships with rural banks, focusing on those outside Java and Bali.
Maalexi, a UAE-based dynamic risk management platform for SME agri-businesses, has landed $3 million in a pre-Series A funding round.
Maalexi bags $3 million in pre-Series A funding
The funding round was led by Global Ventures, joining existing venture capital investors Rockstart and Ankurit Capital.
Maalexi’s platform comes with embedded risk management tools such as digital contracts, AI-enhanced inspections, and blockchain-authenticated documentation, particularly for small agri-businesses active in the global, cross-border food trading market.
It claims its solution “increases participation and automates trade – leading to higher customer revenues, more bankability, and more sustainable enterprises”.
The fresh funds will be put towards tech development and driving customer acquisition – specifically, the firm is aiming to attract more buyers in the UAE and Saudi Arabia and to add sellers from more than 50 origin countries.
Nigerian fintech start-up Cleva has secured $1.5 million in a pre-seed funding round led by 1984 Ventures, with participation from Y Combinator, The Raba Partnership, Byld Ventures, FirstCheck Africa, and angel investors.
Founded in 2023 and headquartered in San Francisco, Cleva is all set to enter Y Combinator’s winter 2024 batch. It aims to create a banking platform that allows African people and businesses to receive international payments by opening USD accounts.
The start-up tells TechCrunch that in the last four months, it has opened USD accounts for “thousands of Nigerians, processing over $1 million in monthly payments while experiencing month-on-month revenue growth of 100%”.
US-based CSI, which provides core processing, digital banking, managed cybersecurity, payments processing, and regulatory compliance solutions to financial institutions, has received an undisclosed strategic investment from TA Associates.
CSI secures strategic funding from TA Associates
Following the funding, it clarifies that Centerbridge Partners and Bridgeport Partners will retain their positions as majority and minority investors, respectively.
“It’s crucial for community banks to offer solutions that are both user-friendly and highly secure, to effectively serve their customers and keep up with the dynamism of the banking and financial services industries,” says Hythem T El-Nazer, managing director for TA.
El-Nazer and fellow TA managing director Mike Libert will also join CSI’s board of directors as part of the deal.
According to David Culbertson, CEO and president of CSI, the funds will be used to enhance its technologies and services and “expand our capabilities with modern solutions community bankers need”.
