ICYMI fintech funding round-up: ZayZoon, Koin, FacePhi, Belong 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 funding news.
ZayZoon bags $15m
Canada-based ZayZoon, an earned wage access (EWA) provider for SMBs, has raised $15 million in an extension of its Series B round held last September – bringing the total amount raised during the round to $49.5 million.
The fundraising round was spearheaded by Viola Fintech, with participation from new backer Intuit Ventures, and returning participants Framework Venture Partners and Export Development Canada (EDC).
ZayZoon says that the new cash injection will be used to support the company’s “continued growth, innovation and expansion”, adding that the funding opens up opportunities for collaboration.
Darcy Tuer, co-founder and CEO of ZayZoon, asserts the new collaboration with Intuit and Viola will boost the fintech’s goal of “saving 10 million people 10 billion dollars”.
Financial management firm Scaleup Finance has completed an $8 million pre-Series A round led by Barcelona-based VC, Inveready.
The round also drew participation from Crowberry Capital, Seed X, PROfounders, Fin Capital and CircleRock Capital.
Launched in Denmark in 2021, Scaleup Finance offers a financial management platform that automates both financial planning and reporting processes.
The start-up says it plans to use the fresh funds to “help drive continued growth in the UK and prepare for future expansion into the US”.
Koin raises $7.3m FIDC
Koin, the Brazil-based buy now, pay later (BNPL) fintech, has raised $7.3 million by launching its first FIDC (Fundo de Investimento em Direitos Creditórios).
An FIDC is a type of investment fund in Brazil that is typically used to invest in receivables or credit rights by pooling funds from a number of investors.
The firm, which was acquired by the Decolar Group in 2020, says it will use this new funding to finance customer credit operations.
Koin functions as a BNPL digital wallet, where users can make purchases, opt for instalment payment slips or PIX (Brazilian instant payment system), and defer payments without affecting their credit card limits or needing a bank account.
The start-up claims to serve more than 1000 enterprises across Latin America, with these retailers reportedly processing over 5000 orders a month. The fintech explains its goal in 2024 is to “double the number of transactions” with PIX instalments.
Spanish biometrics firm FacePhi has landed a €5 million investment from the Korean software company Hancom Group after the companies signed a binding Memorandum of Agreement (MOA) one week ago in Barcelona.
The deal, which the Alicante-based firm says is aimed at boosting “both enterprises’ international growth potential”, will make Hancom FacePhi’s second-largest shareholder.
In addition, FacePhi, which specialises in digital identity verification, has also entered into an exclusive collaboration agreement with the Korean firm. Terms of the agreement stipulate that the Spanish company will allow Hancom the exclusive rights and licenses to use FacePhi’s tech in all APAC countries.
The final agreement is anticipated to be concluded in the upcoming months pending regulatory approvals and negotiation of standard closing conditions.
Swiss fintech nsave has bagged $4 million in its first round of seed funding, which was co-led by Sequoia Capital and TQ Ventures.
The round was joined by ACE Ventures, SV Angel, Y Combinator and start-up incubator Fongit.
The raised funds are set to enhance the fintech’s infrastructure, which it says entails scaling up engineering and operations, as well as extending its beta pilot.
Looking to offer individuals from distressed economies safe and secure accounts and payments, nsave has also created a transaction monitoring tool to ensure compliance with rigorous banking regulations – encompassing anti-money laundering (AML) and client identity verification features.
Belong secures £2.95m
Belong, a wealth-building platform, has bagged £2.95 million in pre-seed funding – according to the firm this is the largest pre-seed round ever raised by female founders in Europe.
The funding round was spearheaded by Octopus Ventures, with additional participation from angel investors such as Gautham Radhakrishnan and Ricky Knox, and Nutmeg co-founder, William Todd.
The start-up, which has not stipulated what precisely the funds will be used for, aims to foster a younger generation of investors. Claiming to be the first platform to do so, Belong provides an optional loan to amplify long-term equity investments.
Currently, Belong users can choose from five diversified index-tracking funds to invest in: FTSE, MSCI World, S&P 500, ESG-focused and climate funds.
