ICYMI fintech funding round-up: Fintoc, Bokra, RockFi, Bump 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.
Fintoc bags $7 million
Chilean B2B fintech start-up Fintoc has raised $7 million in a Series A round led by Propel VC, with additional backing from its seed investor Monashees.
Fintoc offers an API-based account-to-account (A2A) payment solution that enables businesses to accept payments directly from customers’ bank accounts.
The company introduced its offering in its home market of Chile in 2022, and claims that by 2023, over 13% of the population had used its platform for payments.
Commenting on the round via a post on LinkedIn, CEO and co-founder Cristobal Griffero states: “The investment will accelerate our growth, with the goal of establishing A2A as the safest and simplest payment option across Mexico and Chile.”
Egyptian wealthtech Bokra has raised $4.6 million in a pre-seed funding round led by DisrupTech Ventures and SS Capital, among other investors.
Founded in 2023, Bokra says it is “on a mission to democratise wealth management” and aims to become the “first platform to offer goal-based investment and saving products through asset backed securities”.
The company states that the new funds will be used to launch the Bokra app, which will offer “personalised and balanced financial and investment planning across different asset classes”.
It also plans to expand its range of investment products and “geographically scale operations across MENA”.
The company claims that it is addressing various challenges encountered by investors, including fragmented applications for asset-class investments, the absence of personalised investment planning, and non-transparent fee structures.
RockFi raises €3 million
RockFi, a wealth management firm headquartered in Paris, has secured €3 million in an investment round led by Varsity I.
The round also featured participation from tech and private management industry angels including Alexandre Dalyac, Antoine Freysz, Quentin Nickmans, and Amaury Sepulchre.
Founded in 2023, RockFi offers a “tailored ecosystem of technological tools and investment options” customised to meet the needs of wealth managers and their clients.
The French start-up says that with this new cash injection, it will look to triple its current 15-strong workforce by the end of the year.
Bump, a financing platform for creators based in the US, has raised $3 million in seed funding.
The round included investment from Capitalize VC, Impact X Capital, Gaingels, Mana Ventures, Serac Ventures, Tristan Walker’s Heirloom Ventures, Plug and Play, and Symphonic Capital.
Founded in 2022, Bump enables creators across social media channels such as Instagram, YouTube, Spotify, and TikTok to track and manage their income sources and market value.
The new funds will be used to expand Bump’s creator-centric range of products and to launch the business throughout the US, Africa, and Europe.
Fundpath secures £2 million investment
Software-as-a-Service (SaaS) fintech Fundpath has secured a further £2 million investment from its venture capital partner Fuel Ventures.
The new funding adds to the £4 million invested by Fuel Ventures during a late seed round in 2023.
Fundpath states it will utilise the additional financing to “accelerate its product roadmap” by further investing in the “people, technology, and data which power Fundpath”.
Launched in 2021 and headquartered in London, Fundpath aims to bridge the “information disconnect” between asset and wealth managers by enabling fund buyers and allocators to share their business responsibilities, parameters, interests, and intentions “quickly and securely” with asset management firms.
Singapore-based paytech Seedflex has received an undisclosed investment from US venture capital firm 500 Global to fund its new credit initiative.
Founded in 2023, the company has so far introduced its latest digital financing solution, Pay-As-You-Sell Advance (PAYS Advance), to the Malaysian market, with plans to extend the service throughout Southeast Asia, specifically targeting Indonesia and Thailand by 2025.
Through its PAYS Advance solution, Seedflex offers a Shariah-compliant line of credit to micro, small, and medium-sized enterprises (MSMEs). The offering enables merchants to access up to 10 weeks of sales revenue in advance.
Sauvik Datta, co-founder and COO of Seedflex, says the company’s mission is to address the “widening digital credit gap”.
“We believe every merchant deserves a fair chance to succeed regardless of their size, and with the right access to credit, we can improve their odds of success,” adds Datta.
QI Tech announces an extension to its Series B
Brazilian fintech QI Tech has secured an undisclosed extension to its Series B funding round from General Atlantic and Across Capital.
The firm secured $200 million in its initial Series B round, which took place in October 2023 and was led by General Atlantic.
Founded in 2018, QI Tech offers a set of APIs enabling businesses to offer financial products to their customers. Its solutions include digital registration tools, data validation, credit scoring, digital account opening, wire transfers, Pix, bank slips, and credit underwriting.
Commenting on the extension, Pedro Mac Dowell, founder and CEO of QI Tech, says: “QI Tech is taking intentional, strategic steps to support our expansion and create a comprehensive suite of financial infrastructure products that better address client needs.”
