September 2024: Top five fintech funding rounds of the month
Despite varying market conditions, firms worldwide have secured funding at different scales this month, from lendtechs to transportation paytechs.
Here, we run through five of the top funding stories of the month, featuring LendInvest, InDebted, AtoB, Form3 and more.
LendInvest extends JP Morgan debt financing agreement to £1.5bn
LendInvest extends JP Morgan debt financing by £500 million
LendInvest has extended its funding agreement with JP Morgan by £500 million, bringing the total value of the separate account it holds with the US bank to £1.5 billion.
The extension has increased the property lender’s funds under management to more than £4.55 billion.
JP Morgan has backed LendInvest since 2021, when it made its first £500 million investment in the firm after purchasing its £125 million mortgage portfolio the year prior.
LendInvest says it will leverage the increased debt financing to develop its mortgages proposition.
US transportation paytech AtoB raises $130m in equity and debt funding
AtoB, a US-based payments solutions provider serving the transportation industry, has landed $130 million in a Series C round made up of a mix of equity and debt funding.
General Catalyst and Bloomberg Beta co-led the round, while Mastercard and a group of “leading trucking and logistics industry players” provided additional backing.
With a payments platform tailored for drivers and fleet operators, AtoB says it plans to use the funding “to further support product and team expansion”.
In the year leading up to its latest round, the San Francisco-headquartered company reports a 500% surge in revenue and volume driven by strategic partnerships like its collaboration with Uber Freight on a co-branded fuel card.
Form3 bags $60m Series C extension with new investor British Patient Capital
Form3 raises $60 million Series C extension
Form3 has closed its Series C extension at $60 million while picking up British Patient Capital, the commercial subsidiary of British Business Bank (a state-owned economic development bank established by the UK Government), as a new investor
The UK-based paytech says it will use the funding for product and service development, with a specific focus on supporting “exponential growth in key markets”.
The raise builds upon a $160 million Series C secured by Form3 in 2021, which was supported by Lloyds Banking Group, Nationwide Building Society, Barclays and Mastercard, with Goldman Sachs as lead investor.
Aussie debt collection fintech InDebted bags $41m Series C
InDebted, an Australian fintech based in New South Wales, has bagged $41 million (A$60 million) in Series C funding.
The round was supported by existing investors Carthona, Reinventure and Perennial, along with new backers Airtree, Australian Retirement Trust and Premier Capital Partners, among others.
The recent cash injection values InDebted at around $240 million (A$350 million).
Serving as a debt collection partner for companies like Klarna and Trustly, InDebted says the funds have been earmarked to drive new market expansion, fuel further product development, and help deliver on its M&A strategy.
Paymob secures $22m Series B extension to continue GCC roll-out
Egypt’s Paymob raises $22 million Series B extension
Paymob, an Egypt-based B2B merchant financial services platform, has raised $22 million through a Series B extension led by EBRD VC, the venture capital arm of the European Bank for Reconstruction and Development.
PayPal Ventures, British International Investment (BII), Dutch bank FMO, A15, Nclude, and Helios Digital Ventures supported the extension, with Endeavor Catalyst joining as a new participant.
The extension builds upon a $50 million Series B closed in 2022, following the completion of a $18.5 million Series A the year prior, and brings the platform’s total capital secured to date close to $90 million.
“This funding will help Paymob fully capitalise on the momentum in our established markets, as we accelerate our GCC roll-out,” explains Paymob co-founder and CEO Islam Shawky.
