October 2024: Top five fintech funding rounds of the month
Companies worldwide have raised capital at various levels this month to continue their growth. Here, we run through five of the top fintech funding stories of October, featuring Zepz, Finix, Zip and more.
Zepz secures $267m Series F led by Accel
Zepz lands $267m Series F
Zepz, an international money transfer service group, has bagged $267 million in a Series F equity round spearheaded by global venture capital firm Accel.
Previous backers Leapfrog and TCV supported the raise, while the International Financial Corporation (IFC) of the World Bank Group has pledged a “potential investment” of up to $20 million as part of the round.
Currently powering cross-border payment brands Sendwave and WorldRemit, Zepz says it will use the funds to “fuel entry into new markets and support the expansion of new products such as Zepz Wallet”.
Mark Lenhard, who has served as group CEO since 2022, adds that the funding will “allow Zepz to channel more capital towards growth and innovation”.
Interface.ai emerges as “most valuable AI company in banking” with Avataar-led $30m funding round
Interface.ai claims to now be “the most valuable AI company in banking” having raised $30 million through its first funding round led by Avataar Venture Partners.
Based in Covina, California, the company provides pre-trained agentic AI solutions specifically tailored to community banks and credit unions.
Agentic AI describes a technology framework capable of operating autonomously, making decisions and performing tasks without the need for human intervention or oversight.
Bootstrapped since its inception in 2019, Interface.ai says it will use the $30 million to “expand its team to enhance product offerings, strengthen customer success and services, and accelerate go-to-market initiatives”.
These initiatives will include further investments into the company’s proprietary AI capabilities as part of an effort to “meet the evolving regulatory and compliance needs” of clients.
Payments processor Finix secures $75m Series C funding
Finix lands $75 million Series C
Finix, a US-based payments infrastructure firm, has secured $75 million in a Series C funding round co-led by Acrew Capital, Leap Global and Lightspeed Venture Partners.
Founded in 2015, Finix provides no-code payment solutions, including real-time payouts, recurring billing and tokenisation services, to around 22 million businesses.
With its new funding, the firm plans to expand its workforce, enter new international markets and further develop its product offerings.
The Series C builds on a $30 million funding round raised by Finix in 2022, which was followed by the firm’s certification as a payments processor last year.
Wealth management firm Farther quadruples valuation with $72m Series C
New York-based wealth management firm Farther has more than quadrupled its value following a Series C funding round, which closed this month at $72 million.
The round was co-led by Viewpoint Ventures and CapitalG, the independent growth fund of Google’s parent company Alphabet, and closed at a post-money valuation of $542 million.
This figure is over four times higher than the $131 million valuation Farther recorded in September 2023 in conjunction with a $31 million Series B. The valuation also coincides with the firm surpassing $5 billion in assets under management (AUM) across over 100 wealth managers and 5,000 clients.
Procurement fintech Zip raises $190m Series D at $2.2bn valuation
Zip raises $190m Series D at $2.2bn valuation
Zip, a US-based fintech specialising in AI-driven procurement orchestration, has raised $190 million in a Series D funding round led by venture capital firm Bond.
The round received support from existing investors Y Combinator and CRV, and values Zip at $2.2 billion, a 47% increase in the former $1.5 billion valuation recorded during the fintech’s $100 million Series C last year.
New investors DST Global, Adams Street and Alkeon also supported the round, which brought Zip’s total capital raised since its 2020 inception to around $371 million.
A Zip statement confirms the funding will be deployed across three main initiatives: advancing research and development for its existing procure-to-pay (P2P) product line, expanding its footprint in Europe, the Middle East and Africa (EMEA), and establishing a new Zip AI Lab.
