November 2024: Top five fintech funding rounds of the month
From start-ups to established firms, companies around the world have raised funds this month to support their expansion. Here, we run through five of the top fintech funding stories of November, featuring Ualá, Neo Financial, Melio, and more.
Argentinian fintech Ualá lands $300m Series E funding round at $2.75bn valuation
Ualá lands $300m Series E
Argentina-based fintech Ualá has secured a $300 million Series E funding round at a company valuation of $2.75 billion.
Founded in 2017, Ualá offers a wealth management app featuring a range of products and services, including a payment account associated with an international Mastercard prepaid card, a savings account, credit and investment options, and additional payment and collection functionalities.
The company claims that its app now has 8 million users across Argentina, Colombia, and Mexico, adding that more than 17% of the adult population in Argentina now has a Ualá account.
According to Ualá, this investment marks the largest private financing round in Latin America in the past three years and the biggest capital raise for an Argentina-based company since Ualá’s $350 million Series D in 2021.
Canadian fintech Neo Financial raises $258m in mix of equity and debt funding
Neo Financial has raised $258.3 million (CAD 360 million) in Series D funding, comprising $78.9 million in equity and $179.3 million in debt.
Based between Calgary and Toronto, Neo operates a suite of banking services for consumers in Canada, including credit cards, mortgages, savings accounts, bill payment and AI-powered budgeting tools.
In a statement, the fintech says it will use its latest capital raise to “accelerate product velocity”, having significantly expanded its remit since its inception in 2019.
This acceleration is to be led by CEO Andrew Chau, who describes the Series D as “one of the largest fintech funding rounds globally this year”, and indicative of “Canadians’ strong demand for alternatives to traditional banking”.
Agicap lands €45m Series C led by AXA Venture Partners
Agicap bags €45 million Series C
Agicap, a France-based treasury management platform for small and medium-sized enterprises (SMEs), has bagged €45 million in a Series C funding round.
AXA Venture Partners (AVP) led the round, marking the first European investment made from the Paris-headquartered firm’s €1.5 billion late-stage fund dedicated to tech scale-ups in Europe and the US.
Established in 2016, Agicap supports over 8,000 clients across Europe with its all-in-one treasury management platform, covering cash management, liquidity planning, collections, debt and investment management, with integrated banking and ERP connectivity.
The new funding builds on Agicap’s $100 million Series B led by GreenOaks Capital in 2021.
B2B payments platform Melio secures $150m Series E funding round
Melio, a B2B payments platform for small and medium-sized enterprises (SMEs), has secured $150 million in a Series E funding round led by Fiserv.
Founded in 2018 and headquartered in New York, Melio’s platform combines cash flow management with accounts payable (AP) and accounts receivable (AR) solutions, offering features such as ACH transfers and recurring bill payments to help SMEs “maximise cash flow and save significant time managing their payment operations”.
The Series E round values Melio at $2 billion, a drop from its previous $4 billion valuation following its $250 million Series D funding round in 2021. However, Melio says the round “follows a ten-fold increase in revenue since the last funding round three years ago, driven by an expansion of Melio’s customer base to include medium-sized businesses and the launch of new partnerships”.
Saudi fintech Lean Technologies secures $67.5m Series B funding
Lean Technologies raises $67.5 million Series B
Lean Technologies, a Saudi Arabian fintech infrastructure platform, has bagged $67.5 million in a Series B funding round led by US-based VC firm General Catalyst.
Founded in 2019, Lean’s infrastructures enables businesses to embed financial services, including payment and data solutions, into their own platforms. The start-up reports processing over $2 billion in total transaction volume.
According to its website, Lean is preparing to launch solutions for invoicing, account top-ups and deposits, and e-commerce payments.
The fintech plans to use its Series B to expand its Pay-by-Bank and open banking solutions, while also aiming to “strengthen partnerships” and grow its workforce.
