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TruePay Raises $32 Million in One of the Largest-Ever Series A Rounds in Brazil

24Nov By AdityaNo Comments

FUNDING

TruePay Raises $32 Million in One of the Largest-Ever Series A Rounds in Brazil

SÃO PAULO, Nov. 24, 2021-- TruePay, a startup that helps small and medium sized retailers have free and secure access to credit, has raised US$32 million in Series A funding led by Addition. This growth stage investment is one of the largest ever made in Brazil. The funds will be used to improve the solution, increase capacity and expand the team. The startup, which has been growing 100% a month, plans to grow tenfold by the end of 2022. Founded in December 2020, TruePay has clients throughout Brazil and a merchant base in the thousands. "We are very happy to have the trust of some of the best investors in the world as well as the super talented people that we were able to bring on board. A raise like this is a symbol of the impact TruePay will make in the market by delivering f...

Smallcase raises $40 mn from Amazon & others

20Aug By AdityaNo Comments

FUNDING

Smallcase raises $40 mn from Amazon & others

Bengaluru, 20th Aug 2021: Bengaluru-based stock management company Smallcase raises USD 40 million (about Rs 297 crore) in funding, led by Faering Capital as well as new investors Amazon, Smbhav Venture Fund, and Premji Invest. The Series C round also saw participation from existing investors, including Sequoia Capital India, Blume Ventures, Beenext, DSP Group, Arkam Ventures, WEH Ventures, HDFC Bank Group, and Rare Enterprises CEO Utpal Sheth, a statement said. The round brings the total capital raised by Smallcase to over USD 60 million, it added. With the close of the transaction, Sameer Shroff - co-founder and Managing Director at Faering Capital will join the board of Smallcase. The fund raised will be used to continue launching better investment products for the retail investor...

Square launch banking services for Small Businesses

20Jul By AnkitaNo Comments

News

Square launch banking services for Small Businesses

SAN FRANCISCO, 21st July 2021-- Square launches Square Banking, a suite of financial products purpose-built to help small business owners easily manage their cash flow and get more out of their hard-earned money. Coming on the heels of Square’s industrial bank, Square Financial Services, beginning operations in March, Square Banking represents a major milestone in Square’s continued efforts to expand access to financial tools for underbanked populations and marks the beginnings of the company’s journey to provide more banking solutions to small businesses. “Small businesses are the heartbeat of our communities and our economy. From our earliest days, Square has focused on building easy-to-use tools and services to empower entrepreneurs to succeed on their own terms,” said Christina ...

Stripe Raises $600 Million, Becomes US Most Valuable Startup

15Mar By AdityaNo Comments

FUNDING

Stripe Raises $600 Million, Becomes US Most Valuable Startup

San Francisco, 03/15/2021: Digital payment company Stripe raises $600 million in funding at a valuation of $95 billion, The payment startup becomes US most valuable company surpasses Elon Musk's SpaceX. At the top TikTok owned ByteDance is the most valued digital company at around $180 billion in the world. Founded in 2010 by Patrick and John Collison, Stripe allows companies to accept online or in person card payments. Stripe has more than 50 companies each processing over $1 billion annually. Its list of customers includes Google, Uber and Amazon, and more recently shipping giant Maersk and Jaguar Land Rover. San Francisco and Dublin-headquartered company said it would use the capital to invest in its European operations and expand its global network. At $95 billion, Stripe i...

1Mar By AnkitaNo Comments

INDIA

Indian Fintech Companies Raises $2.7 billion in 2020

Mumbai, Feb 27th, 2020: Despite the pandemic-induced disruptions, venture capital funds pumped USD 2.7 billion into domestic fintech companies in 2020, the second-highest fund infusion into the sector since 2019 when it had peaked at USD 3.5 billion, according to a report. The biggest investments were into Bengaluru-based payments firm Navi Technologies at USD 397.9 million from angel funds, Noida-based Pine Labs attracted USD 300 million from private equity players, and Razorpay received USD 100 million from GIC of Singapore, Sequoia and others, making it a unicorn. As against this, global fintech investments stood at a whopping USD 105 billion across 2,861 deals in the year, the third-highest annual total ever, as per the data collated by KPMG India. Despite pandemic challenges,...

Walmart Launch Fintech Startup in partnership with Ribbit Capital

18Jan By AnkitaNo Comments

News

Walmart Launch Fintech Startup in partnership with Ribbit Capital

BENTONVILLE, Ark., 18th Jan 2021-- Walmart announced the creation of a new fintech startup in a strategic partnership with leading fintech investment firm Ribbit Capital. The venture will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates. “For years, millions of customers have put their trust in Walmart to not only save them money when they shop with us but help them manage their financial needs. And they’ve made it clear they want more from us in the financial services arena,” said John Furner, President and CEO, Walmart US. “We’re thrilled to work with Ribbit Capital in a new venture to help us deliver innovative and needed options to our customers and asso...

BharatPe raises $20 Million from Alteria Capital, ICICI Bank

18Jan By AdityaNo Comments

FUNDING

BharatPe raises $20 Million from Alteria Capital, ICICI Bank

New Delhi, 18th Jan 2021: Indian fintech company BharatPe raises about USD 20 million in debt funding from venture firm Alteria Capital and ICICI Bank that will be used to strengthen its lending business and provide credit to merchants. Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, and others. BharatPe co-founder and CEO Ashneer Grover said $13 million in debt came from Alteria Capital, while the remaining $7 million was from ICICI Bank. Bharat Pay also facilitates loan facility for its merchant partners. Last week, BharatPe raised around $8 million in debt funding from Innoven Capital. With this, BharatPe has raised a total of USD 28 m...

4Dec By PriyankaNo Comments

FUNDING

Step Raises $50 Million in Series B Funding from Stripe, Justin Timberlake & others

SAN FRANCISCO, 4th December 2020-- Step, a financial services company built for teens and families raises a $50 million Series B round of funding. The round was led by Coatue, with participation from returning investors Stripe, Crosslink Capital, Collaborative Fund, and Will Smith’s Dreamers VC. Step also added several new investors including Charli D’Amelio, Justin Timberlake, The Chainsmokers, Eli Manning, Kelvin Beachum, Larry Fitzgerald, and Andre Iguodala alongside prominent fintech executives from the likes of Facebook, Square, Venmo, Visa, and others. To date, Step has raised more than $75 million from investors. “Since Step’s launch, we’ve seen massive demand for this new type of all-in-one banking solution, making it much easier for teens to learn about money manage...

23Nov By AdityaNo Comments

ACQUISITION

GlobalLogic Acquires UK based ECS Group

SAN JOSE, Calif. & LONDON, Nov 23rd, 2020-- GlobalLogic has acquired ECS Group, a leading digital transformation and DevOps consultancy firm. The Terms of the transaction were not disclosed. Headquartered in London, ECS delivers digital solutions that harness the latest cloud technologies, with a focus on Digital Engineering, Data Analytics and Customer Experience. The company serves multiple industries, with particular expertise in the banking and financial services sector. With the acquisition of ECS, GlobalLogic advances its European strategy, expands its Financial Services footprint and adds a host of complementary cloud-centric offerings to its portfolio. ECS brings to GlobalLogic a highly regarded proficiency in cloud architecture and advisory services as well as ex...

13Nov By AdityaNo Comments

FUNDING

Truebill raises $17 Million in Series C Funding

New York, 13th Nov. 2020: US-based fintech startup Truebill raises $17 million in Series C round funding led by Bessemer Venture Partners, with participation from existing investors Eldridge, Cota Capital, Firebolt Ventures, and Day One Ventures. Truebill improves the financial health of millions of people and helps them to track and manage their subscriptions and bills. The current round of funding in Truebill brings the total raised amount to $40 million. The team will use a new round of funding in product development to let people save more in the finance part. It’s no secret that 2020 brought many challenges, 90 percent of Americans stressed about finances and Truebill helps over a million people to save over $100 million.

Wipro Acquire Fintech Service Provider Encore Theme

28Oct By PriyankaNo Comments

ACQUISITION

Wipro Acquire Fintech Service Provider Encore Theme

BANGALORE, India, 28th Oct 2020 -- Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global IT company acquire Encore Theme, a specialist in providing SaaS and Cloud solutions in financial services for an undisclosed amount. Over the past decade, Encore Theme headquartered in Chennai, India has focused exclusively on implementing a broad suite of Trade Finance solutions, developed by Finastra, one of the world’s largest fintech, to financial institutions across the Middle East, Africa, India, and the Asia Pacific. They have successfully delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions. Financial institutions are all looking to modernize their trade platforms and focus on the end-to-end digitalization of commercial routines....

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

25Aug By AdityaNo Comments

Market

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

Shanghai, Aug 25th, 2020: The financial firm of Chinese e-commerce giant Alibaba led Ant Group filed for a dual listing in Hong Kong and Shanghai. This could be one of the largest IPO since the Covid19 pandemic began in China. Ant Group operates Alipay, one of China's leading online payment services. The IPO will be the first dual listing on the Hong Kong exchange and Shanghai's STAR Market. However, the company's filing did not disclose the timetable for IPO and how much money they are looking to raise. Over a billion users use Alipay to pay for purchases both online and in stores, to send money to friends, and to pay bills. In 12 months that ended in June, Ant Group tallied USD 17 trillion in transaction volume. In the filing, Ant Group said it plans to use the funds raise...