The 25 biggest fintech funding rounds: May 2022

The month of May saw fintech funding slightly recover to $7.3 billion from the lows of last month when $6.4 billion was raised. Yet the heady days of 2021 still seem like a distant memory, with monthly fintech funding still in the single digits as it has been for the majority of the year, according to Dealroom statistics.

Payments

Following on from April, the payments subsector once again raised the most out of our five categories. Payments startups bagged $2.2 billion in funding last month. 

Indonesian payments gateway Xendit raised a $300 million Series D co-led by Coatue and Insight Partners. Additional investors included Accel, Tiger Global and Kleiner Perkins. 

Another $300 million went to payments startup SpotOn, which raised its Series F from investors including Dragoneer, a16z, and DST Global. The company focuses on providing its software to SMBs, with a particular focus on restaurants. 

Paddle, a payments provider for SaaS companies, raised $200 million in Series D financing led by investment firm KKR. It used the funds to acquire subscription metrics and retention software ProfitWell.

Canadian consumer payments player Neo Financial raised a $145 million Series C led by Valar Ventures. The company is known for its cashback card but has since expanded into buy now pay later and loyalty programs. 

Japan’s Opn raised $120 million at a unicorn valuation from investors including JIC Venture Growth Investments, MUFG Bank and Mars Growth Capital. The company looks at online payments and blockchain technology for fintech applications with operations in Southeast Asia and Japan. 

Wealthtech 

After an off month in April, wealthtech once again raised in the billions last month — a total of $1.2 billion. 

The Tifin Group raised a $109 million Series C from investors including JPMorgan, Franklin Templeton and Motive Partners. The company matches investors with investments in wealth and asset management. 

Renewable energy investment platform Solfácil raised $100 million led by QED Investors. The Brazil-based fintech startup provides a marketplace for solar equipment alongside providing credit lines for installing solar panels. 

Singaporean investment firm GIC led an $80 million investment into Bibit, an Indonesian investment platform that enables its users to invest into the country’s stocks and shares.

Singapore’s ADDX, mobile app for investing in the private markets, closed a $58 million funding round. It hopes to expand further in Asia with the new funds. 

Finhay, a Vietnam-based robo-advisor, raised a $25 million round co-led by Openspace and Vietnam Investment Group. 

Lending

Coming in third place was lending, raising $949 million last month. Continuing the prior month’s trend, buy now pay later players took a back seat with real estate fintech firms leading the way. 

The UK’s Bloom, a startup focused on lending to SMEs in Europe, raised a $396 million funding round with investors including Credo Capital Management and Fortress Investment Group.

Nowports, a startup that aims to streamline shipping processes in Latin America while providing inventory financing, raised a $150 million Series C at a $1.1 billion valuation. The raise was led by the SoftBank Latin American Fund and featured participation from Tiger Global and Foundation Capital among others. 

US real estate fintech Point Digital raised a $115 million Series C round led by WestCap. The company allows homeowners to unlock financing in exchange for home equity. 

Commercial real estate loaning platform Lev raised a $70 million funding round led by Parker89 and Cross River Digital Ventures. Separately, the company also raised $100 million in debt financing from Cross River Bank. 

Property fintech firm Stoa USA raised $136 million from Zeev Ventures, which backed it for its previous $50 million round. The company offers a platform for investors to flip real estate. 

Financial management

Financial management startups raised $758 million last month. 

Chilean fintech firm Xepelin snagged a $111 million Series B led by Avenir and Kaszek to expand into Mexico. The company creates financial solutions for SMEs in the Latin American region. 

Payroll platform Gusto raised a $55 million follow-on from its $175 million Series E back in August of last year. 

Risk management platform Certn raised $50 million in Series B funding led by B Capital. It plans to use the extra cash to finance its expansion into other markets outside of Canada, where the company is based. 

API-based employee benefits and payroll company Noyo raised $45 million in Series B funding. Norwest Venture Partners led the round with participation from investors including Worksday Ventures, Gustor and Spark Capital. 

London-based SaaS purchasing platform Vertice raised $27 million in a round led by 83North and Bessemer Venture Partners as it emerged from stealth. Vertice aims to streamline the process of a company’s purchasing, renewing, and negotiating of its SaaS stack. 

Banking 

Neo banks and banking-as-a-service startups raised $744 million last month.

Singapore’s Temasek led a $160 million investment in Thought Machine, a company that provides cloud banking solutions for financial institutions such as Lloyds and ING. Eurazeo, JPMorgan Chase and ING also participated in the round. 

Banking-as-a-service company Dock raised $110 million in a round led by private equity managers Lightrock and Silver Lake Waterman. The funds will be used to expand its presence in the Latin American region. 

Unit, a banking-as-a-service platform that enables companies to embed financial services in their products, raised $100 million in Series C funding. Insight Partners led the round and Accel, Aleph and TLV partners participated. 

Chartered crypto bank Protego Trust Bank raised $70 million in Series A funding with investors that include the investment arms of FTX and Coinbase, along with NYCA Partners. The company is reportedly already courting a Series B raise which is expected to value it at close to $2 billion.

Indian SME neobank Open raised $50 million at a unicorn valuation, according to a Techcrunch report. It joins 99 other unicorns in the country.

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