The 25 biggest fintech funding rounds: July 2022
Quick Take
- Fintech funding continued its slump from the high of 2021. July saw fintech startups raise only $6 billion from investors, compared to $13.3 billion this time last year.
- The largest raise came from payments company and buy now, pay later company Klarna which raised an $800 million down round.
In July, fintech startups raised a total of $6 billion according to Dealroom statistics, more or less the same as last month’s total funding volume.
The smaller sums of capital flowing into fintech is indicative of wider market conditions, with startup valuations and round sizes are down across the board and an economic downturn ahead.
Payments
In July, the payments subsector raised $1.9 billion, the most out of our five subsectors.
Last month’s largest raise by a clear margin was BNPL player Klarna, which raised $800 million in a down round that saw the company valued at $6.7 billion, down from a previous valuation of $45 billion.
South Korea’s Toss raised $228 million in Series G investment led by Altos Ventures. Toss’ core product is a peer-to-peer money transfer service but it also offers budget tools, loans and wealth planning services.
Kuala Lumpur-based TNG Digital raised $224 million in a round led by Lazada Group. The company owns and operates the Touch n' Go eWallet, which has over 15 million users in Malaysia.
Indian mobile-first credit card OneCard raised $100 million in a round led by QED at a $772 million valuation.
Kadmos, a Berlin-based payment solution focused on migrant workers, raised a $29.5 million round.
Lending
Coming in second place, the lending and mortgage subsector raised $714 million last month.
Shubham, an Indian housing lender targeting low-income self-employed families, raised $112 million from Leapfrog Investments.
Brazil’s Creditas, a fintech firm providing low-interest rate loans, announced a $50 million expansion of its $260 million Series F round, courtesy of private bank Andbank.
Singaporean BNPL player Atome Financial raised $45 million from its parent company Advance Intelligence Group.
Mumbai-based Jai Kisan raised an $18 million round from backers Northern Arc, Alteria Capital and MAS Financial Services. The company offers financing options for agricultural equipment.
TomoCredit, a credit card company geared towards millennials, raised a $22 million round from backers such as Morgan Stanley and Mastercard.
Wealthtech
Wealth management startups raised $706 million in July.
Pico, a New York-based data and analytics company for financial professionals, raised $200 million in funding from Golden Gate Capital.
The UK’s Smart raised $40 million growth equity capital from CIBC Innovation Banking. The startup is a retirement and savings fintech firm.
Social investment platform Shares raised a $40 million Series B round led by Peter Thiel’s Valar Ventures. The company plans to use part of the funds to roll out crypto investment features.
Lightspeed Ventures led a $25 million round for Lightyear, a trading app that offers multi-currency accounts to make it cheaper to buy international stocks.
Kinly, a platform geared towards building generational wealth for Black Americans, raised $20 million in a round led by Forerunner Ventures.
Banking
Banking and banking-as-a-service companies raised $608 million in July.
Indian neobank Fi raised a $45 million round led by Alpha Wave Ventures. In May, it announced plans to allow investment options along with launching a lending product.
Dubai’s YAP Bank raised $41 million in a round led by Aljazira Capital. Abu Dawood Group, Astra Group, Dubai-based private equity business Audacia Capital also participated in the round.
Neobank NiYO Solutions raised $30 million from private equity firm Multiples Alternate Asset Management Pvt Ltd. It previously raised a $100 million Series C led by venture capital firm Accel.
US startup Apiture raised $29 million in a round led by Live Oak Bank. The company provides digital banking solutions via APIs to banks and credit unions.
Zamp, a company creating banking and payments for the crypto economy, raised $25 million in a round led by Sequoia Capital.
Financial management
Normally, a popular subsector for investors, financial management startups raised a measly $408 million in funding last month.
Fonoa, a tax automation platform, raised $60 million in Series B funding led by Coatue. Dawn Capital, Index Ventures, Omers Ventures, FJ Labs and Moving Capital also participated in the round.
Viably, a financial management app for small and medium-sized businesses, raised a $21 million seed round. The round was led by Salesforce Ventures.
Tesorio, a B2B cash management platform, raised $17 million in Series B funding.
Financial management data solution Leapfin raised a $12.2 million Series A round led by Crosslink Capital.
NextBITT, a Portuguese startup providing a physical asset management solution, raised $5 million in seed funding.
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