The 25 biggest fintech funding rounds: June 2022

In June, fintech startups raised a total of $5.9 billion, continuing the downward trend seen since the beginning of this year. The last time fintech funding scored below $6 billion was in December 2020 when firms raised $5.3 billion from investors, according to Dealroom statistics.

Wealthtech

The subsector that raised the most in funding in June was wealthtech. Thanks to megaraises from Trade Republic and Alphasense, the subsector raised $1.5 billion.

German stock trading platform Trade Republic raised $268 million in a Series B extension round at a $5.1 billion valuation. The round was led by the Canadian pension fund Ontario Teachers.

AlphaSense, a search engine for investment professionals, raised $225 million in Series D funding, The round was led by the growth equity arm of Goldman Sachs and Viking Global Investors. 

New York’s Pave, a compensation platform, raised $100 million in Series C funding led by Index Ventures. The company also announced the acquisition of compensation data company Advanced HR. 

Long-term Stock Exchange, a startup that sees itself as a new framework for ESG investing, received $100 million from James Walton of the Walmart Family.

Ledger Investing, a marketplace for casualty insurance-linked securities, raised $75 million in Series B financing.

Payments

In second place, payments startups raised $1.3 billion last month.

SumUp raised the largest round last month. The payments company raised $312 million in equity funding along with the equivalent in debt funding in a round led by Bain Capital Tech Opportunities.

Indian credit card challenger firm Cred raised $140 million in Series F funding. The round was led by GIC and with participation from Tiger Global and Dragoneer.

PayCargo, a payments settlement system for the maritime industry, raised $130 million in a round led by Blackstone.

Kushki, a payments platform based in Ecuador, raised $100 million in Series B financing at a unicorn valuation. The round included investors such as Kaszek Ventures, SoftBank Latin America Fund and Dila Capital among others.

Indonesia’s Flip.id raised $55 million in a Series B extension led by Tencent and with participation from Block Inc. The company is a consumer payment platform which enables users to send money via e-wallets.

Financial Management

Financial management startups raised $1.6 billion last month after only raising $758 million in May.

Codat, a company that offers an API for financial data on SMEs, raised $100 million in a Series C round led by JPMorgan Chase.

Bud, a fintech company that creates an AI technology to enable institutions to automate lending decisions, raised $80 million. The round was led by TDR Capital.

Cleo, a financial planning platform that targets Gen Z, raised $80 million in Series C funding. The round was led by Sofina. EQT, Balderton and LocalGlobe participated.

Accounting for financial institutions startup Autobooks raised $50 million in Series C funding. The round was led by Macquarie Capital Principal Finance and featured participation from investors such as Baird Capital, Commerce Ventures and Draper Triangle.

Indian corporate financing startup Progcap raised $40 million in funding from investors including Tiger Global and Sequoia.

Banking

Banking-as-a-service startups and neobanks raised $1.1 billion in funding last month.

Juni, a Swedish neobank targeting ecommerce companies, raised $106 million in a round led by the UAE’s Mubadala Capital. The challenger bank also raised $100 million in venture debt financing from TriplePoint Capital.

Singapore-based neobanking platform Stashfin raised $70 million in equity financing ($200 million in debt) in a Series C round. Now valued at $700 million, the company, which currently only serves customers in India, is looking to expand to Southeast Asia and other South Asia markets.

Klar, a neobank that is said to be one of Mexico’s largest digital providers, raised $70 million in a round led by General Atlantic.

Banking-as-a-service platform Solarisbank received a $40 million investment from its existing investors. Unlike some other fintech firms in the space, this was not a down round — with the company reportedly upping its valuation.

Narmi, a banking-as-a-service company based in the US, raised a $35 million round from co-led by Greycroft, NEA and Picus Capital.

Lending

Investors soured on the usually bouncy lending subsector as some of the biggest players in the subsector continue to struggle amid economic uncertainty. It only raised $554 million last month.

Indian lending platform Kissht raised $80 million in a round led by Vertex Growth and the Brunei Investment Agency.

Edtech and student financing platform Leap Finance raised $75 million led by Owl Ventures and participating investors such as Sequoia Capital. Along with offering services such as test preparation, the company offers student loans to finance study abroad programs.

Huspy, a proptech firm based in the UAE, received $37 million in Series A funding. The round was led by Sequoia Capital India and is reportedly one of the largest in the MENA region.

FlexiLoans, a lending platform for SMEs, raised $28 million in Series B funding along with $62 million in debt. Investors in the round included Fasanara Capital and MAJ Invest.

B2B BNPL player Playter Pay raised $27.5 million in both equity and debt funding. The funding was led by Adit Ventures and Fasanara Capital with the participation of Fin Capital, Act Venture Capital and 1818 Ventures.