Funding wrap: Fintech investors eye gains in open banking, RPA tools

Open banking fintechs and robotic process automation (RPA) firms continue to draw investor interest. This week’s funding rounds saw venture capital pouring into banking-as-a-service platforms and startups that aim to bring API-based data sharing to corporate treasury departments. [caption id="attachment_218502" align="alignright" width="300"] Image: Markus Winkler/Unsplash[/caption] Here are the highlights: FinLync Corporate treasury-focused fintech FinLync raised $16 million in its second funding round since its 2015 founding. Announced Monday, the round was led by Point72 Ventures and joined by Nyca Partners, former Palantir CFO Colin Anderson and Plaid founder William Hockey. FinLync aims to expand open banking capabilities to corporate treasury management and uses APIs to ease the sharing of data between banks and corporate clients. The firm’s platform embeds into a corporate’s enterprise resource planning (ERP) system so the latter can get a better snapshot of their cash holdings across multiple bank accounts. Using FinLync’s offering, “core [ERP] systems can talk directly to the banking core,” Phillip Klein, chief executive at FinLync, told Bank Automation News . JPMorgan Chase and Standard Chartered are among FinLync’s banking partners, and it counts software firm Citrix among its clients. Treasury Prime Banking-as-a-service startup Treasury Prime announced Wednesday that it has closed a $20 million Series B funding round that was co-led by Deciens Capital and QED Investors and saw participation from SaaStr Fund and Susa Ventures. The fintech uses software gateways, or APIs, to connect bank clients and fintechs. Integration of Treasury Prime’s platform into core banking systems enables faster sharing of data and also opens developer access to banking services ranging from account opening to issuing cards so they can build out their products. “Our goal at Treasury Prime is to create a fantastic experience for fintechs to connect with banks so that they can bring these products to market as fast as possible," Chris Dean, chief executive at Treasury Prime, said in a statement announcing the raise. Redwood Software Robotic Process Automation firm Redwood Software announced Tuesday it has raised $379 million in funding from growth equity firm Turn/River Capital. The cloud-based business process and IT automation firm offers RPA solutions and tools leveraging low-code technology to automate industrial-scale enterprise processes across infrastructure management and finance automation. Turn/River's "go-to-market expertise combined with Redwood’s best-in-class technology will create a highly complementary partnership, and further our goal of bringing modern automation to every enterprise,” Tijl Vuyk, chief executive at Redwood Software, said in a statement. This was the inaugural funding round for the Netherlands-based RPA firm, which was founded in 1993. Redwood lists Coca-Cola, Siemens and the $1.7 trillion Wells Fargo & Co. bank among its clients. Lili Freelancer-oriented neobank Lili raised $55 million in its Series B funding round, announced Tuesday. Lili, which allows users to manage personal and business spends in a shared bank account, has raised $80 million in funding over three rounds, according to Crunchbase. The challenger bank’s Series B round was led by fintech-focused venture capital firm Group 11, along with Target Global and AltalR. Lili has been “registering more than one million logins a month and also expanding their demographic presence in the emerging U.S. Freelance Workforce (account holders ages 18-23 now make up ~10% of Lili accounts),” noted Dovi Frances, founding partner at Group 11, in a statement on the funding round. Group 11 also led the neobank’s Series A funding round in October 2020, which raised $15 million.

Funding wrap: Fintech investors eye gains in open banking, RPA tools

Corporate treasury focused fintech FinLync raises $16 million, RPA developer rakes in $379 million

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Funding wrap: Fintech investors eye gains in open banking, RPA tools

Corporate treasury focused fintech FinLync raises $16 million, RPA developer rakes in $379 million

Listen: OakNorth CIO shares automation trends in commercial lending

New point-of-sale mortgage lending tool enters crowded market

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