Fintech Funding: Crypto asset-tracking, credit-building firms reach unicorn status

Topping the news for fintech funding this week are two unicorns: a California cryptocurrency asset-tracking platform provider and a New York credit-building platform provider, both of which reached valuations of more than $1 billion. And, two London-based fintechs, one in crypto business trading services and the other in investment management, had nearly identical $59 million funding rounds. CoinTracker San Francisco-based CoinTracker , provider of an automated cryptocurrency portfolio and tax management platform, on Jan. 27 reported it raised $100 million in a series A funding round, bringing its valuation to about $1.3 billion. The round also added the company to a growing list of unicorn status crypto fintechs. This is the third funding round for the company, which was founded in 2017, according to Crunchbase. The company’s total funding was not disclosed. CoinTracker's platform is designed to simplify tax and portfolio management for cryptocurrency assets. The company said in a release it is tracking some 3% of global digital assets, giving users a view of more than $50 billion of those assets. Cryptocurrency investment grew rapidly in 2021 while consumer understanding of the space still lags, spurring the need for ensuring tax compliance with digital assets, CoinTracker stated. The company did not specify its plans for using the capital infusion but stated that its vision is to build a platform that enables customers to use every part of crypto "without the burden of manually tracking their assets and complying with taxes." Esusu Financial New York-based Esusu Financial , provider of a savings and credit-building banking services platform, on Jan. 27 closed a $130 million series B funding round, securing its status as a unicorn with a $1 billion valuation, according to the company. This brings Esusu's total funding to $145 million in six funding rounds and follows on a $10 million funding round in 2021, Crunchbase reported. The company plans to use the capital to triple its headcount, specifically targeting engineering, data science, product, operations, marketing, human resources, account management and sales departments. The company, which was founded in 2017, also said it plans to scale its platform and build out product offerings, including through partnerships. Esusu noted it works with 35% of the largest landlords listed with the National Multifamily Housing Council, a Washington, D.C.-based nonprofit that brings together apartment owners, managers and developers to offer properties to renters. The platform reports rental payments to help users build credit history. Moneyfarm London-based wealth and investment management platform provider Moneyfarm this week raised $59 million in a series D funding round. The company, founded in 2011, announced in December 2021 that it is managing some $2.7 billion in assets through its platform, which is designed to bring "simple and accessible investing" services to users. Moneyfarm will use the new funding to invest in employees and its platform, building on the platform's feature stack. The funding round brings its total raised to $187 million in nine funding rounds, Crunchbase reported. Moneyfarm will look to extend its consumer reach through a partnership with investor M&G, a U.K.-based money management firm. The partnership will utilize Moneyfarm's existing platform and digital capabilities to offer M&G-branded mobile and online investment portfolios. BCB Group Cryptocurrency business account and trading services provider BCB Group Jan. 25 closed a $59 million series A funding round. The company is based in London and was founded in 2017. While it did not name specific bank clients, BCB Group noted it provides services to "a significant number of the world's largest financial institutions" engaged in cryptocurrency, and its application programming interface (API)-enabled services include business accounts, custody and cryptocurrency, and foreign exchange market liquidity. This latest round brings its total funding to $64 million in four funding rounds, according to Crunchbase. BCB is targeting a service expansion but didn't specify where, noting in a release it wishes to sell "across more regions." Bank Automation Summit, taking place March 1-2 in Charlotte, is the first and only event to focus solely on automation in banking. The event will feature the brightest minds from across financial services on intelligent automation strategies and deployment. Learn more and register here for Bank Automation Summit 2022 .

Fintech Funding: Crypto asset-tracking, credit-building firms reach unicorn status

CoinTracker, Esusu lead funding from the U.S. while two London fintechs each raise nearly $60M

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Fintech Funding: Crypto asset-tracking, credit-building firms reach unicorn status

CoinTracker, Esusu lead funding from the U.S. while two London fintechs each raise nearly $60M

Listen: Bank technology spend rises

Quickest way to engage mobile customers? Try SMS

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