Canadian digital lender QuadFi has raised $100 million in debt financing, the fintech announced Wednesday.

QuadFi, founded in 2015, uses artificial intelligence (AI), machine learning, and data analytics to provide lending solutions to customers with thin or non-existent credit. QuadFi’s model originates and underwrites loans using information typically overlooked by traditional lenders, such as projected income and credit history.

The funding round, led by venture capital firm Crayhill Capital Management, allows QuadFi to accelerate its business activities, QuadFi Chief Executive Manny Nikjoo said in a release.

“Crayhill understands our objectives, and now we have the runway to accelerate our growth, which will have benefits for our customers, investors and communities,” Nikjoo said.

QuadFi has raised $111 million over six funding rounds, according to Crunchbase.

FundGuard secures $40M

Cloud-native investment fintech FundGuard secured $40 million in a series B round, the company announced Tuesday.

Based in New York and Tel Aviv, FundGuard deploys AI to automate and manage investments, including hedge funds, exchange traded funds (ETF), mutual funds and insurance products. This latest round will help the fintech scale activities and hire tech talent.

$2.3 trillion Citi and $296.3 billion State Street Bank led the charge, with other investors including Blumberg Capital, LionBird Ventures and Team8 Capital.

“We are thrilled to partner with FundGuard as they have built an attractive investment servicing platform that complements our vision to leverage cloud technologies to unlock the power of data for the benefit of our clients,” Okan Pekin, Citi global head of securities services, said in a release.

FundGuard has raised $56 million over three rounds, according to Crunchbase.

NovoPayment nabs $19M for BaaS

Miami-based banking as a service (BaaS) startup NovoPayment has raised $19 million in a series A round, the company announced Monday.

NovoPayment offers a BaaS platform with digital banking, payment and card capabilities, according to its website, and counts Visa and Mastercard among its partners. Anabel Perez, chief executive at NovoPayment, told Bank Automation News that the funding was inspired by rapid business growth and a need to expand capabilities.

“In 2021, we saw a 40% increase in client growth, so internally, it was the right time to accelerate our impact in the current markets we serve, with a focus on the U.S. and countries in Latin America and the Caribbean,” Perez told BAN. “Externally, this funding milestone came to fruition because of the great connections we’ve built in the Miami tech startup community.”

Funding will go toward U.S. market expansion with a focus on growing its existing banking application network, which has more than 60 partners and enables services via open API. Perez also noted two new technology hubs in Austin, Texas, and San Francisco, along with plans to hire over 100 engineers and product developers.

The funding was led by Fuel Venture Capital and IDC Ventures. This is NovoPayment’s second funding round, according to Crunchbase.