Fintech Funding: Startup funding jumps 11% YoY

Fintech funding saw a rebound in the second quarter as global funding increased to $8.9 billion, up 11% year over year. The U.S. saw the most fintech funding during the quarter at $4.8 billion across 324 deals, followed by Europe with $1.9 billion across 185 deals, according to data service provider CB Insights’ Q2 State of Fintech Funding report published on June 26. [caption id="attachment_221255" align="alignright" width="300"] (Courtesy/ CanStock)[/caption] Money raised through mega rounds, or those constituting $100+ million, increased to $3.4 billion during the quarter,100% increase YoY, while the number of deals remained constant at 16, the report stated. The following fintechs that have raised funds in July: Aven raises $142M Credit card provider Aven raised $142 million in series D funding from Khosla Ventures and General Catalyst . The Burlingame, Calif.-based company provides customers with credit cards backed by home equity to provide convenient loans, according to the company. “The new funds will go toward continued buildout of our products, which includes general availability in all 50 states, and diversifying to also offer auto equity-backed credit cards,” an Aven spokesperson told Bank Automation News . The company aims to expand its offerings to new markets while focusing on residential real estate, specifically homeowners, to grow the company, the spokesperson said. Since the company’s 2022 inception, Aven has issued over $1.5 billion in credit line and has more than 160,000 customers, according to the company’s release. OCN raises $86M in series A Mexico City-based gig economy financial service provider OneCarNow (OCN) has raised $86 million from i80 Group , Caravela Capital, Collide Capital and Great North Ventures , according to a July 16 release. The fintech provides capital to enable Uber , Lyft and DiDi drivers to own a car and pay their balances as they earn money through driving services, according to the company. OCN will use the funds to expand in the U.S. and improve technology and underwriting, the release stated. "OCN has the disciplined and profitable economic model that we look to support with our capital,” Edward Goldstein , managing director of i80 group, said in the release. “OCN provides critical resources to gig workers, an important and dynamic segment of the economy." Partior rakes in $60M in series B Singapore-based blockchain fintech startup Partior has raised $60 million in a series B funding round from Sequoia Capital India and Valor Capital Group, according to a July 12 release. The company provides cross-border payments through blockchain technology in more than five currencies and boasts DBS, J.P. Morgan and Standard Chartered as its founding shareholders, according to the release. The funding will help the company develop new solutions, including foreign exchange swaps, cross-currency repos, programmable enterprise liquidity management and just-in-time multibank payments, the release stated. The company has raised $91 million since its inception in 2021, according to Crunchbase . Accend raises $3.2M in seed funding AI-driven digital onboarding solutions provider Accend raised $3.2 million in seed funding from Y Combinator , 645 Venture and General Catalyst , according to a July 9 release. The company provides automated risk management and business background checks while onboarding a customer to reduce compliance workload and increase efficiency, according to the company. Spend management platforms like Rho and Pleo are some of Accend’s customers, according to the company. Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here .

Fintech Funding: Startup funding jumps 11% YoY

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Fintech Funding: Startup funding jumps 11% YoY

Aven raised $142M to hit unicorn status

Inside look: Frost Bank’s AI and payments strategy

Bank of Valletta’s Wolska to speak at Bank Automation Summit Europe 2024

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