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Wealth management referral platform Smart Asset becomes latest unicorn 

Funding roundup: Mollie on its way to becoming one of the most valuable private fintechs in Europe

Myra ThomasbyMyra Thomas
June 25, 2021
in All Posts
Reading Time: 2 mins read
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This week’s funding rounds added wealth management referral platform SmartAsset to the ranks of fintech unicorns, while a European payments provider, Indonesian BNPL player and South Korean financial app company respond to the demand for regional digitalization. Here are the week’s highlights:

SmartAsset

Wealth management referral platform SmartAsset this week, announced the closing of its $110 million series D round, valuing the company at more than $1 billion. The financing round was led by existing investor TTV Capital, with participation from Javelin Venture Partners, Contour Venture Partners, and Citi Ventures, among others.© Can Stock Photo / mmaxer

SmartAsset’s digital investor platform SmartAdvisor now generates $1.5 billion in new, closed assets under management per month, according to a statement. The company noted the funding will go to new product offerings, technology infrastructure and data. The fintech has 202 full-time employees and plans to grow its headcount by more than 75% in 2021.

Mollie

Amsterdam-based Mollie, one of the largest payments providers in Europe, announced Tuesday the closing of $800 million in a series C funding round, giving the fintech more than $940 million in funding, and valuing the fintech at $6.5 billion. The company noted in a release that CBInsights data indicates the company may now be “one of the top five most valuable privately-held fintechs in Europe, and one of the top 20 in the world.”

The round was led by funds managed by Blackstone Growth, and the new funding will “fuel Mollie’s international expansion, team scaling and continued investment in product and engineering,” according to the statement. Mollie, which has close to 480 employees and is on track to add 300 new team members in the next six to nine months, is also considering additional countries for expansion, both within Europe and elsewhere, according to the statement.

Viva Republica

Viva Republica, operator of South Korean financial app Toss, announced Tuesday it had raised $410 million in its latest funding, bringing its valuation to $7.4 billion. The latest round included participation from the state-run Korea Development Bank and U.S. investment firm Alkeon Capital Management and others, according to the statement. The funding will go to growing Viva Republica’s affiliates. The Seoul-based fintech has about 20 million users, which constitutes about 40% of the country’s 51.3 million people, and is planning to launch Toss Bank, possibly by September, the company noted.

Kredivo

Jakarta-based Kredivo, a digital credit platform for retail borrowers across Indonesia, announced Monday an additional $100 million to its current debt facility, bringing it to a new total of $200 million. The debt facility from Victory Park Capital (VPC) is in the form of a credit line rather than equity funding rounds.

“The latest debt facility is our largest loan facility to date and, for VPC, it is now their largest and one and only debt commitment to a fintech firm outside of the US and Europe,” Umang Rustagi, co-founder and CEO of Kredivo, told BAN. The company currently serves 5 million retail customers in Indonesia. The current round will go to the credit line to fund consumer loans for Kredivo’s borrowers in the form of existing and future products. Kredivo plans to expand into one or two more countries in Southeast Asia within the year, Rustagi said.

Tags: digital paymentsfundingPremiumSmartAsset
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