Infrastructure fintechs close notable funding rounds this week

This week, investors looked to infrastructure fintechs for new funding opportunities, with interest once again on a Latin American fintech. Here are Bank Automation News’ highlights. 10X Technologies London-based 10x Future Technologies, a cloud-native systems provider for banks, announced Wednesday its oversubscribed $187 million Series C financing round , co-led by funds managed by BlackRock and Canada Pension Plan Investment Board (CPP Investments) and supported by existing investors JPMorgan Chase, Nationwide, Ping An and Westpac. Dr. Leda Glyptis, chief client officer at the fintech, told BAN that the new funds will support its plans for expansion into new markets, including North America, further investment in the development of its new SuperCore platform and new hires. “While we can say with a degree of certainty that we will have a presence in the United States within the next 12 or so months, it would be premature to discuss specific locations,” Glyptis noted. The company expects to hire more than 150 employees in the coming year, the majority to work on technology applications in digital products, engineering and software development in the UK, Leeds and Australia. EBANX EBANX, a cross-border payments platform fintech specializing in Latin America, on Tuesday announced an investment of $400 million from Advent International and an additional commitment of $30 million to the company's planned IPO in the United States. The company is working with “ a timeline for the potential IPO to happen in around 12 months.” According to a press release from the fintech, the recent funding round is one of the largest investment rounds ever raised by a Brazilian fintech, and the funds will be used for client expansion, mergers and acquisitions in Latin America, and recruiting new talent. Ronak Doshi, vice president at research at the Everest Group consultancy, told BAN that fintech payments processors and platform solutions providers are keenly focused on the Latin American market, especially as more of the region’s consumers adopt digital payments. “With the kind of scale and the investments they’ve gotten,” Doshi said, EBANX is well-positioned for its coming IPO. [caption id="attachment_218908" align="alignright" width="300"] Image by Canstock[/caption] TRM Labs Risk management platform provider TRM Labs on Thursday closed a $14 million Series A funding round led by Bessemer Venture Partners, with participation from PayPal Ventures, Google executives, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners and Blockchain Capital. TRM Labs’ blockchain intelligence platform includes solutions for cryptocurrency anti-money laundering, transaction monitoring and wallet screening, entity risk scoring and transaction tracing for investigations. TRM Labs co-founder and CEO Esteban Castano told BAN that the “value of digital assets locked in DeFi and the number of associated user wallets growing exponentially” are attracting investors to the company. TRM, which doubled its headcount in 2020, plans to use the recent round of funding to build out its team even more by the end of the year, specifically looking to hire data engineers, data scientists, threat intelligence analysts, and sales and marketing staff. The fintech supports 360,000 digital assets across 20 blockchains. Current clients include cryptocurrency businesses Celo and FalconX and digital asset bank Anchorage Digital. Unit Banking-as-a-service (BaaS) platform Unit on Thursday announced a $51 million Series B raise , led by Accel. Existing investo rs Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners also joined the round. The company also announced the launched of Unit Go, an in-market solution currently in beta that allows the creation of live bank accounts and issues physical and virtual cards in minutes. The solution will live in fall 2021. The new funding will allow Unit to invest in more financial products and additional integrations, according to a statement from the company.

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