The largest this week
🇺🇸 Ramp, corporate spend management startup, is one of the fastest-growing fintech companies as of late. It reached $100M in revenue run rate in 2 years from launch and raised $750M in fresh capital, $200M in equity at an $8.1B valuation led by Founders Fund and $550M in debt from Citi and Goldman Sachs. Ramp enables a broad range of customers and industries, from fast-growing startups to multi-billion dollar enterprises, to manage their spending and build sustainable businesses.
🇬🇧 Banking-as-a-service (BaaS) provider ClearBank raised £175M from PE firm Apax Partners. Clearbank has built a new set of cloud-based financial rails that allow banks and customers real-time clearance on payment transactions and other financial services. It will now take its services beyond its home market and move into newer areas like cryptocurrency exchanges.
🌍 Optimism, an a16z-backed Ethereum scaling startup, received a financing of $150M Series B funding at a $1.65B valuation.
🇺🇸 Policygenius, a tech-enabled platform for insurance distribution, raised $125M in Series E funding. Policygenius integrates with insurance carriers and uses proprietary technology for quoting, underwriting, and fulfillment. Earlier this year, it launched Policygenius Pro, which brings its life insurance platform to B2B distribution partners.
🇺🇸 FTX invested $100M in banking app Dave and formed an exclusive partnership for crypto payments in the US.
Other notable fintech deals from around the globe:
🇦🇪 UAE-based fintech Encore Pay has raised a $1.5M Seed round led by GreenHouse Capital. Encore Pay enables businesses within the financial sector to run their services through its full-stack software-as-a-service (SaaS) offering. It supports several features like neobanking, payment wallets, buy now, pay later (BNPL), digital onboarding, merchant payments, and kiosk management.
🇺🇸 Ponto raised a $20M Seed round. The financial management solutions company provides regulatory infrastructure and APIs for developers building global banking and payments products on top of decentralized finance.
🇮🇳 NeoFi, a digital fintech platform, secured a $2.1M Seed round. The company helps retail investors build a diversified long-term portfolio of digital assets in a single click and leverage DeFi to earn hassle-free passive yields.
Read up on all the latest fintech deals in Dealroom.co
Notable exits:
🇺🇸 J.P. Morgan Chase has acquired Global Shares, the Irish cloud-based provider of a share-plan management software. The acquisition is expected to boost J.P. Morgan's services to corporate clients and craft a client acquisition channel for wealth management businesses.
🇬🇧 Insurtech startup Ondo was listed on the London exchange after merging with acquisition vehicle Spinnaker Acquisitions. The startup created a water security system to detect leaks and provide sustainable risk reduction for home insurers.
