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Financial Services FinTech Mobile Payments South America

RecargaPay closes a $70 million Series C

– RecargaPay, a Brazil-based fintech that allows users to top off their prepaid cell phones online, announced this morning that they’ve closed their $70 million Series C.
– The company, which operates solely in Brazil, was launched in 2010 by Miami-based serial entrepreneur Rodrigo Teijeiro, who is co-founder and CEO.
– Unlike in the U.S. where most people have a cell phone plan through a major carrier, in Brazil — a country where the minimum wage is currently $1,100 reals per month (roughly $202 USD) — many people must buy calling cards at local shops to add credit to their phones, which allows them to avoid a monthly recurring bill.

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Asia Education Financial Services FinTech Lending

ErudiFi raises $5 million Series A to give students in Southeast Asia more education financing options

– ErudiFi, a student financing startup, raised $5m in Series A funding.
– The round was co-led by Monk’s Hill Ventures and Qualgro.
– The company currently works with more than 50 universities and vocational schools in Indonesia and the Philippines.
– It offers subsidized installment plans, using tech to scale up while keeping costs down.
– Interest rates and repayment terms vary between institutions, but can be as low as 0%, with loans payable in 12 to 24 months.

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Africa Banking Financial Services Information Technology Payments

South African digital bank TymeBank lands $109M from UK and Philippines investors

– TymeBank, a South African digital bank, secured an investment from new investors in the U.K. and Philippines.
– The company made this known via a statement.
– This investment will be used to bolster TymeBank’s growth and drive its commercial expansion across the country.
– The company offers a transactional bank account with zero or low monthly fees and a savings product.
– Most of its customers are onboarded via physical kiosks, usually in Pick n Pay and Boxer stores around the country.
– Since launching in February 2019, TymeBank has grown rapidly and now has about 2.8 million customers.
– The company says that it’s on track to reach 3 million by the end of next month.

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Artificial Intelligence Finance Financial Services FinTech North America

FundGuard Closes $12 Million Series A Funding Round to Accelerate Growth of First AI-Powered Investment Management Enterprise SaaS Platform

– FundGuard closed a $12m Series A funding round.
– The round was led by Team8 and included Blumberg Capital and LionBird Ventures.
– New investors included Jack Klinck, Heidi Miller, Jay Mandelbaum, Stanton Green, Mindset Ventures and Maccabee Ventures.
– The investment brings the total amount of capital raised by FundGuard to $16m.
– The investment will spur product development to support FundGuard’s partnerships with several of the world’s largest fund administrators and asset managers in addition to meeting increasing demand from alternative funds and insurance companies.
– Kirk Littleton joined the company as Sales Director.
– Alan Schneider also joined the company as Sales Director.

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Financial Services FinTech North America

Payments and Lending Veterans Launch Wisetack with $19M in Funding to Enable Buy Now, Pay Later for In-Person Services

– Wisetack, a technology company that brings buy now, pay later to in-person services like home and auto repair, announced $19M in total funding from Greylock, Bain Capital Ventures and others.
– Through its suite of APIs, Wisetack embeds financing options into software platforms that thousands of businesses already use in their day-to-day operations.
– With Wisetack, in-person businesses can offer financing to consumers in minutes, while consumers can pay over time for purchases without surprises or unexpected fees.
– Wisetack was founded by Bobby Tzekin (CEO), Kolya Klymenko (CTO) and Liz O’Donnell (COO), a group of experienced operators and technologists in payments and lending from companies like PayPal and Lending Club.

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Financial Services Information Services Market Research North America

J.P. Morgan Makes Strategic Investment in Zanbato

J.P. Morgan has made a strategic investment in Zanbato
– The investment marks the first step in further aligning Zanbato’s ZX platform with its membership through equity participation
– Zanbato’s ZX platform is a fully-integrated, end-to-end solution for private companies and their investors to access the secondary market

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Analytics Asia Banking Finance Financial Services Insurance Price Comparison Software

Earnix, the Leader in AI-driven Rating, Pricing and Product Personalization for Insurance and Banking, Announces $75M Growth Funding With a Pre-Money Valuation of $1B to Accelerate Its Global Expansion

– Earnix announced $75M in growth funding with a pre-money valuation of $1B.
– The round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners joining the round.
– The new funding will fuel Earnix’s global expansion into new market segments and regions, increase investment in product innovation, rapidly accelerate hiring and support M&A activities to further anticipate the needs of a rapidly changing market.
– Leveraging this investment, Earnix will continue to bring transformational value to Insurance and Banking by bridging the gap between financial institutions and the needs of their customers.
– Jonathan Rosenbaum, Principal at Insight Partners, will be joining Earnix’s Board of Directors.

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Analytics Billing Financial Services FinTech North America Software

Digital Engagement Platform Symend Raises $43 Million Series B Extension

– Symend is a digital engagement platform.
– The company raised $43m in Series B+ funding.
– The round was led by Inovia Capital with participation from a consortium of investors, bringing Symend’s total funding to date to over $100m.
– Symend has rapidly accelerated recruitment, growing from 50 people to over 225 in 2020 and expects to double in size in 2021.

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Finance Financial Services Internet North America

Kalshi Raises $30 Million in Series A Funding Led by Sequoia

– Kalshi, the first federally regulated exchange dedicated to trading on event outcomes, announced today that it has raised $30m in Series A funding.
– The round was led by Sequoia Capital with participation from Charles Schwab, Henry Kravis, and SV Angel.
– Kalshi will use the new funding to bring its exchange to market and enable the trading of a unique asset class: event contracts.
– Event contracts are structured as questions about future events.
– Investors buy either “Yes” or “No” contracts based on whether they think the event will happen or not, allowing them to hedge everyday risks and capitalize on their opinions.
– Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara.

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Apps Banking Financial Services FinTech North America

Varo Bank raises another $63M, led by NBA star Russell Westbrook

– Varo Bank, a digital bank, raised $63m in new funding.
– The round was led by NBA star Russell Westbrook, who will also join the startup as an advisor focused on the direction of Varo Bank’s programs aimed at underserved communities, including communities of color.
– Existing Varo Bank investors include Warburg Pincus, The Rise Fund, Gallatin Point Capital, HarbourVest Partners and funds managed by BlackRock.
– With the additional funds, Varo Bank’s total raise to date is now $482.4 million.

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