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BankingToday

ApexEdge, DirectID, Every little thing, NALA, Tuum, & OZÉ

At FinTech Futures, we all know that it may be simple to let funding bulletins slip you by on this fast-paced trade. That’s why we put collectively our weekly In Case You Missed It (ICYMI) funding round-up so that you can get the most recent funding information.


Tuum raises €15m in Collection A

Tuum (previously Modularbank), an Estonia-based core banking software program supplier, has raised €15 million in a Collection A spherical.

Portage Ventures led the spherical, joined by present traders Blackfin Capital Companions and Karma Ventures.

Tuum says the cash will assist it “strengthen” its presence within the UK and EU. Initially, it would develop its operations within the UK, “providing on-the-ground help to prospects in its greatest market”.

It additionally plans to double its group to 140 workers by the tip of 2022 and make investments additional in R&D.

Tuum was based in 2019 and operates in Tallinn, Berlin, Malaga and London.

It says its cloud-agnostic core banking platform allows banks, fintechs and historically non-financial corporations to rapidly and simply roll-out new monetary services.

Amongst its purchasers is SweepBank, a brand new digital banking service launched by Malta’s Ferratum Financial institution.


ApexEdge, a white-label subscription administration platform for banks, fintechs and credit score unions, has obtained $4 million in a seed funding spherical from the Florida Funders Fund 2 and the Institute for Commercialization of Florida Know-how.

The funding, the start-up says, will assist it “to reinforce expertise acquisition and automate providers”.

Headquartered in Miami, ApexEdge is already working with the likes of Intuit, MetLife and NerdWallet.

“Cancelling subscriptions and lowering payments is inconvenient and time-consuming for everybody,” feedback Tom Wallace, managing companion at Florida Funders.

“ApexEdge solves a vital downside by providing enterprise options that may positively impression People’ total monetary well-being.”


NALA raises $10m in seed funding

Tanzania-based cross-border paytech NALA has raised $10 million in a seed fundraising spherical.

Lead traders had been Amplo, Accel and Bessemer, plus angel traders together with Jonas Templestein, co-founder and CTO of Monzo; Vladimir Tenev, Robinhood co-founder and CEO; Deel founder Alex Bouaziz; Laura Spiekerman, co-founder of Alloy; and Peeyush Ranjan, the top of Google Funds.

NALA was based in 2017 and its pre-seed funding got here from Accel and others in 2019. On the time, the corporate’s providing was aimed on the native market, however in 2021 it pivoted to worldwide transfers.

Its core buyer base is the African diaspora within the UK. Transfers can be found from the UK to Tanzania, Kenya, Uganda, Rwanda, Ghana and South Africa. The listing of nations will probably be expanded additional to 12 African nations, together with Nigeria.

In an interview with TechCrunch, founder and CEO Benjamin Fernandes mentioned NALA has acquired licence approvals for the US and the European Union.


UK-based credit score and danger platform DirectID has accomplished a $3 million bridge spherical led by Hong Kong-based enterprise capital agency QBN Capital.

Having doubled each headcount and income over the past 12 months, DirectID says it would use the brand new funds for worldwide enlargement.

DirectID boasts over 13,000+ financial institution connections giving them entry to 1.5 billion customers in over 45 nations. The fintech operates throughout banking, shopper and SME lending, utilities, playing and gaming, the gig economic system and different sectors.

“Credit score choices are historically primarily based on historic transactions, that are obtained from Credit score Reference Businesses, or on self-declared info offered by the patron. These info sources are sometimes out-of-date and may solely present a partial view of the shopper’s credit score historical past or present monetary well being,” the corporate explains.

DirectID’s providing obtains information (with express consent) straight from shoppers’ financial institution accounts – “real-time, verified, incorruptible and assured to be correct”.


Every little thing raises €2m “to construct the following social finance expertise for Gen Z and younger Millennials”

Every little thing, a UK-based fintech “on a mission to construct the following social finance expertise for Gen Z and younger Millennials”, has raised €2 million from a gaggle of angel traders and entrepreneurs, together with Sujay Tyle (Merama co-founder and CEO), two Frontier Automobile Group founders (Peter Lindholm and Ricardo Donoso), Albin Johansson (Axel Arigato co-founder) and angel collective Framtid.

Every little thing’s debit Mastercard will allow customers to “win immediate money rewards each time they faucet, spend or get monetary savings”, the start-up says. It is going to be free to affix and use.

It at the moment has a waitlist and plans to open within the coming months.

“It’s an evolution of the UK’s hottest financial savings technique, Premium Bonds, with a social twist,” Every little thing explains. “To extend the prospect of profitable, individuals can even invite their family and friends to their very own ‘squads’ and have an opportunity to win each time they faucet or save too.”

Every little thing swimming pools collectively part of their income and allocates it to completely different reward buckets starting from £1 as much as £1 million. When a reward threshold has been funded, the following consumer who makes a fee turns into the winner. They are going to be notified in real-time by the Every little thing app and their rewards are deposited straight into their account.

Its banking providers are underpinned by banking-as-a-service supplier Railsbank.

Every little thing was co-founded by Adam Lewestam, Thorir Gudlaugsson and Michael Wilkinson in 2021. The group is distributed internationally in London, Reykjavik and Stockholm.


OZÉ, a start-up in Ghana that gives digital recordkeeping instruments with embedded finance merchandise to medium and small companies, has raised a $3 million pre-Collection A spherical.

The spherical was led by Speedinvest, a European early-stage enterprise capital agency. Cathay AfricInvest Innovation Fund, Savannah Capital and a number of other angel traders additionally took half.

OZÉ was based in 2018 by Meghan McCormick (CEO) and Dave Emnett (COO).

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