Top 5 Fintech Raises: Payoneer, Financeit, OpenGamma, Money Forward, FlyPay

  • Grace Noto
  • October 11, 2016
  • 0

Last week was a good week for fintech funding (particularly blockchain companies).This week we’re looking at other areas of fintech: payments, point-of-sale providers, and data analytics. Take a look below:


Payoneer is a cross-border payments platform that provides mass payout services and is used by Google and Airbnb, among a slew of other corporations. Payoneer raised $180 million in a Series E round with two investors led by TCV. The money will reportedly be used to further the company’s growth on a global scale, and to boost the company’s already thriving balance sheet. The goal of the platform is to enable e-commerce internationally, removing the barriers and stumbling blocks that exist for other services as they participate in the global economy. This $180 million brings the New  York-based company’s total funding up to a robust $270 million.


A Canadian fintech startup based in Toronto, Financeit has just closed a round of venture funding with investors DNS Capital and the Pritzker Organization for $17 million, bringing the company’s full equity up to about $38.4 million, including contributions from a couple of angels. Entering the point-of-sale financing business in 2011 as CommunityLend, Financeit aims to provide a consumer financing platform for Canadian businesses, and is currently working with Canadian lenders and others in the credit industry in order to automate banking for the businesses on the platform. Financeit recently acquired TD Bank’s indirect home improvement financing assets in partnership with Concentra, and has received more than $1.6 billion in loan applications from 5,400 merchant partners.


Financial institutions can’t make bricks without clay—the bricks in this metaphor being money and the clay of course being data, which is becoming an area more and more interesting for investors, it seems, if the $13.3 million OpenGamma just raised in a Series D is any indication. Founded in 2009 in London, where it is based now, the company provides software and risk derivative analytics for financial services. The SaaS company aims to provide software and analytics that will help its clients to better comply with ever-changing regulations, an increasing problem for fintechs and other financial institutions, especially here in the U.S.

Money Forward:

Speaking of software providers, Tokyo-based startup Money Forward raised $11 million in a Series D this week, which brings its total funding up to $41.9 million, according to Crunchbase. The startup, which managed to raise funds in a country where it is apparently notoriously difficult for startups to raise money, provides accounting software for individuals as well as businesses. Available both in desktop form and on iOS and Android devices, the service is designed to allow users to better manage all of the little expenses in daily life. The service combines a user’s credit purchase history, among other banking information, with web and credit accounts in order to provide a holistic look at a user’s personal finance.  The company provides this personal finance management service to its individual clients, while the company provides cloud-based software for payroll and other needs to businesses.


Lastly, we have FlyPay, which does not call itself a fintech company but rather a “food tech startup” that aims to re-invent the restaurant experience for customers, particularly the way they pay. The company, which sounds more like a fintech company than a “food tech startup”—considering that’s what Blue Apron calls itself for some reason—has just raised $4.35 million in a Series A, bringing its total funding to $16.8 million. The company’s Pay at Table service won the 2015 Mobile Payment System of The Year Award, and allows users to get the check, split the bill, and pay without needing to flag down a waiter—you can completely tell why this London fintech startup (it’s what you are, FlyPay, embrace it, love it) was backed by Just Eat, the world leader in online takeout delivery—ok, it’s based in London so takeaway delivery—in this latest round.

To learn more about venture capital and startup funding, join us in Tel Aviv for Bank Innovation Israel this November 1-3. Register here.

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