Fintech funding is growing scarce? Maybe, but there are still plenty of big raises to speak of.
The five biggest fintech raises this week range from a certain money transfer service in London, to microfinance in Mexico, to the first ecommerce platform developed solely for the sale and distribution of booze
- Deliveroo, a rival of Just Eat and the recently launched UberEats in Europe, has raised $275 million in funding in a Series E, bringing its total valuation somewhere around $1 billion, though the company has declined to release the exact number. Users of the service order their food through the Deliveroo app or website, where its web or mobile service is integrated with restaurant point-of-sale order terminals. The company does not accept cash payments, however, as it says in its own words, “People still use cash? Really, son? This is the new millennium, we don’t party like it’s 1999.” After this last round, the company’s total funding amounts to $474.6 million, which thus far makes it steady competition for UberEats and the like.
- Yunnex is a smart point-of-sale (POS) solutions provider that provides customers with an internet-based POS device to incorporate two-dimensional bar codes, e-commerce platforms and similar services in addition to the payment function. Based in Guangzhou, China, Yunnex raised $45 million in a Series B this week, bringing its total funding to $61 million in two rounds, with a total of three investors.
- TransferWise is among London’s best-known fintech startups. Its goal is to allow customers to move money globally without the traditional fuss and fees involved. Brexit notwithstanding, the money transfer service has raised $26 million in a Series E, bringing the company’s total funding up to $142.4 million in seven rounds with thirteen investors. A total of four investors participated in this most current round, with the lead being Baillie Gifford.
- Drizly is the “Amazon Prime of booze,” founded by two enterprising young Boston College graduates. Customers can order a wide variety of wine, beer, and spirits from the Drizly platform (as well as from Drizly Connect, launched early this summer) raised $15 million this round in a Series B. This brings its total funding up to $33 million, in 6 rounds with 27 participating investors, including this round’s lead, Polaris Partners.
- Mexico City-based microfinance institution Kubo Financiero raised $7.5 million in a Series A, bringing its total funding up to $11 million in five rounds with seven investors. Kubo Financiero is a regulated P2P lending microfinance platform, which provides loans from $400 up to $4,100 USD to its customers that can be used for education fees, supplies, or as working capital.