Fintech financing is slowing from last year, but deals in hot sectors are still getting done. This week saw a mix of consumer and enterprise funding in payments, investing, and cybersecurity. Here are the noteworthy winners:
Dashboard to the wealthy Addepar raises $140 million. The startup co-founded by Palantir’s Joe Lonsdale is aiming to corner the backend office for family offices and high net worth office. The Mountain View, Calif., company lays claim to the first “unified platform for the financial world.” It also is eyeing expansion into sovereign and pensions. Growth has been supercharged: Addepar serves more than 230 family offices, wealth advisors, and institutional investors representing more than $650 billion under management — up from $300 billion in the past 18 months. It recently announced a partnership with JPMorgan Chase. The series D was led by Harald McPike, 8VC, and Valor Equity Partners. The firm declined to state the valuation on the funding. According to CB Insights, the deal is among the five largest announced this year in fintech.
Payment messaging app Plynk raises €25 million ($28 million) from Swiss Privée Ltd in what it is calling one of the largest Series raises in Irish history. Co-founders Charles Dowd and Clive Foley say they aim to turn Plynk into “a verb, in every European language.” Plynk began in 2015 as part of the Bank of Ireland WorkBench in Dublin’s Silicon Docks.
Cybersecurity startup Illumio has snagged $125 million at $1 billion valuation in a series D funding round led by J.P. Morgan Asset Management — which is also a client. Its previous investors are joining in, including Andreessen Horowitz, General Catalyst, 8VC, Accel and Data Collective (DCVC), along with new investors. In a statement, the Sunnyvale, Calif., company said the round brings the company’s total funding to $267 million. “The new capital will be used to invest in significant global expansion of field sales, marketing and customer support, as well as continued product R&D,” the company said.
BAM gets $10 million. The company, which provides cash management and working capital solutions to the transportation industry, announced the deal was led by Millstone Capital Partners. The investment will allow BAM to aggressively expand sales, innovation, and product development. Founded in 2014, the company says revenue has increased by 300% this year. BAM says it will use the capital “to fuel customer expansion, develop additional technology, and invest in its team.”
Singapore’s Moneysmart secures $10 million. Japan’s Kakaku.com led the Series B round, which brings total funding to $12.6 million, according to Crunchbase. The Moneysmart website helps consumers select intelligently among financial products like insurance and credit cards.
Wahed raises $5 million to fund its robo advisor that complies with Sharia laws. The New York-based company says it has also lowered its account minimum to $500. Seed funding came from individual and institutional investors, including Khalid Al Jassim, the managing partner of Afkar Holdings and a founding member at Arcapita — one of the largest Islamic private equity firms — as well as former senior executives at McKinsey & Company, and the Qatar Investment Authority.