Weekly update #8

Happy holidays! And welcome to this edition of the weekly newsletter, that will be also the last edition for 2023, waiting to come back again in the first week of 2024. The idea behind this activity is to gather all the information in the startup ecosystem in one place, with a special focus on the fintech market.

I recently came across a very interesting report from Fintech Brainfood, from Simon Taylor, where he highlighted that even if we went through one of the worst period in terms of capital investing in fintech, we could potentially be near to see the light at the end of the tunnel.

Take a look at this graph from Morgan Stanley:

As you can clearly see from the graph, the inflow of capitals, fuelled by net zero interest rate, drove valuations to the moon, without any clear reason or basic economic behind it. We are now back to a situation very similar to what we had before the bubble, and it is possible now to use this ground to build back up.

Now it's up to us, and to founders out there, to prove that there is still a possible return to be made in this market.

In the #Fintech market, we know now that Revolut posted very promising results in terms of revenue in 2022, finally disclosing their statement for the year. We saw some very interesting deal in the Saudi market, with Tabby closing a crazy $700 millions debt facilities that includes also a $50 millions extension for their latest Series B. But there is also some struggling, with Visa, Apple and Mastercard potentially facing a class action in the US. Binance is finally closing their dispute with the us government, with a fine of $2.5 billions.

But let's take a closer look at the main news.

Closed deals

• The Saudi based Tamara just closed a $340 millions series C;
• SellersFi secures $300 millions credit facility from Citi and Fasanara Capital;
• Fiat Republic just raised $7 millions in seed extension;
• Unicorn slice is looking for a $100 millions funding round;
• Crypto startup Fyde Treasury just raised £3.2 millions seed round;
• Updraft raised £272 millions in both debt and equity round;
• Payble raised $3.5 millions to innovate local government payment solutions;
• Vestwell raises $125 millions to help SMEs power saving plans;
• Tabby just raised $700 millions debit facility from J.P. Morgan and a $50 millions Series D;
• Saudi based Hakbah هكبه just raised a $5.2 millions seed round;
• Spare just raised $3 millions in the open banking space in MENA;
• Lolli just raised $8 millions for a Series B;
• Brasilian fintech Bankme. raises $1.5 millions to expand products offering;
• Credmei just raised $8.1 millions to expand credit for SMEs;

Strategic moves on the market

• Visa is set to acquire a majority stake in the mexican PROSA;
• X receives Money License in Pennsylvania to continue his dream about the financial super app;
• Canadian TMX Group acquires majority of US based index firm VettaFi;
• The deal between Adobe and Figma has been cancelled;
• Visa, Mastercard and Apple are facing regulatory problems about payments in the US;
• SAP and PayPal integrate to bring digital payments to the ERP industry;
• Salesforce acquires majority stake the startup Spiff Inc;
• Binance close the case against them in USA a $2.7 billions fine;
• Micromobility startup Bird has filed for bankruptcy in the US;
• Revolut just posted some impressive results for 2022, with revenues up 45% to $1.2 billions;
• South Korean startup Viva Republica (Toss) is planning for an IPO.

A special look in the Italian market

• TXT GROUP acquires a stake in the Italian fintech startup Paydo;

Take also a look at the last edition of the newsletter, Weekly update #7.

Startups raising funds

• PopulaRise - The platform that allows companies of every dimension to promote themselves on social media through the collaboration with their clients. B2B2C SaaS. Raising $1M.
• Cents - Fintech companies that allow corporate to include charity payments on their checkout. B2B SaaS. Raising $1M. Round closed!
• Bitcoin People - Fintech company focused on crypto payments between corporate and cross countries. B2B, SaaS. Raising $500k.
• Tutornow - Edtech that provides an online tutoring platform for students with learning disorders. Raising $500k to $1M.
• Recivu - Fintech  startup trying to digitize the receipt flow by getting rid of papers. Looking for $150k in SAFE, already $50k committed.
• Weagle - B2B Tech startup that provides the very first browser designed for company, with total security for sensitive data. Raising $6 millions for their seed round.
• Reach Finance - Reach is the fintech platform for wealth accumulation for the Y&Z generations, they provide users with the tools to build wealth such as a budget tracker, a financial plan and a systematization of investments. Looking for $700k, with already $500k committed;
• wrapp.ai - A fintech startups that offers a virtual accountant and CFO that can help SMEs scale globally. Looking for $1 million, $750k already granted from public funds, looking to close the last $350k.

If you are a startup and want to be present in this list, please contact me directly.

If you are an angel investor or a VC interested in those companies, contact me for an intro!