back Back

5 FinTech funding rounds in the Americas in October 2022

By Edlyn Cardoza

November 02, 2022

  • Arro
  • Assets Under Management
  • Astra

Arro, FinTech, Financial Services, Astra, Instant Card-to-card Funding-as-a-Service, Fraud Management, Risk Management, Finexio, B2B AP, PaaS, Next Play Capital, Venture Capital Investment Firm, Assets Under Management, Tienda Pago, Los Angeles, USAFinTech refers to software and other modern technologies used by businesses that provide automated and improved financial services. FinTech in our daily life is Mobile Payment apps, Cryptocurrency and Blockchain, like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with A.I. and machine learning and will make FinTech products an integral part of our digitalised life.

FinTech refers to the synergy between finance and technology, which enhances business operations and delivers financial services. FinTech can take the form of software, a service, or a business that provides technologically advanced ways to make financial processes more efficient by disrupting traditional methods.

The following are 5 FinTech funding rounds in the Americas in October 2022:

Los Angeles-based FinTech company Arro announced the closing of $10 million in seed funding led by Crosslink Capital with participation from Bling Capital, BAM Ventures, Global Founders Capital and WTI, among others. These investors have previously backed companies such as Chime, Facebook, Honey, and NerdWallet.

Arro is a credit platform that empowers U.S. consumers to grow their credit through financial literacy training and behavioural science incentives. Arro aims to approve nearly any U.S. consumer for its low-interest credit card, regardless of credit history, based on income and other alternative data.

Astra, a leading provider of instant card-to-card funding as a service in the U.S., announced a $10 million Series A funding round led by FPV Ventures, with participation from Slow Ventures and Allegis Capital, as well as a $30 million line of credit through CoVenture to support the company’s rapid expansion in the payments industry.

While many payment platforms provide an incomplete solution – that is, only allowing access to payment networks without added fraud prevention – Astra’s all-in-one solution has risk mitigation and anti-fraud measures built-in, powering a level of financial functionality that was previously unattainable.

Finexio, a fast-growing B2B accounts payables (AP) Payments-as-a-Service company, announced the successful completion of an oversubscribed $35 million Series B funding round at a $100 million pre-money valuation. Mendon Venture Partners and National Bank Holdings Corporation co-led the financing, and J.P. Morgan was the largest investor in the growth round.

Existing FinTech investor Patriot Financial Partners participated in addition to new investors Discover Financial Services, Valley Bank, Trogg Hawley Capital LLC, and other leading financial services and FinTech C-suite executives.

Next Play Capital, a minority-owned venture investment firm focused on investing in access-constrained venture funds and venture-backed companies, announced closing its third flagship fund at $200 million. The Fund exceeded its initial target size of $150 million and significantly surpassed the size of its predecessor, Fund II. Fund III adds 11 new institutional limited partners (LPs) who embody the values that reflect Next Play Capital’s diverse LP community.

Fund III is the largest in Next Play Capital’s history, marking a 2.5x increase from the second flagship vehicle and bringing the firm’s total assets under management to $425 million.

Tienda Pago, the short-term credits lender based in Peru and Mexico, has announced closing a Series B investment led by the Women’s World Banking Asset Management and IDC Ventures for $12 million.

Tienda Pago’s innovative partnerships, technology, and process have attracted impact investors and traditional VCs. Women’s World Banking Asset Management and IDC Ventures led this Series B investment round in which Alumni Fund contributed as a new investor. Current investors Kaszek, QED, Agrega Partners, Accion Venture Lab, and Oiko Credit also participated in this round.

ALSO READ: Sales League Table Report 2022

Previous Article

November 02, 2022

Freedom Finance announces partnership with Experian

Read More
Next Article

November 03, 2022

Cashfree Payments enables delivery app Zepto to provide a secure checkout experience

Read More

IBSi Daily News Analysis

February 20, 2024


GCC banking landscape: UAE and Qatar lead in net sentiment

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 21, 2024

Adyen and Billie team up to bring BNPL to European businesses

Read More

February 21, 2024

Boom launches Blockchain-based payments platform in Africa

Read More

February 21, 2024

Autonom8 & Berar Finance to automate Intelligent Loan Origination

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023