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7 FinTech funding rounds that occurred in the Americas in November 2022

By Edlyn Cardoza

December 08, 2022

  • Achieve
  • Digital Personal Finance
  • Financial Services

Achieve, FinTech, Financial Services, Achieve, Digital Personal Finance, Lendbuzz, FinTech, J.P. Morgan, Novo, Quona Capital, Venture Capital Firm, Sixth Street, Zest AI, Underwriting, ZSuite Tech, 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.

Studies have shown that the COVID-19 pandemic has adversely affected the FinTech ecosystem. The number of FinTech deals has taken a hit as investors choose mature companies over early-stage deals to put their money in.

The following are 7 FinTech funding rounds that occurred in the Americas in November 2022:

Achieve, one of the leaders in digital personal finance, announced that it has raised a new debt facility totaling $225 million with participation from O’Connor Capital Solutions, the private credit unit of UBS O’Connor LLC, and others, including a multi-trillion-dollar asset manager. The debt facility is fully committed.

The capital will fuel Achieve’s transformation by speeding technology investment and development; improving both high-tech and human-touch experiences for members and consumers; bolstering marketing and branding efforts; and supporting research and development of new technologies and offerings that will meet the growing personal finance needs of this underserved market.

  • Lendbuzz

Lendbuzz, a FinTech company disrupting the car financing market using AI and machine learning algorithms, announced that it closed a $150 million credit facility with J.P. Morgan.

This is the second credit facility between the investment bank and the financial technology company in 2022 (in January, J.P. Morgan extended a line of credit to Lendbuzz), and in April 2022, J.P. Morgan served as an underwriter on a broadly syndicated ABS transaction.

Novo, the powerfully simple FinTech platform for small businesses, announced that GGV Capital has joined the company’s Series B as a strategic investor with an additional $35 million. This brings the FinTech’s Series B to $125 million and total equity funding to more than $170 million. Robin Li, Principal, GGV Capital, will join the board as an observer.

Novo is announcing this additional capital during significant growth for the company. The company has surpassed over $12 billion in lifetime small business transactions and has brought on more than 180,000 small business customers.

Emerging markets venture capital firm Quona Capital has closed its third FinTech fund at $332 million, significantly exceeding its $250 million target. This fund brings the company’s aggregate committed capital to over $745 million.

Quona focuses its investments on innovative technology companies that are expanding access to financial services for underserved consumers and businesses in Latin America, India, Southeast Asia, Africa, and MENA. Quona Capital was established as an independent venture capital firm in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy.

Sixth Street, a global investment firm, announced the final close of funds totaling $4.4 billion in fresh capital to invest in fast-growing businesses through the firm’s Sixth Street Growth platform. The funds closed at their hard cap. Sixth Street’s previous growth fund closed in 2019 with $2.2 billion in committed capital and invested in ownership stakes of market-leading software, FinTech, and healthcare IT businesses, including Airbnb, AvidXchange, Bloomreach, Datavant, Fullsteam, Kaseya, MDLIVE, SnapLogic, and Sprinklr, among others.

Earlier this year, the investment firm announced the formation of its More than Capital (MtC) business to further enhance the value Sixth Street provides its current and future portfolio companies.

Zest AI, one of the leaders in automating underwriting with more accurate and inclusive lending insights powered by AI, announced that the company has raised over $50 million in a new growth round. The round was co-led by existing global software investor Insight Partners and new investor CMFG Ventures, with participation from CU Direct, Curql, Suncoast Credit Union, Golden1 Credit Union, Hawaii USA Federal Credit Union, and NorthGate Capital.

Zest AI plans to use the new funding to expand access to AI-automated credit underwriting for all lenders rapidly. In broadening access to this technology, Zest AI will fuel more accurate and consistent underwriting decisions — leveling the playing field for all borrowers and fostering a more inclusive economy.

ZSuite Tech, a financial technology company that powers financial institutions with unbound digital accounts encompassing escrow, sub-accounting, sub-ledgering, FBO, and trust accounts for commercial customers, announced it has finalised its $11 million Series A funding round. This round was completed by the Independent Community Bankers of America (ICBA) and BankTech Ventures, LP (BTV).

ZSuite Tech is one of eight leading bank technology companies selected by BTV to receive funding. ZSuite will use the capital to scale operations and product development to meet the growing market demand for advanced digital cash and treasury management tools.

ALSO READ: Global Lending Vendors & Landscape Report Q3 2022

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