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Top 5 FinTech funding rounds in the Americas: October 2020

By Pavithra R

October 29, 2020

  • Canada
  • Tipalti
  • USA
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According to S& P global, Investors interest in FinTech companies has remained evergreen in the face of the economic downturn wrought by the coronavirus. Funding is on track to end the year higher than 2019, both in terms of dollars raised and a number of transactions: As of the first half of 2020, the amount raised was up 30.2% versus the prior-year period and volume was 14.2% higher.

The COVID-19 pandemic has resulted in an acceleration in digital trends. This acceleration will continue to drive FinTech investment geared toward succeeding in the ‘new normal’. Below is a list of 5 FinTech funding announcements that were made this month.

Tipalti

HQ: Unites States

Tipalti, a global payables automation platform provider, raised $150 million in Series E funding round led by Durable Capital Partners. The new investment round has brought the FinTechs at a valuation of more than $2 B, bringing the total funding raised to date to around $280M. The finance round also includes significant investments from Greenoaks Capital and participation from current investor 01 Advisors.

The FinTech is planning to use the funding to double-down on its product roadmap, extend its global presence, accelerate its growth path, and increase its position as the preferred solution for high-velocity companies across the globe. This growth will be fueled by increasing product management, customer operations, sales, developer, and business development headcount.

Wealthsimple

HQ: Canada

Wealthsimple, a Canadian online investment management service provider raised CAD $114 million on a valuation of CAD $1.4 billion. The funding round was led by TCV, a growth equity investors focused on technology, alongside Meritech, Two Sigma Ventures, Greylock, and existing investor Allianz X. 

Wealthsimple has evolved the Canadian financial services industry by bringing smart, simple and affordable financial products and services to market. The FinTech is planning to use the finance to build out its product suite, grow its team in Canada and expand its market position. The company is known for its client-centric approach to financial products, which include automated investing, commission-free stock and crypto trading, a savings account, and a tax filing software.

Snapdocs

HQ: United States

Snapdocs, the mortgage industry’s leading digital closing solution provider has secured $60 million in Series C funding led by YC Continuity with participation from existing investors including Sequoia Capital, F-Prime Capital and Founders Fund, and new backers Lachy Groom, Maverick Ventures, and DocuSign.

Snapdocs is on a mission to perfect mortgage closings for all. The pandemic has accelerated the mortgage industry’s digital transformation. The FinTech is planning to use the funds to build on the recent momentum, drive product innovation and scale operations. Its platform is being used by more than 70% of global settlement agents, with customers including Googain, Bell Bank, LeaderOne Financial Corporation, and Georgia United Credit Union among its customers.

DriveWealth 

HQ: United States

DriveWealth, a global digital trading technology provider, has landed $56.7 million in its Series C funding round to develop its technology stack and scale up its business. Point72 Ventures led the investment round, with participation from Raptor Group, SBI Holdings and Route 66 Ventures – all previous investors and new investors Mouro Capital and Fidelity International Strategic Ventures. The company has received a total of $100.8 million in funding to date.

DriveWealth offers an API-based brokerage infrastructure designed to modernise financial services and allow partners to deliver embedded investment experiences on their own mobile applications. The FinTech plans on using the finance to strengthen its current technology stack, make strategic acquisitions and grow the organisation to scale its business.

Chargebee

HQ: United States

Chargebee, a PCI Level 1 certified recurring billing platform for subscription-based SaaS and eCommerce businesses announced raising $55M Series F funding round led by Insight Partners. The new investment has brought the total funding to date to $105M.

Chargebee provides the subscription platform used by global businesses from startups to large businesses like Pret a Manger, Okta, and Envoy. Its product automates complex billing and revenue operations challenges that arise as subscription businesses scale into large enterprises. The company is planning to use the finance to enhance its product and integration ecosystem to enable these businesses to experiment and launch increasingly sophisticated revenue models.

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