Hello Fintech Friends,
Today’s newsletter is brought to you by our friends at Silicon Valley Bank.
Please find another week of fintech financing events below.
Have feedback for us? Let us know. Find me at @nikmilanovic, @twifintech, and @ndm
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A new report from Silicon Valley Bank explores why AI adoption in fintech is a slow burn, even as AI dominates daily headlines. This lag is reflected in venture capital investment – currently, AI-enabled fintechs receive just 30 cents of every VC dollar invested in the sector. Read the full Future of Fintech report for an in-depth analysis of emerging trends, key challenges and new opportunities within fintech.
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News coverage written and provided by Rachel Chang.
Stat of the Week
According to a16zcrypto State of Crypto report, the supply of stablecoins is over $300 billion, with the biggest issuers accounting for ~87% of that supply.
Venture Financing
Rippleraised$500 million led by Citadel and Fortress Investment Group to expand its digital asset platform and stablecoin initiatives, at a $40 billion valuation.
Human Interest raised $100 million, bringing the retirement-tech firm;s valuation to $3 billion.
Lettuce Financialraised$28 million in Series A to accelerate growth of its accounting, payroll, benefits, and tax compliance platform for self-employed solo professionals.
EPIC raised $10 million in Series A to expand its digital loan payoff platform for the automative ecosystem and expand services to powersports and RV markets.
Billdraised$7.3 million to expand early-pay solutions for commercial construction subcontractors.
Grasp raised $7 million in Series A to automate investment banking and management consulting work using multi-agent systems.
SecurePIIraised$3.5 million inseed funding to accelerate global expansion for its cloud-native platform for PCI compliance and data privacy infra for banks and fintechs.
Hawala raised $3 million seed to grow its cross-border payments infrastructure in Egypt and emerging markets across MENA.
MidLyrraised$2.5 million pre-seed to expand its operational automation tools for financial institutions.
Zest AI secureda customer-led investment from Citi and credit unions (SchoolsFirst, Members 1st, ORNL & Truliant) to expand its AI underwriting and lending products.
Debt Financing
DealMaker raised $20M in equity and debt to scale its retail capital-raising platform in North America.
Venture Funds
CMT Digital raised$136 million for its fourth venture fund to back founders building infrastructure and apps driving the next phase of crypto adoption.
Ventures Platform raised $64 million for its second fund, with backing from the Nigerian government, to invest across African tech (fintech, health tech, agtech, edtech, and AI).
Veloce Fintechraised₹300 crore (~$36 million) for its Opportunities Fund to back Indian MSMEs, startups and late-stage real estate projects.
SPONSORED
A new report from Silicon Valley Bank explores why AI adoption in fintech is a slow burn, even as AI dominates daily headlines. This lag is reflected in venture capital investment – currently, AI-enabled fintechs receive just 30 cents of every VC dollar invested in the sector. Read the full Future of Fintech report for an in-depth analysis of emerging trends, key challenges and new opportunities within fintech.
Want to sponsor a newsletter? See our sponsorship information here.
