FinTech Wire: Episode #62 – Non-Mainstream Insights, January 2024

re:cap, led by CEO Paul Becker, unveils a groundbreaking long-term debt funding product in partnership with HSBC Innovation Banking.

This new offering provides tech companies in Germany and the Netherlands with up to €5m in funding, adjustable to their business needs and growth scenarios. The product is designed to offer flexibility, allowing companies to tailor their funding according to changes in strategy or market opportunities, without dilution or personal guarantees. This initiative marks a significant advancement in non-dilutive funding options for the tech sector.

Noetica AI, co-founded by Daniel Wertman, announces a $6 million seed investment led by Lightspeed Venture Partners, bringing its total funding to $7.8 million.

The platform leverages artificial intelligence to streamline the compilation of complex financial documents in corporate debt transactions, aiming to revolutionize the legal industry by enhancing efficiency and accuracy. This investment underscores the potential of AI to transform legal practices and marks a significant step forward for Noetica AI in its mission to innovate corporate finance law.

Related topic: LawTech software development services.

After extensive research and development, founder Tommy McNally proudly announces the launch of Pie, a comprehensive app designed to simplify tax management.

Available in all app stores, Pie offers a wide range of features including bookkeeping, invoicing, direct HMRC filing, and real-time tax figures. Aimed at demystifying the tax process, Pie empowers users with tools for efficient tax management, making it an essential app for individuals seeking to navigate their tax responsibilities with ease and confidence.

Ricky Knox, Nick Perrett, and Phil Bungey, co-founders of Tandem Bank, introduce Prosper, a digital wealth app set to redefine wealth management with £3.2m in pre-seed funding.

Supported by fintech leaders, Prosper’s mission is to lower the fees in wealth management, likening its ambition to TransferWise’s impact. The app offers fee-free investments in public market index funds, competitive savings rates, and diverse investment opportunities, aiming to create a customer-centric platform that maximizes investor returns.

Related topic: wealth management software development services.

Qomodo, founded by Gaetano de Maio, has closed a monumental pre-seed funding round of €34.5 million, led by Fasanara Capital.

This milestone positions Qomodo as a leading force in the Italian tech scene, aiming to innovate the payment industry with its Buy Now Pay Later solutions. Catering to both physical and remote transactions, Qomodo’s approach enhances merchant cash flow and customer spending ability, offering a seamless, interest-free payment experience. This achievement underscores Qomodo’s potential to transform the retail and service sectors through advanced payment technologies.

Balcia Insurance SE, under the leadership of Chairman Jānis Lucaus, has reached a significant milestone with EUR 100 million in gross written premiums, marking a 50% increase from the previous year.

This achievement spans across Latvia, Lithuania, Poland, and other countries, showcasing the collective effort of Balcia’s teams. The company is not resting on its laurels; upcoming projects include launching a mobile app in Poland, unveiling eco-friendly offices, and integrating AI technologies. The expansion will also introduce new insurance products in Estonia and Poland, emphasizing Balcia’s commitment to growth and innovation.

More about: InsurTech.

LettsPay, founded by Garrett Foxon, has launched a groundbreaking client account banking solution in partnership with Griffin Bank, revolutionizing the UK lettings industry.

This service, designed to simplify financial management for letting agents and property managers, meets all regulatory requirements for client money protection. By providing each landlord with a designated client account, LettsPay ensures transparency and compliance, enhancing the efficiency of property management. The collaboration also involves working closely with the Department of Levelling Up, Housing and Communities to align with industry regulations.

More about: Digital Banking and Digital Banking Platforms (the List).

LendInvestannounces the launch of LendInvest Mortgages and LendInvest Capital, a strategic move to refine its focus on delivering market-leading mortgage products and investment solutions.

This reorganization aligns products, processes, and technology to streamline operations and improve service delivery for brokers, customers, and investors. LendInvest Mortgages will encompass the company’s range of mortgage offerings, while LendInvest Capital will focus on investment products and specialist lending, aiming to provide tailored solutions and maintain high-quality customer experiences.

Related topic: wealth management software development services.

Mangopay, led by CEO Romain Mazeries, proudly announces the acquisition of a UK E-money License from the Financial Conduct Authority (FCA), ensuring its continued service in the UK post-Brexit.

This milestone reflects Mangopay’s commitment to simplifying payments for marketplaces and platforms, allowing the company to further support UK-based businesses with its modular payment infrastructure. The FCA authorization signifies a strategic step in Mangopay’s growth and its dedication to innovation in the payment industry.

Read more about: payment solutions.

MoonPay, under CEO Ivan Soto-Wright, has announced a significant partnership with Mastercard to bolster the Web3 ecosystem.

This collaboration will see MoonPay integrating Mastercard technology into its Web3 product suite, enhancing payment reliability and user experience. Mastercard’s expertise in blockchain technology and its initiatives in the digital economy complement MoonPay’s mission to bridge Web2 and Web3 payments, promising a new level of integration and innovation in the digital payment landscape.

Tamara, a leading fintech platform in Saudi Arabia, has reached unicorn status by securing $340 million in Series C funding, co-led by SNB Capital and Sanabil Investments.

This achievement highlights Tamara’s rapid growth and commitment to innovating shopping, payment, and banking solutions in the GCC region. With over 10 million users and a strong merchant network, Tamara is poised to further disrupt the financial services landscape, aligning with Saudi Arabia’s Vision 2030 and demonstrating the vast potential of the fintech sector in the region.

More about: buy now pay later (BNPL) solutions.