Jun 21, 2024

ICYMI fintech funding round-up: Ramify, Hawk, Cadana, Prosper and more 21st June 2024 At FinTech Futures, we know that it can be easy to let funding announcements slip you by in this fast-paced industry. That’s why we put together our weekly In Case You Missed It (ICYMI) funding round-up so you can get the latest funding news. Ramify bags €11 million investment French wealthtech start-up Ramify has raised €11 million through a Series A funding round led by London-based venture capital firm 13books Capital. The round was also supported by Fidelity International Strategic Ventures and Ramify’s existing investors AG2R, Crédit Agricole, Newfund, and a group of business angels, who had contributed to the Paris-based firm’s €3.5 million Seed round in 2022. The recent cash injection will be put to use driving the company’s planned research and development into artificial intelligence, with an aim to become the “go-to investment solution for the new generation of affluent investors in France”. Founded in 2021 by Olivier Herbout and Samy Ouardini, Ramify primarily targets French individuals with €100,000 to €5 million in financial assets. The wealth management and financial advisory platform offers a wide range of financial products, such as bonds, real estate, private equity, stocks and tax solutions. Cadana, a US payroll fintech, has raised $7.4 million split $325,000 from pre-seed funding and $7.1 million secured during a recently completed Seed round. The Seed round was led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Startups. The funds have been earmarked to fuel Cadana’s product development, scale its team, and expand into new markets. Founded in 2021, Cadana delivers payroll services to help businesses manage their global workforces in emerging markets. The company offers payroll APIs and a white-label product suite tailored to HR platforms and talent marketplaces. Prosper eclipses £800,000 Crowdcube target UK savings and investments wealthtech Prosper has realised its £800,000 Crowdcube target. Founded by CEO Nick Perrett and chairman Ricky Knox, who previously collaborated on building Tandem Bank, Prosper provides customers with a variety of investment, savings and pension products. The firm states that its Crowdcube raise is still open for overfunding. As of 21 June, it had secured £964,972 from 256 investors. “We have been overwhelmed by the early show of support in the crowdfund. We know that businesses like ours can’t change the status quo without a community behind us. Challenger banks like Monzo and Revolut have shown that great returns for early investors are possible,” states Perrett. VoxSmart, a UK-based communications surveillance provider, has received an undisclosed investment from Maven Capital Partners and lead investor Toscafund Asset Management. Commenting on the financing, Oliver Blower, CEO of VoxSmart, says: “This investment from Maven helps us to reach our ambitious growth plans and expansion into new markets, as well as our continued drive to deliver market-leading communications solutions across the capital markets.” Established in 2006, VoxSmart provides cloud-based mobile recording and communication surveillance tech to assist financial institutions in meeting regulatory requirements and managing “business risks”. Hawk extends Series B round Hawk, a German firm offering AI-powered fraud prevention and anti-money laundering solutions, has announced an undisclosed extension of its Series B funding round. The extension, which Hawk claims has resulted in a “substantial increase in valuation”, sees Dutch VC Rabo Investments joining existing backers Coalition, BlackFin Capital Partners, Sands Capital, DN and Picus. To keep up with the “demand for AI-powered anti-financial crime technology”, the new funds are set to fuel Hawk’s “international growth”, according to a statement on the matter. Explaining why the firm decided to invest in Hawk, Martijn Scholtes, MD at Rabo Investments asserts: “What impressed us most about Hawk is that they’re delivering compelling results using explainable AI. Their advanced screening, detection and monitoring capabilities align very well with our mission to build a more secure and robust financial ecosystem.” London-based digital asset custodian Zodia Custody has bagged an undisclosed investment from NAB Ventures, the venture unit of National Australia Bank (NAB). Zodia Custody, which last year partnered with SBI Digital Asset Holdings to introduce a Japan-based crypto asset custodian for institutional clients, says NAB’s financial backing follows the firm’s establishment of operations in Australia in late 2023. This move aligns with Zodia Custody’s strategy to further expand its presence in the APAC region. Zodia Custody has not specified how the new investment will be used; however, this funding brings NAB on board as the firm’s fourth “major financial institution” investor, joining Northern Trust, Standard Chartered and SBI Holdings. Going forward, the UK fintech states its “priming itself” to become “the custodian of choice for applicants of anticipated digital asset ETFs awaiting approval from the ASX”. Numerated lands a strategic investment form Citi Financial Software-as-a-Service (SaaS) enterprise Numerated has landed an undisclosed strategic investment from heavyweight US bank Citi. The funding was provided through Citi’s Markets Strategic Investments division, with its director Katya Chupryna stating that “investing in Numerated underscores our dedication to driving innovation on a global scale”. The investment has been earmarked to enhance Numerated’s solution offering AI-powered financial analysis for commercial lending. Numerated , a modular commercial lending platform, reveals that its financial spreading services will be engaged for the bank’s enterprise lending operations.