Fintech Funding: Arc secures $20M series A

Fintech Arc announced Wednesday that it has secured $20 million in a series A funding round. The San Francisco-based startup’s platform gives software-as-a-service startups access to upfront capital and provides a cash management account to store and spend funds. The company was founded in 2021, and in June launched its Arc Treasury banking platform and developed a partnership with payments platform Stripe . The Treasury platform provides customers access to financial tools such as bank accounts and spending analytics. “This capital injection will help us build and scale Arc Treasury to meet the digital banking needs of a new generation of software-driven businesses,” Don Muir, Arc co-founder and chief executive, said in a statement. Central Payments raises $30M in growth equity Payments technology and card-issuing platform Central Payments announced it has raised $30 million in growth equity financing that will allow the fintech to become an independent company, separate from Central Bank of Kansas City . The bank will remain an investor. [caption id="attachment_220152" align="alignright" width="300"] Image by CanStock [/caption] The investment will further plans for the fintech’s Falls Fintech accelerator, a 12-week program designed to expedite the path to market for early-stage fintech startups. The funding round was led by Castle Creek Capital and included Launchpad Capital , according to a release. “Since inception, we have remained steadfast in our belief that new technology and the stability of a bank charter create opportunity for banks in fintech and embedded finance when others may have perceived a threat,” Trent Sorbe, Central Payments founder and president, said in a statement. Pomelo nabs $20M in seed funding San Francisco-based credit and money transfer company Pomelo announced it has raised $20 million in seed funding, which includes a $50 million warehouse facility. The startup has partnered with Mastercard for a credit card that allows U.S. citizens 18 years and older to invite others living abroad to join a family plan, with every member of the plan receiving a virtual and physical card used for shopping digitally or in person, according to the company’s website. “Pomelo is on a mission to change how international money transfer fundamentally works,” Chief Executive Eric Velasquez Frenkiel said in a statement. Koibanx gains $22M in series A Latin American asset tokenization company Koibanx announced Thursday that it has raised $22 million in series A funding. The company will use the funds for blockchain infrastructure and to build payment rails for financial institutions in Central America, according to a release. Koibanx plans to launch a beta version of a low-code platform later this year, allowing developers to create financial products on the blockchain. The investment round was led by Algorand Inc. , along with Borderless Capital , Kalonia Venture Partners , G2 and Innogen Capital , among others, according to the release. “We want to remain at the forefront of redefining Latin America's financial system,” Leo Elduayen, chief executive at Koibanx, said in a statement. “A blockchain-based financial system inevitably results in faster, scalable and programmable financial products that will grant access to a broader segment of the population that is currently underserved.” Lufax plans Hong Kong IPO Chinese financial services platform Lufax announced its intent to file an initial public offering in Hong Kong to preemptively hedge against the risk of being added to the list of China-based companies being banned in U.S. markets. The company said in a statement it has explored the potential listing on the Hong Kong stock exchange without setting a definite timetable. Lufax’s shares in the U.S. have fallen 70% since its initial New York Stock Exchange debut in October 2020. The company was formally one of China’s largest peer-to-peer lenders and diversified into wealth management and retail lending after a crackdown by Chinese authorities in 2018, according to a statement. Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. <a tabindex="-1" title="https://bankautomationsummit.com/agenda/utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Agenda&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" href="https://bankautomationsummit.com/agenda/utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Agenda&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Footer&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Footer&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit Fall 2022">register for Bank Automation Summit Fall 2022 .

Fintech Funding: Arc secures $20M series A

The company launched its Treasury banking platform in June

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Fintech Funding: Arc secures $20M series A

The company launched its Treasury banking platform in June

Armed Forces Bank to fill tech roles with veterans

Pagaya invests in AI in Q2

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