Fintech Funding: Treasury Prime secures $40M

Total fintech funding and number of deals fell last year amid rising inflation and interest rates following a digitally transformative 2021 in the wake of the COVID-19 pandemic. In 2022, fintech funding fell 46% year over year to $75.2 billion, according to CB Insights ’ “2022 State of Fintech Report.” In the U.S., fintech funding plunged 50% YoY to $32 billion — and still remains the country’s second-highest funding year. “2021 was a bombshell of year that resulted from digital transformation needs during the pandemic,” Anisha Kothapa, lead analyst of fintech at CB Insights, told Bank Automation News . “Given that and the unforeseen impact the pandemic had on the economy, it was expected that there would be a slight drop in 2022 compared to 2021.” The report also found: Payments fintechs led in total funding deals in Q4 2022 at $3.4 billion; Banking fintechs accounted for $1.8 billion in funding in Q4 2022; and Wealth technology fintechs totaled $1.7 billion in funding in Q4 2022. "Payments-focused fintechs led in funding and deals in recent years as businesses and consumers demanded for more seamless ways to make payments,” Kothapa said. “The pandemic helped accelerate digital payments as both businesses and consumers increased their use of contactless payment methods via online, mobile or in-person at the point of sale. The industry is becoming increasingly cashless and enabling financial inclusion and digital transformation.” Fundraising for fintechs is already underway for 2023. The following fintechs recently secured funding: Treasury Prime Embedded banking fintech Treasury Prime raised $40 million is a series C funding round led by BAM Elevate , Banc Funds Company and Invicta . The funding allows the San Francisco-based fintech to build out its network and enhance product development, according to a Treasury Prime release. “This latest round of funding is affirmation that Treasury Prime is in an optimal position to capitalize on this market opportunity and confirmation that we’re delivering value to banks, enterprises and partners alike,” Chief Executive Chris Dean said in the release. Treasury Prime raised $20 million in series B funding in 2021 in a round led by Deciens Capital and QED Investors, according to Crunchbase . Foro Commercial lending startup Foro raised $8 million in a series A funding round last week led by TTV Capital . The Charolotte, N.C.-based company connects businesses and lenders based on capital needs and a business profile, cutting the discovery period to 7 days from 30 days, according to a Foro release. “By using Foro, businesses can secure capital more efficiently and with more support than the current model, while lenders can access a pre-screened pool of businesses that already fit their lending parameters,” Foro Chief Executive Dave Godsman said in the release. Fin Capital , Correlation Ventures and AME Cloud Ventures also participated in the funding round, according to Crunchbase. Lulalend Lending fintech Lulalend secured $35 million in series B funding Wednesday. The South Africa-based fintech will use the capital to scale the business and meet the needs of small- and medium-sized businesses, according to a Lulalend release. “We will scale our business and bring new products to market to better meet the financing needs of South Africa’s SMEs,” Lulalend Chief Executive Trever Gosling said. London-based investment firm Lightrock led the funding round, according to Crunchbase. Hawk:AI Germany-based fraud prevention fintech Hawk:AI raised $17 million in series B funding last week led by Washington D.C.-based Sands Capital . The funding will be used to excel the fintech’s AI, cloud outsourcing and fraud technology, Chief Executive Tobias Schweiger said in a release. Hawk:AI has a total of $27 million in funding, according to Crunchbase. Bank Automation Summit US 2023, March 2-3 in Charlotte, is a crucial event on automation technology in banking and will feature a fireside chat with Brinda Bhattacharjee of Goldman Sachs & Co . Register here. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1675366705933.1675372185276.790&__hssc=41615677.2.1675372185276&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1675366705933.1675372185276.790&__hssc=41615677.2.1675372185276&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

Fintech Funding: Treasury Prime secures $40M

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Fintech Funding: Treasury Prime secures $40M

US fintech funding fell 50% YoY in 2022

ChatGPT can provide banks with security enhancements

London payments firm moves $1B a month despite ‘red flags’

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