Embedded finance provider Solaris raised 39 million euros ($42 million) in a series F funding round July 11 to strengthen governance and compliance within the fintech. The company hit a valuation of $1.6 billion post the most recent funding round, per CB Insights.

“The core focus this year is for Solaris to become more efficient, ensure maximum compliance and continue our profitable growth course,” a company spokesperson told Bank Automation News. The first half of 2023 confirmed “that Solaris’ scalable business model can already operate profitably,” the spokesperson added. 

The German fintech’s offerings include card issuance, accounts management and lending, making it a “one-stop shop for embedded finance solutions,” the spokesperson said. 

The company has raised $470 million since its inception in 2016 and investors include HV Capital, Banco Bilbao Vizcaya Argentaria and Yabeo Capital, according to Crunchbase.

Samsung, American Express and Coinbase are among companies that use Solaris’ embedded finance services. 

TP24 raises $449M from Barclays, M&G Investments 

TP24, a B2B capital funding fintech, raised $449 million in debt funding from United Kingdom investors Barclays Investment Bank and M&G Investments on July 20, according to a TP24 release. 

Nearly half of the funding will be used to expand operations in Australia, where it launched operations in 2021, while the rest will be used in its U.K. and Netherland markets, according to the release.  

The Swiss fintech is looking to provide lending services to an underserved Small and Medium Enterprises finance sector in Australia, where “few banks and very little innovation from nonbank lenders in SME finance” has left “very few options,” Adam Lane, managing director of TP24 Australia, said in the release. “Having the backing of a global player like Barclays is testament to our unique ability to scale and provide a meaningful, globally relevant and fair service to Australian SMEs, which we know are the backbone of Australia’s economy.”  

Since 2021, TP24 has provided more than $88 million in loans to businesses in many segments ranging from critical infrastructure, wholesale trade, export, manufacturing and software, the release stated. 

The company has raised $834 million since its inception in 2017, most of which has come from debt financing, according to Crunchbase. 

Kuflink secures $45M in debt financing 

Kuflink, a fintech lending platform based in the U.K., has raised $45 million in debt financing from European Risk Capital and Paragon Bank. 

Kuflink will enter a three-year contract with the parties and they will provide the fintech with a revolving credit facility, according to a Kuflink release.  

“Plans for this year are to continue our current offering and make [our offerings] more robust than ever,” Narinder Khattoare, chief executive of Kuflink, told BAN. “We have a few products in mind that we’d like to launch but want to concentrate on lending the Paragon and P2P funds at present.” 

Last year, the company launched a leasing program but had to pull it back as the U.K. government announcement of a “mini-budget” rattled the markets, Khattoare said.  

Kuflink reported $2.5 million in profits year to date and expects revenues of more than $21 million this fiscal year, Khattoare said. 

CAB Payments IPO raises $426M 

London-based cross-border payments provider CAB Payments conducted its IPO July 7, raising $426 million, according to Nasdaq.  

The company floated 4.26 million shares in the market at the initial price of $4.31 per share and has seen the stock drop by 7% since its IPO, according to the London Stock Exchange (LSE). Post-IPO, the company’s valuation stood at $1.09 billion, according to the LSE. 

“We look forward to pursuing our strategy of delivering long-term sustainable growth and cementing our position as a payments and ForEx partner of choice for blue-chip customers transacting in emerging markets,” Bhairav Trivedi, chief executive of CAB Payments, told LSE in a statement. “Our mission [is] to connect more people in traditionally hard-to-reach regions with global financial infrastructure, enhancing financial inclusion and strengthening local economies.” 

CAB Payments plans to expand into new geographic areas along with looking toward using stablecoins and CBDCs to reduce settlement.