4 Potential Fintech Startups Get Investments Up To $450 Million

With the development of technology, virtual banking and cryptocurrencies are becoming more and more popular. In addition, the Covid 19 pandemic has also changed people’s consumption habits and behavior, creating a spark for the outstanding development of Fintech.

The rapid development of technology accompanied the birth and growth of a series of Fintech startups. 2023 marks a promising year for the industry with 4 potential startups attracting investment up to $450 million.

1. PhonePe attracts another $100 million at a $12 billion valuation

PhonePe, the India-based Fintech unicorn, has received US$100 million in funding from Ribbit Capital, Tiger Global and TVS Capital Funds, at a pre-funding valuation of US$12 billion. In addition, PhonePe raised another US$350 million, raised by the Walmart-owned company in January. This means PhonePe raised US$450 million within six weeks.

With over 440 million registered users, PhonePe offers one of the largest payment ecosystems in India. The new funding will be used to boost the company’s insurance and payments businesses in India, and scale up new industries such as lending and stockbroking. In a statement, PhonePe said it expects more investments from global and Indian investors in the near term.

2. Cross-border payment solutions company Tazapay pocketed $16.9 million with ambitions to expand into the Middle East, Europe

Singapore-based Tazapay, a financial technology company specializing in cross-border payments, has received US$16.9 million in a Series A funding round led by Sequoia Capital. Also involved are EscapeVelocity, PayPal Alumni Fund, Gokul Rajaram, Foundemental, January Capital, RTP Global and Saison Capital.

Tazapay will use the funds to scale its business across Asia and expand into other key regions, such as the Middle East and Europe. This includes the adoption of payment licenses in major markets that will expand Tazapay’s payment network globally. The startup will also improve its core capabilities and add more local payment methods.

The company plans to expand its real-time local collection channels to over 100 by the end of the year. The startup serves businesses in cross-border e-commerce, Edutech, SaaS and tourism.

3. Moonfare Digital PE Investment Platform Wins US$15 Million in Series C+ Round

Moonfare, a global digital private equity (PE) investment platform with headquarters in Asia Pacific in Singapore and Hong Kong, has raised US$15 million in a Series expansion round C. The investment comes from 7 Global Capital, a cross-border investment fund that invests in capital-efficient internet and consumer technology companies with market leadership potential.

This funding brings Moonfare’s total Series C rounds to more than US$130 million. The startup had previously raised capital from Insight Partners, Vitruvian Partners and Swiss private bank Bordier & Cie.

Moonfare provides individual investors and advisors with access to selected PE investment opportunities. With a digital referral process and wealth management platform, Moonfare allows investors to register and invest in companies. Moonfare will use the new capital to fuel its growth plans.

To date, the startup claims to have offered more than 69 private market funds from leading general partners worldwide, such as KKR, Carlyle, Permira and EQT, with a focus on share buybacks. private equity, ventures, growth and real asset classes such as infrastructure.

4. Financing operating system for SMEs Aspire reaches US$100 million, with annual payment volume of US$12 billion

Aspire, an all-in-one financial operating system (OS) provider for businesses in Southeast Asia, has completed a US$100 million registered Series C funding round led by Lightspeed Ventures and Sequoia Capital SEA co-led. Paypal Ventures, Tencent, LGT Capital Partners and existing backers also co-invested.

Aspire is the all-in-one financial operating system for new-age businesses. The company claims it helps SMEs save time and money with multi-currency accounts and cards, expense management, payables management and receivables management solutions – all both in one account. Aspire plans to use the funding to strengthen its product offering, expand its presence in the region, and attract more talent across Southeast Asia.

Aspire says it recently tripled its total annual payment volume to US$12 billion from more than 15,000 businesses across the region.