Turnkey lender, FairPlay, Bloom and more
Our weekly roundup for you to get the latest fintech funding news from around the world. With TurnKey Lender, FairPlay, Bloom, Inveztor, Hardbacon and Dufrain.
Global software as a service (SaaS) B2B company Turnkey lender raised $10 million in a new funding round led by OTB Ventures.
The round, a mix of equity and debt financing, also saw participation from DEG and Vertex Ventures.
TurnKey Lender says it will use the new funds to “capture” new opportunities in macro trends in integrated lending adoption in North America, Europe and Southeast Asia.
He also named former Intel vice president Christian Morales as chairman of the board.
Morales brings over 40 years of senior-level experience at leading global technology institutions. In his new role, he will ensure the company continues to grow in terms of revenue, hiring, strategic partnerships and client relationships.
Founded in 2014, TurnKey Lender offers a SaaS platform that automates the digital lending process in developing and developed markets.
Based in California Fair playwhich offers an algorithmic decision support solution for the granting of credits, obtained $10 million in Series A financing.
The round was led by Nyca Partners with participation from Cross River Digital Ventures, Third Prime, Fin Capital, TTV, Nevcaut Ventures, Financial Venture Studio and Jonathan Weiner.
Launched in 2020, FairPlay uses AI “fairness techniques” to reduce algorithmic bias for people of color, women, and other historically disadvantaged groups.
FairPlay says its solution enables lenders to identify and mitigate biases in their credit models, thereby increasing profitability and financial inclusion.
“Fairness as a service is growing rapidly,” says Kareem Saleh, Founder and CEO of FairPlay. “Lenders use FairPlay because they believe, as we do, that fairness is good for people, profits and progress.”
Fintech based in Sudan Bloomwhich offers “equitable and inclusive” financial services in East Africa, pocketed $6.5 million in a seed funding round.
The funding saw participation from Y Combinator, Global Founders Capital, Goodwater Capital, Visa and VentureSouq, alongside a number of angel investors.
The company says it will use the fresh money to recruit “world-class” talent, improve customer experience and offer new financial services to its members in Sudan and the wider East Africa region. .
The digital banking company is the first Sudanese company to join Visa’s Fintech Fast Track program.
Founded in 2021 and recently graduated from the 2022 batch of Y Combinator, Bloom claims to have more than 100,000 users on its waiting list to access its app.
London-based start-up Investor raised £1.3m in an oversubscribed pre-seed fundraising round.
The round saw the participation of 17 investors. Marcus Everard (via Skye Capital) and StemFinancial led the round, with participation from Portfolio Ventures and other angels.
Inveztor is a financial technology company providing software to agents and market participants in the debt capital markets.
The company says it is building a digital platform where deal teams can collaborate and manage debt securities, including bonds and escrows. The platform brings issuers, advisers and legal advisers together to enable agents to intelligently manage transactions in a real-time environment.
Inveztor announces that it will launch its product in September.
hard bacona Canadian personal finance app, got $706,000 in financing more than 500 investors via the FrontFundr crowdfunding portal.
He first launched the crowdfunding campaign in May. With the new funding, Hardbacon’s total funding has now reached over $3.1 million since its founding.
The investment will be used to stimulate the growth of the company. Currently, Hardbacon claims to have 232,000 unique visitors per month and plans to double its reach by the end of the year.
Hardbacon helps Canadians plan, budget and invest, while allowing users to compare different financial services such as credit cards, bank accounts, online brokers, robo-advisors, mortgages and crypto exchanges.
Looking ahead, Hardbacon has announced plans to go public in 2023.
Dufraina consulting company in data management services and data analysis, obtained a undisclosed investment of Phoenix Equity Partners, a UK growth-focused private equity firm.
The company says the move is aimed at fueling the next stage of its growth through a management buyout.
Founded in 2010, Dufrain helps its financial services and banking clients discover, manage and optimize data to gain insights and make informed business decisions.
It employs over 170 data experts in its offices in Edinburgh, Manchester and London.
Dufrain says he’s seen his revenue grow 40% year-on-year over the past two years. He adds that the investment will allow the company to continue growing by expanding its footprint across multiple geographies and sectors, as well as further developing its in-house technology solutions.