PreIPO INTELLI™ Weekly Insights
Friday, April 28th, 2023 | Volume 1 Series 30 | Fintech Companies To Look Out For, PreIPO chosen to raise $250 Million SPiCE VC II, Stripe’s recent massive funding, and more updates.
Happy Friday to you all - We’ve got another round of news and updates brought to us by the team at INTELLI™. We have some Fintech companies to watch out for, everything you need to know about SPiCE VC, Stripe’s recent funding and plans to IPO, and more updates on Fintech.
👁️ Top Growing FinTechs to Keep Your Eye On 👁️
Exploding Topics gave their own list of Top Fintech Companies to keep an eye on, which we’ve summarized here for you:
Chipper Cash - an app designed for cash transfers, enabling users to send personal payments without any charges, similar to Cash App and Venmo. Its operations are mainly focused on African countries such as Ghana, Kenya, and Nigeria. In November 2021, the fintech firm raised $150 million in their latest series funding round, attaining a $2 billion valuation.
Razorpay - offers a comprehensive range of payment gateway solutions, consisting of numerous products such as checkout page tools, automated payment systems for vendors, virtual accounts, and many more. With a valuation of $1 billion, Razorpay is among the select few fintech unicorns in the market. Recently, they introduced their latest feature, Magic Checkout, which captures customers' details during their initial purchase and auto-fills them during subsequent purchases.
Rapyd - a payment gateway that specializes in facilitating international card payments, enabling ecommerce sites to seamlessly cater to localized payment preferences. It boasts a reputable clientele that includes household names like HotMart and Ikea.
Pitchbook - a data platform that consolidates and gathers information for venture capitalists. In particular, it holds records on three million businesses, encompassing details about their funding rounds.
9fin - a platform that specializes in financial data and analytics for high-yield and leveraged loans. It offers real-time market insights and data analysis, encompassing covenants, credit analysis, and deal structures, empowering investors to make informed investment decisions. The platform's objective is to democratize access to financial data and promote transparency in the high-yield and leveraged loans market.
Trueaccord - a machine learning-based solution that assists in debt collection. Its proprietary "HeartBeat" algorithm is specifically designed to enhance the success rate of debt collection efforts by automating the process.
Tickertape - an investment research platform that delivers real-time financial data and analysis to Indian investors. Its suite of tools includes stock screeners, market news, and analytics tools, which aid investors in making well-informed investment decisions. Tickertape's mission is to empower Indian investors with reliable and actionable financial data and analysis.
Wise - previously known as TransferWise, began as a money transfer service that revolutionized international money transfers by providing a transparent and cost-effective platform that eliminated hidden fees and high currency exchange rates. Over time, the company expanded its offerings to include neobank services such as credit cards and real estate management services.
OnCredit - an online lending service that furnishes short-term loans to individuals and small enterprises located in developing economies. By utilizing cutting-edge data analysis and machine learning techniques, it evaluates the borrower's creditworthiness and presents tailor-made loan options, facilitating swift and smooth access to credit.
Bookipi - invoicing and accounting application that caters to small business owners, freelancers, and self-employed individuals by providing an easy-to-use interface. With Bookipi, users can effortlessly generate and transmit polished invoices, monitor their expenditures, and oversee their financial matters within a single platform. Bookipi simplifies the invoicing procedure through its user-friendly interface, automated functions, and adjustable preferences, allowing users to economize their time and enhance their monetary flow.
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PreIPO® Chosen to raise $250M for SPiCE Fund II
PreIPO, a leading company providing advanced financial technology solutions, has announced an exciting new collaboration with SPiCE VC. The partnership will enable PreIPO to broaden its offerings and deliver state-of-the-art financial technology to a wider audience. SPiCE VC is the top-ranked venture capital fund in the blockchain and tokenization ecosystem, and its SPiCE Fund I has generated an outstanding 50.7% internal rate of return. We are thrilled to announce the launch of SPiCE Fund II.
The PreIPO Platform will feature SPiCE Fund II as the first of several funds available for investment, providing a comprehensive data room containing crucial due diligence documents and marketing materials. This partnership also includes access to PreIPO's vast network of industry experts, potential partners, and investors, as well as its proven track record of helping companies grow and thrive.
SPiCE VC is a venture capital firm that offers investors the opportunity to invest in the rapidly expanding blockchain/tokenization ecosystem. The firm invests worldwide in platforms and ecosystem providers that facilitate access to capital markets, banking, real estate, and other industries that are enhanced by blockchain technologies. SPiCE primarily targets companies that are poised to gain the most from the industry's significant growth. With a team that has extensive experience in entrepreneurship, investment, and executive roles in the technology sector, SPiCE combines institutional expertise, hands-on management, entrepreneurial innovation, and professional investment knowledge.
📰 Stripe Raises $6.5 Billion in Series I but when will it IPO?
Stripe, a digital payments company, has raised $6.5 billion in a funding round led by Sequoia Capital, increasing its valuation to $50 billion. The company plans to use the funds to expand its global operations, accelerate its product development, and make strategic acquisitions. Stripe's recent initiatives, such as launching its own banking-as-a-service platform and acquiring a tax compliance startup, are seen as signs of its ambition to become a more comprehensive financial services platform. This funding round is noteworthy for being one of the largest private financing rounds in history. With the projected valuation of $50 billion as of March 15, 2023, Stripe is on track to debut among the biggest IPOs in history. While the exact date for the IPO is yet to be confirmed, we do know that within the next 12 months, Stripe is poised to make a significant financial decision. As per the announcement made by the co-founders, the company will either go public through an initial public offering (IPO), or allow its employees to sell their shares via a secondary offering.
🔥 INTELLI™ Featured Deals 🔥
This week, we wanted to highlight a few deals that INTELLI™ is tracking.
Rippling - $500 Million Series E
Rippling is a cloud-based human resource management platform that helps businesses automate their HR and payroll processes, including employee onboarding, benefits administration, time tracking, and more. It also integrates with other software applications commonly used by businesses to streamline workflows and increase efficiency. In March, Silicon Valley Bank (SVB) collapsed and froze Rippling's clients' payroll funds, leaving over 50,000 employees at risk of not receiving their pay. Rippling extended $130 million of its own capital to fund the payments and migrated to JPMorgan Chase's infrastructure. The company also raised $500 million in a funding round led by Greenoaks to protect its customers' funds, although the FDIC later guaranteed the deposits. Rippling has since recovered all funds from SVB and has moved its banking operations to JPMorgan Chase.
MNT-Halan - $400 million in equity and debt financing
MNT-Halan was the sole fintech company that became a unicorn in the first quarter of 2023. The Egyptian fintech company has attracted $400 million in funding, making it the largest funding round in Egypt and the Middle East over the past 12 months. The funding will be used to expand the company's services across the region and increase its reach to the unbanked population. MNT-Halan offers a range of digital financial services, including microloans, mobile wallet top-ups, and bill payments. The funding round was led by a group of international and local investors.
As always, stay tuned for more updates and insights from the team at INTELLI™.