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Greetings from Techcrunch Fintech!
This week, we’re examining significant valuation increases, Stripe’s interest in a shareholder sale, an engaging discussion with a VC at the stadium’s outset, and additional updates!
For a weekly roundup of the most significant Fintech news from Techcrunch, delivered to your inbox every Tuesday at 8:00 am PT,subscribe here.
The Main Story
Last week was favorable for Fintech startup funding. Riyadh-based Tiger became the most valuable fintech in MENA after raising $160 million in Series E funding, achieving a valuation of $3.3 billion, significantly up from its $1.5 billion valuation just 18 months ago. This is an impressive feat. Meanwhile, India’s Zeta, a provider of banking software, secured $50 million from a strategic investor, boosting its valuation to $2 billion. This marks an upward trend from its $1.15 billion pre-money valuation from 2021. In addition, Mercury is reportedly negotiating a new funding round, potentially led by Sequoia, which could elevate its valuation to over $3 billion, nearly doubling its current worth. Though the company has yet to comment on Techcrunch’s inquiries, these developments might hint at a lively funding landscape in 2025, reminiscent of 2021 (though not entirely the same).
Show Me the Money
The major payment infrastructure firm, Band, is reportedly in discussions for another shareholder sale that could value the company at “at least” $85 billion, according to various reports and an insider.
From Lagos, Raenest, which provides multi-currency accounts, has garnered $11 million in funding led by QED Investors to expand its reach across Africa.
Also, Ghanaian Fintech company Africa Affinancellation raised $8 million in seed funding to enhance its financial offerings, particularly in a country where mobile money prevails as the primary financial tool.
Commute, a company developing solutions to assist insurers with billing and income management, secured $20 million in Series B funding aimed at enhancing its technology and operational capabilities.
The table management service, Carta, garnered attention in 2020 when former VP of marketing Emily Kramer filed a lawsuit claiming discrimination and sexual harassment; this case was settled in 2023. Since then, two other lawsuits have been settled involving women alleging harassment and discrimination within the company, as reported by legal documents seen by Techcrunch. Charles Rollet covers this further.
The crypto exchange Jamming is working on its strategy to return to India after having officially ceased operations in the world’s most populous country over a year ago.
I had a fantastic time discussing things with Sheel Mohnot, General Partner of Better Tomorrow Ventures, for the Techcrunch podcast. Our conversation covered everything, including his experience in a Justin Bieber video, how social media has aided him in securing deals, and his insights on the Fintech industry’s resurgence.
Noteworthy Headlines
On the subject of high valuations: Sardine, a fraud detection startup, raises $70 million in Series C funding.
Vouch has acquired Startsure Insurance Services and also completed Series D funding
Varo’s CEO, Colin Walsh, has appointed Gavin Michael as his successor
Robinhood’s Q4 Crypto revenue surged by 700% compared to the previous year
Thank you for reading! Until next week … Follow me on x @BayareAwriter for the latest on new fintechs, coffee news, and more.