Farther, BankiFi, Highbeam and more

At FinTech Futures, we know that it can be easy to let funding announcements slip you by in this fast-paced industry. That’s why we put together our weekly In Case You Missed It (ICYMI) funding round-up for you to get the latest fintech funding news.

New York-based wealthtech Farther has bagged $15 million in a Series A round led by Bessemer Venture Partners at a valuation of $50 million.

Farther lands $15m Series A

The round also included participation from new investors Khosla Ventures and MassMutual Ventures as well as existing investors Moneta Venture Capital, Context Ventures and Cota Capital.

The new funding brings the company’s total capital raised to date to $22 million.

Founded in 2019, Farther makes use of advisors and technology to cater to high-net-worth professionals who need help managing their money.

In H1 2022, Farther claims to have “nearly quadrupled” its assets under management to over $250 million and “doubled” its staff headcount to over 50 employees across the US, including advisors, engineers and product team members.

With the new money, the wealthtech firm plans to accelerate its growth and product development.

Singapore-based paytech FOMO Pay has secured $13 million in a Series A funding round led by Jump Crypto. Other participating investors include HashKey Capital, Antalpha Ventures, Ab Initio Capital and Republic Capital.

FOMO Pay intends to use the fresh funds to invest in hiring new talent and strengthening its infrastructure, boost its research and development capacity and fuel its geographical expansion.

Founded in 2015, FOMO Pay is a payment institution licensed by the Monetary Authority of Singapore (MAS) and offers cross-border money transfers, domestic money transfers, a digital payment token service and merchant acquisition services.

New York-based Highbeam, a start-up offering banking services for e-commerce businesses, has landed $7 million in seed funding led by Mayfield Fund and Firstmark Capital with participation from a number of fintech and e-commerce operators.

With the new funds, Highbeam aims to continue developing its product offerings and hire new talent.

The start-up aims to provide banking and credit services to e-commerce brands looking to scale.

Nigerian bookkeeping start-up Pastel has raised $5.5 million in a seed funding round led by TLcom Capital. Also participating were Global Founders Capital, Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play and Soma Cap.

The start-up, earlier called Sabicash, aims to digitise financial solutions for small and medium-sized businesses (SMBs) in Africa. It offers a digital bookkeeping app that enables SMBs to manage their cashflows and customers.

Launched in 2021, Pastel claims to have over 45,000 active merchants on its platform. With the new money, it says it will develop its product offerings and offer new features to customers.

SMB embedded banking solution provider BankiFi has raised $4.8 million in a round led by Praetura Ventures with participation from existing shareholders.

With the cash influx, the fintech firm says it plans to boost its expansion in North America. It aims to provide its services to more than two million SMBs across four continents by 2024.

Headquartered in Ohio with global offices, BankiFi provides an open cash management platform and architecture that financial institutions can embed into their current digital banking infrastructure to address the specific issues of their SMB portfolio.

JARVIS Invest secures $600,000 funding

JARVIS Invest, India’s first AI-based investment advisory firm, has raised $600,000 from a “leading family office” in the UAE.

It says the funding will be used to expand globally and launch new products in key markets, starting with the UAE.

JARVIS Invest aims to build new products which will be accessible to the global market via Dubai’s advanced ecosystem. It will also set up a new office in Dubai and utilise the extensive network of the leading family office for business expansion.

The wealthtech firm claims to have over 85,000 customers and provides an AI-led portfolio management tool and risk management system.