Bits of Stock, Formance, Aveni, and Datia

Our weekly fintech round-up for you to get the latest funding news from across Europe, featuring Bits of Stock, Formance, Aveni, and Datia.

Bits of Stock raises $4.5m

Amsterdam-based fintech Bits of Stock has raised $4.5 million in seed funding by Yellow Accelerator by Snap Inc and Keen Ventures Partners.

The company says it will use the funds to scale its rewards program within the app.

Launched three years ago, Bits of Stock is a stock rewards app that allows consumers to own stock from the brands they shop with.

“Our brand-new Growth Rewards API will replace cashback and loyalty points with fractional shares, cryptocurrencies and other assets as rewards, whenever consumers shop,” Bits of Stock says.

“API clients like brands and fintechs can embed a seamless rewards experience into their applications, choosing from thousands of fractional shares of stocks and cryptocurrencies rewards.”

French open-source start-up Formance has raised $3.1 million in a pre-seed round.

Based in Paris and backed by Y Combinator, Formance says it will use the fresh funding to expand its product offering and recruit talent.

Founded in 2021, Formance uses application programming interface (API) to help fintechs and marketplaces “build and operate strategic money flows”.

Formance says its solutions can be used by fintech start-ups and marketplaces to earn commission, split payments, keep track of fractional shares, schedule payouts and collect fees, with the firm saying it will keep adding more use-cases each week.

Aveni raises £2.75m

Scottish regtech Aveni has bagged £2.75 million in a funding round led by The Tricapital Syndicate and Par Equity, supported by Scottish Enterprise.

The firm says it will use the funds to accelerate the company’s growth, expand market reach of its conversational AI platform, Aveni Detect and build out its team.

Aveni says its platform “monitors and analyses voice recordings and other digital interactions, where they are structured using complex algorithms and machine learning to draw out trends and actionable outcomes driving a range of business improvements”.

“These improvements include automated risk assurance monitoring, the identification of vulnerable customers, enhanced data analytics, and performance management of call centre agents and advisers,” it adds.

UK-based fintech Datia has secured £2.7 million in a seed funding round led by Nauta Capital.

Also participating in the round were Accel starter Ramzi Rizk, Söderberg and Partners, Sting and Zenloop founder Paul Schwarzenholz.

Datia helps build digital tools to accelerate sustainable investments. Particularly, Datia’s API allows tech platforms to generate automated sustainability reports for each of their customers.

The company claims that since its launch in 2020, it now has more than €110 billion in assets under management connected to its platform and that they are “working with some of the most reputable investors in Europe”.