Vance, Solvento and Jingle Pay

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 funding news.

India-based neobank Vance has raised $5.8 million in a seed round led by Hummingbird Ventures.

Vance raises $5.8m

The round also saw participation from Global Founders Capital, Y Combinator, Soma Capital and angel investors.

The money will be used to expand their 10-member team to 30 over the next six months and develop new products including remittances, savings accounts and investments.

Vance aims to build a neobank catering to “global citizens”. Founded in 2022, Vance’s banking platform will allow users to “seamlessly” manage separate accounts, exchange currencies, and over time, invest in equities across markets.

Unlike multi-currency wallets, Vance says its account will enable users to transact using local rails in different countries.

Vance was part of Y Combinator’s Winter 2022 batch and plans on going live in the UAE and UK by the end of this year. By Q1 2023, it aims to launch in five more countries.

Mexican fintech start-up for the transport sector, Solvento, has raised $5 million in a round led by US’ Ironspring Ventures.

The round also saw participation from Quona Capital, Proeza Ventures, Dynamo Ventures, Zenda Capital, Susa Ventures, 9yards Capital and Supply Chain Collective, as well as angel investors.

It says it intends to use the funds to develop its offerings, hire more people and expand further in Mexico.

Established in 2021, Solvento offers financial services to carriers including payment automation, invoice financing and credit. Since it began, it claims to have disbursed $13 million in loans to more than 4,000 carriers.

MoneyGram has partnered with, and bought a minority stake of approximately 12%, in UAE-based finance app Jingle Pay, for an undisclosed sum.

Alex Holmes, MoneyGram’s chairman and CEO, has also joined the Jingle Pay board of directors as chair.

The two firms say the partnership will enable “convenient and fast” global money transfers through the Jingle Pay app, allowing consumers in the UAE to send money to more than 200 countries and territories around the world.

“As the start-up continues to grow, MoneyGram’s direct ownership in the company will strengthen our leading position in the Middle East and further accelerate our strategic goals to lead the evolution of digital payments,” Holmes says.

Jingle Pay, which targets expats and offers financial services such as multi-currency card and money transfer, is now live in the UAE.