10 FinTech Ventures That Raised Funds In Q2 2024

The FinTech industry is on fire once again, with a range of ventures raising impressive sums while redefining what’s possible in their fast-evolving space.

In this latest edition of our On the Rise series, we’re exploring how these innovators are harnessing their newfound resources to push even more boundaries and ultimately enhance how we manage our money. Here’s who’s been cashing in on the future of finance in Q2. Get ready to be inspired!

Abound

First up is Abound, the trailblazing credit technology firm reshaping the lending landscape. By harnessing the power of open banking data, Abound swiftly assesses customers’ borrowing capacity, delivering more affordable loans than traditional lenders. With an impressive £300m in loans issued and a recent financing boost that could reach £800m (with GSR Ventures as lead investor), Abound is gearing up for a major expansion. This includes a foray into prime lending, doubling its team from 65 to 130, and launching its cutting-edge AI-driven platform, Render, on a global scale. We can’t wait to see what co-founders Gerald Chappell and Michelle He do next.

Bondaval

Insurtech trailblazer and Capsule client Bondaval is bolstering payment default protection with cutting-edge digital solutions. Operating in over 30 countries from its vibrant hubs in London, New York, and Dallas, Bondaval has already set a new standard in the industry. Recently, it secured £15 million in a funding round led by Dawn Capital, a testament to its rapid growth and innovation. This investment will fuel the launch of Bondaval Re, its reinsurance vehicle, propelling it beyond its current role as a managing general agent.

Fintech Farm

Fintech Farm is reimagining banking in emerging markets with its innovative 'neobank in a box' service. By providing essential tools like debit and credit cards, buy now pay later options, credit engines, and stock investment apps, Fintech Farm empowers banks to launch all-digital neobanks seamlessly. In May, it secured $32 million in a Series B funding round led by Nordstar, fueling its mission to democratise access to credit in India. Fintech Farm is at the forefront of FinTech innovation, making banking smarter, faster, and more inclusive.

Monzo

Monzo, the FinTech sensation founded in 2015, has radically transformed banking for over nine million UK customers – adding a remarkable two million in just the past year. With a recent £150m funding boost, raising its valuation to an impressive $5.2bn, Monzo is in the process of accelerating its US expansion and expanding its innovative range of products.

Having achieved monthly profitability in late 2023, Monzo is on track to celebrate its first annual profit this year. Bravo, Monzo!

Pactio

Founded in 2021, Pactio is improving the $12 trillion private capital industry – providing essential infrastructure for seamless digital transformation. By digitising transactions from the ground up, Pactio tackles complexity, de-risks workflows, and establishes robust digital foundations for the entire investment lifecycle. Fresh off a $14 million Series A led by EQT Ventures, it’s preparing to expand its digital architecture and enhance its artificial intelligence capabilities. Capsule is right behind Pactio as its insurance broker.

Sidekick

Founded in 2022, Sidekick is the Robin to wealth management’s Batman – on a mission to make top-tier financial products accessible to everyone. With a recent £4.5 million seed round plus a £4 million debt facility boost thanks to the likes of Pact VC and TheVentureCity, it’s set to turbocharge client growth, enhance its offerings, and pursue European licensing. The dynamic platform aims to bridge the gap between the elite and everyday investors, turning premium financial services into a playground for all. Capsule is proud to be Sidekick’s sidekick, providing it with dedicated insurance solutions to support its growth.

Swiipr

The sky’s the limit for Swiipr. Led by CEO Tara Spielhagen, who founded the company alongside Ian Clowes, Swiipr is re-engineering the airline industry with its cutting-edge payment platform designed to streamline disruption payments. Since its 2020 launch, Swiipr has soared to new heights, serving 26 airlines across 70 countries and slashing costs by up to 60%. With a recent £6 million boost from Octopus Ventures, Swiipr is primed for explosive growth and innovation. As airlines embrace the future of digital payments, Swiipr is leading the way, enhancing passenger experiences and propelling efficiency in the skies.

Vitesse

Vitesse is elevating treasury management with its next-gen software designed for insurers who manage global financial flows. Co-founded by industry veterans Phil McGriskin and Paul Townsend – who previously sold their company to WorldPay for £70m – Vitesse is poised to make waves in the US market. Its expansion is powered by a $93 million funding round led by KKR, building on its impressive £32 million in venture capital from 2022 and 2020. With Vitesse at their fingertips, insurers can streamline their financial operations and focus on what really matters: delivering outstanding service.

Wagestream

Meet Wagestream, a game-changing platform that lets employees access their earnings on demand long before payday hits. With high-profile clients like Asda, Burger King, and Hilton on board, this B Corp-certified dynamo gives workers a better opportunity to handle finances on their own terms. Following an impressive £17.5m funding boost in April, along with a standout £135m Series C round led by Smash Capital in 2022, Wagestream is on a mission to evolve into a complete financial hub for low- and middle-income workers. It’s not just a service – it’s a movement toward financial freedom and empowerment.

Zilch

Zilch is proving that you can turn ‘zilch’ into a billion-dollar breakthrough. In just under four years, the buy now pay later platform has catapulted from startup status to unicorn sensation, empowering over four million customers and handling 10 million monthly payments with ease. Valued at £1.65 billion off the back of a stunning investment from eBay Ventures, this powerhouse has gone on to secure £100 million in a securitisation deal with Deutsche Bank – turbocharging its growth and innovation. With ambitions to triple sales and an eye on an IPO, Zilch is redefining the future of payments one swipe at a time.

Don’t let risk hold you back

Could your next move mirror these industry leaders? If you have a groundbreaking concept and need comprehensive insurance to cement your success, reach out to Capsule. We’re here to ensure your lightbulb moment never goes out.