Oct 7, 2022

7th October 2022 Our weekly round-up for you to get the latest fintech funding news from around the UK and Europe. UK fintech Plum has secured £5 million in debt financing from Silicon Valley Bank UK and is set to launch its third crowdfunding campaign. Plum secures £5m Since its last crowdfund a year ago, the company has launched commission-free investing, expanded into new European markets, enabled crypto trading and launched a debit card. It claims to have grown its customer base to 1.4 million, an almost 50% increase in the last year. Plum plans to use the additional finances from Silicon Valley Bank UK and the forthcoming crowdfund to accelerate its European expansion, refine its products to better serve customer needs and build a “faster, more cohesive” app. Silicon Valley Bank UK joins Plum’s existing investors dmg ventures, Global Brain and Venture Friends. The crowdfunding campaign will open later this month on Crowdcube for UK and European investors. NoFrixion, a Dublin-based fintech specialising in business payments, has raised €3.6 million in a funding round led by Delta Partners and Middlegame Ventures and featuring Furthr VC. The firm says it will use the new capital to grow its engineering and sales teams. Founded in 2020, NoFrixion enables instant payment and settlement for e-commerce and offline transactions and can be integrated with core business applications such as ERP and accounting platforms. UK-based fintech start-up Currensea has bagged £2.4 million in funding from Blackfinch Ventures and 1818 Venture Capital. The new funding follows Currensea’s £2 million crowdfunding campaign on Seedrs in July. Founded in 2018 and headquartered in London, Currensea offers “the UK’s first” direct debit travel card. UK fintech start-up Finteum has raised £1.3 million in a seed funding round led by SuperSeed. The money will help Finteum develop its intraday liquidity management technology for banks. It will also be used to onboard more banking clients and hire more staff. Finteum’s trading platform is built on distributed ledger technology (DLT) which helps streamline the execution and settlement of trades. The start-up adds that its platform enables banks to borrow “for hours at a time, allowing them to efficiently meet a temporary liquidity need”. “Using the platform becomes an essential component of banks’ liquidity optimisation strategy, and banks predict that it will reduce each bank’s costs by millions of dollars per year. Banks can also use intraday markets to lend excess funds, representing a new revenue stream,” it adds. Finteum says it will go live in early 2023 and that three “large” European banks have already signed on to the platform.