Spend management startup Ramp has raised a significant $150 million. With this its valuation has been pushed up to $7.65 billion. The increase is nearly 32% from its previous valuation and this showcases remarkable growth of it in a tough market. It is also here to note that the startup has managed to avoid layoffs despite the challenging environment. This attributes its success to continued growth and emphasis on AI technology.
Business banking startup Mercury is expanding into consumer banking after serving over 100,000 businesses. CEO Immad Akhund aims to convert many business clients into personal banking customers. Transitioning from business to personal banking of course do presents challenges, but Mercury’s existing clientele provides a solid foundation for this expansion.
In other funding news, Berlin-based fintech startup finmid secured $24.7 million in Series A funding. This investment is learned to be fueling its product development as well as entry into new markets. Meanwhile, Pula, an insurtech in Kenya, raised $20 million to support smallholder farmers across emerging markets. It is further fulfilling its mission to enhance access to agricultural insurance.
Turkish fintech startup Midas facilitates investment in the United States and Turkish equities. It has raised $45 million and the funding round was led by Portage of Canada. It highlights investor confidence in the innovative approach of the company to investment. Moreover, there are rumors that an HR/fintech startup Rippling potentially raised $200 million in funding. If the news is true, the investment would strengthen its position in the competitive fintech landscape.
Swedish fintech giant Klarna has entered the U.S. credit card market. It is competing with established players like Apple and Robinhood. It aims to diversify its offerings and capture a larger share of the American financial market.
