A look at the compilation of top FinTech funding deals in March 2021

Increased transition to digital transformation and demand for alternative financial services driven the growth of the FinTech market. Advancements in this industry will significantly help financial services providers to embrace innovative solutions to address their clients’ financial challenges, prevent overspending, and better manage their finances. In recent years, the world has seen the rise of a cohort of fintech startups delivering technologies ranging from blockchain and artificial intelligence to biometrics and contactless payment systems. The industry has lured a substantial amount of investors’ interest in the last few years. While the year 2020 saw a tremendous surge in fintech solutions, it is expected to continue to flourish in 2021 and beyond.

Here’s a look at the top fintech funding and investments in March 2021.

SumUp

SumUp is a London-based financial technology company that enables businesses to accept card payments at the Point-of-Sale or on the go. The company recently announced the closure of €750 million (US$895 million) in a Series D financing round. The round was led by Goldman Sachs, Temasek, Bain Capital Credit, Crestline, and funds managed by Oaktree Capital Management, L.P. SumUp intends to utilize the funds to accelerate its business expansion, continue to make acquisitions, support its launch in new markets in Europe, Latin America, and Asia, and build out the suite of services that it provides to businesses.

Plaid

Plaid, a California-based fintech company that provides companies the tools and access needed for the development of a digitally-enabled financial system, raised US$600 million in a new funding round. With this funding, which is being led by Altimeter Capital, the company will reportedly be valued at as much as US$15 billion. Plaid makes it easier and safer for developers to build innovative financial services and applications.

BlockFi

BlockFi, a secured non-bank lender that offers crypto asset-backed USD loans to crypto asset owners, has secured US$350 million in a Series D funding round. The round comes as the company experiences strong growth during the latest crypto boom. Since the end of 2019, BlockFi has seen its client base grow from 10,000 to over 225,000, with monthly revenue currently exceeding US$50 million, and more than US$15 billion in assets on its platform. The latest round was led by Bain Capital Ventures, DST Global, Pomp Investments, and Tiger Global Management with other investors.

SecurityScorecard

SecurityScorecard, a cybersecurity platform for security ratings, has bagged US$180 million in Series E financing. The round was led by Silver Lake Waterman, T. Rowe Price Associates, Inc., Kayne Anderson Rudnick, and Fitch Ventures, as well as existing investors Evolution Equity Partners, Accomplice, Riverwood Capital, Intel Capital, NGP Capital, AXA Venture Partners, GV (Google Ventures), and Boldstart Ventures. The new funding will stimulate SecurityScorecard's corporate growth with planned investments across new product lines, global expansion, expanding partner ecosystem, and additional functionality to assess and mitigate cybersecurity risk in novel ways.

Coalition

Cyber insurance and security provider Coalition closed a US$175 million Series D round. The round takes the company’s total valuation to US$1.75 billion. The funding was led by Index Ventures, General Atlantic, Ribbit Capital, Valor Equity Partners, and Vy Capital. Founded in 2017, Coalition offers cyber insurance policies in the U.S. and Canada. Its cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyberattacks.

Flutterwave

California-based fintech company Flutterwave provides a payment infrastructure for global merchants and payment service providers. The company has secured US$170 million in a Series C round led by Avenir Growth Capital, Tiger Global Management with additional participation from new and existing investors. Flutterwave will use the fresh capital to execute an ambitious growth strategy to become a leading global payments company, empowering SMEs and multinational brands by connecting the highly fragmented African digital payments landscape.

Clari

Clari, a connected revenue operations platform, has raised US$150 million in a Series E funding round. The round brings the company’s total valuation to US$1.6 billion. The latest funding round is led by Silver Lake, with participation from B Capital Group and existing investors Sequoia Capital, Bain Capital Ventures, Sapphire Ventures, Madrona Ventures, Thomvest, and Tenaya Capital. Clari will use the funds to stimulate its product development, expand ecosystem partnerships and drive global expansion.