Springpod secures £245k Seed Investment from Henley Business Angels

Springpod, an online careers education platform that helps employers to interact with students from age 13-18 and build a talent pipeline to provide work experience, apprenticeships and career exploration opportunities focused on STEM skills, has kicked off an initial investment round by accepting £245k, with one Henley Business Angels member contributing to the total.

The company was formed in recognition of the need for employer engagement in schools and to address the nationwide skills shortage within the STEM sector. Several major names in the world of STEM have signed up to the Springpod platform, including Jaguar Land Rover, BT, Accenture, Roche, SSE, Kier, Cancer Research UK, Atkins, Airbus and Google. The platform enables students to explore careers & companies, interact with industry professionals, find work experience and secure apprenticeships and school leaver programmes within cutting edge STEM careers.

The funds will be used to build the direct sales team, continue research and development and execute its marketing strategy. The initial investment is part of a larger fund raise which will be capped at £600k and close by end of the summer.

Sam Hyams, the founder and Managing Director of Springpod, said: “Lord Baker and the team are thrilled to have received this strong vote of confidence at the beginning of the fundraise. It will enable us to build out the platform and help thousands more students connect with top employers from an early age, helping transform futures and solve the STEM skills shortage.”

Jurek Sikorski, Founder and Director of HBA, commented: “Springpod is addressing a real problem of the shortage of STEM talent in a unique way that holds out promises for the future. With employers already signing up we will see a change that will benefit school leavers, business and society.”

Source: https://www.ukbaa.org.uk/news/springpod-a-careers-platform-for-students-and-employers-raises-an-initial-245k-investment-with-participation-of-henley-business-angels/

Privitar secures £31.44 million Series B investment led by Accel

[London, United Kingdom / Boston, USA, Monday 10th June 2019]

Privitar, the data privacy software company, announced it has closed a $40 million Series B funding round led by global venture capital firm Accel, with participation from existing investors Partech, Salesforce Ventures, 24Haymarket and IQ Capital.

The investment strengthens the company’s leadership position in the global data privacy market. Seth Pierrepont, Partner at Accel, will join Privitar’s board of directors.

Data privacy is now top of mind. Following high-profile events like the Equifax breach and the Cambridge Analytica scandal, consumers around the world are increasingly concerned with how enterprises are handling their personal data. Additionally, regulation and consumer rights around data protection are growing, with the introduction of General Data Protection Regulation (GDPR) in Europe and California Consumer Privacy Act (CCPA) in the United States.

Privitar will use the investment to accelerate the development of its privacy engineering products, providing a comprehensive set of capabilities that will enable its customers to publish and share valuable data-driven insights in an efficient, trustworthy, and compliant way. Its customers include some of the world’s best-known brands, such as HSBC, the UK’s National Health Service (NHS Digital) and BT.

Jason du Preez, Privitar’s CEO said: “The world is increasingly aware of the importance of protecting private information and privacy engineering is becoming intrinsic to the way organizations manage and share data.

“This investment will enable us to scale rapidly in response to global demand and help our customers realise the enormous benefits of data-driven decision making, much faster and with less risk.”

Seth Pierrepont from Accel added: “There has been a noticeable increase in enterprises’ appetite for buying data privacy technology in recent years. Through the team’s deep domain expertise and close ties to academia, Privitar has positioned itself as a thought leader in privacy innovation. We’re excited to be joining Privitar on its mission of becoming the standard for enterprise data privacy.”

The company is well positioned as an emerging leader in this category and has seen huge demand for its products as organizations seek the latest technology to analyse their data safely, and with the utmost respect for the individual. Across industries, from banks seeking to improve customer service while protecting personal financial information to healthcare providers seeking to improve clinical outcomes while protecting patient data, it is essential for organizations to harness the power of data, while maintaining the trust they have with their customers.

Ends

Press contact

For further information please contact:

Clementine Boyer Duroselle on the Privitar press team: cboyerduroselle@privitar.com, +44 7932774644

Josephine Salm for Accel: josephine@sepiacommunications.com

About Privitar

Privitar provides data-privacy software to companies and public sector organizations around the world to protect sensitive data and enable the safe and ethical use of data for insight. Privitar was established in 2014 with headquarters in London. The business expanded overseas in 2018 and 2019, opening offices in New York, Boston, Paris, Munich and Singapore. Privitar raised $16m in a Series A funding round in July 2017, with support from existing investors IQ Capital, 24 Haymarket and Illuminate Financial and new funding from Partech, CME Ventures and Salesforce Ventures.

Privitar hosts an annual community event – In:Confidence – with luminary privacy experts and commentators and contributes regularly to the public discourse on privacy matters. You can read and subscribe to the latest news and opinions from Privitar here.

For more information, please visit www.privitar.com

About Accel

Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.comwww.facebook.com/accel or www.twitter.com/accel.

Salesforce Ventures

Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures—the company’s corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce’s expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 300 enterprise cloud startups in 20 different countries since 2009. For more information, please visit www.salesforce.com/ventures.

Source: https://www.privitar.com/press-releases/series-b-announcement-accel

Depop raises £42 million Series C investment to meet rising demand from US Gen Z led by General Atlantic

  • Depop, the fashion marketplace for Generation Z, has raised $62 million in a Series C round led by General Atlantic
  • Depop intends to use the funds to accelerate its US expansion, where the Gen Z fashion app already has 5 million users, stores in New York and Los Angeles and expects to grow its community over in the coming years
  • With a mission to empower the next generation to transform the fashion industry, Depop taps into generational shifts towards circular fashion, social shopping and independent brands
  • Sellers on the platform have made more than half a billion dollars (more than $570 million) and 19 million transactions since its launch in 2011

London, UK and New York, NY – June 7, 2019

Depop, a fashion marketplace for the next generation, has secured a $62 million Series C round led by General Atlantic. Depop intends to use the funds to accelerate its expansion in the U.S. and internationally, grow its London-based engineering and data science teams and invest in new tools and functionality for the platform’s more than 13 million users globally.

Existing investors HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, and TempoCap also participated in the round, alongside angel investor Sebastian Siemiatkowski, Founder and CEO of Swedish fintech company Klarna.

Depop was founded as a mobile marketplace for the creative community. It has since grown to amass a significant following among Generation Z, drawn to the app for its social connectivity and vast inventory[1] of original streetwear, independent brands, vintage designer, one-of-a-kind creations and more.

Approximately 90% of Depop’s active users are under 26, and an estimated one third of 16 – 24 year olds in the UK are registered on the platform. The average daily user opens the app several times per day, discovering content and connecting with other users as well as buying and selling. Each month, Depop community members like, follow and message one another 85 million times.

Depop has seen strong organic growth, particularly in the U.S., which the company projects will soon become its largest market. Since January 2018, Depop has grown its global user base to 13 million, almost doubled U.S. sales, and opened physical stores in New York’s Chinatown and the Silverlake area of Los Angeles. Depop is now among the top 20 most popular shopping apps in the U.S. by daily active users, and expects to grow its community of U.S. users in the coming years. The vast majority of Depop’s new users in 2018 came to the app organically. This weekend, 8 – 9 June, members of Depop’s US community will convene in New York for Depop LIVE, a free and open to the public retail experience for buyers, sellers, stylists and creatives.

Depop CEO Maria Raga said:

“The next generation of young people want an experience the fashion industry is struggling to provide. They want authenticity and to set their own trends. They’re influenced by real people. They want choice and individuality, the ability to buy on demand and sell on with ease. At the same time, they want to reduce waste. Depop is set up to meet these changing demands. We exist to empower the next generation to transform fashion.”

“Social shopping, independent brands and resale are gaining popularity around the world, but particularly in the US where Generation Z will be the largest consumer group by 2020. Over the past 18 months, our growth in the US has been almost entirely organic, driven by the community of creative young people on Depop.”

“This latest investment will enable us to scale further and faster in the US and beyond, building a platform that helps to find and grow the fashion stars and trends of the future.”

Melis Kahya, General Atlantic Head of Consumer for EMEA, said:

“Technology continues to transform the retail landscape around the world and we are incredibly excited to be investing in Depop as it looks to capture the huge opportunity ahead of it. In a short space of time the team has developed a truly differentiated platform and globally relevant offering for the next generation of fashion entrepreneurs and consumers. The organic growth generated in recent years is a testament to the impact they are having and we look forward to working with the team to further accelerate the business.”

About Depop

Depop is the fashion marketplace for young people to buy, sell and get inspired. With more than 13 million registered users in 147 countries, its mission is to empower the next generation to transform fashion. Depop is headquartered in London, UK, with locations in New York and LA.

For more information about Depop, visit Depop.com or download the app on iOS or Android. Follow Depop on Instagram @Depop.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com

[1] There are currently 16m items for sale on Depop, with 110,000 new items listed every day.

Source: https://www.generalatlantic.com/media-article/depop-raises-62-million-series-c-to-meet-rising-demand-from-us-gen-z/

Xpand secures £900k Seed investment from European Institute of Technology and Innovation (EIT)

A start-up technology firm has secured investment of €1m (£0.9m) for product development from the European Institute of Technology and Innovation (EIT).

Software company Xpand is supported by the Ulster Bank Entrepreneur Accelerator programme for small firms, based at the bank’s headquarters.

Now Xpand will be developing its insights programme, which is designed to support development by planning and addressing the needs of economies.

Its dashboard and analytics platform allows the impact of public policy interventions to be monitored.

Founders Matt Barnes and James Gumble said they developed the idea for the software after realising that government bodies can encounter problems in measuring the impact of their economic development projects and programmes on the wider economy.

They received mentorship and help with funding application procedures through the Accelerator programme.

Mr Gumble said: “There are so many complex factors at play when you are trying to measure something like public spending.

“We knew the problem was crying out for a digital solution, but we couldn’t find any software on the market that could track the impact of public investment quickly and effectively.

“This gave us the idea to develop our Xpand platform to look at the wider impact such spending has on local and national economies.”

Mr Gumble added Insights can be customised to work in any EU economy and monitor millions of pounds of spending.

“We are working on enhancing the programme, and support from EIT will help us deliver the next phase of the project across Europe and the globe,” he said.

Source: https://www.belfasttelegraph.co.uk/business/technology/tech-startup-xpand-wins-1m-funding-38184869.html

Matillion raises £27.49 million Series C led by Battery Ventures

Investment led by Battery Ventures will fuel continued rapid expansion and new products in response to strong market demand 

Denver, Colo. and Manchester, England – June 4, 2019 – Matillion, the leading provider of data transformation software for cloud data warehouses (CDWs), today announced a $35 million round of funding. 

The investment will allow Matillion to capitalize on its leading category position while continuing to deliver accelerated growth, and extend the capabilities of its flagship product line, Matillion ETL. Battery Ventures led the round, bringing Matillion’s total funding to-date to $60 million. Existing investors, Sapphire Ventures and Scale Venture Partners also participated.

Continued strong demand for Matillion’s data transformation software, purpose-built for the cloud, led the company to deliver triple-digit revenue growth in 2018 for the third consecutive year. The new investment, based on Matillion’s sustained success, accelerates the company’s expansion both within and well beyond its native-built solutions for CDWs. 

“It’s our view that every company in the world needsto compete using data,” said Matthew Scullion, CEO at Matillion. “And most of the time they’ll do this in the cloud. Only the cloud offers the speed, agility, power, and economics to cope with this demand for data insights, and to manage the exponentially growing data volumes and complexities that we work with today. As the leader in purpose-built data transformation software for cloud data warehouses, Matillion is perfectly positioned to help our customers compete and win using data. That’s why we’re so excited to raise this round, partner with the great team at Battery Ventures, and to once again accelerate our business and the development of our current and future products.”

“Matillion has built an innovative, cloud-native, data-middleware product from the ground up, and the company partners with some of the fastest-growing cloud-data warehousing platforms that enterprises are deploying today,” said Dharmesh Thakker, general partner at Battery Ventures. “Battery is focused on such cloud-first businesses worldwide – including in Europe – as enterprise IT shifts to the cloud, and the ability to analyze data underpins the digital-transformation process at all companies. We’re excited to partner with Matthew and the Matillion team to help drive the next phase of the company’s global growth.”

“Matillion has established itself as an essential component to the modern enterprise’s data analytics tech stack,” said Denise Persson, CMO at Snowflake. “Our shared focus on innovation has made us great partners, and this latest investment reinforces Matillion’s leadership in cloud-native solutions for data transformation. We’re excited to see them continue their growth trajectory as they advance their industry-leading technology to serve our joint customers.”

Matillion’s software empowers customers to extract data from a wide number of sources, load it into their chosen cloud data warehouse, and transform that data from its siloed source state, into useful, joined together, analytics-ready data – ready to be consumed in analytics, machine learning and artificial intelligence use cases. Purpose-built for the cloud, Matillion does this at scale, delivering fast time to value, high performance with pay-as-you-drink economics – simplicity, speed, scale, and savings.

Matillion’s software is used by more than 550 customers across 40 countries, including global companies like Bose, GE, Siemens, Fox and Accenture, as well as high growth, data-centric companies like Vistaprint, Splunk, and Zapier. 

About Matillion

Matillion is data transformation for cloud data warehouses. Only Matillion is purpose-built for Amazon Redshift, Snowflake, and Google BigQuery enabling businesses to achieve new levels of simplicity, speed, scale, and savings. Trusted by companies of all sizes to meet their data integration and transformation needs, Matillion products are highly rated across the AWS, GCP and Azure Marketplaces. Dual-headquartered in Manchester, UK and Denver, Colorado, Matillion also has offices in New York City and Seattle. Learn more about how you can unlock the potential of your data with Matillion’s cloud-based approach to data transformation. Visit us at www.matillion.com.

About Battery Ventures

Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, Israel and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com

Truelayer raises £27.49 million Series C investment from Tencent and Temasek

  • UK fintech TrueLayer is receiving funding from Chinese financial giant Tencent and Singaporean sovereign wealth fund Temasek.
  • The $35 million funding round which closed Tuesday is set to help fuel the company’s expansion further into Europe and Asia.
  • It’s part of a burgeoning area of profitability for Tencent which has boosted its fintech portfolio to great effect in recent years.

UK fintech received another boost after open banking startup TrueLayer won support from two major Asian investors.

The $35 million in funding comes from Chinese financial giant Tencent and Singaporean sovereign wealth fund Temasek and means the company has secured $47 million in funding in just three years. The investment is expected to fund the company’s expansion into Europe with plans to develop further into France, Germany, and Italy.

Tencent’s investment in TrueLayer comes just days after it published its quarterly earnings which revealed that its fintech investments have helped generate a record $2.5 billion profit, up 44%, according to Reuters.

The company has also noted its plans to expand into the Asia Pacific region, making investment from sovereign wealth funds like Singapore’s Temasek increasingly important.

TrueLayer was founded in 2016 by Francesco Simoneschi and Luca Martinetti with their platform providing open-banking software allowing people to share or aggregate their financial information from different providers.

The company works with UK neo-bank Monzo and has previously received funding from VCs such as Northzone, Anthemis Group and Connect Ventures. Open banking and PSD2 have been major boons to companies like TrueLayer which leverage APIs (application programming interface) to integrate services with their customers.

It’s part of a push by investors into UK fintech after SoftBank’s recent funding of supply chain finance provider Greensill Capital and WorldRemit’s recent $185 million funding round.

Source: https://www.msn.com/en-sg/money/companies/uk-startup-fintech-truelayer-just-won-funding-from-chinas-tencent-and-singaporean-wealth-fund-temasek/ar-AACnKhn

Thalia Design Automation secures £1.52 million Series A investment led by Deepbridge.

Will accelerate customer engagement and expansion into USA; further broaden technology development

Thalia Design Automation today announced that it plans significant growth in its worldwide operations, following completion of a $2m (£1.52m) funding round led by Deepbridge Capital and with renewed commitment from the company’s existing investor Development Bank of Wales (formerly Finance Wales).

This latest round of funding will enable accelerated development of Thalia’s Re-use Platform-as-a-Service (RePaaS) solutions for analog IP re-use, design migration and portfolio extension, and aggressive expansion of both commercial and engineering activities in the UK, USA and continental Europe.

“Deepbridge is committed to fostering innovation and growth in businesses with truly disruptive market potential, and we believe that Thalia definitely falls into that category,” said Ray Eugeni, Partner at Deepbridge Capital. “We look forward to helping this globally-focused company fully realize the potential of its unique core technology assets, in markets across the world.”

Commenting on behalf of Thalia, Rodger Sykes, Chairman and CEO, said: “Analog design is one of the toughest challenges in the electronics industry today. I believe Thalia is creating a sea change in this key market, enabling our customers to move to an ‘IP on demand’ model, and offering cost and time schedule savings of up to 50%.”

Dr Carl Griffiths, Fund Manager at the Development Bank of Wales, commented: “Having been involved with Thalia since the early stages of its development, we’re delighted to see the fantastic progress the company has already made in the high value global technology space. Our follow-on investment in this latest funding round demonstrates our strong belief that Thalia has all of the tools to make the most of a massive market opportunity.”

As part of its continuing expansion, Thalia plans to grow its technology development capabilities in the UK and India, as well as establishing a strong presence both in Continental Europe and the USA. The company’s Re-use Platform-as-a-Service (RePaaS) solution combines an innovative methodology, advanced design automation technology and experienced analog engineering resources. It helps analog IP providers to maximize re-use of their existing product portfolio, to create new product variants quickly and easily, and to adapt their designs for manufacture using any semiconductor foundry service.

About Deepbridge Capital
Formed in 2010, Deepbridge was founded with the aim of building an investment team that could redefine the growth capital market. Its purpose is to provide reassurance to investors by enabling them to invest alongside its team of passionate, experienced and fair-minded specialists. A genuine blend of people who know what it’s like to run a business and who have a balanced approach between being good investors, strong managers and practical operators.

Deepbridge believes in supporting, mentoring and investing alongside energetic, high performance management teams. Its ambition is to help businesses achieve their full potential and thereby provide the best possible outcomes for investors.

Deepbridge promotes a culture of professional excellence and integrity: it therefore strongly encourages its investee companies to achieve the highest standards of corporate governance. Deepbridge brings value to investee companies through its proven experience of building growth businesses, involving its network of investors, technology advisors, and industry partners.

https://www.deepbridgecapital.com/

About Development Bank of Wales
The Development Bank of Wales was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. The purpose of the Development Bank is to unlock potential in the economy of Wales by increasing the provision of sustainable, effective finance in the market.

Launched in October 2017, it is a cornerstone organisation for delivery of public sector financial products, supporting micro to medium businesses in Wales and increasing the supply of finance. It promotes economic development through an adaptable delivery model that is responsive to market needs whilst providing continued value for money for public funds. It delivers key Welsh Government policy objectives measured through performance targets and providing investment management and support services across the whole of Welsh Government.

The Development Bank of Wales invested £80m across 420 investments in the financial year 18/19, which in turn attracted £126m in private sector investment.

Media centre: www.developmentbank.wales/media

Source: https://www.thalia-da.com/thalia-da-attracts-2m-investment-to-grow-analog-ip-re-use-platforms/

Product Guru’s ‘Tinder for retailers and suppliers’ platform raises £300,000 by Belmond Capital, Scotmid and Scottish Enterprise

Product Guru, an online platform described as ‘Tinder for retail buyers and product suppliers’, has secured a £300,000 investment.

The Scottish company has received financial backing from Asia-based retail technology investor Belmond Capital, Scottish retailer Scotmid and Scottish Enterprise.

Buyers from high street retailers including John Lewis, Tesco and TK Maxx have already signed up to use the technology platform, which allows their buyers to find new products for their shelves.

Simon Coyle launched Glasgow-based Product Guru in September 2018 after spotting a gap in the market.

“After running my own companies for nearly 20 years, I have first-hand experience of how difficult it can be for emerging brands to get their products in front of retail buyers,” he explained.

“From the retailers’ point-of-view, they may have lots of customer-facing modern technologies in their stores – such as automated checkouts or digital ads – but Product Guru is the first technology platform to shake-up their back-office product discovery operations and make it easier for them to discover the latest trends and find exciting new products for their customers.”

He added: “This £300,000 investment will allow us to further develop our platform for both buyers and suppliers with analytics and intelligent recommendations, while marketing our services to a much wider audience.

“Buyers are pushed for time, so Product Guru makes it quicker, easier and – ultimately – cheaper for them to connect with potential suppliers.”

Patricia Poon, Managing Partner and Founder of Belmond Capital, and a former head of retailer WH Smith’s business in Asia, said: “Product Guru is solving problems on both sides of the fence – it allows both local and international emerging brands to get their products in front of buyers and it allows retailers to stay on trend and choose from a wide selection of options cost effectively at the click of a button. Product Guru’s intelligent platform digitises retailers’ product discovery workflows, and greatly improves the productivity of retail buyers. 

“Belmond Capital invests in companies that are disrupting their markets, across retail, financial services, communications and industrial sectors.

“Product Guru fits perfectly into our portfolio and I’m looking forward to working with Simon to add more intelligent functionalities, and to scale the platform both in the UK and internationally.

Belmond Capital’s other retail tech investments include Nextail, a prescriptive analytics and AI-powered inventory optimisation platform based in Spain, Frenzy, an US-based exact-match visual search platform revolutionising computer vision and London-based Yapster, a mobile messaging platform for deskless hospitality and retail teams.

Paul Cross at Scottish Enterprise, said: “What’s most exciting about Product Guru is that it helps brands and distributors get their products under the noses of influential buyers.

“Simon is not only growing his own business but is also helping other emerging brands and smaller companies – in Scotland and elsewhere – to grow as well.

“Backing businesses like Product Guru is at the heart of the Scottish Enterprise’s mission.

“Technology has revolutionised so many parts of our working lives and it looks like Product Guru is now set to change the way that buyers and suppliers do business.”

Product Guru operates a freemium business model. Basic features are free for suppliers and retailers with a subscription service available to brands providing sales analytics, product engagement statistics, product trends and other rich-data analytics.  

ENDS

For more information:

Jane Lynchehaun
Hot Tin Roof PR
0131 225 7880
jane@hottinroof.co.uk

About Product Guru

Product Guru is a product discovery platform that allows suppliers of products across all FMCG, home, gift and travel categories to showcase their products to retail buyers. Product Guru has been designed to overcome the challenge to both buyers and suppliers in getting the right products into the right hands at the right time.

The unique platform allows suppliers to showcase their products to relevant buyers, and provides details of the products in a uniform way. This allows buyers to make clearer decisions by giving them the information they need to isolate the products that meet their criteria.

Konsentus closes Pre Series A Financing Round led by Mastercard

Monday, 3rd June, London – Konsentus, a RegTech company that delivers SaaS solutions to Financial Institutions to enable them to be PSD2 open banking compliant, has closed a multi-million-pound Pre Series A financing round. The round was led by Mastercard and supported by other investors.

Mike Woods, CEO of Konsentus said “The RegTech market is growing at 45%+ per annum and with 9,000+ Financial Institutions in Europe that must deliver PSD2 open banking, the demand for the Konsentus service is significant and this investment will support an accelerated growth plan across Europe. With plans to launch new related services later in 2019 and international expansion in due course, we will be pursuing a Series A financing round in late 2019”

Mastercard’s SVP of Open Banking Jim Wadsworth commented “We see significant potential for the Konsentus service as Open Banking evolves both in Europe and globally.  Through its targeted investments in payment technology, Mastercard continues to provide real value in the way it delivers new solutions to its customers and end-users.”

Source: https://www.konsentus.com/company/press-releases/konsentus-closes-pre-series-a-financing-round

WorldRemit raises £138.61 million in Series D funding led by TCV, Accel and Leapfrog Investments

Investment shows confidence in the vast global potential of mobile payments

London, 3rd June 2019 – Leading mobile payments company WorldRemit has entered into a definitive agreement to raise $175 million in a Series D funding round led by returning investors, TCV, Accel and Leapfrog Investments.

Founded in 2010, WorldRemit is a global leader in smartphone and online payments – providing a convenient, low-cost alternative to expensive brick-and-mortar agents.

WorldRemit handles a growing share of the $700 billion remittances sent each year by expatriates and migrant workers to their home countries. Today, the company serves almost 4 million customers transferring money from 50 “send” countries to 150 “receive” countries.

Breon Corcoran, Chief Executive Officer of WorldRemit, said: “For more than eight years our core purpose has been and continues to be to help migrants send money to their families, friends and communities. Our customers play a key role in the economies where they work and their remittances are important to their home countries.”

“Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers. We will grow our business through differentiation on speed, service, security and value.”

“The leadership team is grateful to our investors for their continued commitment to the business. The new money will help us to further develop the offering and we will launch a solution for small and medium-sized businesses.”

The Series D funding round comes at a pivotal stage in the company’s growth. In 2018, the USA became WorldRemit’s largest send market, following the company becoming one of the first UK financial service firms to secure licenses in all 50 states.

WorldRemit will use this new investment to further drive global growth and diversify the company’s product offering for both money transfer senders and recipients. The company is also set to launch a new money transfer solution targeting small and medium-sized business owners who trade internationally, especially in emerging markets. The transaction is subject to customary closing conditions, including FCA approval.

TCV General Partner John Doran said: “Over the past eight years, Ismail and his founding team have built a fantastic business that offers customers a compelling solution and value proposition. Since passing the reins to Breon and the new management team last year, the business has continued to build on this platform and accelerated. We believe the opportunity and proposition is larger than ever.” 

“In 2018, mobile and online payments to emerging markets reached a record high of $528 billion and we expect this number to increase. As WorldRemit handles a growing share of this market, we look forward to continue working with the company to scale its digital platform and expand its service to reach many new customers across the globe.”  

Accel’s Harry Nelis said: “Having first partnered with the WorldRemit team in 2014, I have seen the company grow from a London-founded startup to a global business pioneering the future of the remittance market and making international mobile payments more accessible and affordable for millions of individuals and businesses. This investment and CEO Breon Corcoran’s experience leading consumer service-oriented, global digital businesses will help fuel the next phase of global growth. We are excited to deepen our relationship with the team and help them fulfil the company’s vast potential.”

ENDS

For more information, contact media@worldremit.com

About WorldRemit

WorldRemit has disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries and operate in 6,500 money transfer corridors worldwide.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand. 

About Accel

Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $11 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions. TCV has invested over $1 billion in Europe. TCV’s investments include Airbnb, Altiris, AxiomSL, Believe, Dollar Shave Club, EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, OSIsoft, RELEX Solutions, Rent the Runway, Sitecore, Splunk, Sportradar, Spotify, TourRadar, Varsity Tutors, WorldRemit and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Media contact: kgagen@tcv.com

About LeapFrog Investments

LeapFrog invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 33 markets reaching over 167 million people with financial services and healthcare. 135.9 million are low-income consumers often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to almost 124,000 people. These companies have grown on average by 39.2 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, the first private equity firm ever to be listed. www.leapfroginvest.com @leapfroginvest

Source: https://www.worldremit.com/en/news/worldremit-raises-175m-in-series-d-funding