North American Fintech Funding Overview: Equifi, PayEngine and Moves
A hands-on roundup of recent funding efforts by fintech companies in North America.
Arizona-based fintech startup equipwhich provides financial institutions with buy now, pay later (BNPL) solutions, raised $12 million in Series A financing.
The round was led by Curql Collective through Curql Fund and PHX Ventures.
The SaaS fintech company says the new funding will allow it to provide BNPL capabilities to banks and credit unions through their existing debit cards and banking apps.
Equipifi says its platform also helps financial institutions deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their banking app. existing.
Los Angeles-based B2B payment facilitation platform PayEngine closed $10 million in a Series A funding round led by Point72 Ventures.
Mucker Capital, BAM Ventures and K5 Global also participated in the fundraising.
With the new capital, PayEngine says it will expand its team and customers and develop more financial product offerings.
PayEngine’s platform helps SaaS companies across a range of verticals, including home services, automotive, construction, healthcare and transportation, improve their payment monetization strategies.
The company says its platform can increase annual recurring revenue (ARR) by “an average of 30%” because it allows companies to set their own merchant rates to retain the majority of their profits while eliminating official merchant liability. and the complexities of implementation.
“Software companies have the opportunity to generate additional revenue from payments flowing through their platforms, but most do not have the resources or the desire to become a payment facilitator (PayFac) given the complexity and resources required,” said Adam Carson, operating partner at Point72 Ventures.
“PayEngine is a PayFac-as-a-service platform that enables software publishers to quickly and easily monetize payments flowing through their platforms.”
Toronto-based fintech Movesan all-in-one banking app for on-demand workers, has secure $5 million in seed funding.
The round was led by OMERS Ventures and a group of former senior gig economy and consumer technology executives from Airbnb, eBay, Facebook, Lyft, Uber and Shopify. Other investors include Panache Ventures and N49P Ventures.
Moves launched its mobile app in 2021 and has since built its products in partnership with construction workers.
The platform provides financial services exclusively to construction workers and additional features such as advance deposits for weekly payments, income information in 16 supported apps, and cash advances up to $1,000.
The fintech company has more than 10,000 members who it says are collectively “on track to earn over $56 million by the end of the year.”