Mumbai-based payments start-up MoneyOnMobile has raised $5 million in Series H funding from Russia’s S7 Group. Two weeks ago, MoneyOnMobile said it got $7.6 million in Series F funding from undisclosed investors. As is common in the fintech world, details are vague for what happens with the money. The company says it will be used for growth across its product range.
The firm is targeting the unbanked market and says it is authorised by the Reserve Bank of India (RBI) to set up a “semi closed payment system in India which enables registered users to buy goods, products and services from registered merchants”.
Over in Israel, Tipalti, a payables automation solution provider, has closed a $30 million Series C financing round led by Zeev Ventures. This brings its total funding to over $50 million. The money will be used for “product innovation and leadership position”.
Chen Amit, CEO and co-founder of Tipalti, says it typically automates 80% of an organisation’s accounts payable and cross-border payments workload – and so helping CFOs. According to the firm, it processes over $4 billion in transactions annually across almost two million global suppliers.
In Finland, SME invoicing software provider Zervant has raised €6 million in funding. The round was led by Tesi, with participation from Conor Venture Partners, NFT Ventures and Northzone. It doesn’t offer a lot of specifics, but the money will be used for new products.
Zervant was founded back in 2010, and now has a team of 40+ employees. It says its core markets are Finland, Sweden, the UK, France, Germany, Belgium and Austria. According to the firm, its software is used by 20,000 business customers.
By the way, also published today in a separate report was KPMG’s “Pulse of Fintech”. It revealed a strong investment of $8.7 billion in Q4 2017 that propelled global fintech funding over the $31 billion mark for 2017 – bringing the total over the past three years to $122 billion.
While global deal volume declined in Q4, the number of venture capital (VC) transactions exceeded 1,000 for the fourth consecutive year in 2017, with private equity (PE) deals reaching a new high of 139. M&A also ticked up for the year with 336 transactions in 2017.