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Goldman leads new funding for Fnality blockchain payments firm

Economic Times

Economic Times · 1y ago

Goldman leads new funding for Fnality blockchain payments firm

Fnality, a blockchain-based wholesale payments firm, secured £77.7 million ($95.09 million) in its second funding round, supported by Goldman Sachs and other financial heavyweights. The funds will be utilized to establish a global liquidity management network for new digital payment models, covering wholesale financial markets and emerging tokenized asset markets. Fnality aims to streamline settlement, collateral management, and payment processes for financial market transactions. The firm, awaiting Bank of England approval, raised a total of £132.7 million in capital, including a £55 million initial round in June 2019.

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Crypto ransom attack payments hit record $1 billion in 2023

Reuters · 1y ago

Crypto ransom attack payments hit record $1 billion in 2023

Crypto-related ransom attack payments reached a record $1 billion in 2023, almost doubling from the previous year, according to blockchain analytics firm Chainalysis. Scammers targeted institutions for ransom, accumulating $1.1 billion compared to $567 million in 2022. However, losses from other crypto-based crimes, including scamming and hacking, decreased. The rise in payments can be attributed to new players entering the market, attracted by high profits and low barriers to entry. "Big game hunting" has become a dominant strategy, with a majority of ransom revenue coming from payments of $1 million or more.

Goldman Sachs looking to spin out its digital assets tech platform

Economic Times

Economic Times · 8m ago

Goldman Sachs looking to spin out its digital assets tech platform

Goldman Sachs plans to spin out a blockchain-based technology platform called GS DAP to streamline institutional trading and reduce settlement times. The platform will eventually become industry-owned, and Goldman Sachs has partnered with trading platform Tradeweb Markets to expand its commercial use cases. By establishing a standalone company independent of Goldman Sachs, the bank aims to provide a long-term solution for digital financial services. The spin-out is expected to be executed within the next 12 to 18 months, while Goldman Sachs continues to build out its digital assets business.

Setu strengthens top deck with senior execs from Razorpay, PhonePe, Wibmo - The Economic Times

Economic Times

Economic Times · 7d ago

Setu strengthens top deck with senior execs from Razorpay, PhonePe, Wibmo - The Economic Times

Setu, a Pine Labs-owned fintech firm, is reinforcing its leadership with senior appointments. Anand Raisinghani, previously with SAP India, becomes CEO, succeeding Sahil Kini, who now leads the Reserve Bank Innovation Hub. New hires include Prashanth Nimmagada as CTO, Ramkumar Thirumurti as Chief Revenue Officer, and Santosh Subramanian as Head of Finance. Setu, acquired for $23.4 million in 2022, offers API infrastructure for payments and holds an NBFC-AA license from the RBI.

Agritech startup Leads Connect raises Rs 500Cr led by BL Agro Industries

IndianStartupNews

IndianStartupNews · 1y ago

Agritech startup Leads Connect raises Rs 500Cr led by BL Agro Industries

Agritech startup Leads Connect has secured a Rs 500 crore investment from BL Agro Industries Ltd, a leading FMCG firm. The funding will be distributed over three years, giving BL Agro a controlling stake in Leads Connect. The capital will be used for technology development, expanding the reach among farmers, establishing AGRANI Centres in various cities, awareness campaigns, mergers and acquisitions, contract farming, and research in deep tech and AI/ML for agriculture. Leads Connect specializes in farm analytics, crop-cutting experiments, risk management, financial services, and farmer procurement.

Nigerian fintech Zone raises $8.5M seed to scale its decentralized payment infrastructure

TechCrunch · 1y ago

Nigerian fintech Zone raises $8.5M seed to scale its decentralized payment infrastructure

Zone, a Nigerian fintech software provider, has raised $8.5 million in a seed round for its blockchain-enabled payment infrastructure. The startup has developed an interoperable payment network using blockchain technology to connect banks and fintech companies, facilitating transactions without intermediaries. Zone has already signed up over 15 of Africa's largest banks and is processing domestic transactions for seven of them. Its platform aims to provide reliability, scalability, and automated reconciliation for payments, as well as instant settlement and increased visibility for merchants. The funding will be used to launch additional functionalities and expand its network coverage.

Goldman Sachs to raise ninth private equity fund this year

VCCircle

VCCircle · 1y ago

Goldman Sachs to raise ninth private equity fund this year

Goldman Sachs plans to raise its ninth private equity fund this year, according to CEO David Solomon. The size of the new fund was not disclosed. In 2022, Goldman Sachs closed its eighth private equity fund, which raised $9.7 billion. Solomon also stated that the firm is aiming for mid-teen percentage returns for its global banking and markets business, while its asset and wealth management business is projected to have strong margins. Additionally, Solomon mentioned that the consumer business needs further focus narrowing.

Startup funding drops 59% to 12 deals this week

Economic Times

Economic Times · 1y ago

Startup funding drops 59% to 12 deals this week

Startup funding in the last week of February 2024 declined by 59% in terms of volume, with only 12 deals totaling $171 million. Late-stage funding accounted for 73% of the overall deal value, while the seed stage accounted for 18%. February saw a total of $516 million raised across 82 rounds. The top deals included a $100 million funding round for logistics startup Shadowfax, a $27 million round for blockchain technology company Avail, a $20 million round for payments provider Mswipe, a $12 million round for luggage brand Mokobara, and a $4.5 million round for mobility platform IntrCity.

BlokID Raises US$1.25M in Seed Funding

Finsmes · 1y ago

BlokID Raises US$1.25M in Seed Funding

Vietnamese blockchain developer, BlokID, has successfully closed a seed funding round, raising $1.25 million. The funding was led by Ascend Vietnam Ventures and AppWorks. BlokID aims to develop privacy protection solutions for the digital advertising industry using blockchain technology. The funds will be used to accelerate product development, focus on user acquisition, and expand into new markets. The company plans to launch by Q2 2024 and introduce features such as Google Analytics plug-ins and Financial Identity to enhance user privacy and security.

Post PA licence, Cashfree Payments’ transaction volumes have increased by 30%

Thehindubusinessline

Thehindubusinessline · 1y ago

Post PA licence, Cashfree Payments’ transaction volumes have increased by 30%

Cashfree Payments has experienced a surge in transaction volume by almost 30% after receiving its final PA (Prepaid Payment Instrument) license from the Reserve Bank of India in December. The company has also seen a significant increase in merchant leads, with approximately 35,000-36,000 leads per month, a 75% rise compared to before onboarding merchants. Cashfree is on track for double-digit growth and aims to reach $3 billion in monthly transactions. The company's range of products includes payments, collections, escrow services, and risk management solutions to cater to diverse merchant needs.

Blockchain Messaging Platform Wormhole Raises $225M at $2.5B Valuation

Medial

Medial · 1y ago

Blockchain Messaging Platform Wormhole Raises $225M at $2.5B Valuation

Blockchain messaging protocol startup Wormhole has secured $225 million in funding at a valuation of $2.5 billion, making it the largest round in the Web3 space this year. Investors include Coinbase Ventures, Jump Trading, Multicoin Capital, and Arrington XRP Capital. The funding will be used to support Wormhole Labs, a new company focusing on cross-chain development. Despite a slowdown in Web3 funding this year, Wormhole's significant investment highlights ongoing interest and confidence in blockchain-related projects.

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