Fundings

More Than $975 Million Raised by 15 Alums in Q2 2020

More Than $975 Million Raised by 15 Alums in Q2 2020
By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

Finovate alums raised more than $975 million in equity funding in the second quarter of 2020. The sum represents investments received by 15 companies that have demonstrated their technologies at our conferences, and includes three fundings in which the amount of the investment was not disclosed.

This year’s total is a retreat from the past two years’ totals, both in terms of amount raised and the number of alums reporting equity funding. In some respects, Q2 2020’s fundraising total “fills the gap” from the big jump in funding from Q2 2017 to Q2 2018.

Previous Quarterly Comparisons

  • Q2 2019: More than $1.8 billion raised by 29 alums
  • Q2 2018: More than $1.5 billion raised by 25 alums
  • Q2 2017: More than $726 million raised by 25 alums
  • Q2 2016: More than $510 million raised by 23 alums

While total investment for Q2 2020 was lower than it was in the previous year’s Q2s, it is notable that seven of the top ten fundings were investments between $150 million and $100 million. In many instances, one sizable investment will be responsible for a significant amount of a quarter’s investment total. Consider the boost Sofi’s $500 million funding provided in Q2 2019. The large sum sent that quarter’s total soaring to a new record Q2 high. By comparison, this year’s high number of low, nine-figure fundings comes across as a welcome shift in the distribution of VC wealth.

Top Ten Equity Investments for Q2 2020

  • EVO Payments: $150 million
  • Marqeta: $150 million
  • BioCatch: $145 million
  • AvidXchange: $128 million
  • Stash: $112 million
  • Onfido: $100 million
  • Payfone: $100 million
  • Featurespace: $37.4 million
  • M1 Finance: $33 million
  • Meniga: $9.4 million

It must be noted that, while venture capital investment has slowed somewhat in response to the COVID-19 crisis, merger and acquisition activity has been robust, relatively speaking. Among our alums alone, Q2 saw two major fintech acquisitions: Mastercard’s purchase of Finicity – valued as high as 1 $billion – and Personal Capital’s just-announced $825 million acquisition by Empower Retirement.

Here is our detailed alum funding report for Q2 2020.

April 2020: More than $638 million raised by six alums

May 2020: More than $187 million raised by three alums

June 2020: More than $150 million raised by six alums

If you are a Finovate alum that raised money in the second quarter of 2020, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

Photo by Reynaldo #brigworkz Brigantty from Pexels

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Updated: More Than $1.3 Billion Raised by 14 Alums in Q1 of 2020

Updated: More Than $1.3 Billion Raised by 14 Alums in Q1 of 2020
By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding
Photo by Skitterphoto from Pexels

Updated: 4/3/20: Added Paystand’s $20 million fundraising from February.

Finovate alums raised more than $1.3 billion in the first quarter of 2020, matching their best, first quarter performance to date from two years ago. In some ways, this year’s haul is even more impressive in that Q1 of 2020 featured half the horses as Q1 of 2018.

It is hard to not be aware of the shadow that the current coronavirus pandemic is casting over funding prospects for fintech ahead of the second quarter of the year. With regard to Finovate alums in specific, the $1.8 billion in funding they brought in for Q2 2019 would be a hard mark to beat in any year – let alone one with the sort of historic challenges we are facing in 2020.

Previous Quarterly Comparisons

  • Q1 2019: $468 million raised by 20 alums
  • Q1 2018: $1.3 billion raised by 26 alums
  • Q1 2017: $230 million raised by 20 alums
  • Q1 2016: $656 million raised by 32 alums

Far and away, the $500 million raised by Revolut was the biggest fundraising of the quarter by our alums. But the nine-digit investments picked up by Tradeshift, Flywire, and Tink would put these companies at the top of any of our quarterly equity investment lists in recent years, as well. And with only a baker’s dozen of alums getting funding this quarter, it is no surprise that the top ten equity investments shown below comprise the vast majority of the quarter’s total at $1.2 billion or more than 99%.

Top Equity Investments

  1. Revolut: $500 million
  2. Tradeshift: $240 million
  3. Flywire: $120 million
  4. Tink: $100 million
  5. Thought Machine: $83 million
  6. Currencycloud: $80 million
  7. Fenergo: $80 million
  8. Lendio: $55 million
  9. Arkose Labs: $22 million
  10. Trusona: $20 milllion

Here is our detailed alum funding report for Q1 2020.

January: More than $440 million raised by four alums

February: More than $775 million raised by five alums

March: More than $117 million raised by five alums

If you are a Finovate alum that raised money in the first quarter of 2020 and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

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FinovateEurope Alums Reel in $940 Million in 2019

FinovateEurope Alums Reel in $940 Million in 2019
By David Penn Posted on
Categories: FinovateEurope 2020, Funding, Fundings, Quarterly Funding
Photo by payam masouri from Pexels

With FinovateEurope less than a month away, we thought we’d take a look at some of the fundraising success the conference’s alums had in 2019.

From companies that demoed at our very first FinovateEurope in 2012 to some of FinovateEurope’s newest players, alums of our European conference raised more than $940 million in funding last year. We’ve listed the companies below in alphabetic order, along with a link to their demo so you can learn more about the company and its work.

Looking to showcase your latest fintech innovation on stage? Send us an email at [email protected] to find out how to become one of our demoing companies next month at FinovateEurope in Berlin, Germany, on February 11 through 13.

And if you haven’t picked up your ticket yet, run, don’t walk, to our registration page and save your spot today! Take advantage of big savings by signing up before January 31.

24sessions: $1.1 million – post – FEU19 demo

Aire: $11 million – post – FEU15 demo

Bitbond: $2.3 million – post – FEU15 demo

Capitalise: $4.5 million – post – FEU16 demo

Currencycloud: $12.2 million – post – FEU14 demo

Dashlane: $110 million – post – FEU13 demo

DataSine: $5 million – post – FEU18 demo

Featurespace: $32.2 million – post – FEU16 demo

Fintech OS: $1.2 million – post – FEU18 demo

Flybits: $35 million – post – FEU19 demo

Kantox: $5.7 million – post – FEU13 demo

Minna Technologies: $6.3 million – post – FEU19 demo

nCino: $80 million – post – FEU17 demo

Nutmeg: $58 million – post – FEU12 demo

Onfido: $50 million – post – FEU18 demo

Passport: $65 million – post – FEU16 demo

PaySend: $10.6 million – post – and $5.3 million –post – EU16 demo

Scalable Capital: $28 million – post – FEU16 demo

Tink: $11.2 million – post – and $63 million – post – FEU19 demo

Token: $16.5 million – post – FEU17 demo

TransferWise: $292 million – post – FEU13 demo

Twisto: $15 million – post – and $15.7 million – post – FEU18 demo

YellowDog: $3.3 million – post – FEU19 demo

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Updated: Finovate Alums Raise More Than Three Billion in 2019; $876 Million in Q4

Updated: Finovate Alums Raise More Than Three Billion in 2019; $876 Million in Q4
By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

Updated 12/20/2019: Finovate alums raised more than $876 million in the fourth quarter of 2019. The amount takes the total raised by Finovate alums this year to more than three billion. It is both the second year in a row our alums have topped this milestone, and the biggest Q4 fundraising for Finovate alums to date.

Previous Annual Comparisons

The fourth quarter of 2019 is also the fourth Q4 in a row in which alum funding has climbed above the $500 million mark.

Previous Quarterly Comparisons

  • Q4 2018: More than $800 million raised by 19 alums
  • Q4 2017: More than $730 million raised by 23 alums
  • Q4 2016: More than $700 million raised by 26 alums
  • Q4 2015: More than $302 million raised by 28 alums

The top equity investment of the quarter was the $200 million raised by Ripple, followed by the $182 million raised by Zopa and the $102.5 million raised by BlueVine the previous month. Given the relatively small number of fundings this quarter, it is little surprise to find that our top ten equity investments for Q4 make up the vast majority of the reported spending total (note that the sums involved in two of our fourteen fourth quarter investments were undisclosed).

Top Equity Investments

  • Ripple: $200 million
  • Zopa: $182 million
  • BlueVine: $102.5 million
  • nCino: $80 million
  • Spreedly: $75 million
  • Passport: $65 million
  • SheerID: $64 million
  • Eigen Technologies: $37 million
  • Aerospike: $32 million
  • Kreditech: $24 million

Here is our detailed alum funding report for Q4 2019.

October 2019: More than $104 million raised by four alums

  • Kreditech: $24 million – post
  • nCino: $80 million – post
  • OurCrowd: undisclosed – post
  • Paper.id: undisclosed – post

November 2019: More than $311 raised by six alums

  • Aerospike: $32 million – post
  • BlueVine: $102.5 million – post
  • Eigen Technologies: $37 million – post
  • SheerID: $64 million – post
  • Spreedly: $75 million – post
  • Pinkaloo: $1.25 million – post

December 2019: More than $461 million raised by four alums

  • FintechOS: $14 million – post
  • Passport: $65 million – post
  • Ripple: $200 million – post
  • Zopa: $182 million – post

If you are a Finovate alum that raised money in the fourth quarter of 2019, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

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Passport Raises $65 Million for Mobile Payment for Parking

Passport Raises $65 Million for Mobile Payment for Parking
By Julie Muhn (@julieschicktanz) Posted on
Categories: Funding, Fundings, Passport

Mobile payments for parking company Passport just landed $65 million in funding, bringing its total raised to over $125 million.

The Series D round saw participation from Rho Capital Partners, H.I.G. Growth Partners, and ThornTree Capital Partners. Habib Kairouz from Rho Capital Partners and Scott Hilleboe from H.I.G. will join Passport’s board of directors.

The funding will be used enhance Passport’s software platform and expand its digital parking ecosystem.

Founded in 2010, Passport offers mobile payment solutions for parking, transit, permits, and tolling. The company’s solutions serve more than 1,000 clients and have been adopted by more than 450 agencies in over 5,000 locations worldwide, including Chicago, London, Toronto, Boston, Vancouver, Portland, Montreal, and Miami. To date, Passport has processed more than $1.5 billion, processing 100+ million transactions each year.

“We envision a world where mobility is seamless,” said Bob Youakim, Passport co-founder and CEO. “To bring this vision to life, we are creating an open ecosystem where any entity – a connected or autonomous vehicle, a mapping app, or a parking app – can leverage our transactional infrastructure to facilitate digital parking payments.”

At FinovateEurope 2016, Passport demoed its Mobile Ticketing for Transit solution. 

This year, Passport launched a pilot for micro-mobility companies, including scooter fleet company Spin. In August, the company moved on to phase two of the project to enable cities to charge scooter companies for parking. The city of Charlotte will move forward with its pilot and the company anticipates that other cities will follow.

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More Than $1 Billion Raised by 21 Alums in Q3 2019

By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

Finovate alums raised $1.1 billion in funding in the third quarter of 2019. The quarterly total represents a significant rebound over last year’s Q3 sum and is reminiscent of the third quarters from 2017 and 2015 in topping the $1 billion mark.

Previous Quarterly Comparisons

  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums
  • Q3 2015: More than $1 billion raised by 40 alums

As our list of the quarter’s top equity investments below reveals, the $460 million fundraising from Klarna in August represents a significant amount of this year’s Q3 total. The investment, led by Dragoneer Investment Group, gave the Swedish ecommerce innovator a valuation of $5.5 billion and the title of the largest private fintech in Europe.

Also noteworthy was the $200 million raised by San Francisco, California-based payroll, benefits, and HR platform Gusto. Along with a pair of new participants Fidelity and Generation Investment Management, Gusto’s investors boosted the company’s valuation to $3.8 billion in the third quarter. There must be something special about Q3 and Gusto; the company’s previous $140 million in funding led the quarter’s top investments last year.

Top Ten Equity Investments for Q3 2019

  • Klarna: $460 million
  • Gusto: $200 million
  • Trulioo: $53 million
  • Credit Sesame: $43 million
  • Numbrs: $40 million
  • HackerOne: $35.4 million
  • Flybits: $35 million
  • Sezzle: $30 million (IPO)
  • Scalable Capital: $28 million
  • Kyndi: $20 million

Here is our detailed alum funding report for Q3 2019.

July 2019: More than $354 million raised by 10 alums

August 2019: More than $554 million raised by six alums

September 2019: More than $148 million raised by five alums

If you are a Finovate alum that raised money in the third quarter of 2019, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

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More Than $1.8 Billion Raised by 29 Alums in Q2 2019

By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

Our “Best Q2 to Date” just got bested.

Finovate alums raised more than $1.8 billion in new funding in the second quarter of 2019. The Q2 figure from this year surpasses the previous, record-setting second quarter from 2018 by more than $300 million. This year’s amount also represents an increase of more than 3x over our alum funding total of $468 million for Q1.

Previous Quarterly Comparisons

  • Q2 2018: More than $1.5 billion raised by 37 alums
  • Q2 2017: More than $726 million raised by 25 alums
  • Q2 2016: More than 510 million raised by 23 alums
  • Q2 2015: More than $840 million raised by eight alums

The second quarter of 2019 also marks our fifth billion dollar quarter since 2015.

Previous Billion Dollar Quarters

  • Q2 2018: More than $1.5 billion raised by 37 alums
  • Q1 2018: More than $1.3 billion raised by 26 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2015: More than $1 billion raised by 40 alums

Our biggest fundraising alum for the quarter was financial management platform Sofi – by a mile. But Sofi aside there were still more than a handful of sizable investments in Finovate alums this spring, including four other nine-figure financings in Marqeta, Blend, Dashlane, and multiple-time Best of Show winner MX.

The top ten equity investments for our alums in Q2 totaled $1.35 billion, representing 75% of the quarter’s total funding.

Top Ten Equity Investments for Q2 2019

  • Sofi: $500 million
  • Marqeta: $260 million
  • Blend: $130 million
  • Dashlane: $110 million
  • MX: $100 million
  • Bill.com: $88 million
  • Alkami: $55 million
  • Clinc: $52 million
  • Synapse: $33 million
  • Payfone: $24 million

Here is our detailed alum funding report for Q2 2019.

April 2019: More than $205 million raised by seven alums

May 2019: More than $1.25 billion raised by 11 alums

June 2019: More than $375 million raised by 10 alums

If you are a Finovate alum that raised money in the second quarter of 2019, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

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$468 Million Raised by 20 Alums in Q1 of 2019

$468 Million Raised by 20 Alums in Q1 of 2019
By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

One of the big questions about first quarter funding for Finovate alums over the past few years asked: which is the truer barometer of the fintech funding environment: the post-election parsimony of Q1 2017 or the billion+ investment rebound of Q1 2018?

We now have our answer: Alums in the first quarter of 2019 racked in more than $468 million in funding. This figure more than doubles the Q1 2017 total, and represents financings from 20 companies that have demoed at our conferences in the past (both Finovate and FinDEVr). Q1 2019 totals are less than that of the previous two first quarters in 2016 and 2015, but on a “per alum funded” basis this year’s first quarter is comparable to all but 2018’s historic start.

Previous Quarterly Comparisons

  • Q1 2018: $1.32 billion raised by 26 alums
  • Q1 2017: $230 million raised by 20 alums
  • Q1 2016: $656 million raised by 32 alums
  • Q1 2015: $680 million raised by 29 alums

Unlike some quarters in which overall totals are boosted by a single outsized investment (Credit Karma’s $500 million fundraising in Q1 of last year comes to mind), the first quarter investments for alums this year were in the moderate range. That said, adding up to $428 million, this quarter’s top 10 equity investments make up a sizable 91.5% of the quarter’s total funding.

Top 10 Equity Investments

  1. Stash: $65 million
  2. Tink: $63 million
  3. Coverhound: $58 million
  4. Nutmeg: $58 million
  5. Personal Capital: $50 million
  6. Mambu: $34 million
  7. Featurespace: $32.2 million
  8. Socure: $30 million
  9. SpyCloud: $21 million
  10. Zafin: $17.2 million

Here is our detailed alum funding report for Q1 2019.

January: More than $111 million raised by five alums

February: More than $276 million raised by nine alums

March: More than $81 million raised by six alums

If you are a Finovate alum that raised money in the first quarter of 2019 and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

Top image designed by Freepik

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Finovate Alums Raise More than $4 Billion in 2018, $802 Million in Q4

By David Penn Posted on
Categories: Funding, Fundings

Finovate alums raised more than $800 million in the final months of 2018, taking the year’s fundraising total over the four billion mark.

This achievement represents the biggest fundraising year for Finovate alums, and serves as a testament to the enduring commitment to fintech innovation by a broadening community of investors.

Previous Annual Comparisons

  • 2017: $2.7 billion raised
  • 2016: $2.3 billion raised (Q1, Q2, Q3, Q4)
  • 2015: $3 billion raised
  • 2014: $2.2 billion raised

The fourth quarter of 2018 was also one of the biggest fourth quarters for our alums in recent years.

Previous Quarterly Comparisons

  • Q4 2017: More than $730 million raised by 23 alums
  • Q4 2016: More than $700 million raised by 26 alums
  • Q4 2015: More than $302 million raised by 28 alums
  • Q4 2014: More than $1.4 billion raised by 26 alums

The quarter’s top equity investments were the $300 million raised by fintech unicorn Coinbase, and the $250 million raised by Plaid, a veteran of our developers conference, FinDEVr. In sum, the top investments of Q4 2018 represented 97% of the quarter’s known total. Note that investments for three alums (and specifically the equity portion of a fourth alum’s combined debt and equity fundraising) were undisclosed.

Top 10 Equity Investments

  • Coinbase: $300 million
  • Plaid: $250 million
  • Pindrop: $90 million
  • Quid: $37.5 million
  • Zopa: $20.7 million
  • Klarna: $20 million
  • PayActiv: $20 million
  • Thought Machine: $14.4 million
  • Modo: $13 million
  • Finn AI: $11 million

Here is our detailed alum funding report for Q4 2018

October 2018: More than $388 million raised by seven alums

  • Coinbase: $300 million – post
  • Finn AI: $11 million – post
  • Klarna: $20 million – post
  • PayActiv: $20 million – post
  • Ondot: undisclosed – post
  • Quid: $37.5 million – post
  • Zenmonics: undisclosed – post

November 2018: More than $58 million raised by six alums

  • Anorak: $6.5 million – post
  • Meniga: $3.4 million – post
  • Modo: $13 million – post
  • Moneyhub: undisclosed – post
  • Thought Machine: $14.4 million – post
  • Zopa: $20.7 million – post

December 2018: More than $356 million raised by six alums

  • FI.SPAN: $4 million – post
  • ISARA: $10 million – post
  • ShopKeep POS: $65 million (combined debt and equity) – post
  • Switch: $2 million – post
  • Pindrop: $90 million – post
  • Plaid: $250 million – post

If you are a Finovate alum that raised money in the fourth quarter of 2018, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

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More Than $400 Million Raised by 19 Alums in Q3 2018

By David Penn Posted on
Categories: Funding, Fundings

After racking up more than $1 billion in funding last summer, Finovate alums secured more than $400 million in funding over July, August, and September of 2018. This year marked the second time in the past four years that a billion-dollar third quarter was followed the next year by a significantly less bountiful Q3 in terms of equity financing.

Interestingly, eight of our 19 fundraising alums in the third quarter did not disclose the amounts of their investments. And while this does not provide any specific clues to the exact amounts of equity financing involved, it is noteworthy that undisclosed investments in AdviceRobo and Personetics both represented minority stakes taken by KPMG and United Overseas Bank, respectively.

Previous Quarterly Comparisons

  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums
  • Q3 2015: More than $1 billion raised by 40 alums
  • Q3 2014: More than $194 million raised by 17 alums

If Q3 represented a small step in the funding growth for our alums overall, it was a giant leap for the quarter’s top fundraiser, Gusto. The $140 million in funding picked up by the payroll, benefits, and HR platform in July nearly doubled the firm’s total funding, and boosted the company’s valuation to almost $2 billion.

And you’ve got to hand it to Bambu. The three million raised by the Singapore-based robo advisor pales in comparison to the capital raised by its fellow top ten alums in Q3. But Bambu is the only company in the quarter’s top ten to have won not one, but two Best of Show awards, once at FinovateAsia 2017 and again last month at FinovateAfrica 2018.

Top Ten Equity Investments for Q3 2018

  • Gusto: $140 million
  • Flywire: $100 million
  • Zopa: $57 million
  • ThetaRay: $30 million
  • Deserve: $17 million
  • SynapseFI: $17 million
  • Wonga: $13 million
  • BlueVine: $12 million
  • Cortera: $10 million
  • Bambu: $3 million

Here is our detailed alum funding report for Q3 2018.

July 2018: More than $285 million raised by nine alums

August 2018: More than $87 million raised by six alums

September 2018: More than $28 million raised by four alums

If you are a Finovate alum that raised money in the third quarter of 2018, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

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More Than $1.5 Billion Raised by 37 Alums in Q2 2018

By David Penn Posted on
Categories: Funding, Fundings

 

Best funding quarter for Finovate alums to date.

There’s no other way to put it. With more than $1.5 billion raised by 37 alums, the second quarter of 2018 is twice as large as the previous year’s Q2. Not only that, but this year’s second quarter is also the biggest quarter for equity funding in Finovate history, ranking among our “unicorn” quarters of more than $1 billion raised.

Previous Quarterly Comparisons

  • Q2 2017: More than $726 million raised by 25 alums
  • Q2 2016: More than $510 million raised by 23 alums
  • Q2 2015: More than $840 million raised by eight alums
  • Q2 2014: More than $458 million raised by eight alums

Previous Billion Dollar Quarters

  • Q1 2018: More than $1.32 billion raised by 26 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2015: More than $1 billion raised by 40 alums

Which alums topped the funding ranks in the second quarter? There were a number of triple digit investments over the past few months, including a pair of quarter billion dollar investments picked up by digital bank Revolut and business commerce innovator Tradeshift. But the biggest alum funding in Q2 2018 was the $360 million raised by low code app development platform OutSystems, which presented its technology at our developers conference, FinDEVr, last year.

Combined, the top ten equity investments for the quarter add up to $1.3 billion, representing 86% of the total alum funding for Q2.

Top Ten Equity Investments for Q2 2018

  • OutSystems: $360 million
  • Revolut: $250 million
  • Tradeshift: $250 million
  • LendStreet: $117 million
  • Signifyd: $100 million
  • BlueVine: $60 million
  • WorkFusion: $50 million
  • Unison: $40 million
  • Tango Card: $35 million
  • Qapital: $30 million

Here is our detailed alum funding report for Q2 2018. Interestingly, the amount raised in June 2018 alone – more than $716 million – is greater than all but two previous second quarters.

April 2018: More than $370 million raised by 11 alums

May 2018: More than $434 million raised by 11 alums

June 2018: More than $716 million raised by 15 alums

f you are a Finovate alum that raised money in the second quarter of 2018, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

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AlphaPoint Raises $15 Million in Series A Led by Galaxy Digital Ventures

AlphaPoint Raises $15 Million in Series A Led by Galaxy Digital Ventures
By David Penn Posted on
Categories: AlphaPoint, Funding, Fundings

AlphaPoint, a New York-based fintech that leverages distributed ledger technology to enable financial institutions to digitize, trade, and manage any asset, is celebrating its fifth anniversary with news that it has raised $15 million in new funding. The Series A round was led by Galaxy Digital Ventures, and brings the company’s total capital to $16.6 million. AlphaPoint says it will use the funds to double the size of its team by year’s end.

“We are delighted to have Galaxy Digital Ventures as a strategic investor who shares our vision to unlock the value of illiquid assets for a wider audience of investors and traders,” AlphaPoint CEO Salil Donde said. “This investment allows us to continue our focus on our customers’ success.”

Galaxy Digital Ventures managing director Greg Wasserman credited AlphaPoint for having the combination of talent and technology in order to take advantage what he called a “tremendous” demand for the digitization of illiquid assets. AlphaPoint estimates the total value of the illiquid asset market – including gold and real estate – at more than $11 trillion and sees its technology as a way to provide badly needly liquidity. “Consumers are demanding increased access, transparency, and trust,” said Wasserman, who will join AlphaPoint’s board of directors as part of the strategic investment. “Businesses are seeking increased liquidity with reduced fraud, risk, and cost.”

Founded in 2013, AlphaPoint demonstrated its AlphaPoint Distributed Ledger Platform (ADLP) at FinovateFall 2017. The general-purpose blockchain platform streamlines the deployment of distributed financial applications, and enables financial institutions to participate in digital asset issuance, confidential smart contracts, and automated workflows. Running in live production since 2013, the solution has facilitated  transactions totaling more than $100 billion to date for platform customers. The company’s partners include Intel – with whom AlphaPoint teamed up last fall – Microsoft, and RedHat. The CME Group, London Block Exchange, and BTCC are a few of AlphaPoint’s more than 30 global clients.

Earlier this year, AlphaPoint announced completion of a blockchain trial with Scotiabank that explored a variety of use cases for the company’s ADLP. In April, AlphaPoint teamed up with CME Group and The Royal Mint to support the Royal Mint Gold initiative, a trading platform for digital gold. And last month, AlphaPoint introduced its Regulated Asset Backed Token (RABT), a new framework designed to support the launch of blockchain tokens supported by regulated assets. The goal is to leverage blockchain technology to add liquidity to the real estate market.

Donde took over the CEO spot at the company last fall – at the same time AlphaPoint unveiled plans for a new public blockchain network. He arrived at AlphaPoint after serving as EVP of Global Information Services at Nasdaq.

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