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2024 Indian FinTech Landscape: Funding and Deal Activity Plummets Amid Market Uncertainty
In 2024, the Indian FinTech sector faced a significant downturn, with funding and deal activity plummeting. Total deals fell by 54% to 216, while funding dropped 51% to approximately $3.5 billion, marking the lowest deal count in five years. Despite this decline, the average deal size increased slightly to $16.1 million. A notable highlight was Svatantra, a microfinance company, raising $230 million, focusing on empowering women entrepreneurs. Svatantra leads in cashless disbursements and has developed a customer app to enhance engagement. As the industry evolves, stakeholders must adapt to navigate the changing landscape effectively.
Unlock Exclusive Travel Perks: JetBlue and Barclays Launch Premier Card for Adventure Seekers!
JetBlue has launched the JetBlue Premier World Elite Mastercard® in partnership with Barclays US Consumer Bank to enhance travel for frequent flyers and everyday spenders. Key benefits include complimentary lounge access, priority boarding, and enhanced travel rewards. New cardholders can earn a limited-time welcome offer of 70,000 TrueBlue points and five tiles toward Mosaic status by spending $5,000 in the first three months. The card features an annual fee of $499 and offers 6x points on eligible JetBlue purchases. Additional perks include Global Entry fee credits, annual statement credits, and World Elite Mastercard services for added convenience and security.
Highnote Raises $90M in Series B Funding to Accelerate US Merchant Acquiring Expansion
Highnote, a prominent player in the embedded finance sector, has raised $90 million in a Series B funding round led by Adams Street Partners, with support from existing investors like Oak HC/FT and Costanoa. The funding will enhance Highnote’s card issuance and program management services, enabling businesses to integrate virtual and physical card payments into their products. A significant focus will be on launching an acquiring solution for unified transactions. Highnote’s API-driven platform allows companies to accept card payments online, offering direct integration with leading payment networks and certification from major US card brands, appealing to SMBs and enterprises.
AI-Powered Cybersecurity Leader Nothreat Achieves £40M Valuation with New Funding Round
Nothreat, an AI-driven cybersecurity company, has successfully completed its seed funding round, achieving a £40 million valuation, reflecting growing confidence in its capabilities against AI-powered cyber threats. Led by Algara Group, the undisclosed funding will enhance Nothreat’s research and market presence. The company is collaborating with Lenovo to bolster IoT security, participating in cybersecurity initiatives at COP29, and securing Pafos FC’s digital infrastructure. Nothreat’s innovative AIoT Defend software firewall provides real-time protection for IoT devices, addressing evolving cyber threats. CEO Sergej Kostenko emphasizes the need for advanced solutions to combat these risks effectively.
Glassbox Secures $1.2M Pre-Seed Funding to Launch Innovative AI-Powered Financial Tools
Toronto-based financial technology startup Glassbox has secured $1.2 million in a pre-seed funding round led by New York’s FinTech Collective and Toronto’s StandUp Ventures, with participation from Watertower Ventures. The funding will support Glassbox’s mission to modernize corporate finance by replacing outdated spreadsheet models with an AI-compatible financial analysis platform. Its proprietary FinScript framework allows users to input plain text instructions for data analysis, significantly enhancing efficiency. Glassbox plans to expand its development team, accelerate product launches, and improve collaboration among finance professionals, aiming to position itself as a key player in the financial services industry.