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Jump Secures $20M to Boost AI-Driven Efficiency for Financial Advisors
Jump, an AI solutions provider for financial advisors, has raised $20 million in a Series A funding round led by Battery Ventures, with contributions from Citi Ventures and others, bringing its total funding to $24.6 million. The investment aims to enhance advisor productivity through AI tools for automation, compliance, and data management. Since exiting beta in January 2024, Jump has experienced over 35% monthly growth and partnered with firms like LPL Financial. CEO Parker Ence emphasized the platform’s efficiency, saving advisors an average of one hour per workday, while enhancing client engagement and compliance.
Capital on Tap Secures £750M Funding Boost to Enhance SME Credit Services
Capital on Tap has secured £750 million in funding to enhance financial services for small businesses in the UK and US. The investment includes a £550 million Master Trust facility, a first in Europe since 2015, developed with BNP Paribas and Citi, which aims to scale lending operations. CEO Damian Brychcy hailed the milestone as a “game-changing moment,” while BNP Paribas emphasized its commitment to supporting innovative companies. Additionally, Capital on Tap has increased its revolving credit facility with Blue Owl from £100 million to £200 million, further bolstering its growth and support for over 200,000 small businesses.
CloudSEK Secures $19M Funding Boost to Expand Global AI Cyber Threat Intelligence Operations
CloudSEK, a cybersecurity firm specializing in AI-driven threat prediction, has raised $19 million in Series A2 and B1 funding to enhance its cyber intelligence solutions. Investors included MassMutual Ventures, Inflexor Ventures, and others, with previous backers reaffirming their support. Founded in 2015 by Rahul Sasi, CloudSEK focuses on identifying potential cyber threats through early indicators like leaked credentials. The funding will accelerate product development and support global expansion, particularly in the US. Serving over 250 clients across various sectors, the company boasts a 4.8-star rating on Gartner Peer Insights, reflecting its effectiveness in proactive cybersecurity.
Worth Secures $25M in TTV Capital-Led Funding to Accelerate Onboarding Automation
Worth, a prominent FinTech company focused on onboarding and underwriting automation, has raised $25 million in funding led by TTV Capital. The round included investments from Silicon Valley Bank and other notable backers. Worth’s AI-driven platform streamlines onboarding, enhances underwriting efficiency, and utilizes a proprietary database of over 242 million small businesses. With this funding, Worth plans to accelerate expansion, improve AI technology, and scale services for larger clients. Co-founders Sal Rehmetullah and Suneera Madhani emphasized the need for innovative solutions in the financial sector, positioning Worth as a key player in the growing demand for automation in financial services.
Visa and Extend Revolutionize B2B Payments with Strategic New Referral Agreement
Extend, a leading platform for virtual cards and spend management, has partnered with Visa to enhance B2B payment solutions for middle-market businesses. This collaboration aims to empower these companies by providing advanced virtual card technology, improving financial transaction control, and automating processes like vendor payments and expense reconciliation. As global virtual card spending is projected to surge to nearly $14 trillion by 2028, this partnership will allow Visa’s issuing banks to offer Extend’s capabilities to their clients. Extend CEO Andrew Jamison highlighted the importance of this relationship in delivering effective payment solutions without disrupting existing banking preferences.