Cavalry Ventures is a Berlin-based pre-seed and seed venture capital investor. Cavalry backs European enterprise and consumer software startups that contribute to a better future. Cavalry is defined by its entrepreneurial DNA. The team is driven by appreciation towards entrepreneurs and their will to turn extraordinary ideas into action. Through a dedicated Platform Team, Cavalry aims to connect its entrepreneurs to investors, engineers, academics, executives, industry experts, and others to create the optimal ecosystem for Cavalry portfolio companies to thrive. Founded in 2016, Cavalry has invested in over 50 companies across multiple funds. Notable investments include Aleph Alpha, Flip, Forto, PlanRadar, Spread, and Usercentrics.

Cavalry Ventures

Stride.VC is a venture capital firm targeting seed stage startups. Founded in 2018, the firm is headquartered in London, England, United Kingdom.

Stride.VC

WhenThen

WhenThen allows merchants and internet companies to quickly integrate, test, build and orchestrate powerful payment experiences and automations through its flexible no-code editor in minutes instead of months. Global e-commerce, marketplace and digital platforms use WhenThen's no-code editor to build experiences and automations that increase checkout conversion and authorisation rates, decrease fraud and payment cost, reduce manual work and errors, and create delightful customer payment experiences.

The Irish company WhenThen offers what it claims is the first no-code platform for enterprises to streamline and automate payment processing. The company was founded by three Mastercard veterans—Kirk Donohoe, Eamon Doyle, and Dave Brown—who collectively have more than 30 years of experience developing e-commerce and FinTech solutions.

Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

Dublin-based WhenThen snapped up by Mangopay

The Irish company WhenThen offers what it claims is the first no-code platform for enterprises to streamline and automate payment processing. The company was founded by three Mastercard veterans—Kirk Donohoe, Eamon Doyle, and Dave Brown—who collectively have more than 30 years of experience developing e-commerce and FinTech solutions.WhenThen helps companies develop their own payment solutions for online sales. It also allows non-technical developers to build payment processing solutions using a range of templates. WhenThen claims its platform can deliver payment solutions in minutes, as opposed to spending months of development on in-house solutions. The platform can streamline a range of payment types including usage billing, recurring billing, e-commerce payments, milestone billing, etc. In addition to orchestrating payments, WhenThen also offers merchants notifications and insights relating to payments.The platform allows users to integrate a range of payment methods and gateways. As of July 2021, it supported Adyen, Stripe, and Square, among others, and planned to include additional gateways in the future including PayPal, Klarna, and Affirm. The platform chooses the most appropriate payment processor to process the transaction in real-time on behalf of the merchant.In March 2023, WhenThen was acquired by Mangopay, an end-to-end payment processing platform, for an undisclosed sum. Through this acquisition, Mangopay planned to integrate its technologies with WhenThen’s payment stack to enhance Mangopay’s product offerings. Following the acquisition, WhenThen remains to operate as a standalone platform.

Cross River Bank provides a white-label banking-as-a-service (BaaS) platform for enterprises, combining banking services, payments, and marketplace lending infrastructure to build fintechs. Its solutions comprise demand deposits, savings accounts, credit and debit cards, and payment clearing services, including automated clearing house (ACH) and real-time payments. The company also provides banking and payment infrastructure for the crypto industry, including risk management services for its crypto clients. Key customers and partnerships As of December 2020, the company had over 400 employees, and had entered into more than 30 partnerships. Moreover, as of March 2021, the platform had been used to support over 375,000 small businesses through the paycheck protection program (PPP).Cross River Bank teamed up with UK-based BaaS provider <a href="https://sp-edge.com/companies/421515">Railsr </a>in January 2019 to launch a common API for their platforms to be used globally. As of April 2022, Cross River had over 80 clients including lenders such as Affirm, Best Egg, and Upstart, neobanks such as <a href="https://sp-edge.com/companies/220119">Revolut </a>, and blockchain-based payment processing platform GreenBox. The platform reportedly originated over USD 24 billion in loans per annum, around 10x the value of loans it originated in 2015. Cross River Bank has expanded its operations by acquiring Betterfin, a platform offering lending-as-a-service (LaaS) solutions, in November 2021. Through the acquisition, Cross River Bank leveraged Betterfin’s software to digitize parts of the small-business lending process (such as origination and underwriting).The company partnered with <a href="https://sp-edge.com/companies/1643">American Express </a>(Amex) to enable FinTechs to issue credit cards through Cross River Bank, on the Amex network, while also providing select Amex benefits to the FinTechs.Funding and financials The company <a href="https://sp-edge.com/updates/9458">raised USD 620 million in funding </a>co-led by Eldridge and a16z, at a valuation of over USD 3 billion, to invest in product developments, recruitment, international expansion, and boosting strategic partnerships.

Cross River Bank

Synctera was co-founded in 2020 by Peter Hazlehurst, the former head of Uber Money, who previously led the development of Google Wallet. The company offers an API-based infrastructure platform for community and regional banks to find and partner with FinTechs. This enables FinTechs to leverage the former’s licenses to embed FDIC-insured mobile checking, debit cards, savings accounts, and payment innovations, among other features. The API platform offered to the banks will then be sold to the FinTechs to code on. Although the end customers interact with the FinTechs, they legally belong to the bank.<a href="https://sp-edge.com/updates/8117">Synctera mainly charges the banks </a>based on the interchange fees they earn (half of the interchange fees, as of January 2022) from the services provided. It does not charge them an initial amount to use the platform. Moreover, the platform also embeds fraud-as-a-service and charges FinTechs on a per transaction basis (4 cents per transaction) should they choose to use it. It subsequently shares that revenue 50/50 with the banks.The company launched the “t-minus10” project in January 2022, which offers a live sandbox for FinTechs to build apps, test, and go to market, enhancing their access to banking partners. It subsequently launched a “Smart Charge Card” (APIs to build, launch, and issue charge cards) and “White-label Banking App” (a codebase for developers to build embedded banking products or neobank apps) infrastructure in October 2022.Key customers and partnershipsIn February 2022, Lineage Bank (a community bank in Tennessee) and GoGetr (FinTech aiming to promote health and wealth management) became the first companies to launch a banking solution using the Synctera platform. As of March 2023, the platform was working with around 50 fintechs, of which 14 were live (including Wayapay and Float). Synctera reportedly had over 20 implementations set for launch in the following two months.Synctera announced a new card issuing and management infrastructure offering (Card-as-a-Service), in July 2021, which it developed in partnership with Mastercard and leading card issuing infrastructure disruptor, <a href="https://sp-edge.com/companies/64287">Marqeta</a>.Funding and financialsIn March 2024, Synctera raised USD 18.6 million in <a href="https://sp-edge.com/updates/27244">Series A1 extension</a> co-led by Lightspeed and Fin Capital. The company earmarked the funds to support business growth by facilitating more complex use cases across the US and international markets. The company also <a href="https://sp-edge.com/updates/16980?industryIds=53">raised USD 15 million</a> in funding led by NAventures in March 2023, to invest in expanding the platform’s use cases and broadening its geographic footprint beyond the US (including expanding to Canada). Meanwhile, Synctera has also partnered with the National Bank of Canada to enable companies to launch FinTech apps and embedded banking products in Canada.

Synctera

Based in the UK, Weavr, formerly known as Open Payments Cloud, was spun out of payment provider Ixaris in 2019. Weavr offers the infrastructure for enterprises to embed banking services across various industries, including education, fitness, logistics, etc. Weavr’s “Meta” platform combines multiple banking and payments partners in one platform through application programming interfaces (APIs). Using the APIs, enterprises can embed virtual banking services such as card payments, fund transfers, and international banking accounts.Weavr expanded its operations to Singapore in November 2022, as part of its global expansion plans. Key customers and partnerships As of July 2021, Weavr’s customers included Finway, Thanks Ben, and MySkillCamp, among others. In October 2019, Weavr partnered with payment service providers Global Processing Services (GPS), Paynetics, and iDenfy to enable developers to create and run sophisticated and streamlined payment experiences for their European customers through Weavr. Funding and financialsWeavr <a href="https://sp-edge.com/updates/8647?industryIds=53">raised USD 40 million </a>in Series A funding in February 2022, led by Tiger Global, less than a year after <a href="https://sp-edge.com/updates/4166">raising GBP 4 million (USD 5.5 million) </a>in seed funding in July. The funds were earmarked for business development and recruitment to support Weavr’s expansion to the US market, while also supporting its continued expansion in the UK and Europe.

Weavr

MX offers an open finance portal, data connectivity application programming interface (API), and MX platform API for banks, credit unions, and other financial service providers. The company’s solutions allow its clients to utilize financial data to reduce fraud, approve loans faster, and improve their customer experiences. In addition to APIs and connections, MX also offers a range of capabilities, including data aggregation, analytics, financial feed insights, wealth and investment services, and verification services. MX looks to enable banks and financial institutions to launch next-generation services and apps that automate and personalize financial experiences. As of January 2021, the company noted that it worked with more than 2,000 banks, credit unions, and FinTech companies, and its platform reached over 200 million end-users. Moreover, it also powered 43 of the top 50 digital banks as of the same period. In <a href="https://sp-edge.com/updates/8753?industryIds=53">February 2022, MX partnered </a>with <a href="https://sp-edge.com/companies/361160">Rize </a>, to enable users to access Rize’s banking infrastructure to build, launch, and scale financial products through a single API, thereby reducing the development time and cost. In January 2021, MX raised USD 300 million in a Series C funding round led by TPG Capital, at a valuation of USD 1.9 billion. The newly raised funds are to be invested in improving MX’s capabilities, expanding its global presence, and increasing its workforce. In January 2021, MX noted that its headcount tripled over the past two years, reaching 550 staff members. The company appointed Shane Evans as interim chief executive officer (CEO) in January 2022, to prepare the company for an IPO or sale (at a valuation of over USD 5 billion) and oversee its growth.

Bankable is a banking-as-a-service (BaaS) infrastructure provider allowing financial institutions and corporations to utilize its API to integrate banking services. It provides a platform for its enterprise customers to offer modular banking services, including ledger management (process data from multiple banks to support cash management for global corporate affairs), digital banking, payment cards, and e-wallets. The company expanded its platform by <a href="https://sp-edge.com/updates/19662">acquiring Arex Markets </a>in June 2023, to embed working capital solutions (such as flexible invoice financing, corporate credit cards, lodged cars, and revolving credit). The company has a global presence, with operations spanning from the US to the Middle East as of January 2021. Bankable noted that the expansion of its global footprint also helps its European and US FinTech clients expand their operations internationally. Key customers and partnerships In January 2020, the company partnered with the diversified FinTech infrastructure provider <a href="https://sp-edge.com/companies/85350">Plaid </a>, which enabled Bankable’s customers to use Plaid’s tech to connect to more than 15,000 banks in the US and Europe. Funding and financialsIn April 2019, <a href="https://sp-edge.com/companies/13061">Visa </a>invested an undisclosed sum in Bankable and entered a partnership with the startup. Through the partnership, Visa members obtained access to Bankable’s platform, while Bankable used VisaNet (Visa’s electronic global payments network) to extend its international payment and banking solutions.

Bankable

Platforms that allow FinTechs to integrate banking services such as opening and maintaining accounts, facilitating card payments, etc.


Platforms that enable FinTechs to integrate a range of payment-related services such as one-time payments, subscriptions, and receipt management for domestic and cross-border transactions.


Companies that enable organizations to embed anti-money laundering (AML), identity verification, and know-your-customer (KYC) solutions.


Platforms that allow FinTechs to integrate lending services,  by typically applying AI/ML technology to a spending analysis to analyze creditworthiness.

Companies providing APIs and integrations for FinTechs to access securities markets, facilitate transactions and clearing, and provide insights to help end-users manage their finances.

May specialize in promoting inclusiveness in financial services, primarily in the investment and lending spaces

AI/ML can improve the quality of their offerings, such as using AI/ML to reduce biases

Used for payment completions, accessing banking and transaction data, and providing financial insights, among others

WhenThen

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