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  <ul>
    <li>
      <p>
        Denim (formerly known as Axle Payments), a provider of factoring services to freight brokers, raised USD 126 million in a Series B funding round led by Pelion Venture Partners, with participation from Crosslink Capital, Anthemis, and Trucks VC, among others. The company&rsquo;s total funding following this round stands at USD 165 million.
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    </li>
    <li>
      <p>
        The Series B funding consisted of USD 26 million in equity and USD 100 million in debt financing, with the company intending to use the equity to develop its financial platform and for recruitment while using debt financing to provide working capital to freight brokers.
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    </li>
    <li>
      <p>
        Formed in 2019, Denim provides freight brokers with factoring services via its financial platform. Additionally, brokers can also use the platform to automate their invoicing claims and payment processes.
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    </li>
  </ul>
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<div>
  <p>
    <a href="https://www.prnewswire.com/news-releases/axle-payments-rebrands-to-denim-raises-126-million-to-scale-financial-automation-and-payments-platform-for-freight-industry-301624938.html">
      Company press release
    </a>
  </p>
  <p>
    <a href="https://techcrunch.com/2022/09/15/denim-a-fintech-platform-for-freight-brokers-raises-126m-in-equity-and-debt/">
      TechCrunch
    </a>
  </p>
  <p>
    <a href="https://www.finsmes.com/2022/09/denim-raises-126m-in-funding.html">
      FinSMEs
    </a>
  </p>
</div>


Neobanks

Axle Payments rebrands to Denim, raising USD 126 million in Series B funding

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 <p>Finnish neobank, Saldo Bank, has teamed up with card issuing and processing infrastructure provider, Enfuce, to introduce its first ever credit card in the Nordic and Baltic regions. This partnership entails Enfuce supplying over 60,000 custom-created open-loop Visa credit and debit cards, both of the physical and virtual variety, to the Finnish clientele of Saldo Bank. These brand-new cards provide the users with real-time credit decisions and an automated card issuance process, therefore enabling customers to immediately utilise the credit for card payments and manage all their finances in a singular location.</p>
 <p>The purpose of this cooperation is to augment the growth of Saldo Bank within the banking industry whilst simultaneously presenting Enfuce's dedication towards assisting all banks, legacy and digital, across Europe by offering scalable, modular payment solutions.</p>

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Saldo Bank partners with Enfuce to launch its first credit card

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 <p>Allica Bank, a UK-based digital bank focused on SMEs and entrepreneurs, has bought Tuscan Capital, a lender specialising in bridge financing. The purchase price was not disclosed. </p>
 <p>Allica Bank's strategy with this acquisition is to grow its commercial finance products, now including bridging and refurbishment finance. The emphasis will be on semi-commercial and full commercial bridging, complemented by Tuscan’s residential bridging services. </p>
 <p>The digital bank also seeks to use Tuscan's expertise in bridging and its broker network to become a prominent competitor in this sector.</p>
 <p>Tuscan Capital was established in 2018 and operates in the UK property sector offering short-term bridging loans. The firm integrates traditional lending methods with modern commercial techniques and caters to brokers, advisers, and real estate professionals operating in England and Wales.</p>

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Allica Bank acquires Tuscan Capital for undisclosed sum to enter bridging market

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 <p>Comun, a neobank targeting the Latino community, has secured USD 21.5 million in a Series A funding round. Redpoint Ventures led the initiative, supported by participation from entities such as ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons. The fundraising round has raised Comun's total capital to USD 26 million, and the company asserts that its valuation has experienced over a 50% increase since the previous funding round.</p>
 <p>The newly raised capital will be directed towards expansion of locations and the development of new products, with a credit product being a key focus. The company has recently on-boarded former employees from Nubank and Capital One to support this growth.</p>
 <p>In terms of performance, Comun has reported substantial growth. In the initial six months of 2024, its monthly revenue surged 50x. The company is now projected to process over USD 1 billion on an annualized basis in payment volume. It also has seen significant growth in its user base and has managed to elevate revenue per user by about 4x since the onset of the year.</p>
 
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Comun raises USD 21.5 million in Series A funding to expand locations

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 <p>Revolut, a UK-based neobank serving B2C and B2B segments, has entered into a partnership with Visa to facilitate instant card transfers for its business customers.</p>
 <p>Through Visa Direct, Revolut Business customers are now able to send money to 78 countries and in over 50 currencies using just a card number. The payments are expected to arrive within a 30-minute window. This initiative is designed to simplify cross-border transactions by eliminating the need for detailed information such as IBAN and BIC, and at the same time, reduce transfer fees and processing times.</p>
 <p>This worldwide agreement is an extension of prior collaborations between Revolut and Visa, inclusive of the 2023 introduction of Visa Direct-powered peer-to-peer payments to roughly 90 countries and the 2024 roll-out of Visa virtual cards for B2B travel.</p>
 
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Revolut partners with Visa for instant cross-border business transactions

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 <p>UK-based neobank OakNorth has gained authorization from the Federal Reserve and the New York State Department of Financial Services (NYDFS) to establish a New York Representative Office for actively marketing its products and services in the US.</p>
 <p>The company intends to fill a gap in the US lower mid-market business sector by leveraging its data-driven approach. Since July 2023, it has already provided around USD 600 million in loans to businesses within this category.</p>
 <p>OakNorth is also considering obtaining a US banking charter to increase its operational presence in the United States.</p>
 <p>Typically, OakNorth assists businesses with turnovers between USD 1 million and 100 million. It has supplied more than USD 15 billion in loans to UK and US firms so far.</p>
 
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OakNorth secures regulatory approval for US representative office

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 <p>Canadian neobank, KOHO, has added new features for its members who rent. These additions include tenant insurance, which is available in several provinces, as well as a rent reporting feature accessible to every KOHO user.</p>
  <p>The 'Rent Reporting' feature enables KOHO users to report their rent payments straight to credit bureaus. This could contribute to the building of their credit history. It is integrated within the KOHO app and comes with automatic payment processing and historical rent payment reporting features.</p>
 <p>Through collaboration with Walnut Insurance, 'Tenant Insurance' is offered, starting from USD 22 monthly. There are choices for item coverage and liability protection amounts, such as USD 5,000, USD 10,000, and USD 15,000.</p>
 <p>According to KOHO, these new features aim to assist renters in establishing a credit history, earning cash back on their rent payments, and offering affordable coverage against unforeseen damages. KOHO's objective is to make financial advancement more reachable for Canadians, which can benefit newcomers, younger Canadians, and all renters in general.</p>
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KOHO launches tenant insurance and rent reporting

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 <p>Lendbuzz, an AI-powered auto-financing platform, has secured a USD 400 million forward flow program from Viola Credit, a global alternative asset manager.</p>
 <p>This agreement extends their longstanding partnership, which has resulted in over USD 1 billion in financing and asset purchase transactions since 2018. The new program will allow Lendbuzz to expand its AI-based auto finance platform.</p>
 
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Lendbuzz secures USD 400 million forward flow agreement with Viola Credit

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 <p>Revolut, a UK-based neobank focused on both B2C and B2B sectors, has formed a partnership with Ledger, a producer of hardware wallets for various cryptocurrencies. This collaboration will allow users of the Ledger hardware wallet to buy cryptocurrencies straight from Revolut.</p>
 <p>Ledger customers located in 27 EEA countries can now purchase and sell cryptocurrencies through Revolut's on-ramp service. For existing customers of Revolut, there is no need for additional verification procedures, making the crypto purchase experience within the Ledger environment more seamless.</p>
 <p>The aim of this partnership is to fuse together the dependable payment platform of Revolut with Ledger's robust hardware security. This will provide users improved accessibility, speed, and security in handling their digital assets. The merger also brings Revolut Pay to Ledger as a method of payment, allowing for instantaneous online transactions, further enhancing security and accessibility for users in the crypto ecosystem.</p>

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Revolut partners with Ledger to offer crypto buying services for hardware wallet users

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<p>Varo Bank, a neobank catering to consumers, has entered into an exclusive five-year processor agreement with Marqeta, a card-issuing platform. The main aim of this collaboration is to enhance Varo's card-issuing technology and transaction management, and to provide digitized wallet tokenization with Apple and Google Wallets.</p>

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Varo Bank signs five-year exclusive issuer processor deal with Marqeta

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 <p>Owners Bank, a digital bank designed by Liberty Bank to cater to Small and Medium-sized Enterprises (SMEs), has broadened its reach of small business banking services to the state of Texas.</p>
 <p>First established in April 2013, Owners Bank initially catered to its customer base in several states including Rhode Island, Massachusetts, Connecticut, Pennsylvania, Florida, Georgia, North Carolina, and South Carolina.</p>
 <p>Offering a variety of services such as deposit accounts, loans, and credit cards through an online platform and a digital application, Owners Bank provides tailored support via US-based business banking representatives through various channels like face-to-face meetings, phone calls, online chats, or email communications.</p>
 
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All Updates

Axle Payments rebrands to Denim, raising USD 126 million in Series B funding

Saldo Bank partners with Enfuce to launch its first credit card

Allica Bank acquires Tuscan Capital for undisclosed sum to enter bridging market

Comun raises USD 21.5 million in Series A funding to expand locations

Revolut partners with Visa for instant cross-border business transactions

OakNorth secures regulatory approval for US representative office

KOHO launches tenant insurance and rent reporting

Lendbuzz secures USD 400 million forward flow agreement with Viola Credit

Revolut partners with Ledger to offer crypto buying services for hardware wallet users

Varo Bank signs five-year exclusive issuer processor deal with Marqeta

Owners Bank expands digital banking services to Texas

Neobanks

Axle Payments rebrands to Denim, raising USD 126 million in Series B funding

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