<div>
  <ul>
    <li>
      <p>
        Clear Street, a securities clearing, settlement, and custody infrastructure provider, has raised USD 270 million in an extension to its Series B funding from Prysm Capital. The round values the company at USD 2 billion (up 
        <a href="https://sp-edge.com/updates/10759?industryIds=53">
          from USD 1.7 billion
        </a>
         in May 2022) and brings its total funding up to USD 605 million. Earlier this year, Clear Street also raised an 
        <a href="https://sp-edge.com/updates/16371">
          undisclosed sum 
        </a>
        of funding from IMC Investments.
      </p>
    </li>
    <li>
      <p>
        The company plans to invest the funds in expanding its reach to new markets, asset classes, and product developments, increasing its platform availability to market participants and offering solutions for clients looking to migrate to its platform.&nbsp;
      </p>
    </li>
    <li>
      <p>
        Clear Street noted that it saw a 500% increase in the number of institutional clients on its platform, while its daily transaction volume rose over 300% over the past year. Its financing balances also rose around 150% over the period. The company further noted that it processes around 2.5% of the gross notional US equities volume (amounting to around USD 10 billion in daily notional trades).
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        This funding round makes Clear Street the highest-funded pure-play company in our coverage of investment and financial management infrastructure providers. The company unseats 
        <a href="https://sp-edge.com/companies/218577">
          DriveWealth
        </a>
        , which has raised around USD 550 million in aggregate funding, and 
        <a href="https://sp-edge.com/updates/5083">
          last raised funds in August 2021
        </a>
        . 
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.businesswire.com/news/home/20230411005163/en/Clear-Street-Announces-270-Million-Investment-Increasing-Series-B-to-435-Million">
      Press release
    </a>
  </p>
  <p>
    <a href="https://techcrunch.com/2023/04/11/clear-street-raises-270m-at-a-2b-valuation-to-grow-tech-enabled-independent-prime-brokerage-platform/">
      TechCrunch
    </a>
  </p>
  <p>
  </p>
</div>


FinTech Infrastructure

Clear Street raises USD 270 million in Series B funding

<div>
 
 <p>Form3, a cloud-based payment processing platform, recently raised USD 60 million in a Series C extension funding round. The round was led by British Patient Capital, and saw participation from existing investors like Visa, Goldman Sachs, Mastercard and others. This funding round has raised Form3's post-money valuation to an impressive USD 570 million.</p>
 <p>The company has shared its intentions to utilize this fund to create new products and services. It also plans to aid its growth in key markets such as UK, Europe, and the US, and venture into new territories. </p>
 <p>Interestingly, Form3 is responsible for handling more than half of all non-cash payment volume in the UK. In just the past six to nine months, the company reported a 2x growth in its global processing volume. It expects to double this figure again in the coming 12 months.</p>
 
</div>

Form3 raises USD 60 million in Series C extension to support product development and expansion

PROMINENT_CATEGORY

<div>
 
 <p>Open banking payments network TrueLayer has broadened its collaboration with Stripe, a platform that offers API-based payment and subscription management. This partnership aims to power Stripe's Pay by Bank feature in the UK.</p>
 <p>Through this partnership, Stripe is able to provide its Pay by Bank feature as a novelty with Stripe Elements. It enables UK-based businesses to receive immediate bank account payments from customers. This not only simplifies the payment process but also minimizes transaction charges.</p>
 <p>Stripe's objective of eliminating obstacles in online buying and checkout procedures is backed by TrueLayer's open banking technology. It offers user-friendly, instantaneous, and SCA account-to-account payments.</p>
 
</div>

TrueLayer expands partnership with Stripe to power Pay by Bank feature across the UK

<div>
 
 <p>Zuora proclaimed non-GAAP EPS (Earnings Per Share) of USD 0.19 for Q2 FY2025, a figure that surpasses analyst consensus-estimated EPS of USD 0.10. In comparison, the company's EPS a year ago was USD 0.07. Furthermore, Q2 FY2025 showed a 7% YoY (Year over Year) increase in total revenue as it reached USD 115.4 million, exceeding analyst consensus estimates by 2.57%. The previous year's Q2 recorded USD 108.0 million.</p>
 <p>Zuora's customers with annual contract value equivalent to or more than USD 250,000 rose to 445, displaying an increase from last year's figure of 444. However, the second quarter of FY2025 saw a drop in the dollar-based retention rate (DBRR) as it went down to 104%, a decrement compared to the 107% in Q2 FY2024. The annual recurring revenue (ARR) in Q2 FY2025 grew by 7%, going up to USD 412.3 million from USD 384.2 million in the same quarter the previous fiscal year.</p>
 <p>The acquisition of <a href="https://sp-edge.com/companies/1751511">Sub(x)</a>, an AI-based digital publishing and media platform, was announced during the quarter. This move is expected to bolster Zuora's existing paywall offerings. The platform also added new customers including Canva, The Economist, and Dark Matter Technologies.</p>
 
</div>

Zuora Q2 FY2025 earnings beat analyst estimates; acquires Sub(x) to enhance paywall offering

<div>
 
 <p>Nymbus, a Banking-as-a-Service (BaaS) infrastructure platform, has received a strategic investment from Gesa Credit Union. The amount remains undisclosed. This investment follows a USD 70 million <a href="https://sp-edge.com/updates/18884"> Series D funding </a> raised by Nymbus the previous year.</p>
 <p>The funding will be used to further Nymbus's initiatives aimed at enabling credit unions to attain sustainable growth. The plan involves transitioning from legacy systems to modern technology. It also includes the formation of a new digital financial institution brand to be unveiled in the near future.</p>
 <p>Nymbus provides solutions to help credit unions tackle various challenges. Their services include the creation of digital credit unions customized for distinct member groups and communities, which can lead to deposit growth. They also offer a platform for credit unions serving small businesses (SMB platform) and aid in the modernization of credit union technology infrastructures through cloud-based platforms.</p>
 
</div>

Nymbus secures strategic investment from Gesa Credit Union to support growth

<div>
 
 <p>The Banking-as-a-Service (BaaS) infrastructure provider, Mbanq, is partnering with SMEApprove, a credit decisioning service provider. The aim of this collaboration is to enhance Mbanq's credit decisioning capabilities primarily for SME lending.</p>
 <p>This partnership will enable Mbanq to utilise SMEApprove's AI-powered credit decisioning platform to improve their SME credit evaluation process. The objective is to enhance accuracy, speed, and overall efficiency in credit decisioning. This move will benefit lenders with more streamlined operations and provide a faster access to capital for SMEs.</p>
 <p>SMEApprove's technology also offers a significant increase in accuracy in credit decisions, reduces the risks of defaults and complies with lending regulations. The technology further ensures high levels of explainability, thereby allowing Mbanq's compliance team to easily understand and rely on its automated credit decisions.</p>
 
</div>

Mbanq partners with SMEApprove to enhance credit decisioning for SME lending

<div>
 
 <p>ClearBank, a UK-based banking-as-a-service (BaaS) infrastructure provider, has obtained a credit institution license from the European Central Bank (ECB). This approval, supervised by De Nederlandsche Bank, is part of ClearBank's expansion strategy into Europe.</p>
 <p>With this license, ClearBank can offer euro accounts and payment services, adding to its existing portfolio of pounds sterling-based services. This also enables ClearBank to access European payment systems such as TARGET2 (T2), SEPA Credit Transfer, and SEPA Instant Credit Transfer.</p>
 <p>The European expansion plan will be spearheaded by Rintse Zijlstra, the CEO of ClearBank Europe. The focus will be on providing banks with the necessary technological infrastructure changes to comply with evolving banking regulations across Europe.</p>
 
</div>

ClearBank secures credit institution license from the ECB; supports European expansion

<div>
 
 <p>Marqeta delivered strong Q2 2024 results with an earnings per share (EPS) of USD 0.23, exceeding the previous year’s loss per share of USD 0.11 and outperforming analyst predictions of USD 0.19 EPS. The company saw a decline of 46% in net revenue from USD 231.1 million in Q2 2023 to USD 125.3 million in Q2 2024. However, this figure still surpassed analyst projections of USD 119.8 million for this quarter.</p>
 <p>The decline in net revenue occurred partly due to revenue presentation changes resulting from the company's new Cash App contract which impacted growth negatively by 60%. Despite this, Marqeta reported a 32% year-on-year (YoY) growth in total processing volume (TPV) increasing from USD 53.6 billion in Q2 2023 to USD 70.6 billion in Q1 2024. The GAAP net income reported for Q2 2024 was USD 119.1 million. However, the firm’s adjusted EBITDA was a loss of USD 1.8 million, equating to an adjusted EBITDA margin of -1%.</p>
 <p>In Q2 2024, Marqeta’s latest business moves included forming partnerships with <a href="https://sp-edge.com/updates/32035"> Visa and Affirm </a> to facilitate Visa Flexible Credential, signing a five-year agreement with <a href="https://sp-edge.com/companies/385793"> Varo Bank </a> to serve as its issuer processor, and teaming up with <a href="https://sp-edge.com/companies/2"> Zoho </a> to provide over 700,000 businesses with expense management and embedded finance solutions.</p>
 
</div>

Marqeta beats Q2 earnings and revenue estimates; reports 32% YoY growth in total processing volumes

<div>
 
 <p>The cloud-native core banking solution provider based in UK, 10x Banking, has established a partnership with Zafin, a provider of digital banking solutions. Their aim is to upgrade the core banking systems of global banks and financial institutions.</p>
 <p>By integrating Zafin's product and pricing functionalities into the core banking platform of 10x, the collaboration plans to enhance the core banking systems of banking and financial entities. This integration will potentially lead a reduction in risks and costs in case of large-scale changes.</p>
 <p>The cooperative offering enables an institution to manage multiple core systems through a single optimal interface. This not only facilitates easier handling of product and pricing aspects across various platforms but also provides the ability to tailor the system according to specific organizational requirements using polyglot coding options.</p>
 
</div>

10x Banking collaborates with Zafin to enhance core banking system

<div>
 
 <p>Payment infrastructure provider, Flywire, has acquired B2B payment platform, Invoiced. Invoiced automates the order-to-cash process, and Flywire aims to use this to improve its own B2B payment offerings. The cost of the acquisition has not been disclosed.</p>
 <p>Flywire has plans for expansion through this acquisition, with the intention of growing across various industries and locations. This will be achieved by integrating Invoiced's accounts receivable (A/R) automation software, which will streamline the workflows of finance departments.</p>
 <p>Invoiced was established in 2013 and assists businesses by automating their accounts receivable processes. This includes managing invoices, connecting with payers, and reconciling payments with enterprise resource planning (ERP) systems. Invoiced can be integrated with leading accounting systems and ERPs, such as Oracle's NetSuite, Sage Intacct, and Microsoft Business Dynamics.</p>
 
</div>

Flywire acquires Invoiced to enhance B2B payment offerings with AR automation

<div>
 
 <p>Flywire declared a per share loss of USD 0.11 in Q2 2024, higher than the estimated loss of USD 0.09 but less than the previous year's USD 0.15 loss per share. Regarding revenue, the company saw a significant growth of 22% compared to the previous year, going up to USD 103.7 million from USD 84.9 million. This surpasses the projected total revenue of USD 100.4 million.</p>
 <p>Total revenue enhancement was primarily due to an increase of 19% in the total payment volume, which peaked at USD 4.9 billion compared to USD 4.1 billion last year. The firm reported an adjusted EBITDA of USD 5.8 million, in contrast with a slight loss of USD 0.1 million in the last fiscal year. The company also stated that it had signed more than 200 new clients from a range of verticals.</p>
 <p>In Q2 2024, Flywire <a href="https://sp-edge.com/updates/31680"> collaborated with HDFC Credila </a> to facilitate the digital payment process of cross-border education loans from India. This development allows Indian students studying abroad to easily pay their educational fees through a streamlined loan payment process, powered by Flywire’s payment technology. In addition, Flywire expanded its B2B payment options by acquiring <a href="https://sp-edge.com/companies/266258"> Invoiced </a> , a platform automating the order-to-cash process. This was also aimed at the integration of Flywire's payment technology and Invoiced's A/R automation software.</p>
 <p>Regarding future targets, Flywire anticipates generating a total Q3 revenue of between USD 146 million and USD 157 million, indicating a YoY growth of 18.4%–27.3%. However, it has also revised its total revenue expectation for the full year, lowering it to the range of USD 483 million–506 million, which suggests a YoY growth of 19.8%–25.5%. For adjusted EBITDA projections in Q3, the company expects results between USD 37 million and USD 43 million, and USD 72 million- 80 million for the full year with YoY growths of 71.4%–90.5%.</p>
 
</div>

All Updates

Clear Street raises USD 270 million in Series B funding

Form3 raises USD 60 million in Series C extension to support product development and expansion

TrueLayer expands partnership with Stripe to power Pay by Bank feature across the UK

Zuora Q2 FY2025 earnings beat analyst estimates; acquires Sub(x) to enhance paywall offering

Nymbus secures strategic investment from Gesa Credit Union to support growth

Mbanq partners with SMEApprove to enhance credit decisioning for SME lending

ClearBank secures credit institution license from the ECB; supports European expansion

Marqeta beats Q2 earnings and revenue estimates; reports 32% YoY growth in total processing volumes

10x Banking collaborates with Zafin to enhance core banking system

Flywire acquires Invoiced to enhance B2B payment offerings with AR automation

Flywire’s Q2 2024 loss overshoot analyst estimates despite 19% YoY growth in total payment volume

FinTech Infrastructure

Clear Street raises USD 270 million in Series B funding

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