🌊The Fintech Wave(#28)
TLDR; Ramp valued at $8.1B. Insrutech Yago raised €2.2M. Household🏠 bill management software. Magic Eden raises $27M.
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Disconnection between public & private market valuations in fintech right now👇
Klarna, a private company, is a Buy Now Pay Later solution that is valued at $45.6M after that last round of funding in 2021. That valuation is higher than the combined valuation of 5 public fintechs:
Robinhood ($11B)
Toast ($9.4B)
Affirm ($9B)
Sofi ($7B)
Upstart ($8.8B)
Interesting to see this, because it looks like as long as the company is private, valuation is just based on founders’ and investors’ agreement.
Europe News and Funding
Insrutech Yago raised €2.2M
Digital insurance broker raised money and changed its name from Seraphin to Yago (because its better suits for expansion outside Belgium)
For insurtech, Belgium is a huge potential market because less than 10% of people buy insurance online. Yago is leveraging a network of partner insurances to find and offer the best one for its customers - like a search engine for insurances. When using Yugo, the customer gets online offers within 3 minutes.
The startup currently has around 8000 customers. A business model is very simple - Yago gets % of every insurance policy sold through their website.
Americas News and Funding
Ramp💳 valued at $8.1M
Corporate card company, Ramp, just raised $750M at an $8.1B valuation. Less than a 2 years ago the company was valued at around $250M
Ramp’s statistics are even more impressive: Ramp is the fastest-growing SaaS or fintech company of all time by revenue. It grew to a $100 million revenue run rate in two years from launch. The company wants to be the transaction layer for business - a $100 trillion market. They ship new products almost every month; they even launched a service to negotiate software deals for its customers.
I wouldn't be surprised if Ramp become $100B company in the next few years.
Household🏠 bill management software
If you have a lot of bills to pay each month, there is an app for that. Doxo raised $18.5M Series C to provide a better bill paying experience for users and billers. The idea is pretty simple - a central portal to pay for all your bills free of charge when directly from the bank account.
For $4.99 per month, customers can upgrade to Doxo Plus which offers $1 million of loss-protection insurance for identity theft and identity restoration services, credit-score monitoring, and overdraft and late-fee protection. More than 7 million people are currently using Doxo.
Crypto ₿ites
Solana NFT🖼️ marketplace raises $27M
Magic Eden, is the largest NFT marketplace on Solana with over $200M of the trading volume. Every major VC fund invested in this round - I didn’t see such an impressive list for a long time.
There are over 4,000+ collections listed. Also, the marketplace has over 10,000,000 unique monthly visitors. The money will be used to make the marketplace more social - community-driven elements and a place to hang out.
Tweets and Threads of the Week
