Banknotes and stories of note. Our latest fintech funding roundup from sister publication Banking Technology features Suretly, Ezetap and SparkLabs Global Ventures.
Crowdvouching startup Suretly, dubbed “Tinder for loans,” has raised $2.8 million. The online exchange offers microloan guarantees and secured the funding from the cryptocurrency community. SUR tokens issued by the company will be accepted in Suretly’s mobile application as a guarantee of loan vouching.
New York-based Suretly says it helps individuals to obtain loans at lower interest rates, provided they receive guarantees from “a large number of users.” The loans themselves are provided by service partners—microfinancing institutions—rather than by Suretly or its tokenholders. Suretly users therefore “act as a collective mind, which makes a joint decision on whether to grant or deny a loan.”
Ezetap is based in Bangalore and was founded in 2011. It has more than 200,000 POS terminals in India. One of its investors includes American Express. Fintech in India is usually doing well and mobile payments startup Ezetap has secured $16 million from investors including Horizons Ventures, JS Capital Management and Social Capital. The company plans to use the capital to improve its sales and marketing and widen its range of products. This latest round brings its total equity financing to more than $50 million.
South Korean startups have got some good news, as fintech seed-stage fund SparkLabs Global Ventures has unveiled a $50 million fund to help them grow on the international stage. Initial targets include artificial intelligence (AI) and cloud computing.
SparkLabs says it will deal with transaction sizes ranging from $1 million to $3 million in Series A and B rounds. The secondary focus will be Southeast Asia. According to its website, some of SparkLabs’ partners include PayPal and Stripe.
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