Jodo, ZSuite Tech, Penfold and more


To Future FinTech, we know it can be easy to overlook funding announcements in this fast-paced industry. That’s why we’ve set up our weekly In Case You Missed It (ICYMI) Funding Roundup for you to get the latest fintech funding news.

Jodo raises $15M in Series A

Indian fintech start-up Jodo has secured $15 million in a Series A funding round led by Tiger Global Management and with participation from existing investors Matrix Partners India and Elevation Capital.

With the new funds, Jodo intends to create new financial products, accelerate sales and hire new talent.

Founded in 2020, Jodo provides payment solutions for education by providing students and parents with flexible fee payment options and simplifying fee collection for educational institutions.

Over the past two years, he claims to have worked with over 100,000 students and parents and over 700 institutes in over 50 cities across India.

US-based fintech ZSuite Technologies raised $11 million in a Series A round led by S3 Ventures with participation from several private banks and JAM FINTOP.

ZSuite Tech plans to use the new funds to scale its platform, expand into new markets, and accelerate product development.

Founded in 2019, ZSuite Tech provides software-as-a-service (SaaS) solutions that enable financial institutions to increase core deposits, improve customer experience, and reduce internal costs through digital efficiency.

Specifically, it provides financial businesses with unlinked digital accounts encompassing escrow, sub-accounting, sub-delivery, FBO and trust accounts for business customers.

“Managing commercial escrow and sub-accounting is a very complex manual process that has plagued bankers and their clients for years,” says Charlie Plauche, general partner at S3 Ventures.

ZSuite Tech has partnered with over 36 institutions across the US and claims to support around 41,000 escrow accounts, handling over $140 million in annual payments and $300 million in annual deposits on the platform.

Digital pension platform Penfold closed a £7 million Series A funding round led by existing investor Bridford Group.

Penfold also opened the round to its customers and wider community with crowdfunding which it says has reached 190% of its goal with more than 900 backers.

The funds will be used to grow the pension provider’s occupational pensions division, which has signed up more than 150 companies since its launch 10 months ago.

Chris Eastwood, co-founder of Penfold, said: “This funding will have a huge impact on our ability to bring our pension to more people, especially as we look to expand our workplace pension offering and give savers more control over their pension.

Founded in 2018 and based in the UK, Penfold claims to offer “accessible, engaging and high-performing” pensions and is available to companies on a self-enrollment basis and to private savers, self-employed and business owners.

It has since raised a total investment of £8.5m from a combination of angel investors and venture capitalists and claims to have over 60,000 users.

Equity market Call got a supplement £1.7m investment from Frontline Ventures and various angel investors.

Apppital logo

Appit raises additional funds

The investment follows last year’s £2.5m funding round led by Frontline Ventures and brings the company’s total capital raised to date to £4.85m.

The Appit platform enables the buyside community to create and participate in liquidity discovery, price formation and execution opportunities on publicly traded stocks.

Apppital claims that it allows institutional investors to have “full transparency and maximum control” over the bookbuilding and trade distribution process, and can actively generate market liquidity.

Mark Badyra, CEO of Appital, said: “Ahead of our launch, we have forged partnerships and built the technology infrastructure to support a new buy-side workflow, giving companies control over their build processes. of books and introducing highly manual activity into an automated, algorithm-driven platform.

The company adds that more than 30 asset managers, collectively managing over $30 trillion, have joined or are in the process of joining Apppital.

Risk management platform RiskSmart launched in the UK market after obtaining over £1 million in funding from NPIF Maven Equity Finance and other institutional investors.

The startup aims to simplify risk for small and medium-sized enterprises (SMEs) which it says have been underserved by complex and costly platforms, frameworks and manual processes in the industry.

Using AI data and technology, RiskSmart delivers automated, centralized risk management that “increases business confidence and resilience.”

RiskSmart says it has plans for significant growth by the end of 2024 and to gain recognition from Gartner within the same timeframe.


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