Portify Nabs £7 Million For Its Fintech App In Series A Funding

Portify Nabs £7 Million For Its Fintech App In Series A Funding

Portify Nabs £7 Million For Its Fintech App In Series A Funding

A London-based fintech company, Portify, is helping gig companies and self-employed clients in managing their finances by offering an app and a wide range of financial products. Recently, the startup has raised £7 Million in a Series A funding round.

Prior to this funding round, the company raised £1.3 Million last year in seed investment. Redalpine led the recent funding round along with the significant contribution from existing investors including Entrepreneur First (EF) and Kindred.

Besides using Open Banking to deliver financial insights into the clients’ current financial status and income, the firm offers a range of customized financial products and services that can be accessed through a smartphone application. Moreover, the startup would employ the new funding to propose personal loans and credit building for “micro-business use,” as stated in the reports. It has been offering credit services via its app from this year.

On a related note, a Mexican-based fintech company offering digital accounts and prepaid Mastercards to the US customers, Albo, has secured $19 Million in a Series A financing. Valar Ventures, a US-based venture capital fund, led the funding round. At the beginning of this year, the neobank raised $7.4 Million, lifting the firm’s total Series A funding to $26.4 Million.

Albo is among the very few Mexican startups that succeeded to raise a significant amount in early rounds. Grin, a scooter company financially supported by California-based Y-Combinator, raised $45.7 Million in early funding. Klar, a Mexican-based democratizing banking services provider, raised $57.5 Million in equity and debt seed funding.

Albo was the first Mexican-based neobank in which Valar Ventures invested, as it has a strong affinity for neobanks. At present, Albo is a digital banking services provider that offers a Mastercard debit card and a personal finance app for the US-based clients.

Robert Baird
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Sr. Content Specialist At Global Industry News blog

Robert  has pursued Computer Engineering and is a senior content specialist at our portal. He is associated with us for the past 7 Years. He manages technology-related blogs, reviews, newsletters, and articles. Robert  is a complete techie person and is interested in new innovations and understanding vital concepts behind them. Robert  has built a versatile team that covers widely searched topics such as AI (artificial intelligence), robotics, machine learning, IoT (Internet of Things), cryptocurrency, and blockchain system for the portal.

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