In today’s FinTech news, three Delivery Hero alums have raised $6.4 million in seed funding to grow their financial operations software startup Payrails.
Meanwhile, digital bank Kyash took in $41 million in a Series D fundraise for expansion, and home improvement lender PowerPay is adding healthcare financing to its offerings.
Payrails Raises $6.4M Seed to Launch FinOps Software
German startup Payrails raised $6.4 million in seed funding to continue building out financial operations software for payments and financial services tailored to high-growth companies.
Launched by three Delivery Hero alums, the company uses a single application programming interface (API) to enable companies to scale payment functions without complex infrastructure.
Digital Bank Kyash Raises $41M in Series D
Japanese digital banking startup Kyash is using the $41 million it raised to grow its workforce and expand the number of products and services it offers.
The company’s payment solution offers customized business services and also issues cards with Visa. Founded in 2015, Kyash has raised $107 million since launching.
Lender PowerPay Expands Into Health Financing
Home improvement lending FinTech PowerPay is launching a new healthcare financing program to help people finance services such as cosmetic surgery, dentistry, fertility treatments, medical spa services, vision correction and elective procedures.
The service enables medical professionals to offer loans to patients — as much as $60,000 — with 9.99% interest rates and terms ranging from six months to six years.
Quincy Jones Backs HIFI Eight-Figure Funding Round
Music-focused FinTech HIFI raised eight figures in a funding round backed by record producer Quincy Jones, Capitol Music Group CEO Michelle Jubelirer, Maverick music management executive Gee Roberson, Hipgnosis Global Head of Song Management Nick Jarjour and others.
Founded in 2020, HIFI is a financial rights organization for creators.
FinTech IPO Index Rallies Into Close of Tumultuous Week
The FinTech IPO Tracker by PYMNTS continues to underperform the broader indices year-to-date, with the exception of a tech stock rally.
The index hit an all-time low of roughly 57 this week before closing slightly above 59 on Wednesday (March 16). All of the 44 companies tracked escalated in trading on Wednesday, the same day the Federal Reserve raised the interest rate for the first time since 2018.
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