VC investor unveils trio of FinTech deals
A European venture capital investor has made investments totalling £7 million in three European FinTech companies.
Augmentum Fintech has backed Tide, an emerging leader in SME challenger banking; Previse, a global instant supplier payment company; and DueDil, the private company information platform.
London-based Tide has secured £3 million from Augmentum FinTech as part of an £8 million funding round alongside existing investors.
The new funds are being raised as the firm prepares for "rapid expansion" and develops more features on its platform to ease the administrative burden faced by small businesses.
Augmentum has invested £2 million in Previse as part of a £5.3 million Series A financing.
The London and Glasgow-based company uses machine learning to give multinationals tools and incentives to pay suppliers instantly on receipt of invoices.
Co-investors in this round alongside Augmentum include Bessemer Venture Partners and Hambro Perks.
Finally, DueDil has received a total of £8 million in Series C financing, including £2 million from Augmentum.
Also based in London, DueDil is building what it claims to be the world’s most complete source of information on private companies and the people behind them.
The firm's proprietary matching technology links together data from authoritative sources, helping DueDil's customers find, verify and monitor opportunities and risks.
"Since our IPO we have built an exciting pipeline of FinTech investment opportunities and are delighted to announce the completion of these three investments, each of which fit perfectly with our approach to investment," said Augmentum Fintech chief executive Tim Levene.
"These companies deliver propositions that are disrupting their markets, challenging incumbents and bringing huge efficiencies to the end customer.
"At Augmentum we look for opportunities where we can add value to a company beyond a simple financial contribution."