Mercury, a neobank based in the United States catering to over 100,000 startups, has introduced its latest offering, Mercury Personal. This consumer-oriented banking solution is tailored specifically for entrepreneurs and investors.

Established in 2017, Mercury highlights that users of its new product will enjoy benefits such as customizable debit card limits, global ATM fee reimbursements, fee-free domestic wires and ACH transfers, all without requiring minimum balances.

Moreover, at its launch, Mercury Personal offers potential customers up to $5 million in Federal Deposit Insurance Corporation (FDIC) insurance coverage. Additionally, subscribers can access a high-yield savings account with a 5% annual percentage yield (APY) for an annual subscription fee of $240.

Alexey Likuev, Mercury’s head of personal banking, remarks on what he sees as a “paradox in today’s banking landscape,” noting that while most neobanks focus on offering “basic offerings” aimed at lower-income individuals and the underbanked, traditional banks provide private banking and wealth management services, which typically involve frequent interactions with a banker.

Likuev asserts that Mercury Personal aims to address this perceived gap in the market by providing enterprise founders with a robust self-service banking option tailored to their personal needs.

The fintech announces that, for the time being, interested individuals can sign up for a waiting list for the solution, with the company expecting a full launch for US customers later this year.

Source: fintechfutures.com

ICEYE, a trailblazer in satellite-powered disaster management solutions, has recently concluded a substantial funding round, securing $93 million in growth capital.

Solidium Oy led the investment, supported by Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors, bringing ICEYE’s total raised capital to an impressive $438 million, according to insights from InsurTech.

The fresh funding will propel ICEYE’s ambitious plans to expand its constellation of SAR (Synthetic Aperture Radar) satellites, already the world’s largest. Additionally, the company aims to enrich its suite of data and subscription products, offering clients access to innovative solutions for disaster preparedness and response.

The oversubscription of the round underscores strong investor confidence in ICEYE’s vision and capabilities.

Rafal Modrzewski, CEO and co-founder of ICEYE, shared his optimism about the company’s future, stating, “This backing from the domestic and international investment community shows trust in ICEYE’s vision to improve life on Earth by becoming the global source of truth in Earth Observation.” He expressed pride in aligning with the newest investors in the pursuit of ICEYE leading the global market in SAR technology and its diverse applications.

With the infusion of new capital, ICEYE is well-positioned to fortify its leadership position in satellite-powered disaster management solutions. The company remains committed to innovation and expansion, driving growth and making significant contributions to global disaster response efforts.

Reima Rytsölä, CEO of Solidium, emphasized the strategic fit of ICEYE with their updated investment strategy. He highlighted ICEYE’s status as a globally recognized leader in a rapidly growing, high-tech industry, with the potential to evolve into a nationally significant listed company. Rytsölä praised ICEYE’s unparalleled expertise in the space technology sector and beyond.

Specializing in synthetic-aperture radar (SAR) satellites, ICEYE’s advanced technology enables high-resolution imaging of the Earth’s surface regardless of weather conditions or time of day. With applications in disaster response, environmental monitoring, and infrastructure management, ICEYE continues to push the boundaries of innovation in Earth Observation.

Source: fintech.global

Ramp, a prominent US-based spend management FinTech, has successfully concluded its Series D-2 funding round, securing an impressive $150 million.

This latest financial injection, as reported by FinTech Futures, has significantly boosted the company’s valuation to an impressive $7.65 billion.

The $150 million round was co-led by Founders Fund and Khosla Ventures, with substantial contributions from notable new investors such as Greylock, Sequoia Capital, and 8VC. Additionally, the round witnessed the participation of several existing investors, including Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and others.

Founded in 2019 and headquartered in New York, Ramp offers a comprehensive finance automation platform that seamlessly integrates corporate cards, bill payments, accounting automation, expense and vendor management, among other services. This all-encompassing solution is designed to streamline financial operations for businesses of all sizes.

The newly acquired funds are earmarked for an ambitious expansion of Ramp’s product offerings, particularly through the integration of advanced AI technologies. The company is set to intensify its focus on product development to enhance decision-making capabilities, automate more processes, and provide deeper insights into spending patterns.

Eric Glyman, co-founder and CEO of Ramp, highlighted the company’s innovative spirit, emphasizing, “In 2023, we launched over 150 new product innovations that have significantly advanced procurement, productivity software, and spend management solutions.” Ramp’s proactive approach to product enhancement underscores its dedication to driving innovation in financial management technology.

As part of its strategic growth initiatives, Ramp made a significant move in February 2024 by acquiring the US-based startup Venue, thereby expanding its suite of procurement products. This strategic acquisition aligns with Ramp’s broader M&A strategy aimed at solidifying its position as a comprehensive solution provider in the spend management landscape.

Commenting on the funding, Ramp CEO Eric Glyman stated, “This funding allows us to accelerate our mission of automating financial oversight and generating real-time insights that empower businesses to be more efficient.”

Previously, Ramp had raised $300 million in a Series D funding round in August 2023, valuing the company at $5.8 billion. This latest funding round underscores Ramp’s significant growth trajectory in both market valuation and operational scope.

Source: fintech.global