Fintech platform WeRize secured $7 million in a pre-Series C funding round led by Sony Innovation Fund, with participation from existing investor 3one4 Capital, the company said on 4 June.
FUNDING DETAILS AND INVESTOR PROFILE
Sony Innovation Fund led the round and 3one4 Capital, which already held a stake, participated.
The valuation was not disclosed; WeRize said it would use the funds to deepen investment in its AI and technology stack and expand into mutual funds, online bonds, secured co-branded credit cards and housing loans.
WeRize has raised more than $28 million in equity since inception and said it has been profitable for three consecutive years, with an annualised gross revenue run rate of $65 million and a net revenue run rate of $32 million. Its previous round, in 2022, valued it at $115 million.
Sources: BusinessLine; Inc42; Entrackr
Bank news that matters, every weekday.
Follow The Global Banker on LinkedIn