Lloyds Banking Group led the round with a £2m contribution to support product development and team expansion.
"We are thrilled to partner with Lloyds Banking Group on this important fundraising round. As a leading provider of financial services to businesses and individuals in the UK, their investment in Fennech is a testament to the strength of our business and our team, as much as a testament to their willingness to further help their client base thanks to strategic technology and digitalisation. With this new funding, Fennech is well-positioned to continue its growth and success. We are extremely grateful for the support of Lloyds Banking Group. I would also like to thank and warmly welcome, on behalf of the team, our new Individual investors that joined this fundraising round for their trust and support."
Balderton Capital led the Series B round with participation from Mubadala Capital and existing investors.
"For too long, the importance of cash has been overlooked by many operating businesses and investors alike. As rates have begun to rise across the globe and crises have once again started to permeate the banking sector, companies of all sizes have woken up to the benefits of diversification, security and attractive risk-adjusted returns. We have been growing the business rapidly for the last 5 years and are very well-placed to capitalise on current market dynamics. We’re delighted that Balderton is leading our Series B round – they understand our world deeply and have all of the experience necessary to support us on our journey to becoming a global leader in institutional cash investment."
The Series B round was led by IVP to support expansion into APAC and the Americas.
"Testament to our progress and our vision for real-time payments everywhere, we’re thrilled to be working with our new partners at IVP, joining their portfolio of leading global brands. We’re staying focused, and humble, as we embark on this next chapter."
Calm/Storm Ventures led the pre-seed financing, which will fund product development and artificial intelligence integration.
"Doshi meets young adults where they already are, helps and supports them to take the right (financial) decisions. We are confident that the founders, Daniel and Jaco, may be able to catch the new generation where even Neobanks fail."
— Lucanus Polagnoli, co-founder and managing partner
The seed round was led by White Star Capital with participation from Passion Capital, Blockchain Founders Fund, and numerous angel backers.
"The way we pay for things and send/receive money in the future will involve crypto rails and bridging traditional and decentralised systems. But today it’s riddled with a mirage of complexities and challenges."
