Tech Startups Hoxhunt, Merge and Debite Get Funding

Joyful news for a cybersecurity training platform, a Web3 fintech firm and a financing platform.

Startups are on show with Hoxhunt, Merge and Debite securing tech funding in London and beyond.

Cybersecurity training platform Hoxhunt has raised $40 million (£32 million) in its Series B round led by Level Equity Management, along with participation by existing investor Icebreaker.vc.

Web3 fintech startup Merge has popped up London and raised $9.5 million (£7.5 million) in a seed round to develop its API-based banking and payments platform.

Debite, a financing platform for early-stage companies, has announced its UK launch with a £2.5 million pre-seed equity funding round, plus debt financing, from fintech funds and angel investors.

Hoxhunt at the Double

We’ll start at the Finnish as Hoxhunt’s HQ is in Helsinki. The SaaS company also has offices in London and San Francisco.

Hoxhunt says: “Cybersecurity behaviour can, and does, change dramatically with good training. The training needs to be based on rewarding success, not failure, and the learning experience should be gamified and personalised to automatically adapt to individuals’ skill level, language, and job function. And, importantly, the phishing simulations should be frequent and dynamic, developed from the actual threats the Hoxhunt user base is reporting.”

The tech firm will use the funding to hunt for action in new markets, particularly North America. It also aims to double revenue this year and double its workforce. The tech firm has 124 employees listed on LinkedIn.

The company works with the likes of DocuSign and G2; and has reported a whopping 4,284% growth over four years, according to Deloitte. Its customer base includes Helsinki, Berlin, Chicago and Silicon Valley.

Merge Emerges

Merge wants to bridge the gap between fiat and crypto ecosystems. It’s a similar approach to London-based Fiat Republic, which eWeek UK covered in a scoop last year.

According to Merge, the funding round was led by Octopus Ventures and included Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures, alongside angel investors.

Zihao Xu, investor at Octopus Ventures, comments: “Merge’s vision is to build the infrastructure necessary to allow crypto businesses to operate without fear of shutdown by regulators or third-party risk teams. We’re excited to back them as they build that and, ultimately, unleash even more innovation in crypto and DeFi.”

Through an API, Merge provides crypto and Web3 companies with a range of banking and payments solutions enabling them to create bank accounts, send payments and convert funds between fiat and crypto.

The Web3 economy is proving very attractive to many firms and Merge estimates it represents a $1 trillion (£795 billion) market opportunity. For instance, London-based regtech business Tintra recently revealed its plans to launch a Web3 banking platform.

Delightful Day for Debite

Today (31 May) is London-based Debite’s official launch. Although, in a scoop in April, eWeek UK reported on the fintech firm’s aspirations to help early-stage startups get access to instant cash.

For example, potential users could be thinking of switching to an annual SaaS plan, buying new equipment, marketing spend, legal fees or making a large inventory purchase.

Debite offers financing options ranging from £1,000 to £50,000. Its long-term ambition is to become a banking and financial management solution for early-stage businesses.

The startup will initially offer two main products in the UK – Save & Spend Loans and Boosted Debite Card.

According to Debite, over 100 companies registered on its pre-launch waiting list.

The company has plans for over 20 new hires across sales, finance, risk, technology and marketing by the end of the year.

The funding round included PlatformXit, co-founded by the former CEO of Mox Bank, one of the first neobanks in Hong Kong; the co-founder of e-wallet firm Papara; and QNBEYOND Ventures, the VC arm of QNB Group.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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