Fintech Startups Primer and BondAval Bag Funding

Two London-based startups rake in the money for ambitions in payments automation and insurtech.

Primer, an automation platform for payments, and insurtech startup BondAval have got some fintech funding in London. 

Primer raised $50 million (£36.2 million) with ICONIQ as part of a Series B at a $425 million (£308 million) valuation. This round was “followed by” Accel, Balderton, RTP Global, Seedcamp and Speedinvest. This takes its total raised to $73.4 million (£53.2 million), according to Crunchbase.

Also today (19 October), BondAval secured a $7 million (£5 million) seed round led by UK-based Octopus Ventures.

Primer Primed for Action

Primer’s platform allows users to build payment flows with no code. The funding will be used for product development and the startup is tripling its headcount in 2022. It has 75 employees listed on LinkedIn, and it also has 41 job openings on that site. Its team is currently spread remotely across more than 20 countries.

The company was founded last year by Paul Anthony and Gabriel Le Roux, who both worked at Braintree (which was acquired by PayPal in 2013).

Anthony explains: “Today, merchants maintain increasingly complex ecosystems leveraging many products and services from across the payments stack and beyond, such as multiple payments providers, 3D secure, alternative and local payment methods (including digital wallets and buy now pay later), BI tools, and data platforms, fraud platforms, payouts services, KYC tools, loyalty platforms, tax calculation and FX services, chargeback management platforms, and many, many more.”

This is where Primer comes in with its automation platform. The firm says it also acts as a developer framework for integrating payments on both web and mobile.

No Time to Die for BondAval 

BondAval, which has offices in London and Austin (Texas), also received co-investment from US-based fund Expa, along with support from existing investors Insurtech Gateway and TrueSight Ventures and several entrepreneurs, including Tom Blomfield (Monzo and GoCardless), Charlie Delingpole (ComplyAdvantage) and Matt Clifford (Entrepreneur First).

‍Founded in 2020, BondAval is focused on supply chains between large corporates and smaller business. Its co-founders are Tom Powell and Sam Damoussi. (Powell actually played international rugby, having captained the England Sevens team.)

The fintech startup provides MicroBonds, which are backed by a panel of A-rated insurers.

BondAval is currently live in both the UK and the US, with North American operations being led by Charlie Evans, formerly of venture capital firm Hedosophia.

The company plans to use the funds primarily for growth, hiring out larger teams in the UK, US and new unspecified markets; and for its proprietary platform and provisioning services.

Powell states: “We’re building the infrastructure to give businesses of any shape and size access to the most efficient forms of capital in real time.‍”

Damoussi adds: “MicroBonds are a revolutionary security instrument with clear benefits for both suppliers and merchants. They are also highly flexible. We are constantly validating new and innovative use cases, and this fundraise will provide us with the capacity to further roll out our product offering.”

‍Tosin Agbabiaka, fintech investor at Octopus Ventures, will join the BondAval board.

Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 17 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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