Tel-Aviv based fintech startup RiseUp, announced this week the completion of a $30 million Series B funding round to further augment the impact of its money-saving digital platform on its customers and expand its global activities.
The round was led by investment firm Corner Ventures alongside participation from early-stage growth funds Aleph and Latitude, as well as social finance investor Sir Ronald Cohen, chairman of The Global Steering Group for Impact Investment (GSG).
RiseUp’s latest capital brings its total funding to more than $50 million
Founded in 2017, RiseUp’s platform analyzes a user’s spending data to predict future transactions, generates a snapshot of their financial situation, and sends it to the customer via WhatsApp’s messaging service. This enables users to better manage their expenses and save money on a more consistent basis. RiseUp was the first startup to initiate open banking partnerships in Israel, and it currently collaborates with Bank Discount and Bank Leumi
Since its recent partnership with Israeli capital market company and investment house Meitav Dash, RiseUp has helped customers save more than NIS 4 million ($1.24 million), with an average monthly saving of NIS 438 ($136) per customer. Analysis from the ERI Institute found that RiseUp’s platform improved customers’ monthly cash flow by more than NIS 1,100 ILS ($341) within three months and that 25% of the families who joined its service with negative cash flow turned it positive within three months.
“RiseUp provides families with the opportunity to change their story about money – something that is very difficult to do alone due to the cumbersome and impenetrable financial system,” said Yuval Samet, CEO and founder of RiseUp. “This round will allow us to make sure that every household in Israel has the opportunity to take control of their finances, save money and build assets and will enable us to expand our offering to other countries around the world. We are proud to have amazing partners on this journey, who are committed to building a profitable company which addresses a burning social issue and improves lives”.
“Fintech rarely serves both the banked and underbanked,” John Cadeddu, founder of Corner Ventures, commented. “RiseUp is a different type of team and company, enabling life-changing financial impact. Instead of selling consumers more debt options they cannot afford, RiseUp helps consumers improve their cash flow, get control of their liabilities and build their balance sheets. Now, also the underserved are catered to by world-class fintech technology to live better lives.”