India-based digital payments platform wins most investment
The surge in Asian value was due to the quarter’s biggest VC deal – the US$700m venture funding round for PhonePe, an India-based developer of a digital payments application platform for smartphones. The funding round, led by Walmart and other prior investors, puts PhonePe’s post-money valuation at US$5.5b. The company will use the funding to maximize potential and move to the next phase of development.1
The second-biggest deal of Q4 highlights the investor appeal of payments systems. US-based Tipalti, which develops accounts payable automation and global mass payments software, attracted a US$150m investment at a US$2b valuation. Durable Capital Partners led the round, along with other investors, including Green Oaks Capital and 01 Advisors. Tipalti, which helps businesses manage suppliers, invoices, purchase orders, tax compliance, payments, billing, and other accounting services from a single cloud platform, will use the funding to build more tools, hire across all departments, and for business development.2
A US$150m investment in Brazilian FinTech firm Conductor Technology rounded out the quarter’s top three deals. The conductor, a provider of credit card and electronic payment processing solutions, will use the proceeds to fund organic and inorganic expansion across Latin America. The company is also eyeing a US listing.3 The round was led by Viking Global Investors and Sunley House Capital, an affiliate of Advent International.