Tiger Global’s hunt for Fintechs Continue in India, U.S, Invests in Briq, Plum

American venture capital fund Tiger Global has been on the prowl for Fintech startups worldwide. The investment firm has recently invested around $30 million in Briq, a Fintech platform for the construction industry, as per a TechCrunch report.

With this, Briq has raised a total of $43 million since its inception in January 2018. The Fintech startup offers a financial planning and workflow automation platform that reduces time to run critical financial processes while increasing the accuracy of forecasts and financial plans.

It has developed construction-specific data models to predict the actual project cost.

Tiger’s investment into the sub-segment comes when the construction tech startups are looking to reap benefits in a $1.3 trillion industry, and Briq claims to be the best Fintech startup in this segment.

Since the beginning of the year, Tiger has been actively chasing Fintech deals that solve some niche problems. Besides pre-Series A & B, Tiger has invested in some late-stage startups and turned those into Unicorns. Early this year, it invested in corporate credit card issuer Brex, digital lending platform Blend, valued as a billion-dollar company in prior funding rounds. Earlier it has invested in Fintechs such as investing app Robinhood and payments firm Stripe.

Not only in the US, but the New York also headquartered hedge fund has firmed up its investment plans in the Indian Fintech sector that is exploding at an exponential rate on the back of rapid digitization triggered by the pandemic. A recent KPMG report revealed that several investors had revisited their strategies last year and decided to place bets in the country’s burgeoning FinTech space.

Tiger has also invested in some large Indian Fintech Unicorns, such as investment app Groww and credit card payments firm Cred. According to sources, the firm plans to invest around $100 million in the Indian tax-filing platform ClearTax soon at a billion-dollar valuation.

Last week, Tiger also invested $15.6 million in insurance tech Plum that offers health insurance coverage on a B2B2C model. The startup partners with small businesses to provide health insurance coverage to all their employees at just $1 a month.

Globally, the Fintech sector has witnessed massive growth, and startups in the space went on to raised a record $22.8 billion in the first quarter of 2021, according to a report by data platform CB Insights.

Sponsored Links by DQ Promote


 

You may also like...

Send this to a friend