Total amount raised
$700 Thousands
Latest funding date
Location
Scale has successfully raised funding through multiple rounds, with backing from investors such as First Circle Capital and Sunny Side Venture Partners. The platform is a card-issuing orchestration solution designed to help non-banks launch efficient and scalable card programs.
Keep reading to explore the intricacies of Scale's fundraising journey and the investors supporting this innovative platform.
What Is Scale?
Scale, founded in October 2023 by Miranda Perumal, is based in Dover, Delaware. The company focuses on accelerating market entry and revenue for fintech companies with a people-first approach.
Scale is a card-issuing orchestration platform that provides non-banks with the tools to launch modern, efficient, and successful card programs both locally and globally. The platform is particularly adept at addressing the unique challenges of enabling card rails in Africa.
With a small but dedicated team of 1-10 employees, Scale is committed to innovation and delivering effective solutions in emerging markets.
How Much Funding Has Scale Raised?
- Pre-Seed Round
- Amount Raised: $700,000
- Date: October 2024
- Lead Investors: 54 Collective, First Circle Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate expansion into Kenya, Ivory Coast, and Zambia, and address major pain points in enabling card rails.
Total Amount Raised: $700,000. Current Valuation: Not publicly disclosed.
Key Investors
- 54 Collective
- Details: 54 Collective, formerly known as Founders Factory Africa, is an early-stage investor focused on supporting startups across the African continent. They aim to drive financial inclusion and entrepreneurship through strategic investments.
- Investment Focus Areas: Financial inclusion, entrepreneurship, business growth, disruptive industries.
- Notable Investments: Not publicly disclosed.
- First Circle Capital
- Details: First Circle Capital is a venture capital firm that focuses on early-stage investments in innovative startups. They are particularly interested in addressing the low payment card penetration in Africa.
- Investment Focus Areas: Fintech, card services, African startups.
- Notable Investments: Not publicly disclosed.
- Sunny Side Venture Partners
- Details: Sunny Side Venture Partners is a venture capital firm that invests in promising startups. They focus on simplifying payments and improving card penetration in Africa.
- Investment Focus Areas: Payments, fintech, African startups.
- Notable Investments: Not publicly disclosed.
- Prominent Industry Angels
- Details: These are individual investors with significant expertise in the fintech and technology sectors. They bring valuable industry knowledge and networks to their investments.
- Investment Focus Areas: Fintech, technology startups, African markets.
- Notable Investments: Not publicly disclosed.
What's Next for Scale?
Scale's future is brimming with opportunities as it expands into Kenya, Ivory Coast, and Zambia. The African fintech market, projected to reach $230 billion by 2025, offers immense potential for growth. By simplifying card issuance and addressing key pain points, Scale is poised to make a significant impact in these emerging markets.
As Scale continues to grow, future fundraising rounds seem inevitable. The successful pre-seed round and planned expansions suggest that additional investments will be sought to support further development. However, navigating regulatory environments and building trust with local businesses will be critical challenges. Despite these hurdles, Scale's commitment to innovation and financial inclusion positions it well for continued success.
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