Vancouver financial technology company Embed Financial Technology said Tuesday it has raised an additional $60 million on top of $20 million in funding it announced last spring.
The startup’s $80 million funding is split evenly between investment and debt, according to CEO Michael Giles. He said the company plans to launch before year’s end.
Giles was formerly CEO of Square subsidiary Cash App Investing. The Vancouver company announced earlier this month that new chief technology officer Lars Beal had joined Embed from Cash App, which facilitates the purchase of partial shares in publicly traded companies.
Embed’s $80 million in initial funding is a huge sum by the Portland area’s modest standards, but the company doesn’t have a large footprint here. Giles said it employs 25 altogether, six in the metro area. Embed (previously known as Embedded) has its headquarters are on Main Street in downtown Vancouver, the city where Giles lives.
Embed’s reliance on remote work is in keeping with broader changes in the technology ecosystem, a trend that was underway before pandemic but appears to have accelerated substantially over the past year.
Rapidly growing software company Expensify, for example, has its headquarters in downtown Portland but just 30 of its 140 employees are in the city. The expense report management firm filed for an initial public offering last week.
Investment firms backing Embed include The Treasury, GFC, Torch Capital, TI Platform Management, PruVen Capital, Fin VC, Bain Capital Ventures and SWS Ventures.
-- Mike Rogoway | mrogoway@oregonian.com | twitter: @rogoway |
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