Existing investors Ant Financial and SoftBank are close to taking part in a $2bn round that would value digital payment services provider Paytm at $16bn.

Payment services firm Lakala is investing more than $42m in the fund and has so far sourced the same amount from two state-backed investors.

Several Korean investors have supplied a further $23m for the mobile balance and financial services provider, which already counted SoftBank, Line and Naver as investors.

The Alibaba-backed ETWP Fund led a series B-1 round for XTransfer, which will put the cash towards expanding its cross-border financial services.

University of Michigan has generated 86 spinouts over the past five years after setting a new record of 22 during its most recent financial year.

Each Friday the Global Corporate Venturing Deal Net rounds up the week’s smaller deals and tracks the emerging companies accessing corporate funds.

Banco Santander México and Contpaqi have made strategic investments in fintech company builder InnoHub as part of a $12.8m round.

The Northwestern Mutual-backed alternative bank is reportedly seeking to more than triple its valuation from its last round in March.

Stanford-backed micro public finance platform Neighborly has paused the payroll in a concerted attempt to restructure the business and avert insolvency.

Morgan Stanley Private Equity backed a $42.2m round for non-banking lender Kogta Financial, having previously taken part in a November 2018 round through its Asia fund.