Dai-ichi Life has led the final close for the Japan-based financial technology developer’s $38.8m series C round, which includes Marui, Aizawa Securities and SBI Group.

Debt marketplace operator CrossLend raised $38.5m in a series B round led by Santander InnoVentures at a reported valuation of more than $110m.

The reinsurance data software provider received $12m in a round co-led by Transamerica Ventures and backed by Allianz X and Insight Catastrophe Group.

IAC and Axa Venture Partners both invested in Verifly, which has rebranded to Thimble as it expands from drones to wider workplace insurance.

The payment services provider has reportedly already begun investing out of Saison Capital, which is targeting early-stage deals in India and Southeast Asia.

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.