HSBC Innovation Banking has provided a $40 million refinancing package for SaaS data protection company Keepit in partnership with The Export and Investment Fund of Denmark (EIFO).

HSBC Innovation Banking was a venture created following the bank’s purchase of the former Silicon Valley Bank UK last year for £1. It is a global, specialised banking proposition for businesses in sectors such as technology and life sciences, as well as their investors.

The funding will allow the Danish company to expand internationally as well as invest in recruitment, business operations and product development.

The refinancing package follows a $30 million Series A funding round in 2020 and a $22 million debt financing from Silicon Valley Bank UK, now HSBC Innovation Banking, and Vækstfonden, the national promotional bank and export credit agency of Denmark.

Keepit was founded in 2007 and claims to be the world’s only vendor-independent cloud dedicated to SaaS data protection.

“We’re delighted to continue our relationship with Keepit by providing this new facility, which will support Keepit to further its presence across new geographies, grow its team and innovate across its product offering,” Jean-Laurent Pelissier, managing director and head of enterprise software at HSBC Innovation Banking UK. “Our agility, expertise, international and robust network is also helping businesses like Keepit to scale and open up a world of opportunity as they reshape our world.”

Earlier this week, HSBC Asset Management led a €12 million Series A funding round for Unbox, the provider of infrastructure for programmable exchange of value. Unbox said that the funding will allow it to expand its software platform to better serve its target markets and work on industry-led projects.

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