BlackFin Tech Weekly — August 29th

Dear Fintech folks, we hope you all had a great week. Fintech Fundraising took a turn for the better this week, with the largest amount of total we’ve seen since the end of July.

Last week a total of €65m was raised across 6deals. Congratulations to BITLEVEX on their €47.5m Growth Round Round, followed by Worldfavor which raised a €10.2m Series and finally congratulations to Wombat on their €4.6m Series A

This week we saw 6 unique countries in the fundraising activity, with Estonia, The United Kingdom, Sweden, Ukraine, Germany and Ireland all contributing 1 deal

Sub-sector-wise, only three sectors are present this week with Investment Banking, Crypto and Regtech each contributing 2 deals.

Let’s dive in:

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BITLEVEX raised €47.5m:

• Estonian-based BITLEVEX secured €47.5m for its options-focused crypto trading platform. Bahamas-based GEM Digital Ltd led the round.
• Founded in 2019, BITLEVEX is an investment platform that focuses on cryptocurrency options trading and has built a community of over 50,000 registered users and is looking to launch its native utility token BLEX
• BITLEVEX says that the funds will be used to help scale its promotional strategies, expand its workforce and build a diversified product selection as shown in its whitepaper. These include added features to their existing products, the launch of an NFT marketplace, a wallet service, a merchant payment solution and their own crypto debit cards.

WorldFavor raised €10.2m

• Stockholm-based WorldFavor secured a Series A funding round of €10.2m, led by SEB private equity alongside existing investors Brightly Ventures and Spintop Ventures.
• Founded in 2016, Worldfavour is a global platform for sustainability, compliance, information and management. It helps companies access, share and use business ESG data — such as info on GHG emissions, diversity, human rights, anti-corruption, and more — to gain insights and enable sustainable action.
• The funds from this round will be used to drive growth across all aspects of the business.

Wombat raised €4.6m:

• London-based Investment platform Wombat Raised €4.6m in Series A funding led by long-time backer Fuel Ventures alongside a four-week crowdfund that gave Wombat users access to the round, closing at 300% over target
• Launched in 2019, Wombat is a mobile investment platform that lets users purchase fractions of shares in blue chip companies. This allows users to purchase small stakes in major companies for a minimum cost of £10. The service targets inexperienced first-time investors, with the promise of lower-risk investments into high-value stocks.
• The company have stated the funds will be used to accelerate plans to expand internationally, first targeting Europe.

Congratulations to Fairo, SageWealth and AID: TECH on their respective funding rounds.

And here is the news from the last week that caught our eye.

• Dragon’s den investor Steven Bartlett’s web3.0 creator platform Thirdweb raises $24m. Thirdweb’s platform provides tools for developers to build web3.0 applications such as NFT marketplaces, community reards and play-to-earn games
• T.Rowe price cuts the value of its stake in fintech giant Stripe. The valuation for payments company Stripe and other pre-IPO tech firms was cut by T.Rowe prices Global Tech Fund amid cooling investor appetite surrounding Fintechs.