BlackFin Tech Weekly — June 7th
Dear fintech folks,
Another stratospheric week for the EU fintech scene. Just 2 deals to make up an eyewatering $1bn raised! Guess who: Wefox’s $650m Series C and Bought By Many’s $350m Series D. It looks like the 2021 frenzy won’t stop.
About €950m were raised through 19 deals. The podium of the week is held by Wefox, followed by Bought By Many and Divido 🙌🏻🙌🏻🙌🏻
Geography-wise, the UK dominated the week with 9 deals. Germany and Switzerland follow with 3 deals each. We also spotted deals in the Netherlands, France, Latvia, and Denmark.
Looking at sub-sectors, there were 6 deals in both Insurtech and Banktech, 3 Investment Banking and 2 deals in both Wealth Management and Payments. Insurtech was also the major sub-sector in terms of amounts raised, especially with Wefox’s and Bought By Many’s huge rounds.
Let’s have a closer look :
Wefox raises a $650m Series C:
- Founded in 2015, the insurtech startup offers personal insurance products like motor, household, and personal liability through a network of intermediaries.
- Following this funding round led by Target Global, the company claimed a post-money valuation of $3 billion. In December 2019, the company reported a $1.65 billion valuation.
- Wefox intends to invest the proceeds in expanding into the US and Asia within the next two years while strengthening its presence in its existing markets in Germany, Austria, Switzerland, and Poland.
Bought By Many collects $350m in Series D:
- The round, which gives the company a pre-money valuation of over $2bn, was led by EQT Growth.
- Established in 2012, Bought By Many (BBM) operates under the brand name ManyPets in Sweden and the US. It entered Sweden in 2019 and started a US rollout in March 2021, where it offers a subscription-based model with access to both pet health insurance and pet wellness packages. BBM covers almost half a million pets and has doubled gross written premium for 3 consecutive years (€180m in the past 12 months).
- To support growth, BBM has doubled its team over the past year entirely remotely, and now employs more than 265 people, a number that is set to double again over the next twelve months. The company plans also to further global expansion and new product development which will launch later this year.
Divido cashes in $30m:
- The Series B funding was led by HSBC and ING, with participation from Sony Innovation Fund by IGV, SBI Investment, OCS, Global Brain, DG Daiwa Ventures. Existing backers DN Capital, Dawn Capital, IQ Capital and Amex Ventures also participated.
- Founded in 2014, Divido claims to have more than 1,000 clients across ten markets. Divido’s white-label platform connects lenders, merchants, and partners at the point of sale, transforming retail finance with proven technology and industry expertise to create a flexible way to control and configure payments. It allows partnered retailers to offer branded BNPL solutions to users at checkout.
Congrats also to Urban Jungle, CrowdDesk, HealthyHealth, Cushon, Neon, Anorak, Composable Finance, Sentinels, FQX, ChainTrust, Nordigen, Lightyear, RiskWolf, WealthOS, BitcoinPoint and Mazepay.
See you next week!
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