Here we come again with our traditional yet juicy weekly bulletin.
Last week was back to normal for European fintechs: Britain once again topped the charts with the largest deals, Openfin, Wagestream and Modulr, totalling c. € 50m out of a total of € 60m. But the biggest story of last week was Transferwise’s latest valuation: a staggering $ 3.5bn (2x its previous one, also setting a new European record). In terms of sub-sectors, Banktech is definitely the hot topic; especially in France.
Last week on show, 2 fintechs with social ambitions:
- Wagestream: founded last year, this British company enables employees to draw down a percentage of their income in the month for £1,75 per withdrawal. This Series A round is composed of a £15m equity raise from Balderton Capital and Northzone and a £25m debt from Shawbrook Bank. The company positions itself as a “social impact” startup for targeting a real problem that impacts financial inclusion for some people.
- Tykn: Negligent government administration, poverty or wars have created 1.2b “invisible people” worldwide (people without official identification). To enable them to access basic services such as healthcare, jobs, housing and bank accounts, Tykn has developed a blockchain based registration system to share, verify and request digital identity credentials. Need is to note that Tykn’s founder personally experienced what is it like to be invisible after his birth certificate was lost during the Gulf War in Kuwait.
Applause for those achievements and brave founders!
BlackFin Tech team, where have you been the past week?
Madrid, Montpellier for the France Digital Tour and Vienne.
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