BlackFin Tech Weekly — May 31st
Hi fintech folks,
Last week was intense for the European fintechs, marking once again the momentum for the sector. It was also a very special week for the BlackFin Tech team, with our 2 portfolio companies, Agicap and Epsor, raising their Series B!
Almost €350m were raised through 12 deals. On the first step of the podium, PaySend raises a $125m Series B. The second-largest fundraising place is held by Agicap and its whopping $100m Series B. The third one this week is Wayflyer raising a $76m Series A.
Geography-wise, the UK and France account for 3 deals each. We also spotted 2 deals in Germany. There was also 1 deal in Ireland, Switzerland, and the Netherlands.
Looking at fintech sub-sectors, Banktech takes the cake with 6 deals. Wealth management and Payments represent 2 deals each. We recorded also 1 Regtech deal.
Let’s dive in:
PaySend raises a $125m Series B:
- PaySend is a fintech created in 2017 in London that has built a mobile-based payments platform, which currently offers international money transfers, global accounts, and business banking and e-commerce for SMBs.
- The funding is being led by One Peak, with Infravia Growth Capital, Hermes GPE, previous backer Plug and Play, and others participating.
- The company was valued this round at around $720m.
Agicap raises a $100m Series B:
- Agicap is building a service for SMEs that lets them track their cash flow in real-time, build reports, and get forecasts.
- The round was led by Greenoaks, and existing investors BlackFin Tech and Partech also participated in the round.
- Agicap is currently live in France, Germany, Spain, and the Netherlands. France still generates 50% of the company’s revenue but other markets are growing at an impressive pace.
Wayflyer raises a $76m Series A:
- Wayflyer is a revenue-based financing platform for e-commerce merchants based in Dublin. The startup launched its first product 14 months ago and aims to help e-commerce merchants “unlock growth” by giving them access to working capital (from $10,000 up to $20 million) so they can improve cash flow and drive sales up.
- Over the past six months alone, the company has seen its business grow 290% as it has deployed over $150 million of funding across 10 markets with a focus on the US, the United Kingdom, and Australia.
- The round was led by Left Lane Capital with participating Partners of DST Global, QED Investors, Speedinvest, and Zinal Growth.
Congrats also to sevDesk, Epsor, Penfold, Accelex, Fraudio, TradeIn, Re:cap, and Relio.
Follow us this week as Friday the 4th of June we will host a great ClubHouse event around embedded insurance with Jean-Charles from Qover and Benjamin from Ornikar.
See you next week!
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