BlackFin Tech Weekly — November 29th
Dear fintech folks,
Last week was quite quiet but mega-rounds are back! Startups are still attracting a lot of VC cash to boost this year even more. With more than €320m raised by this week’s podium and a mega-round of £110m for Allica, we cross the 50th round above €100m this year in the European Fintech/Insurtech sector*.
The total amount is €401m and was raised across 12 deals. Congratulations to Allica, which raised a £110m Series B. The second one is Payhawk, which raised a $112m Series B. Finally, the last and third startup of this podium is Leocare, a French Insurtech that raised a $110m Series B.
Geography-wise, we’ve identified 6 deals coming from the UK. Then 2 deals came from France and finally, 1 deal each from Germany, the Netherlands, Bulgaria, and Sweden.
Subsector-wise, there were 5 deals in Banktech and 3 deals in Investment Banking. In the meantime, they were 2 deals in Insurtech and 1 deal each in Regtech and Payments.
Let’s dive in:
Allica Bank raised £110m:
- The round is led by Atalaya Capital Management and Warwick Capital Partners and made shortly after the acquisition notice by Allica of the British SMEs loan book of Allied Irish Bank.
- Allica Bank provides banking services to UK SMEs with savings accounts, asset financing, and commercial mortgages.
- After the completion of the acquisition, Allica Bank expects to have a combined total lending book of over £1bn and to be profitable on a monthly basis.
Payhawk raised $112m:
- The Bulgarian startup closed its Series B with Greenoaks as lead, along with existing investors like QED Investors and Earlybird.
- Payhawk, created in 2018, provides a unified tool including card management, payments, invoicing, and expenses services. The startup is focused on the CEE region.
- Payhawk saw an increase in transaction volumes by 663% and a continued growth rate of 45% Month on Month since April.
Leocare raised $110m:
- This Series B is a mix of Equity and debt led by Eight Roads. The existing investors Felix Capital, Ventech & Daphni put more money in this round.
- Leocare is P&C insurance with insurances for your home, car, motorbike, and smartphone. The subscription is mobile-focused.
- Leocare counts 65,000 active customers and aims to generate €100m revenue next year.
Congrats also to Fronted, Fonoa, Crowdcube, Cognitive Credit, Vauban, Tab Trader, Continuity, Captiq, and Näktergal.
See you next week!
*from BlackFin estimates
