BlackFin Tech Weekly — Sept 28th
Dear fintech friends,
If you’ve looked at start-up news this week, you might have seen that France now has one additional unicorn! Mirakl, a cloud-based e-commerce software company, raised $300m in its latest fundraising round. By completing this round, the company is now valued at $1.5bn, and is now part of the small circle of European unicorns!
European fintech fundraising announcements totaled €80m+ last week across 10 deals. This week’s podium is shared by 3 British start-ups: Uncapped, Truelayer and CloudMargin. Their 3 fundraising rounds account for 70% of this week’s activity!
Country-wise, 6 countries are represented. The UK with four deals, but there are also 2 French deals, one Spanish, one German, one Dutch and one Norvegian deal: Exabel.
Industry-wise, it’s been quite the week for Banktechs and start-ups in the Investment Banking space, with 5 and 3 deals each. There was also one Insurtech and one Regtech.
Let’s dive in:
This week on show:
Uncapped raises $26M:
- Headquartered in London, the banktech offers revenue-based financing to European businesses.
- Mouro Capital led the round, with Iron Ventures, Global Founders Capital, Seedcamp, and White Star Capital also participating.
- The company uses data from marketing, sales and accounting in order to offer financing for young businesses. It was born out of the founders’ realisation that there were only limited methods of financing beyond debt and equity.
- This new round will allow the start-up to finance earlier-stage companies.
Finom closes a $12m Seed Extension Round:
- The neobank was founded in 2019 in the Netherlands. The founding team had previously worked on launching a B2B online bank in Russia.
- The start up provides financial services for SMEs, freelancers and self-employed in Europe. As of now, it only provides e-invoicing services in Italy, and is set to launch in France and Germany this October.
- Target Global, Cognito Capital, Entree Capital, Avala Capital, Tal Capital and AdFirst Ventures participated in the round.
- The total funding for the seed round is €16.8m, the company having previously raised €6.5m in April 2020.
- The investment will allow the company to expand its licensed activities and develop products. They also want to use the funds to enter new European markets, targeting countries with low online banking penetration such as Poland, Spain and Austria.
Kard closes a €3m Seed Extension Round:
- This French neobank was founded in 2018. It targets teenagers, and gives them the opportunity to have a Mastercard payment card that is linked to an app, allowing them to manage their finances in real-time.
- Founders Future led the round, with Business Angels such as Laurence Krieger (ex-COO at Revolut), Michael Vaughan (ex-COO at Venmo), Jon Oringer (Shutterstock) and Iris Mittenaere participating.
- The start-up had already raised €3m last year, bringing the total of the round up to €6m.
- For the past year, the service was completely free and 50 000 teenagers signed up.
- The company is now charging €4.99 per month (or €49.90 per year) per family (which means that you can have 2,3 or 4 accounts for your children and still pay €4.99).
Congratulations also to Leocare, Digital Debt Capital Markets, BNC10, and Authada !
See you next week!
//And what else?
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