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Fintech in 5 - 82,2M € raised by 5 European Fintechs

Last week, a total of 82,2M € was raised by 5 Fintech companies across Europe (France, Estonia, UK, Denmark and Lithuania) by Pennylane, Tuum, Navro, Pluto.markets and Axiology.

Author

Benjamin Schroeder
February 13, 2024

Hey 👋,

Welcome to the first edition of Funded 💰️ - a new Tuesday edition of Fintech in 5 where I dive into the news and give you a weekly overview of all the latest deals in European Fintech.

Of course, you’ll also get a curated overview of all the latest Fintech news every Thursday.

This week, a total of 82,2M € was raised by 5 Fintech companies across Europe (France, Estonia, UK, Denmark and Lithuania).

Let’s dive in 👇

In This Edition:

🇪🇺 Top Deals in Europe Last Week

🏆 🇫🇷 Pennylane Achieves Unicorn Status with 40M € Series C Funding, Valuation Over €1 Billion

  • The Paris-based fintech Pennylane raised €40M in Series C funding, led by Sequoia Capital and DST Global, reaching unicorn status with a valuation of just over €1 billion. The funds will be used for platform development, AI investment, and European expansion.

  • The fintech company, now serving over 120,000 SMEs through 2,000 accounting firms, has seen a 40x increase in its user base over 24 months, aiming to be the financial operating system for European SMEs.

  • Pennylane integrates fintech products, including professional banking and payment cards, into its platform, offering an all-in-one accounting and financial management solution while planning to become profitable within the next 12 to 18 months.

🥈🇪🇪 Tuum Secures 25M € in Series B Funding for Expansion in DACH, Southern Europe, and the Middle East

  • Tuum, an Estonian core banking provider, raised €25 million in a Series B round led by CommerzVentures, aimed at targeting new territories including the DACH region, southern Europe, and the Middle East.

  • The startup plans to use the funds for product and market development, aiming to redefine core banking with a cloud-based platform that offers a superior alternative to antiquated systems, enabling quick and hassle-free launch of new financial products.

  • With a customer base in 10 countries and a significant presence in the UK and the Nordics, Tuum aims to enhance its product offerings and establish an office in the Middle East, reinforcing its commitment to providing tailored financial solutions.

🥉🇬🇧 Navro Raises 12,8M € and Secures EMI Licenses in Ireland and the UK to Expand Global Payments

  • Navro (formerly Paytrix) raised $14 million in an internal funding round led by Bain Capital and Unusual Ventures, with the investment aimed at supporting expansion and enhancing global payment solutions for international businesses.

  • The company has been granted EMI licenses by both the Central Bank of Ireland and the UK's Financial Conduct Authority (FCA), marking a significant step in its commitment to regulatory compliance and providing regulated payment solutions.

  • The rebranding from Paytrix to Navro reflects the company's broader mission to facilitate businesses' growth into new markets, emphasizing a strategic shift beyond traditional payment services to comprehensive global financial solutions.

🇩🇰 Pluto.markets Secures 2,4M € in Seed Funding to Disrupt Nordic Brokerage Industry

  • Danish startup Pluto.markets has raised €2.4 million in a seed funding round led by Magnetic Capital, with participation from unicorn founders and Y-Combinator, to challenge the traditional brokerage market in the Nordics.

  • The company plans to launch across the Nordic region in 2024, targeting a market currently dominated by incumbents with high profit margins, aiming to simplify investing for the 100 million Europeans living in areas underserved by financial innovation.

  • Built with a focus on modern and proprietary core banking infrastructure to serve underserved regions, Pluto.markets positions itself for rapid innovation and market leadership in financial participation and investment accessibility.

🇱🇹 Axiology Raises 2M € in Funding to Develop Tokenized Securities Platform in the EU

  • Axiology, a fintech firm specializing in DLT securities trading and settlement infrastructure, has secured €2 million in funding from Baltic Sandbox Ventures, Coinvest Capital, and other investors, aiming to create a regulatory-compliant tokenized financial securities infrastructure in the EU.

  • Led by former Bank of Lithuania board member Dr. Marius Jurgilas, Axiology plans to leverage new EU regulations to reduce costs in financial operations, targeting efficient transactions for businesses and investors, with a focus on accessible capital market transactions using DLT.

  • The company intends to use the investment for the development of its platform under the EU Distributed Ledger Technology (DLT) Pilot Regime, facilitating the issuance, trading, and settlement of tokenized financial instruments, with an initial use case involving the tokenization of government bonds for retail investors across Europe.

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Have a great rest of your week,