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European fintech startups raking in millions – Check out which companies bagged big bucks in June 2023

European fintechs funding

In the vast expanse of the global economy, a storm was brewing. The once-thriving fintech industry, a realm where innovation and finance converged, found itself battling the relentless winds of a deteriorating macroeconomic environment. Europe, a key player in this digital revolution, was not spared from the tempest’s fury. Giants like Klarna and Stripe, once hailed as untouchable, saw their valuations plummet, while the once-easy access to financing became an arduous task.

As the calendar turned its final pages to welcome 2023, a foreboding cloud loomed over the tech landscape. The bitter news of mass layoffs echoed through the corridors of countless companies, casting a shadow over the industry’s future. However, amidst the despair, a glimmer of hope remained.

Venture capitalists, the ever-watchful guardians of entrepreneurial dreams, became more cautious than ever before. With the tides of uncertainty rising, they navigated the treacherous waters with unwavering diligence. Although the once-exuberant enthusiasm for investments across various sectors waned, these steadfast VCs still saw potential in the fintech realm. They recognised that despite the hardships, there were still bright opportunities on the horizon, waiting to be seized.

The year unfolded with both triumph and tragedy, illustrating the fragile nature of the financial ecosystem. Major banks, once pillars of stability, crumbled beneath the weight of economic turmoil. SVB and Credit Suisse were among those that succumbed to the turbulent forces at play. However, amidst the wreckage, signs of resilience and innovation emerged.

A beacon of hope came in the form of Abound, a personal lending platform led by visionary women. Against all odds, they managed to raise over £500 million, defying the prevailing gloom and showcasing the enduring strength of determination. Another notable success story surfaced in the UK as Carmoola secured £103.5 million to revolutionise auto financing.

Across the European continent, fintechs continued their ascent, growing in strength and relevance to both customers and the economy at large. Investment trends revealed the pulse of this ever-evolving landscape, with the United Kingdom and France leading the charge. The Netherlands, Germany, and other nations followed closely behind, leaving their mark on the shifting financial frontier.

In the midst of this dynamic environment, TFN today decided to shed some light on the European fintech scene and showcase the most intriguing funding rounds of June 2023 so far.

Sway Payments (UK)

Sway Payments founder
Picture credits: Sway Payments

Founder/s: Niek Volkert, Isaac Hinman, Marco Brito
Founded year: 2021
Total funding: $904k

London-based Sway Payments is on a mission to transform your phone into a seamless payment terminal, enabling businesses to accept in-person payments effortlessly and without transaction fees. By eliminating the need for external card machines, Sway Payments facilitates direct, instant transfers from consumers’ bank accounts to merchants.

Impressively, the company successfully raised £627K through a crowdfunding campaign on Seedrs, surpassing its initial target of £560K. With support from hundreds of investors, Sway Payments is poised to transform the way businesses handle digital payments, making transactions smoother and more convenient for all parties involved.

Teylor (Switzerland)

Teylor team
Picture credits: Teylor

Founder/s: Patrick Stäuble
Founded year: 2018
Total funding: NA

Zurich-based startup Teylor is leading a lending revolution for small businesses, offering customised financing solutions that cater to their unique requirements. Teylor has developed the Teylor Credit Platform, a comprehensive set of software modules that empowers financial institutions to create, implement, and expand digital credit products.

In a recent funding round, Teylor secured an impressive €275 million, with investments from Barclays, M&G Investments, and other prominent backers. This substantial capital infusion enables the Swiss fintech to offer flexible and sustainable financing options to resilient SMEs, particularly during a time when accessing capital has become increasingly challenging.

Habito (UK)

Habito founder
Picture credits: Habito

Founder/s: Daniel Hegarty, Daniel Pressburg, Mark Troughton
Founded year: 2015
Total funding: $92.8M

Habito, a digital mortgage brokerage services company, is redefining the home buying journey with its personalised and modernised approach. Through their offering called Habito Plus, they bring together a buyer’s mortgage application, conveyancing needs, and surveys into a comprehensive solution, along with a proprietary broker portal.

Recently, there have been notable changes within Habito’s leadership. Founder Daniel Hegarty stepped aside from the CEO role, passing the baton to Ying Tan, the founder of UK mortgage broker Dynamo. This transition came on the heels of a funding round led by Ying Tan himself, highlighting the strong synergy between the two industry pioneers in the digital mortgage sector.

Froots (Austria)

Froots team
Picture credits: Froots

Founder/s: David Mayer-Heinisch, Dirk van Wassenaer
Founded year: 2021
Total funding: $3.9M

Vienna-based Froots is an innovative online wealth management platform, empowering individuals to attain financial goals that were once reserved for the fortunate few. Be it early retirement or providing a top-notch education for their children, Froots assists users in realising their long-term aspirations. With a minimum investment of just €150 per month, individuals can steadily progress towards their desired milestones.

In a recent development, Froots received over €1 million in funding from its existing investors, including Georg Kapsch, Andreas Treichl, Gina Goess, and Reinhold Baudisch. This infusion of capital will further strengthen Froots’ position and enables them to continue providing accessible and effective financial solutions to their users.

Icanpreneur (Bulgaria)

Icanpreneur founders
Picture credits: Icanpreneur

Founder/s: Andrey Mladenov, Vesko Kolev, Christian Kirov, Katelina Boykova
Founded year: 2021
Total funding: $220K

Icanpreneur, the pioneering Accelerator-as-a-Software in Central and Eastern Europe (CEE), supports tech entrepreneurs throughout their journey from ideation to securing investment and achieving product-market fit. Their goal is to greatly enhance the success rates of technology startup founders.

In an exciting development, the Bulgarian female founded startup has secured €1.2 million in funding to propel its organic growth beyond initial expectations. The investment will be directed towards expediting the development of Icanpreneur as a product and its go-to-market strategy over the next 12-24 months, solidifying its position in the market.

Tilta (Germany)

Teylor team
Picture credits: Teylor

Founder/s: Christoph Nicola, Ingmar Stupp, Jan Enno Einfeld
Founded year: 2022
Total funding: $4.4M

Tilta, a financing startup supported by the former Finiata management team, has introduced a Buy Now Pay Later (BNPL) payment solution catering to business clients.

Recently, the company secured additional funding, bringing the total investment to over $4 million. Notable participants in the funding round included Danish venture capitalist Dreamcraft Ventures, the fund 10x Founders, Felix Haas, a prominent figure in the startup scene, ff Venture Capital, and Angelinvest. This influx of capital will further bolster Tilta’s position and enable them to expand their innovative BNPL offering to a wider audience.

IZNES (France)

IZNES team
Picture credits: IZNES

Founder/s: Jean-Robert Hervy
Founded year: 2017
Total funding: NA

IZNES is a leading global platform that leverages advanced blockchain technology for subscription and redemption of European funds. It provides asset management firms with a disruptive alternative to conventional distribution channels, enabling them to harness the benefits of blockchain technology. Through this innovative platform, investors gain direct access to various French, Luxembourg, and Irish funds offered by asset managers.

In a recent development, Rothschild & Co Asset Management Europe, a prominent independent player in the asset management industry, acquired a minority stake in IZNES, strengthening the partnership and underscoring the potential of this groundbreaking platform.

Mitigram (Sweden)

Mitigram CEO
Picture credits: Mitigram

Founder/s: Marjon Wohlén
Founded year: 2014
Total funding: $38M

Mitigram, a female-led company, provides a sophisticated and interoperable digital platform that facilitates pricing, risk coverage, and financing for cross-border trade transactions among corporations and financial institutions. With a user base comprising over 200 multinational corporations, commodity traders, and financial institutions, Mitigram has established itself as a trusted solution in the industry.

In an exciting development, the Swedish digital platform for global trade financing announced a successful funding round, securing an additional $11 million. This significant investment will propel Mitigram into its next phase of growth, enabling the company to further expand its offerings and solidify its position in the market.

PastPay (Hungary)

PastPay founder
Picture credits: PastPay

Founder/s: Benjamin Berényi, Bálint Réti
Founded year: 2019
Total funding: NA

PastPay empowers e-commerce merchants to enhance their revenue streams by integrating a versatile “pay later” feature into the checkout experience. This Buy Now Pay Later (BNPL) solution optimises cash flow for buyers while enabling merchants to boost their revenues by up to 30%. Recently, PastPay secured $11 million in funding from a group of undisclosed investors, further fueling the company’s growth and expanding its reach in the market.

PastPay enables e-commerce merchants to boost their revenues by adding a flexible “pay later” option into the checkout process. By introducing BNPL into the checkout process, buyers can optimise their cashflow, while merchants can increase their revenues by up to 30%. A few days back, PastPay raised $11 million funding from a set of undisclosed investors.

Sprinque (Netherlands)

Sprinque founders
Picture credits: Sprinque

Founder/s: Juan Espinosa, Manoj Tutika, Mark Holleman
Founded year: 2021
Total funding: $15.3M

Sprinque is a Dutch startup that provides a B2B checkout platform designed for merchants and marketplaces. Their innovative solution enables online buyers to pay by invoice with net payment terms, without imposing additional risk or increasing operational complexities for merchants.

In a recent development, Sprinque secured €20 million in debt funding from Avellinia Capital. This funding infusion will support the expansion of their pay-by-invoice solution across Europe, empowering Sprinque to finance transactions worth up to €200 million per year. This strategic move strengthens Sprinque’s position and underscores its commitment to facilitating seamless B2B transactions throughout the continent.

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