Discover more from Marcel’s FinTech Europe Newsletter
FinTech Europe | 2023 #19
Weekly news up to Tuesday, 9th of May 2023
WEEKLY FUNDRAISING ACTIVITY
Last week we spotted 13 European FinTech deals for a total amount of €90m;
⚫ What does the future hold for the BaaS market in Europe and the UK?
The UK🇬🇧 and Germany🇩🇪 have been the traditional breeding grounds for BaaS providers in the region. The two countries are the largest market for BaaS platforms, representing around 60% of the market share in Europe.
Check out "The State of Banking-as-a-Service in the UK & Europe", a WhiteSight #fintechreport commissioned by Toqio 👇
⚫ Fintech Projected to Become a $1.5 Trillion Industry by 2030
A recent report from BCG & QED Investors projects #FinTech revenues to grow sixfold from $245B to $1.5T by 2030. Currently holding 2% of the $12.5T global financial services revenue, the sector is estimated to grow to 7%.
👀 NEWS HIGHLIGHT
In April 2023 the European Payments Initiative acquired iDeal, the Netherlands’ leading online payment platform. The company is consistently facilitating over 100 million payments a month and is growing volume at approx. 30% YoY.
German FinTech investment stats in Q1 2023:
German companies raised a combined $293m in Q1 2023, a 60% drop from the same period last year.
German FinTech deal activity reached 48 deals in Q1 2023, a 14% reduction YoY.
Berlin was the most active German city with a 41.6% share of deals.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🌎 FINTECH HIGHLIGHTS
⭐️ Tangem raises $7m in an investment round led by Shima Capital.
Mamo chose Checkout.com as its payment provider of choice for its flagship product Mamo Business. Mamo will offer a swift onboarding process for its SME customers that can be done in just 24 hours.
Paytently moved out of stealth - the company's AI-driven platform streamlines transactions by intelligently routing them to the ideal acquirer, offering local acquiring in more than 35 markets with over 50 payment connections worldwide.
Innovate Finance says its members are "deeply concerned" by the UK government's plans to regulate the BNPL sector, arguing that the measures would be more onerous than those that apply to credit cards.
The co-founders of Revolut strongly criticize Britain as a place to run a business, complaining of high taxes, red tape, and a skills shortage and adding that they would never consider a flotation on the London stock exchange.
By acquiring a further 26% stake in TTMzero, United Fintech reached the 51% tipping point to gain majority ownership in the company, one of five acquisitions made during its just a two-and-a-half-year lifespan.
Kreditz raised €10 million from investment company Creades and the venture arm of retail furniture giant Ikea.
Neonomics expanded the launch of its core open banking driven Checkout solution to the Danish market.
Green-Got banks €5 million to grow its green banking platform in Europe. As a community-led venture, the neo-bank opened up its investment opportunity to its community through crowdfunding.
MOVERS & SHAKERS
Total Processing announced that Martin Gilbert will be joining its board. Gilbert's invaluable knowledge and experience will be instrumental during a time of rapid growth as the company continues to scale its operations.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.