BlackFin Tech Weekly — June 24th, 2025
Every Monday, we publish a short digest which sums up last week’s Fintech activity.
Hello FinTech Friends,
Welcome to another week of fintech insights. Let’s explore the news and trends shaping the industry!
Over the last week, there were 12 fintech deals in Europe, raising a total of €120 million: three deals in the UK, three in France, two in Germany, and one deal each in Italy, Finland, Sweden, and The Netherlands.
On the BlackFin side, we're proud to see portfolio company Descartes Underwriting welcome Battery Ventures as a strategic investor—reinforcing their leadership in parametric insurance and accelerating North American expansion!
Congratulations to the three largest rounds announced last week:
Aspora, a London‑based remittance and banking platform for the Indian diaspora, has raised €45.7 million in a Series B round co‑led by Sequoia Capital and Greylock
Milan-based Jet HR, a payroll and HR automation platform, has raised €25 million in a round led by Base10 Partners
Mercanis, a Berlin-based procurement platform, has raised over €17.3 million in Series A funding co-led by Partech and AVP
Let’s dive in
Aspora (formerly Vance), a London-based remittance platform for the Indian diaspora, has raised €45.7 million in a Series B round co-led by Sequoia Capital and Greylock, with participation from Hummingbird Ventures, Quantum Light Ventures, and Y Combinator. Founded in 2022, Aspora offers seamless cross-border remittances and is expanding into broader financial services, including mutual fund investments and bill payments. The platform processed $2 billion in transaction volume last year—up from $400 million—delivering significant savings for users. The new funding will fuel product expansion and market rollouts in the U.S., Canada, Australia, and Singapore
Jet HR, a Milan-based HR and payroll automation startup, has raised €25 million in a funding round led by Base10 Partners, with participation from Exor Ventures and Italian Founders Fund. Founded in 2022, Jet HR provides a platform to automate payroll and simplify administrative tasks for employees. The company serves over 700 customers and grew ARR 6× in 2024 and has raised €41.7m in capital to date. The new funding will support team expansion and the development of vertical-specific modules.
Mercanis, a Berlin-based Agentic‑AI procurement platform, has raised over €17.3 million in a Series A round led by Partech and AVP, with continued support from existing investors. Founded in 2020, Mercanis offers a modular suite covering Spend Analysis, Sourcing, SRM, and Contract Management. The new funding will support product development and U.S. expansion.
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In addition to this week’s fundraising activity, here is the European M&A activity of the week:
LemFi, a remittance platform for immigrants, has acquired UK fintech Pillar to introduce credit cards and expand immigrant credit access. LemFi will integrate Pillar’s credit scoring tech and FCA license to launch virtual and soon physical Visa cards, recognizing international credit histories and supporting alternative credit-building. The acquisition enables LemFi to scale its credit offering—already serving over 8,000 beta users with 18% week-over-week growth.
Zellis Group, a UK-based provider of AI-driven HR, payroll, and workforce management, has acquired London-based financial wellbeing platform Hastee, adding earned wage access, financial education, budgeting, and money‑management tools to its offerings. The acquisition integrates Hastee’s services across Zellis’ platforms—enabling on-demand pay, personalized financial literacy content, savings tools, and analytics.
And finally, we bring you 4 news stories that caught our eye last week:
JPMorgan Chase has launched JPMD, a blockchain-based deposit token for institutional clients, fully backed by U.S. dollar deposits and transmitted via smart contracts on the Base network. Unlike stablecoins, JPMD tokens originate within the regulated banking system and are subject to standard banking requirements, marking a major step toward digital assets for institutions. This innovation signals growing adoption of blockchain technology in traditional finance and could pave the way for more regulated digital deposit products.
Par Equity and Praetura Ventures are merging to create PXN Group, a £670 million investment firm focused on the north of England, Scotland, and Northern Ireland, aiming to close the regional funding gap and bring greater scale to underserved markets. Both firms will continue to run their respective funds and strategies, writing tickets from £200,000 to £8 million, while maintaining their current management teams. The move reflects a growing trend of consolidation in venture capital as scale becomes increasingly important for long-term success.
Gemini and Coinbase are reportedly on the verge of securing licenses to operate across the European Union under the new Markets in Crypto-Assets (MiCA) regulatory framework. Gemini is expected to receive approval from Malta, while Coinbase is anticipated to obtain its license through Luxembourg. These licenses will allow both exchanges to offer crypto trading, custody, and related services across all 27 EU member states, marking a significant step in their European expansion.
ClearScore has expanded its partnership with Oakbrook to offer more direct settlement debt consolidation loans through the ClearScore marketplace, using new ‘Clearer’ technology. These loans pay off borrowers’ existing debts directly, reducing misuse and improving affordability for consumers, particularly those in vulnerable financial situations. With early pilots showing lower defaults, the initiative is set to help more people access fairer credit and better manage their finances.
Have a great start into the week!
Sources of the fundraising reports