BlackFin Tech Weekly — March 17th, 2026
Every Week, 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 eleven fintech deals in Europe, totaling €170.5m in disclosed funding, including two transactions in France, two in Germany, two in Italy, one in the UK, one in Denmark, one in Ireland, one in Switzerland and one in Spain.
Congratulations to the three largest rounds announced last week:
Alan, a France-based digital health insurance platform, has raised €100m in a venture round led by Index Ventures.
Cryptio, a France-based digital assets ERP and data infrastructure platform for financial institutions, has raised €39.3m in a Series B round co-led by our team and Sentinel Global.
Cleafy, an Italy-based cybersecurity platform protecting financial institutions from fraud and cyberattacks, has raised €12m in a Series Bround co-led by United Ventures and eCAPITAL.
Let’s dive!
Alan, a France-based digital health insurance provider, raised €100m in a new venture round led by Index Ventures, with participation from Greenoaks, Kaaf, SH, strategic partner Belfius, and several business angels including Shopify founder Tobi Lütke and footballer Antoine Griezmann. The transaction values the company at €5bn, up from approximately $4.5bn in 2024. Founded in 2016, Alan offers a digital-first health insurance platform that enables employees, freelancers, and retirees to manage reimbursements, access medical professionals, and monitor health and wellness through a single app. The new capital will support continued international expansion, product development, and investments in technology and AI, as the company scales its operations across Europe and Canada and targets over $1.16bn in annual recurring revenue by 2026.
We’re proud to share that Cryptio, a US-based digital assets infrastructure company with offices in Paris, London and New-York, raised €39.3m in a Series B round co-led by our team at BlackFin Capital Partners and Sentinel Global, with participation from 1kx, Alven, BlueYard Capital, and Cathay Innovation. The company provides a financial data transformation and ERP platform for digital assets, enabling financial institutions to reconcile and standardize on-chain and off-chain data across blockchains, exchanges, custodians, and brokerages. Built on a robust core data layer, Cryptio has recently expanded into loan management and tokenization compliance. This evolution positions the company as a broader financial operations platform for digital assets. We are excited to support Antoine Scalia and the entire Cryptio team as they continue to scale globally and deepen their role in institutional digital finance!
Read more on why we invested
Cleafy, an Italy-based cybersecurity company focused on the banking sector, raised €12m in a Series B round co-led by United Ventures and eCAPITAL. The company provides a cybersecurity platform that detects and prevents fraud and cyberattacks targeting financial institutions, reconstructing the full attack chain across web, mobile, backend, and network environments to identify malicious infrastructure and attacker intent before damage occurs. Cleafy serves over 150 financial institutions across Europe and Latin America, protecting more than 250 million end users, with clients including ING, BCC Iccrea Group, Illimity Bank, and BPS (Suisse). The new funding will support product development, including enhanced predictive threat detection capabilities, and international expansion, as financial institutions face increasing regulatory requirements such as DORA and NIS2 and rising cyber threats.
In addition to this week’s fundraising activity, here is the European M&A activity for the week:
Energy Aspects, a UK-based energy market data and intelligence provider, has agreed to acquire France-based Kayrros, a company specializing in satellite-driven energy analytics and geospatial intelligence. The acquisition will strengthen Energy Aspects’ data and analytics capabilities, combining its market expertise with Kayrros’ satellite monitoring, machine learning, and geospatial data technologies to deliver deeper insights across the global energy value chain. The transaction supports Energy Aspects’ growth strategy and continued expansion of its data-driven intelligence platform, following previous acquisitions including OilX, INAS, and TankWatch, and will enable the combined group to provide a broader suite of proprietary data and technology-driven intelligence products to clients across energy and financial markets.
Ramp, a US-based AI-powered financial operations platform, has acquired Sweden-based Billhop, a provider of digital B2B payment infrastructure, as part of its strategy to expand across Europe and the UK. Billhop enables companies to optimize working capital and streamline supplier payments through card-based payment infrastructure, even where suppliers do not accept cards, and operates through regulated entities across the EEA and the UK. The acquisition combines Ramp’s global scale and financial automation platform with Billhop’s European regulatory licenses, enterprise client base, and partnerships with banks and card networks, strengthening Ramp’s position in the $1.5tn B2B payments market and accelerating the international expansion of its financial operations platform.
Bite Investments, a UK-based fintech providing technology solutions for the alternative investments industry, has acquired Untap, a London-based portfolio management and fund-intelligence platform for investors and wealth managers. The acquisition strengthens Bite Investments’ Bite Stream platform, enhancing its capabilities in portfolio analytics, ESG reporting, investor transparency, and fund performance monitoring. By integrating Untap’s AI-powered portfolio management and data infrastructure, the combined platform will provide improved portfolio visibility, KPI tracking, and investor reporting, supporting private market managers in delivering greater transparency and operational efficiency as investor expectations and regulatory requirements increase.
And finally, we bring you four news stories that caught our eye last week:
Revolut received full banking authorisation from the UK‘s Prudential Regulation Authority on 11 March 2026, allowing Europe’s most valuable fintech to lend at scale in its home market. The licence enables Revolut to offer a full suite of banking services to its 13m UK customers, with deposit accounts protected by the FSCS (Financial Services Compensation Scheme) and greater regulatory oversight. The company also received FCA authorisation for consumer credit services, paving the way for a UK credit card launch. Revolut, valued at $75bn in its latest funding round, views the UK approval as a gateway to global expansion, having already applied for a US banking licence last week.
Fulll, headquartered in France, is a developer of accounting, payroll, and HR software serving accounting firms and SMEs. The company has entered into a strategic partnership with Visma, which acquired a minority stake to support Fulll‘s cloud-native SaaS platform development. The investment will accelerate product development and help French accounting firms adopt more automated workflows ahead of France’s upcoming mandatory e-invoicing requirements. Fulll serves roughly 19,000 accounting firms managing approximately 3.8 million SMEs across the country. Founded in 2021 through a merger of specialised software publishers, Fulll is headquartered in Lyon with nearly 300 employees. The partners also plan to expand the “Impulse Data” hub, aggregating anonymised data from over 800,000 SMEs for advisory services. The transaction remains subject to competition authority review.
Finch Capital‘s State of European FinTech report has named London the world’s leading financial technology hub by funding value, surpassing both San Francisco and New York. European FinTech funding grew 37% between 2022 and 2025, while U.S. hub investment declined 13%, bringing both regions to approximately €40 billion. Despite the strong momentum, late-stage funding remains a challenge: every European round exceeding €1 billion was still led by U.S. investors. Finch Capital partner Aman Ghei called the €9 billion gap “a policy gap, not a market verdict.” European pension funds allocate just 0.02% to venture capital versus 1.9% in the U.S.
Mastercard has launched Virtual C-Suite, a set of agentic AI tools that integrate into existing accounting and banking software used by small businesses. The system analyses performance, identifies risks, and provides recommendations on payments and working capital. The tools draw on transaction data from Mastercard’s network, which processed 175 billion transactions in 2025, combined with individual business activity to generate insights. The Virtual CFO module will roll out first this year, delivered through financial institutions and software providers. Additional modules covering other executive functions are planned for later release.
Have a great start into the week!
*The information presented in this publication comes from publicly available sources. While the management company uses strict data selection criteria and focuses on the reliability of its sources, it cannot be held responsible for any inaccuracies, omissions, or errors in the data provided. This publication is for informational purposes only and does not constitute an investment recommendation.