BlackFin Tech Weekly — May 12th, 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 8 fintech deals in Europe, raising a total of €80.0 million in equity: four deals in the UK, two deals in Germany and one deal in each of Portugal and the Netherlands.
Congratulations to the top 3 fund-raising companies:
Juice, an alternative lending platform for digital SME’s raised a €29.5m venture round led by Aern Capital and Falco Capital.
Circula, an expense management and employee benefit platform has raised a €12.0m venture round led by CIBC Innovation Banking, Capnamic Ventures, Alstin Capital, Peak and Storm Ventures.
Ravio, a real-time compensation benchmarking platform for global workforces, has raised a €10.8m Series A led by Spark Capital, Blackbird and Cherry Ventures.
Let’s dive in
Juice, a London-based fintech lender for digital SMEs, has raised a €29.5 million venture round led by family offices Aern Capital and Falco Capital, with additional support from a credit line provided by Paragon Bank. Founded in 2019 by CEO Katherine Chan, Juice offers flexible, non-dilutive credit lines powered by real-time financial data and predictive analytics. The company aims to achieve a £100 million loan book and £25 million in annual turnover by 2028. Juice plans to utilize the funds to expand its operations and business reach.
Circula, an expense management and employee benefit platform has raised a €12.0m venture round led by CIBC Innovation Banking, Capnamic Ventures, Alstin Capital, Peak and Storm Ventures. The company plans to utilize the funds to expand its operations and strengthen its market position. Founded in 2018 and led by CEO Nikolai Skatchkov, Circula offers an AI-powered solution that automates travel expenses, per diems, credit card transactions, and employee benefits, aiming to simplify expense management, increase efficiency, and ensure compliance in financial accounting. The platform is currently used by over 150,000 employees across Europe.
Ravio, a real-time compensation benchmarking platform for global workforces, has raised a €10.8m Series A led by Spark Capital, Blackbird and Cherry Ventures. The funds will support Ravio's international expansion and product development, aiming to enhance its real-time compensation benchmarking platform. Ravio's platform integrates with HR systems to provide up-to-date salary, equity, and benefits data across over 100 roles in more than 46 countries. This enables companies to make informed pay decisions and address compensation disparities promptly. Notable clients include Just Eat Takeaway, Octopus Energy, Wise, Mollie, and Adyen.
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In addition to this week’s fundraising activity, here is the European M&A activity of the week:
Coinbase, the leading U.S.-based crypto exchange, has acquired Deribit, a crypto derivatives platform originally founded in the Netherlands and now based in the UAE, for $2.9 billion in cash and stock. Deribit is the dominant player in global crypto options, processing over $1.2 trillion in volume in 2024 and holding 85% market share. Through this acquisition, Coinbase expands its footprint in the crypto derivatives space and overtakes competitors by open interest and options activity. The deal is expected to close by year-end of the year, pending regulatory approval
Malakoff Humanis, a leading French social protection group, has acquired a 65% majority stake in Mon Petit Placement, a Lyon-based fintech offering digital investment solutions through life insurance and retirement savings products. Mon Petit Placement targets young and first-time investors with accessible managed portfolios, and has grown to 25,000 clients and €200 million in AUM. With this acquisition, Malakoff Humanis expands its reach in the digital savings market while engaging a younger demographic. The company will continue to operate independently, with support functions remaining separate, and aims to reach profitability by 2026.
And finally, we bring you 4 news stories that caught our eye last week:
eToro, the Israeli social trading and crypto platform, is preparing for a Nasdaq IPO targeting a $4 billion valuation. eToro plans to offer 10 million Class A shares at $46–$50 each, aiming to raise up to $500 million. The IPO, underwritten by Goldman Sachs, UBS, Jefferies, Bank of America, Citigroup, Cantor Fitzgerald, and Deutsche Bank, comes as eToro reports strong growth, with net income of $192 million in 2024 and over 40 million users. The listing will support eToro’s global expansion and continued investment in digital asset trading
Mollie has expanded into Portugal, targeting the country’s rapidly growing e-commerce market with localized payment solutions. Portuguese merchants can now access Mollie’s platform, offering local options like MB Way and Multibanco alongside over 35 global payment methods, as well as in-store terminals and real-time transaction dashboards. The move follows Mollie’s recent partnership with Qonto, integrating banking and payment services for European SMEs. Mollie first established a Lisbon tech hub in 2022 and is now expanding its team to provide tailored support for local businesses as Portugal’s digital commerce sector accelerates.
N26 has entered Germany’s telecommunications market with the launch of N26 Mobile, a fully digital mobile plan integrated into its banking app. The new service allows N26 customers to sign up, manage, and cancel their mobile plans directly from the N26 app, offering features like eSIM activation, real-time data usage tracking, and flexible monthly contracts. N26 Mobile is designed to simplify mobile connectivity for users, providing transparent pricing and eliminating paperwork. The move marks N26’s expansion beyond banking, as the company aims to become a one-stop platform for digital financial and lifestyle services. The launch follows N26’s recent product diversification, including insurance and investment offerings, as it continues to broaden its ecosystem for its German customer base.
Revolut has selected Fourthline as its strategic partner for identity verification, integrating Fourthline’s AI-powered KYC technology into Revolut’s onboarding processes across the UK and EU. The partnership aims to streamline compliance, reduce fraud, and support Revolut’s rapid global expansion, which now counts over 52 million users. Fourthline’s technology offers biometric analysis, active liveness detection, and document verification, ensuring robust security and regulatory compliance as Revolut prepares for its UK banking launch and expands its product suite.
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Have a great start into the week!
Sources of the fundraising reports