BlackFin Tech Weekly — May 19th, 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 €48.1 million in equity, three deals in the Netherlands, two deals in the UK and one deal each in France, Germany and Switzerland.
Congratulations to the top 3 fund-raising companies:
Origin, an AI-powered platform that optimises employee benefits for large companies has raised a €18.7m Series A led by Felix Capital, with participation from Acadian Ventures and Notion Ventures.
Perpl, a decentralised exchange that allows users to trade perpetual futures contracts on digital assets, has raised a €8.3m Venture Round led by Dragonfly Capital.
Turtle Club, a platform that rewards DeFi users with tokens for trading and referrals has raised a €5.6m Seed round led by Theia Blockchain.
Let’s dive in
Origin, an AI-powered platform that optimises employee benefits for large companies has raised a €18.7m Series A led by Felix Capital, with participation from Acadian Ventures and Notion Ventures. The company intends to use the funds for continued international expansion throughout the US and Europe and further development of Cuido’s capabilities, its main product. Origin, founded by Chris Bruce and Pete Craghill, offers a global benefits intelligence platform for HR teams. Its main product, Cuido, uses AI to centralize and analyze benefits data, helping organizations streamline vendor management, boost employee engagement, and improve operational efficiency through real-time insights.
Perpl, a decentralised exchange that allows users to trade perpetual futures contracts on digital assets, has raised an €8.3m venture round led by Dragonfly Capital. The money will be used to build their perpetual futures exchange. This platform will run entirely on a blockchain called Monad, which is designed to be fast and efficient. Perpl’s goal is to create a fairer, more secure alternative to traditional trading systems, where users stay in full control of their assets. The platform will feature a user-friendly design, fast transaction speeds, low costs, and strong protection against interference or censorship.
Turtle Club, a platform that rewards DeFi users with tokens for trading and referrals has raised a €5.6m Seed round led by Theia Blockchain. The funds will be utilized to expand operations and enhance development efforts, focusing on enabling liquidity providers to earn rewards across multiple protocols and assisting projects in aligning incentives and establishing sustainable models. Since its March 2024 launch, Turtle Club has achieved over 315,000 registered wallets, integrated with 51 protocols, and facilitated $2.3 billion in total value bootstrapped.
In addition to this week’s fundraising activity, here is the European M&A activity of the week:
Younited, the French consumer credit fintech, has acquired Helios, a green neobank focused on sustainable banking, for an undisclosed sum. Founded in 2020, Helios has gained attention for offering environmentally responsible banking services, including current accounts and investment products aligned with ecological goals. Through this acquisition, Younited expands its product offering beyond credit and strengthens its position among younger, eco-conscious users. The deal is expected to close in the coming weeks, subject to customary approvals.
And finally, we bring you 4 news stories that caught our eye last week:
Monzo is preparing for a potential IPO that could value the UK neobank at more than £6 billion. The company has reportedly lined up Morgan Stanley to advise on the listing, with London seen as the likely venue despite earlier debates about a possible U.S. float. Monzo now serves over 11 million retail customers and 600,000 business customers, and recently posted its first annual profit. In 2023, Monzo raised £500 million from investors led by CapitalG, Alphabet’s growth fund, boosting its valuation to £4.1 billion. The IPO could take place as early as 2026, depending on market conditions.
eToro soared nearly 30% on its first day of trading on the Nasdaq, closing at $67 after pricing its IPO at $52 per share and raising $620 million-well above its initial target. The offering valued eToro at over $5.5 billion. Investor demand was strong, with BlackRock-managed funds expressing interest in up to $100 million of shares. Early backer Spark Capital saw its original $19 million investment turn into $530 million. eToro reported $931 million in commission income in 2024, with crypto trading accounting for 38% of the revenue, and net profit soaring to $192 million from $15.3 million in 2023.
American Bitcoin, a bitcoin mining startup co-founded by Eric Trump and Donald Trump Jr., will go public on the Nasdaq through an all-stock merger with Gryphon Digital Mining. The deal will see American Bitcoin shareholders, including Hut 8, retain 98% of the new entity, with Eric Trump serving as chief strategy officer. The move is the latest in a series of crypto ventures from the Trump family, including the launch of World Liberty Financial and the $TRUMP meme coin. President Donald Trump has pledged to make the U.S. a global crypto leader, though critics cite potential conflicts of interest.
The Bank of London is facing “significant doubt” over its ability to continue operating after revealing a regulatory investigation by the Prudential Regulation Authority (PRA) and a £12 million loss for 2023. Auditors EY flagged inadequate historical records and warned that ongoing funding and compliance issues threaten the bank’s future. Backed by high-profile figures and previously valued at $1.1bn, The Bank of London has lost key board members and halved its workforce since a 2024 ownership change. Investors have pledged £25 million in new funding as the bank undergoes a “comprehensive transformation” to address regulatory concerns and restore stability.
Have a great start into the week!
Sources of the fundraising reports