BlackFin Tech weekly — October 23rd, 2023
Every Monday, we publish a short digest which sums up last week’s Fintech activity
Good afternoon, fintech friends! We hope you had a lovely weekend without too much rain.
Let’s kickstart our week by diving into the latest news and trends from the world of fintech:
In the past week, we saw 10 deals in Europe for a total amount of €53.6m raised officially with three deals in the UK, two deals in Denmark, one deal in Spain, Sweden, France, The Netherlands, and Lithuania.
Congratulations to Globacap, the UK-based capital markets technology firm, on its €20m Series B round with investors such as Moore Strategic Ventures, Cboe Global Markets, the JSE... Well done as well to Flanks, that is on a mission to democratize wealth management, for raising a $8m Series A round led by Earlybird Venture Capital.
Finally, Stockholm-based Cloover, that allows renewable technology vendors to offer their services as subscriptions, raised a €7m pre-seed round led by 9900 Capital.
Let’s dive in
Globacap, a UK-based capital markets technology firm, has successfully raised $21 million in a Series B funding round.
Investors in this round include Moore Strategic Ventures, Cboe Global Markets, Inc., the Johannesburg Stock Exchange (JSE), GABI Ventures, and Asia-focused investment firm QBN Capital.
The funding round aims to support Globacap's mission to digitize and automate the global private capital market.
Globacap's workflow automation software-as-a-service (SaaS) is designed to bring the efficiency of public markets to private markets by simplifying processes, including issuance, ongoing administration, transferability, and settlement of securities. (I think the attio description needs an update)
The company has shown impressive growth since its launch six years ago, with 15 whitelabel solutions serving global institutions and an ecosystem that has managed over 70 private placements and completed more than $350 million in secondary transactions of private assets, with automated settlement. Currently, it administers $14 billion worth of private securities.
With this new funding, Globacap plans to bolster its marketing and sales efforts, expand into new geographic markets, and invest in further developing its product. Additionally, the company intends to build upon the success of its white-label product, which is used by prominent intermediaries such as the JSE and Instinet.
Flanks, a Barcelona-based fintech company, has secured $8 million in Series A funding to advance its mission of democratizing access to wealth management across Europe.
The funding round was led by Earlybird Venture Capital and included participation from existing investors JME Ventures and 4Founders Capital. Additionally, angel investors Raffaele Terrone, Co-Founder of Scalapay, and Martin Kassing, Co-Founder and CEO of Upvest, supported the round.
Founded in 2019 by software engineers Joaquim de la Cruz, Sergi Lao, and private banking executive Álvaro Morales, Flanks aims to digitize global wealth data across custodians and consolidate it into a single API. This approach allows clients to gain a comprehensive, real-time view of their investment portfolios, enabling them to make more informed investment decisions.
Flanks serves a diverse client base that includes large financial institutions, family offices, and independent financial advisors. They operate in Spain, France, and eight other countries, connecting with over 300 banks globally and aggregating more than half a million investment portfolios on a monthly basis.
Over the past year, Flanks has achieved remarkable growth, doubling its client base to 100 and increasing its revenue by a multiple of 4.
Cloover, a climate fintech based in Stockholm, has successfully raised €7 million in pre-seed investment to advance its mission of democratizing access to renewable energy through embedded finance.
The funding round was led by 9900 Capital, former investors of the Gates Foundation and Hedosophia, with participation from QED, Broadhaven Ventures, Index Ventures' Scout Fund, Centrotec, and notable climate and fintech angels.
Founded in 2022 by a team of four entrepreneurs, Cloover brings more than 40 years of combined experience in finance and technology. The founders have previously built two successful software and fintech startups and are dedicated to making renewable energy accessible and affordable.
Cloover's mission is to address the challenges faced by manufacturers, vendors, and customers in the renewable energy sector, which is capital-intensive and complex. They achieve this by enabling all parties in the value chain to offer products "as-a-service" and manage working capital effectively. This approach removes capital constraints and promotes risk-sharing throughout the value chain.
The funding will be used to enhance Cloover's software platform, expand its range of services, launch operations in Germany, and further expand across Europe. The ultimate goal that they claim is to provide renewable energy to one billion people.
Cloover's platform allows vendors of renewable technologies to offer their services as subscriptions, facilitating a capital-efficient and risk-free transition to renewable energy and heating for individuals and businesses.
In addition to simplifying sustainable finance, Cloover's approach involves building a decentralized network of solar, battery storage, EV charging, and heating pump assets. These assets will play a crucial role in supporting local communities and the national grid infrastructure across Europe.
In addition to this week’s fundraising activity, here is the European M&A activity of the week:
bolttech, a Singapore-based insurtech company, acquired Digital Care, a Poland-based embedded protection company. The amount was not disclosed. The acquisition will provide bolttech with an increased global footprint, expanded product offerings, and enhanced operational scale and distribution partner network in the embedded protection space. By bringing on board Digital Care, bolttech will enter four new markets in EMEA – Poland, Croatia, Lithuania and South Africa.
Accenture, the Ireland based global professional services company specializing in IT services and consulting, acquired On Service Group, a Siegburg, Germany-based company specializing in property and casualty, life and health insurance processes. Terms were not disclosed. Acquiring On Service Group enhances Accenture’s capabilities in insurance operations, expanding the range of services available to clients in Germany for insurance business processes such as sales and policy administration. The acquisition strengthens Accenture’s ability to manage the entire process chain while helping clients optimize operations, be more agile and drive growth through digital services.
April, Europe's leading wholesale insurance broker for individuals, professionals and companies has bought Expat & Co, a specialist in international health insurance for expats, students and academics in Belgium. The terms of the deal were not disclosed. Through this acquisition, April International strengthens its presence on the European continent in a high-potential market for expatriation and international mobility and enhances its portfolio of solutions and health products.
And finally, here are the news that caught our eye last week:
Ferrari, the luxury car manufacturer, is accepting cryptocurrency payments in the U.S. and plans to expand to Europe, responding to demand from both crypto-savvy and traditional investors.
Berlin-based B2B payments company Mondu registers with the FCA and expands its services in the UK, targeting the thriving $200 billion e-commerce market. The company offers flexible B2B payment solutions and aims to improve the customer experience, with former TrueLayer UK country manager Roger De’Ath leading the UK operations.
Rabobank intensifies its partnership with SurePay to enhance fraud prevention, expanding data coverage and introducing the Fraud Risk Indicator. This move establishes Rabobank as a leader among European banks in combating banking fraud, improving customer protection and security.
Fintech company Yomoni has achieved one billion euros in assets under management (AUM) and aims to double it to two billion euros in three years. Yomoni plans to expand among affluent clients and corporate entities, diversifying into unlisted securities and real estate. The firm maintains a 1,000-euro entry requirement while targeting a more affluent, younger demographic.
Have a great week & see you soon!