BlackFin Tech weekly — October 2nd, 2023
Every Monday, we publish a short digest which sums up last week’s Fintech activity
Hey there, subscribers! We hope you had a lovely weekend. October is finally here and so Q3 comes to an end!
Let’s kickstart our first Q4 Monday by diving into the latest news and trends from the world of fintech:
In the past week, we saw 13 deals in Europe for a total amount of €140.5m raised officially with seven deals in the UK, two deals in France, one deal in Switzerland, one in Germany, one in Spain, one in The Netherlands.
Congratulations to Perenna, the UK mortgage neo-lender, on its $52m venture round led by IAG Silverstripe. Well done to Supra Oracles and its innovative cross-chain oracle and bridgeless communication network meant to accelerate the transition form Web2 to Web3 that raised a $24m venture round led by Animoca Brands and FiveT Fintech.
Finally, London-based Traydstream, operating a cloud-based platform that specializes in automated trade document scrutiny and compliance checking solutions, raised a $21m Series B round led by Pivot Investment Partners and e& Capital.
Let’s dive in
Perenna, a UK-based fintech company, recently secured $52 million in funding to support the launch of its long-term fixed-rate mortgage products and enhance the region's financial infrastructure.
The funding round, consisting entirely of equity capital, was led by Silverstripe Investment Management, one of Perenna's strategic investors, along with participation from other existing investors. This round brings Perenna's total funding to nearly $90 million since its inception in 2020.
Perenna's primary goal with this funding is to introduce long-term fixed-rate mortgage products to the UK mortgage market, targeting customers seeking stable and sustainable risk-adjusted returns while benefiting homeowners throughout the region.
Unlike traditional retail deposit-based models, Perenna utilizes a unique funding approach through the issuance of covered bonds. This innovative strategy allows institutional investors, including pension funds and other financial institutions, to provide long-term funding for the mortgage market.
Read more
Supra, a Web3 fintech, recently completed a successful venture round, raising over $24 million.
Key strategic partners, including Animoca Brands, FiveT Fintech, BCW, Razer.com, and others, participated in the funding round, recognizing Supra's potential in the Web3 space.
Supra aims to accelerate the transition from Web2 to Web3 by creating innovative cross-chain oracle and bridgeless communication networks.
Their next-gen Oracle technology updates over 1.5 million cryptocurrency data pairs daily, showcasing its scalability and impact.
To decentralize network ownership and governance, Supra engaged over 500 funds, angel investors, and node operators, critical for their decentralized network's long-term success.
Supra recently introduced the "Countdown to Blast Off" gamified learn-to-earn airdrop program, aiming to distribute $SUPRA tokens to community members and reach 500,000 KYC'd token holders by early 2024.
London-based fintech Traydstream has successfully raised $21 million in a Series B funding round led by Pivot Investment Partners and e& Capital.
Traydstream, established in 2015, operates a cloud-based platform that specializes in automated trade document scrutiny and compliance checking solutions for financial institutions and corporates. Their goal is to streamline trade finance operations, reduce risks, and enhance efficiency.
The funding will fuel Traydstream's growth and support the advancement of its AI-powered platform, which has garnered recognition for its significant impact on trade documentation scrutiny, compliance checks, and risk management.
Traydstream's mission is to unlock new levels of efficiency, accuracy, and agility for its expanding global client base.
Dinkar Jetley, Managing Partner of Pivot, expressed their enthusiasm for Traydstream's team, platform, and client traction, highlighting their commitment to partnering on the company's growth.
We would also like to take this opportunity to congratulate Timeline, now a BlackFin Capital Partners portfolio company, on their £10m Series B which we proudly led.
Timeline is a leading British fintech platform dedicated to independent financial advisers (#IFAs). This milestone coincides with the company reaching an impressive £3 billion in Assets Under Management (#AUM), positioning the company firmly on the path to doubling in size by the end of 2023 👊
Founded in 2018 by CEO Abraham Okusanya, Timeline has emerged as a trailblazing force in the financial advice industry.
Our team member Loic commented:
“We are highly impressed by Abraham and his team and are thrilled to be supporting them as part of their journey to deliver better outcome for IFAs and their clients. We are convinced there are a lot of growth opportunities ahead of them”
Welcome to the BlackFin Tech family, Timeline !
M&A activities in Europe were relatively quiet this week, but there was one fintech acquisition announced in France:
Crédit Agricole SA (CASA) has acquired the French fintech company Worklife, specializing in digitizing employee benefits. This acquisition is aimed at enhancing Crédit Agricole's offerings in employee savings, retirement, and group health insurance, providing a comprehensive solution for employee benefits management. Worklife, a French startup founded in 2020, offers an application that consolidates various employee benefits, such as restaurant vouchers and transportation subscriptions, into a single platform, along with a payment card for convenient access to these benefits.
And finally, here are the news that caught our eye last week:
Apple is facing an antitrust lawsuit over allegations of monopolizing the mobile wallet market with its Apple Pay service. The lawsuit contends that Apple's exclusive control over NFC chip technology in iPhones hinders competition and results in excessive fees for card issuers.
Mercedes-Benz has teamed up with Mastercard to introduce in-car payments through a fingerprint sensor, enhancing convenience and security for customers at service stations in Germany. This partnership not only streamlines the payment process but also aligns with the growing consumer demand for integrated digital payment solutions within their vehicles, with plans to expand to other vehicle-related services and European markets.
Binance, the leading cryptocurrency exchange, is grappling with internal and external challenges, including regulatory scrutiny and executive departures. CEO Changpeng Zhao's legal issues have caused instability, while discussions about his resignation continue, impacting Binance's position in the cryptocurrency market.
Former Wirecard executive Jan Marsalek has been accudes of being connected with an alleged Russian spy ring operating in the UK, though he has not been charged in this case. Five Bulgarian nationals face charges related to espionage and assisting hostile actions on behalf of the Russian state, with their trial set for October 13 after their arrest earlier this year under the Official Secrets Act.
Have a great week & see you soon!