Today in European Tech: SumUp secures €750 million in financing, Trustpilot set to raise up to $600 million in IPO, and more

Today in European Tech: SumUp secures €750 million in financing, Trustpilot set to raise up to $600 million in IPO, and more


Here's what happened today in European Tech.


- Israeli-British investment platform eToro is set to merge with a SPAC after years of speculation about the fintech firm going public. The company is merging with Betsy Z. Cohen-led SPAC FinTech Acquisition Corp. V, and the listing will give eToro a valuation of around $10.4 billion.

- Fresh off a number of recent acquisitions, London-based payments provider SumUp has raised €750 million. The round saw participation from existing backers Goldman Sachs, and Bain Capital Credit.

- Denmark-born consumer-review site Trustpilot’s London listing is set to raise as much as $600 million, a sale that may help lift the UK to its biggest ever first quarter for IPOs.

- Two months after showcasing its first-generation 5-minute-charge battery, Israeli company StoreDot is in negotiations to merge with a Wall Street SPAC at a $3.5 billion valuation, according to sources who spoke to Calcalist.

- Vienna, Austria-based fintech scale-up Bitpanda, which provides a brokering/exchange platform for trading digital assets such as cryptocurrencies and precious metals, has closed a Series B round of $170 million, giving it a ‘unicorn’ valuation of $1.2 billion.

- Canada-based Inovia Capital has closed a second fund totalling $450 million and has confirmed its increased interest in the European marketplace. The London-based team will be led by Patrick Pichette, a figure who’s previously chaired the board of Twitter and Lightspeed.

- Israel-based Overwolf, which has built a popular platform for gaming fans to build modifications and additional tools for all kinds of PC games, announced $52.5 million in growth funding and the launch of a new content creation SDK.

- Israeli digital commerce solution for grocers developer today announced that it has raised $21 million in an extended Series A round.

- Munich-based e-bike reseller Rebike Mobility, which operates and, has closed a €10 million Series B round.

- Richard Branson's Virgin Group has invested an undisclosed amount in UK-based self-driving car tech firm Wayve, which is building artificial intelligence it says is capable of driving in any urban environment.

- We also tracked a large number of (other) European tech funding rounds and M&A transactions, all of which we are putting in a handy list for you on Friday afternoon in our weekly roundup newsletter (note: the full list is for paying customers only). Also check out our European tech news section for ongoing coverage.

Worth Reading/Knowing

- The European Council today adopted its first reading position on Horizon Europe, the EU’s multi-annual framework programme for research and innovation for the years 2021 to 2027, approving its €95.5 billion total budget.

- UK tech startups raised a record $15 billion from venture capitalists in 2020, widening its gap with Germany and France, according to a report from government-funded lobby group Tech Nation.

- European startup CEOs and founders in a letter have urged member states to adopt the EU’s proposed Startup Nations Standard.

- Shared micro-mobility startup Bird said it is investing $150 million into a European expansion plan that will include launching in more than 50 cities this year, a move that it says will double its footprint in the region.

- Nokia will cut as many as 10,000 jobs in the coming years so it can invest more to catch up in the race to win orders for 5G networks.

- The Dutch Food Delivery King Is Coming to America.

- Opera has hired PayPal and WeChat Pay veteran Allen Hu to run its recently launched fintech arm, Dify.

- Starting next month, Apple will allow the Russian government to pre-install apps on iPhones, iPads, and possibly other devices like Macs in future.

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