Despite the fact that it’s been a turbulent year across the European Tech ecosystem, if there’s one industry that’s seemingly weathering the storm head and shoulders above all others, it’s fintech.
We tracked just over 700 fintech-related funding deals from all four corners of the continent accounting for just shy of €25 billion, with €3.8 billion going to the top 5 deals alone. Of the top 25 European tech funding deals of 2022, fintech (7) just barely won out over cleantech (5).
And as one might expect, 4 of the 5 top funded fintech startups in 2022 call the UK home.
The top 5 European fintech startup funding deals of 2022
5. SumUp - €590 million
London-based payments firm SumUp raised €590 million at a valuation (at the time) of €8 billion.
The round was led by Bain Capital Tech Opportunities, with participation from funds managed by BlackRock, btov Partners, Centerbridge, Crestline, Fin Capital, and Sentinel Dome Partners.
4. Propel Finance - €593 million
London-based asset finance lender Propel Finance assembled £500 million in a round that saw Citi chipping in a £275 million private securitisation facility, Quilam Capital provided an additional £35 million mezzanine and working capital facility to partially refinance Propel’s existing British Business Bank ENABLE funding facility and support further growth.
3. Klarna - €793 million
While it was a raise of funds aimed at further US market expansion, the announcement carried a heavy pricetag with it - a valuation drop from $46 billion to $6.7 billion. Ouch.
The round saw participation from existing investors Sequoia, Bestseller, Silver Lake, and Commonwealth Bank of Australia, as well as the welcoming of new investors, including Mubadala Investment Co. and Canada Pension Plan Investment Board.
2. Checkout.com - €874 million
While the news surrounding Checkout.com as of late might not quite have the lustre that it did at the beginning of this year, bac in January the company announced a raise of €874 million at a $40 billion valuation. At the time.
The Series D round saw investors Altimeter, Dragoneer, Franklin Templeton, GIC, Insight Partners, the Qatar Investment Authority, Tiger Global, the Oxford Endowment Fund, and another unnamed large US-based mutual fund management firm backing the firm. Several of the company’s other existing investors including Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst, and Ribbit Capital also participated in the round.
1. Curve - €955 million
Throwing a curveball into the mix, just this month, London’s all-things-financial fintech Curve secured €955 million in a funding deal provided by Credit Suisse that will be used to help the company scale its lending business, Curve Flex, across the UK, EU, and US markets.
And there we have it folks, The top 5 European fintech startup funding deals of 2022. Stay tuned for a series of more focused snapshots of the industry — and find everything we've published so far over here.
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