European fintech companies are at the forefront of innovation, transforming the financial landscape across the continent. With a rich ecosystem of startups and established players, these companies leverage technology to enhance financial services, making them more accessible, efficient, and user-friendly.
From digital banking and payment solutions to investment platforms and blockchain applications, European fintechs are addressing the diverse needs of consumers and businesses alike.
Here is the list of ten companies that raised the most in 2024 so far.
SumUp (UK)
SumUp is a global financial technology company that provides small businesses with affordable payment solutions.
The company was founded by a small team with a vision to build a world where small business owners can thrive by doing what they love. Today, more than 4 million businesses trust SumUp to handle their payments.
Recently, SumUp raised €1.5 billion from private credit lenders in an oversubscribed round led by Goldman Sachs.
Abound (UK)
Abound was established to provide affordable, fair, and flexible lending solutions that prioritize borrowers' interests and support their long-term financial well-being.
The company’s mission is to change the way that credit decisions are made globally so that more people can access loans at rates they can afford to repay, driving financial inclusion.
Their AI technology, Render, analyzes customers' bank transaction data to assess their individual financial situations and determine affordable monthly repayments. Unlike traditional credit checks that rely on statistical averages, Render offers a more personalized approach, resulting in 75% fewer defaults than the industry standard.
This year, the company secured £800 million to expand access to fair credit.
Monzo (UK)
Monzo is a UK-based digital bank known for its user-friendly mobile app and innovative financial services.
Founded in 2015, the company offers a range of banking products, including personal and business accounts, budgeting tools, savings options, and international payments. The bank's app allows users to manage their finances in real-time, track spending, and set savings goals.
With a focus on customer experience and technology, Monzo has grown into one of the leading challenger banks in the UK.
In the first nine months, the company raised £500 million.
Iwoca (UK)
Iwoca is a fintech company that provides flexible, fast, and accessible financing solutions for small businesses.
The company aims to bridge the funding gap for SMEs by offering business loans, credit lines, and financing options tailored to their needs. Iwoca uses advanced technology and data analytics to quickly assess creditworthiness, allowing businesses to access funds without the lengthy processes of traditional banks.
Few months ago, Iwoca secured £270 million package of debt funding, bringing the company's total gross investment to over £1 billion since its founding in 2012.
Nebeus (Spain)
Nebeus is a company which empowers digital nomads and marketplaces with payments, crypto, and card solutions.
The company began as one of the world’s first cryptocurrency platforms, specializing in P2P crypto lending, and after several years transitioned its business model to focus on centralized crypto-backed lending, with a mission to bridge the gap between cryptocurrency and traditional finance.
At the beginning of the year, Nebeus secured €250 million in institutional funding for its crypto-backed loan programme.
ID Finance (Spain)
ID Finance is a company that specialises in delivering innovative financial solutions.
The company leverages machine learning and advanced data science to offer competitive financial services to the underbanked, helping customers build credit profiles.
The ID Finance’s proprietary technology enables them to analyze large volumes of data, including behavioral biometrics, detect anomalies, and improve risk assessment efficiency by 50 percent. Machine learning and artificial intelligence are integral to the operations, driving everything from optimizing marketing campaigns to enhancing the customer service experience.
In February, the company has secured $150 million in debt funding.
Flagstone (UK)
Flagstone is a cash deposit platform that allows savers to manage and distribute their funds across hundreds of accounts through a single application.
Founded in 2015, the company offers a platform for individual savers to access and manage multiple cash savings accounts in one convenient location.
Today, Flagstone provides white-label and API-integrated solutions for businesses, enabling them to offer their customers user-friendly, flexible, and competitive savings options. It is the largest cash savings platform in the UK based on the number of banks and savings accounts available on its panel.
A few months ago, the company secured a £108 million equity investment by Estancia Capital Partners.
Zilch (UK)
Zilch is a UK-based financial technology company that offers a buy now, pay later (BNPL) solution, allowing consumers to make purchases and spread the cost over time without interest.
The company aims to provide a more flexible and transparent alternative to traditional credit, enabling users to manage their spending while avoiding debt traps. The platform allows customers to shop at various retailers, with the ability to pay in installments directly through the Zilch app.
With one eye on an IPO in 2025, the company has secured £100 million in securitised debt financing arranged by Deutsche Bank (DB) in June this year.
Capify (UK)
Capify is a lender to SMEs seeking working capital to sustain or grow their business.
It was launched in the UK during the global financial crisis when many small and medium-sized businesses were struggling to access vital funding from banks.
Capify specializes in offering flexible funding options, including business loans and merchant cash advances, to help businesses access the capital they need to grow.
The company leverages technology and data analytics to streamline the application process, enabling quick and efficient funding decisions.
In April, the company has secured a £100 million credit facility.
Akur8 (France)
Akur8 is the machine learning-powered insurance pricing and reserving platform.
Designed specifically for insurers, Akur8 has been transforming non-life insurance pricing through transparent AI since 2019. Its cloud-based, fully integrated platform enables insurers to price with unmatched speed, directly impacting financial results and improving risk assessments.
With the recent acquisition of the Arius reserving platform, Akur8 is broadening its product offerings and customer reach, increasing the value it delivers to insurance carriers globally.
In September, the company secured $120 million in series C funding, bringing its total raised investment to $180 million.
Would you like to write the first comment?
Login to post comments