5 Major FinTech fundraises in Europe in April 2024

By Gloria Methri

The rise of new FinTech start-ups and the new-to-bank population have paved the way for an upsurge in FinTech evolution. The European region provides huge opportunities for FinTechs due to the scale of the market and technological advancements.

FinTechs are becoming mainstream, and more investments are being made than ever before. Tracking investments provides a better perspective on the industry’s competitive and strategic trends.

Below listed are five notable FinTech funding rounds reported in Europe in April 2024:

• Flagstone raises $138m

Flagstone, the UK-based cash deposit platform, has announced a £108 million ($138 million) equity investment by Estancia Capital Partners. Under the terms of the deal, Estancia takes a minority stake in the Flagstone business.

Launched in 2015, Flagstone is one of the largest UK cash savings platforms by the number of banks and savings accounts on its panel.

• Hokodo raises $107m

Hokodo, the provider of digital payment terms solutions, has announced a new €100 million ($107m) debt facility from Viola Credit.

With this new financing, Hokodo will facilitate more than €1.5 billion of B2B transactions over the next 24 months. The debt facility will also support the continued roll-out and expansion of Hokodo’s embedded Pay Later and Pay Now offerings for B2B merchants and marketplaces.

• GSS secures $47m

Global Screening Services (GSS), a London-based RegTech innovator, has completed its Series A2 funding round, raising over $47 million. Notable contributors include AlixPartners, Cynosure Group, and the latest addition, Commonwealth Bank of Australia (CBA).

This investment coincides with the company’s transition from the development phase to the operational phase as the cloud-native platform prepares to go live with its inaugural clients.

• Payflows raises $26m

Payflows, a France-based SaaS platform for finance teams, has raised €25 million ($26m) in funding to build an operating system that seamlessly integrates finance teams and workflows. Balderton Capital led the Series A, and existing investors Headline and Ribbit Capital doubled down on their previous investments.

Founded in 2022, Payflows offers finance teams a single source for accounts payable, accounts receivable, customers, suppliers, payments and cashflows, bringing insight to all team members.

• Griffin raises $24m

Griffin, the full-stack Banking as a Service (BaaS) platform, has received approval from the UK’s financial services regulators to exit mobilisation and launch as a fully operational bank.

Griffin’s launch follows a successful mobilisation period. It is supported by a $24 million (£19 million) funding round led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures.