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5 Major FinTech fundraises in Europe in February 2024

By Gloria Methri

February 22, 2024

  • Dailypay
  • Europe
  • FinTech
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FinTech Funding, Europe, Series B, FinTech Investment, Venture Capital, LendingThe rise of new FinTech start-ups, and 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 with more investment made than ever before. Tracking investments provides a better perspective on the competitive and strategic trends in the industry.

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

Pennylane, an accounting software startup based in France, has raised another €40 million from Sequoia Capital and DST Global. These funds raised will allow Pennylane to accelerate the development of its various modules, to invest massively in artificial intelligence for accountants and to adopt an external growth strategy with companies with complementary know-how.

B2B payments company Mondu has raised an additional €30 million in debt financing from German bank Vereinigte Volksbank Raiffeisenbank (VVRB). sMondu secured €20 million from VVRB in October 2022, and the increased credit facility provides the firm with €50 million in addition to earlier equity investments.

The financing will bolster its expansion across Europe this year.

Tuum, the next-generation core banking provider, has raised €25 million, in a Series B financing round led by CommerzVentures, with participation from Speedinvest alongside existing investors.

Tuum has expanded rapidly since signing its first client partnership in February 2019, working with banks to ease their digital transition onto cheaper, flexible systems that can free them up to develop new products and enter new verticals.

New York-based FinTech company, DailyPay, has chosen Northern Ireland for its first expansion outside the United States in a major investment that could create 293 new jobs.

The company, which specialises in on-demand pay technology, empowers employees with choice and control over their earned pay. The £24 million investment was secured for Northern Ireland after Invest NI’s US team worked closely with the company to help it set up here.

Manchester-based InsurTech Uinsure has secured investment from private equity investor LDC to support its ambitious growth strategy.

Founded in 2007, Uinsure is a cloud-based technology platform that connects financial intermediaries and lenders with the UK’s leading insurers. The platform removes the complexities from insurance, enabling customers to arrange cover in a frictionless way. LDC’s investment and strategic support will help increase Uinsure’s market share, as well as grow its network of partnerships with intermediaries, major building societies, and banks.

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