Top 5 FinTech funding rounds- August 2020 (UK & Europe)

By Megha Bhattacharya

Studies have shown that funding is undergoing a rebound following the COVID-19 disruption. The UK, Europe’s FinTech capital, has seen a rise in the number of investments received along with the country of Germany. Digital payment companies, health insurance entities, and relief funds gained the most popularity and investment amidst the pandemic.

Check out the top 5 FinTech funding rounds that took place in August 2020 (UK& Europe) –

1. PPRO ($50 million)

UK-based local payments platform-as-a-service provider, PPRO has closed a $50 million financing round led by Sprints Capital with participation from existing investors Citi Ventures and HPE Growth. The company’s investment round also saw Financial Technology Partners acting as an exclusive financial advisor and Noerr as legal advisor to PPRO.

The company expects to use the funds to scale the organisation and accelerate strategic growth plans for its global platform.

Recently, PPRO also reported an 85% increase in transaction volume from last year, highlighting the exponential opportunities for cross-border e-commerce amidst the COVID-19 pandemic. Due in part to a massive digital shift in e-commerce consumer behaviour, PPRO is now processing an annual run rate of $9 billion in payment transaction volume.

2. Habito ($46.5 million)

The UK-based digital mortgage company, Habito, reportedly secured around $46.5 million in a Series C fundraising round. The funding round was led by new investors Augmentum FinTech, SBI Group, and mojo.capital, along with participation from various existing investors, including Ribbit Capital, Atomico, and Mosaic Ventures. This brings the total investment raised by the company to €69.7 million across all rounds.

The FinTech has recently been certified as a B Corp, meaning it has made a legal commitment to put “people and planet on the same level as profit.” Currently, there are more than 3,000 accredited B Corp companies globally, including Ben & Jerry’s, Patagonia, and WeTransfer.

Established in 2016 and headquartered in the UK, Habito aims to assist its customers in understanding their mortgage needs as well as in mortgage submissions. Its services revolve around digital lending via its own buy-to-let mortgages.

3. CloudPay ($35 million)

CloudPay provides managed global payroll services through a cloud solution that ensures consistent & compliant international payroll. It recently announced a $35 million (€29.6m) Series D round led by Runway Growth Capital, with participation from existing investors Rho Ventures and Pinnacle Investment Partners.

CloudPay provides managed global payroll services to multinational organizations through a single, unified SaaS solution. CloudPay’s services and technology expect to standardize the payroll function across geographies, helping organizations increase efficiency, streamline compliance, and achieve greater visibility into payroll performance and costs.

4. Form3 ($33 million)

UK-based payment technology provider, Form3, has completed a strategic equity investment round of $33 million with new shareholders, including Lloyds Banking Group, Nationwide Building Society, and venture capital firm, 83North along with the participation of existing investor Draper Espirit. The new shareholders join existing investors Angel Co-Fund and Barclays.

According to Form3, the new funding is expected to boost its payment technology, help in building functional enhancement, and speed up its global expansion plans in existing and new markets.

The company also appointed Penny Hughes CBE to its Board as a Non-Executive Director. Hughes previously, has been a Director at Coca-Cola, Vodafone, Reuters, and was a Non-Executive Director at RBS and Chair of Aston Martin.

5. Bnext ($13 million)

Bnext, a Spanish alternative banking services provider, has raised $13 million in a funding round led by its existing investors, including DN Capital, Redalpine, Speedinvest, Founders Future, Enern, Digital Horizons, Kreos Capital, and Cometa -formerly Variv. The fresh inflow of capital is expected to boost Bnext’s plans of strengthening its foothold in Spain and facilitate Latin American expansion with new service launches in Mexico.

Established in 2018 and co-founded by Guillermo Vicandi and Juan Antonio Rullán, Bnext aims to offer customized services tailored to individual needs. The mobile banking platform allows its customers to connect their existing bank accounts and aims to facilitate transparent and flexible financial management along with financial and insurance products from partners.