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Top 5 FinTech funding rounds in October 2020 (UK & Europe version)

By Megha Bhattacharya

November 09, 2020

  • Europe
  • Molo
  • Primarybid

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 October 2020 (UK& Europe) –

  1. Molo ($350.3 million)

Molo, the UK-based digital mortgage lender recently announced that it has raised a further £266 million in debt and equity funding, completing its Series A equity funding round. The investment was led by financial services firm Macquarie Group (Macquarie) and Patron ​Capital, a pan-European institutional investor focused on property-backed investments.

The equity round was led by Yabeo, an international Venture Capital firm and supported by existing shareholders Andenes Investments, GPS Ventures and others. SpecFin Capital advised Molo. The capital raise comes after the first tranche of £10 million for the Series A round that closed in January 2020.

Molo stated that the new funding will be used to accelerate the company’s growth through additional online lending and investment in its proprietary technology and new product propositions.

Molo combines automated decisioning and human expertise with an ability to integrate with its partners’ systems to deliver faster and more transparent ​mortgage​ loans, directly to its customers.

  1. PrimaryBid ($50 million)

PrimaryBid, the British FinTech platform that connects retail investors with public companies raising capital, has closed a $50 million Series B investment round from a group of investors. Proceeds will be used to build-out the PrimaryBid team and technology platform as the company aims to deepen its links with key intermediaries and expands into international markets.

PrimaryBid attracted global investors in its Series B fundraise including London Stock Exchange Group, Draper Esprit, OMERS Ventures, Fidelity International Strategic Ventures and ABN AMRO Ventures to facilitate expansion into international markets.

PrimaryBid is a regulated technology platform connecting retail investors with listed companies raising money. It provides individual investors with digital access to listed company offerings at the same terms as institutional investors, aggregating orders alongside a traditional bookbuild and on the same timetable.

  1. Lunar ($47.4 million)

Lunar, the Nordic challenger bank has raised €40 million in Series C funding from existing investors. The injection of capital follows a €20 million Series B disclosed in April this year.

In total, Lunar has raised €104 million from investors including Seed Capital, Greyhound Capital, Socii Capital and Chr. Augustinus Fabrikker. The challenger has offices in Aarhus, Copenhagen, Stockholm and Oslo, with a headcount of more than 180 employees. It plans to launch its banking app in Finland in the first half of 2021.

Established in 2015 in Denmark, Lunar is a FinTech that aims to provide a 100% digital banking experience through its banking app. In 2018 Lunar Way received the two PSD2-licenses – AISP and PISP and in 2019 the Nordic FinTech received a European banking license from the Danish FSA.

  1.  Spendesk ($18 million)

Spendesk, a French spend management platform for SMBs, recently announced that it has raised $18 million in addition to its Series B round last year ($38 million). The new investment comes from global VC fund Eight Roads Ventures and brings the total raised to $68.5 million. This funding will support the company’s growth and help it to address the accelerated digitisation of finance departments and increase in demand for spend management solutions.

Founded in 2016 by Rodolphe Ardant, Guilhem Bellion and Jordane Giuly within French startup studio eFounders, Spendesk now serves over 40,000 end-users at growing businesses such as Algolia, Amboss, Curve, Doctolib, Gousto, Raisin, Sezane, Wefox. The company has raised $68.5 million to date including two previous rounds led by Index Ventures. Headquartered in Paris, Spendesk has offices in Berlin, London and San Francisco.

  1. ($3 million), a Tallinn, Estonia-based non-custodial, Order Management System (OMS) and crypto-asset management platform, raised $3M in Series A financing. The round was led by Alameda Research. The company intends to use the funds to accelerate the execution of a roadmap that includes innovative new products, integration with DeFi, and newer asset classes and drive further international expansion.

Launched in 2017 by CEO Yuriy Sorokin, 3Commas is a non-custodial, Order Management System (OMS) and crypto-asset management platform that offers a unified access point and interfaces with 23 crypto exchanges. The company provides fully automated trade execution and portfolio management, supported by evolving strategies, algorithms, and risk management solutions.

READ MORE: UK Financial Services Technology Market Overview by IBS Intelligence 

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