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

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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 most popularity and investment amidst the pandemic.

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

1. Revolut ($80 million)

London-based mobile bank Revolut recently secured $80 million in new funding at a $5.5 billion valuation as part of its Series D round that kicked off five months ago. The latest funding comes from TSG Consumer Partners, a San Francisco-based private equity company, according to media reports. This February, Revolut raised $500 million in a round led by Menlo Park, California-based TCV, one of the most significant growth equity firms. The new funding is an extension of that round to $580 million while the valuation remains the same, the company said. Revolut is also backed by Index Ventures, the global venture capital firm with dual headquarters in San Francisco and London, and a half dozen others.

The company also announced the roll-out of a new rainbow card for customers in the UK and Europe, in the light of the Pride celebrations across Europe. It allowed its retail customers in the UK to connect their American Express accounts to Revolut, allowing them to see their balances and transactions in one app.

2. Quantexa ($64.7 million)

Financial crime-fighting company Quantexa closed a Series C round with an additional $64.7 million, thus bringing the total funds raised to $90 million. The company’s funding round was led by Evolution Equity Partners, with participation from pre-existing backers Dawn Capital, AlbionVC, and HSBC. New investors British Patient Capital and ABN AMRO Ventures also joined previous investor Accenture Ventures in this round.

The company stated that it would leverage the funds for driving its market expansion into new industries such as the public sector. Quantexa also aims to develop more platform applications across financial services and cross-sector capabilities and speed up its continued growth across North America, Europe, and Asia-Pacific regions. The company will also see Richard Seewald, Founding and Managing Partner at Evolution Equity Partners join Quantexa’s board of directors.

3. Scalable Capital ($59 million)

Scalable Capital, a Germany-based digital wealth manager, secured an additional €50 million in a Series D financing round. This takes the total amount raised to €116 million. The round saw the participation of existing investors, including BlackRock, HV Holtzbrinck Ventures, and Tengelmann Ventures. The company aims to utilise the funds to speed up its growth in wealth management, brokerage, and its B2B business.

Founded in 2014, Scalable Capital aims to simplify wealth management and make investments cheaper through technology. The company allows customers to invest their money through the robo advisor and trade actively with the broker. It offers a flat trading rate, where retail investors can trade shares, funds, and ETFs or make savings plans on ETFs for €2.99 per month with no additional fees. It also provides access to overnight and fixed-term deposit offers.

4. ComplyAdvantage ($50 million)

London-based startup ComplyAdvantage announced a growth round of funding of $50 million to expand its reach and operations. The company’s plan is expected to use the funding for hiring, to invest in the tools it uses to detect entities, and map the relationships between them and to bring on more clients.

The Series C was led by Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a huge pension plan out of Canada (U.S. $155 billion) that is known as a prolific growth-stage tech investor.  Previous backers Balderton and Index were also in the round.

5. Thought Machine ($42 million)

Core banking technology firm Thought Machine has signed an additional $42 million in funding for its Series B round, which is due to close in early August. The funding round will be led by Eurazeo Growth along with the participation of new investors British Patient Capital and SEB, while Royal Park Partners will be acting as the financial adviser.

This brings the company’s total round value to $125 million. Thought Machine aims to utilise the fresh inflow of funds for expanding its business internationally and make key appointments across APAC, US, and Australia. The company is also expected to develop new products and features, including the upcoming advanced payment solution.

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