Investors in early stage European FinTech deals this week include Nordic venture capital firm Industrifonden (Limina), NFX (Collective Benefits), Frog Capital (Caspar Health).etc. We feature Q&As with Nico Blanchard of Apiax and Mark Whitcroft of Illuminate Financial.
Scaling Enterprise FinTech: with Nico Blanchard of Apiax
1. Tell us a bit about yourself and your company.
I’m Nicolas Blanchard, co-founder of Apiax which is a tech compliance solution that makes it radically simple for companies to comply with global regulations.
Apiax’s technology is designed to embed compliance into business processes so that business teams can work more productively and compliance teams can manage their stakeholders much more efficiently.
In four years we have grown to have over 65 employees across 4 countries (Switzerland, Portugal, United Kingdom and Singapore). With our combined compliance expertise and technological abilities we are on the mission to make compliance easy for everyone.
Scaling Enterprise FinTech: with Mark Whitcroft of Illuminate Financial
1. A year since the first lockdown – is this is a good time to be building or scaling an Enterprise FinTech firm in Europe?
Good but with challenges!
Digitization has had the shot in the arm and an acceleration with the move to remote and hybrid work environments. The need for enterprise solutions is high on managements’ agendas. However this isn’t uniform and interest is selective – ensuring your product is solving a priority problem within the enterprise is must. If it isn’t, unlikely you will reach the top of your potential buyer’s to do list nor will there be a (big) budget to buy it.
Scaling has changed somewhat with remote working changing hiring (not even getting to meet in person first!) and onboarding practices (that need to be structured better than ever before).
Maintaining a firm’s culture is also very challenging right now – leadership capabilities are on show – both good and bad!
The above interviews are part of Scaling Enterprise FinTech | The Handbook, featuring Q&As on the journey to scale, lessons learnt etc. with 16 founders and 10 leading investors.
Nordic venture capital firm Industrifonden invests €2.54 M in Swedish Fintech startup Limina
Limina, a Stockholm-based startup providing the world’s first and only customizable cloud-native Investment Management Solution (IMS) for mid-sized asset managers, today announces the completion of a €2.54 million Series A funding round. The investment was led by Nordic venture capital firm Industrifonden.
Existing investors, including STOAF SciTech, Vidici Ventures, Almi Invest and Justin Wheatley, the founder of StatPro, also joined the latest funding round. The company’s enterprise SaaS model for asset management IMS has seen great traction from forward-looking asset managers across Europe in the past 18 months.
Industrifonden is a venture capital firm that focuses on early stage technology and life science companies with international potential whose recent investments include Logical Clocks and Shard Secure.
NFX, a leading Silicon Valley venture fund invests €7 million in Collective Benefits
Collective Benefits, the insurtech solving the protection gap for independent workers, announced today they have raised a new round led by NFX, a leading Silicon Valley venture fund. Alongside this investment, renowned British entrepreneur Pete Flint OBE, a General Partner at NFX who was on the founding teams at companies like lastminute.com and Trulia, will be joining Collective’s board.
The London-headquartered startup plans to use the investment to further expand its reach across Europe, double the size of its team and develop new products and services for independent workers and the on-demand companies they work with, addressing the growing demand for insurance and benefits in the platform economy.
NFX operates as a seed investor that is transforming how true innovators are funded for entrepreneurs whose recent investments include Lev and Dovly.
Frog Capital invests €9M in Caspar Health
Frog Capital has led a €9 million investment in Berlin-based Caspar Health, Tech.eu reported. The startup’s platform allows users to access online rehabilitation treatment on demand. The company has raised around €16.8 million in total VC funding.
Frog invests in software enabled scale-up stage tech companies in Europe whose recent investments include Vulog and Winningtemp.
Highland Europe invests $18 M in Hyperexponential
Launched in 2017 by Amrit Santhirasenan, CEO, and co-founder Michael Johnson, both software engineers and qualified actuaries, hyperexponential (hx) is an insurtech company providing mathematical modelling software for the commercial insurance sector. The software helps actuaries, data-scientists and underwriters build, deploy and update their pricing models, so they can make data-driven decisions, faster and with minimal time and money spent on IT administration.
Highland Europe made the investment. Highland Europe is a growth-stage technology fund that invests in European internet, mobile, and software companies whose recent investments include Contentsquare and Unibuddy.
SBI investments invest €22M in berlin-based finleap connect
Founded in 2019, finleap connect was born from the merger of fintech platforms figo, finreach solutions and infinitec solutions. It employs more than 150 people at five different European locations. The company claims to have a valuation in the triple-digit million range.
Finleap’s full-stack platform enables partners to connect to more than 3,600 banks across Europe through a single API, processing over 65 million transactions per month.
Berlin-based fintech startup finleap connect has raised €22M in its Series A funding round after its merger in 2019. The round was led by SBI Investment — a Japanese VC firm, along with participation from Ilavska Vuillermoz Capital, a Luxembourg-based fintech investor.
SBI Investment supports the business development and growth of private venture companies through fund investment whose recent investments include Divido and WhereIsMyTransport.
Tencent Holdings invests €29.5 million in Doctor.se
Founded in 2016, Doktor.se is the second most downloaded doctor app in Europe according to Appfigures, a number which places it above competitor Kry. Over the course of 2020, Doktor.se provided over 1.2 million patient consultations via their countrywide physical locations and globally available app.
The investment from Tencent arrives at a key moment in the company’s development, as Doktor.se previously indicated that, “an aggressive series of acquisitions and digitisation of physical clinics are planned,” and in an interview with di.se, CEO and co-founder Martin Lindman commented, “Our ambition is to carry out a listing during the first quarter of 2022.”
Target Global invests $70 M in Life insurance provider YuLife
By flipping the life insurance concept on its head YuLife is promoting a model that supports members, insurers, and employers collectively. Members have access to a suite of tools designed to improve their quality of life, insurers gain actionable data that allows them to de-risk individuals, and employers gain a programme that demonstrates a true commitment to employee wellbeing.
Target Global led the Series B round with new investors Eurazeo and Latitude participating. Existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd all followed on. With this raise, YuLife has a valuation of $275 million.
Target Global is a venture capital firm that invests in tech companies across their lifecycles whose recent investments include The Vets and Mercuryo.
Anthos Capital invests $70 M in Railsbank
Founded in 2016 Railsbank offers a number of embedded finance products, including Banking as a Service, Cards as a Service, and Credit as a Service. The platform provides the underlying technology for a number of other fintechs, Plaid for example, and is also in use by telcos, supermarkets, and consumer brands. Using an API building block approach, Railsbank allows companies or brands to prototype, build, launch and scale any financial use case.
The round was led by Anthos Capital, with participation from Central Capital, Cohen and Company, and Outrun Ventures. While not specifically named, Railsbank reports existing investors also participating. To date, the fintech has raised $121.4 million.
Anthos is an investment firm focused on growth-stage private companies at the forefront of change whose recent investments include Ephemeral Tattoos and Singularity 6.
LGT invests €88 M in LIQID
LIQID, Europe’s leading digital wealth manager for affluent private clients, announces a € 88 million (US$ 104 million) funding round led by LGT, the global private banking and asset management group owned by the Princely House of Liechtenstein. As part of the round, which also includes participation from existing investors, LGT will take a significant minority stake in the fast-growing Fintech and support the further expansion of the company’s offer and geographic reach.
LGT, one of the world’s largest family-owned private banking and asset management groups, will support development and international expansion of LIQID’s offer. LGTs recent investments include Dunst and Appway.
New investors SoftBank Vision Fund 2 and Tiger Global Management invest $800 M in Revolut
Led by Nikolay Storonsky, Founder & CEO, Revolut provides a global financial app for people and businesses. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 16 million customers around the world use dozens of its innovative products to make more than 150 million transactions a month.
Backers included new investors SoftBank Vision Fund 2 and Tiger Global Management.
SoftBank Vision Fund specializes in growth capital and social impact investments whose recent investments include Go1 and Nature’s Fynd.
Money2020 Europe: 21-24 Sep. in Amsterdam
Radical change requires a radical catalyst. Fintech has a big journey to go on, and Money20/20 Europe is here to help you take the first big leap into the unknown.
This is the only place where the whole community, from payments to banking to retail to regulation and beyond, comes together to make the decisions that shape the future.
This September, get ready for a reimagined Money20/20 Europe experience that puts you in the driving seat. The conversations that take place here will decide our collective trajectory.
Buy your pass: https://bit.ly/2TjdoEQ
Meet us at:
Money2020 Europe, 21-24 Sep. 2021, Amsterdam
South Summit, 5-7 Oct. 2021, Madrid
Web Summit, 1-4 Nov. 2021, Lisbon
FinTech Forum, 18 Nov. 2021, Frankfurt
Slush, 1-2 Dec. 2021, Helsinki
Meet Our Partners:
Opportunity Network https://www.opportunitynetwork.com/fintech-forum
Money2020 Europe https://europe.money2020.com
InsurTech Insights https://insurtechinsights.com
Finovate Europe https://informaconnect.com/finovateeurope/
FN FinTech 40 https://www.fnlondon.com