Newsletter 24th Apr. 2020

After over a month of lockdowns – no matter where you are based in Europe – we are heading into May with some hope as some countries plan a phased reopening.

In our conversations with startups, we continue to hear about delays or a complete stop to fundraising discussions (especially where the sub-sector is negatively impacted by the crisis). After prioritising their own portfolio companies, investors are looking at in-flight deals (ideally those where in-person interactions already took place before the lockdown). Even then, they are taking a harder look than in happier times.

If you are a startup in Europe looking to understand government support schemes, it’s all here at this Sifted guide. If you are in the midst of a funding round, or would like to understand how to proceed in the current market situation, feel free to reach out to us via LinkedIn: Frank Schwab or Samarth Shekhar

Call for startups: apply to pitch at the 12th FinTech Forum, 19th Nov. 2020 in Frankfurt – email contact (at) or reach out via LinkedIn. Investors & corporates: register here directly 
7 Questions with Carl v. Halem of CommneX

1. Please tell us a bit about yourself, both at work and leisure. Born in Munich and raised near Frankfurt, I did my high school diploma in a boarding school close to Bonn. After graduating, I decided to absolve a two-year reserve officer training with the mountain troops in Berchtesgaden, Bavaria and then to start my studies. I did my diploma in economics at the TU Berlin. Additional I have studied at LSE London and the Udayana University Denpasar in Indonesia.

Rise of payment service providers – the pointers to the future of the retail banking industry
Whether PayPal, Adyen, stripe, transferwise, PayU, Wirecard or PAYONE – years ago the first startups of the still young FinTech industry, they have now developed into serious financial services companies. The development of the payment industry is already showing where the journey of the retail banking industry is going.

Belgian-Slovak data science startup Tangent Works raises €2 million for automatic predictive models

Tangent Works, a Belgian-Slovak data science startup, has raised €2 million from Force Over Mass, a London-based VC firm that’s led by two Belgians.
The new investment will go toward international expansion.

Founded in 2013 in Bratislava and now based in Gooik, the startup has automated the “repetitive” and “manual” parts of a data scientist’ job — namely, building the models.
Tangent Works’ algorithm builds predictive modelling based on the mathematical concept of information geometry.

Swiss startup Crypto Finance banks €13.3 million Series B, building fintech bridge with Asia Pacific

Swiss startup Crypto Finance has secured a €13.3 million Series B round led by Swiss investor Rainer-Marc Frey and Beijing-based Lingfeng Capital, with support from Hong Kong’s QBN Capital and others. The fintech startup will use the funding to continue expanding internationally, where the majority of its clients reside.
Based in Zug, the company offers asset management, trading, tokenisation, and storage solutions for institutional investors. The new investment, which brings the company’s total funding to €34.2 million, creates new connections between the fintech sectors of Europe and the Asia Pacific region.


€50 million for Alan, the digital health insurance startup

Today Alan, a leading independent digital health insurance provider in France, has closed a €50 million Series C investment round to transform how healthcare is delivered to everyone. Temasek, a global investment company headquartered in Singapore, led the round along with existing investors including Index Ventures.
This brings the company’s total amount raised since founding to €125 million.
Alan, founded in 2016, unlocks frictionless, fair and friendly healthcare for everyone.

Trade Republic Raises €62M in Series B Funding

Trade Republic, a Berlin, Germany-based mobile investing company, raised €62m in Series B funding.
The round was led by Accel and Founders Fund.
The company intends to use the funds to expand operations, expand across Europe, and further the development of its platform for mobile saving, investing, and trading.
Founded in 2015 by Christian Hecker, Thomas Pischke, and Marco Cancellieri, Trade Republic allows everyone to invest in stocks, ETFs, and derivatives via mobile.

Berlin’s Taxfix lands $65 million Series C led by Index Ventures to grow automated tax return app

Taxfix, a Berlin-based automated tax software, has raised a $65 million Series C led by Index Ventures, with support from existing investors Valar Ventures, Creandum and Redalpine.
The new round puts the German company’s total funding somewhere just over $100 million.
The mobile tax app automates the process of filing a tax return by simulating a conversation with a tax accountant.

Onfido Raises $100M in Funding

Onfido, a London, UK and San Francisco, California-based identity verification startup, raised $100m in funding. The round was led by TPG Growth. The company intends to use the funds to continue to expand operations and its business reach. Led by Husayn Kassai, CEO and co-founder, Onfido provides an identity verification platform that leverages artificial intelligence to analyze a person’s facial biometrics and compare it to government-issued IDs to verify identity. Customers include Revolut, Zipcar and Bitstamp, among many others.

Global Fintech Rapyd Announces Acquisition of Payment Card Service Provider Korta
Rapyd, a global B2B Fintech as a Service provider, announced on Monday it is set to acquire Korta, an Iceland-based payment card service provider. Rapyd reported the acquisition provides Rapyd with online acquiring and point-of-sale (POS) capabilities as the company grows its worldwide footprint.

Benelux VC Fortino Capital launches new €80 million fund for local software startups
Fortino Capital, a venture capital and growth equity firm based in Antwerp and Amsterdam, has announced a new VC fund, aiming to invest €80 million in tech startups from the Benelux region.

So far entrepreneurs, private investors, and institutional investors such as FPIM and PMV have committed €45 million to the fund, Fortino Capital Venture II.
Initial ticket sizes will range from €500,000 to €5 million for minority stakes in software and technology companies, leaving plenty of room for follow-on investments.


Meet us at:

NOAH Conference, Berlin, 4-5 Jun. 2020 (subject to decision based on COVID-19)

FinTech Junction, Tel Aviv, 1 Jul. 2020 (subject to decision based on COVID-19)

Swiss FinTech Fair, Zürich, 8 Sep. 2020

Money2020 Europe, Amsterdam, 22-24 Sep. 2020

Bank+FinTech EFMA, Madrid, 21-23 Oct. 2020

Digital Insurance Agenda, Amsterdam, 28-29 Oct. 2020

MoneyConf / WebSummit, Lisbon, 2-5 Nov. 2020

12th FinTech Forum, Frankfurt, 19th Nov. 2020