Meet and hear from the startups, investors and financial institutions behind “what’s next in European FinTech” – on 18th November, FinTech Forum returns to the Airport Club, Frankfurt. Check out the line-up and register here.
Early stage European FinTech deals this week include Yokoy and Moonfare.
We feature Q&As with Cynthia Nadal of SeedX Liechtenstein and Christian Kronseder of Allindex.
Apply / register for the FinTech Forum 2021 on 18th Nov. at the Airport Club, Frankfurt) here.
7 Questions with Cynthia Nadal of SeedX Liechtenstein
1. Please tell us a bit about yourself, both at work and leisure.
My name is Cynthia, I am a Partner at Seed X Liechtenstein. I am an operator turned investor and I have previously worked with different accelerators including Techstars, King’s College and Founders Factory in London. Prior to being an investor I have worked for 11+ years at the fintech unicorn Markit (Now IHS markit, being bought by S&P). I learned there everything I know about great product development, corporate innovation and the hurdles of fast growth (IPO on the NASDAQ in 2014 at $5bn valuation, merger with IHS in 2016, now worth more than $40bn).
Work-wise I like connecting the dots and people, understanding the big problems needing solving and who we can learn from. Having the right network also helps to support founders in their growth.
Cynthia is among the investors on stage at the FinTech Forum event on 18th Nov. 2021 at the Airport Club, Frankfurt: check out the line-up and register here.
7 Questions with Christian Kronseder of Allindex.
1.Please tell us a bit about yourself, both at work and leisure.
Work: Before starting ALLINDEX, I was global COO of STOXX and Head of Markets at Royal Bank of Scotland, Switzerland. I have a professorship for data science which is a synergetic activity also for building our FinTech.
Leisure: I live in Switzerland and hence very much enjoy the hiking and skiing opportunities, spending my free time with my family.
Yokoy Raises $26M in Series A Funding
Yokoy, a Zurich, Switzerland-based provider of a spend management platform, raised $26M in Series A funding.
The round was led by Left Lane Capital with participation from European investor, Balderton Capital.
The company intends to use the funds to expand operations, accelerate growth into the US, Europe and more regions across the globe, and further enhance the technologies underpinning the platform.
Founded in 2019 and led by CEO Philippe Sahli, CTO Dr Devis Lussi, CCO Lars Mangelsdorf, CMO Melanie Gabriel, and CFO Thomas Inhelder, Yokoy is a fintech platform that provides an AI-based full spend management suite for midsize and enterprise companies. By combining automation, API integrations and machine learning developed in its own research lab, the company offers expense management, supplier invoice management and corporate credit cards in a single tool. All underpinned by security and stability.
Berlin-based fintech Moonfare raises 110 million euros
The Berlin-based startup has raised the equivalent of almost 110 million euros (125 million dollars) in a Series C financing round. This brings the total funding of the company, which was founded in 2015, to around 160 million euros (185 million dollars). The investment is led by New York-based private equity firm Insight Partners. Fidelity, a US asset manager and existing investor, is also participating in this round.
The valuation of the startup is thus estimated at around half a billion euros, as Finance Forward reports. With the recently raised money, Moonfare wants to expand its international business and expand its investment offering.
The fintech is a digital asset manager that does not invest its clients’ money in stocks or ETFs, but in so-called private equity funds (PE funds). Normally, investments in such funds are reserved for particularly wealthy persons or institutions, as you can only participate from a million euros. With Moonfare, the entry hurdle is not so high, so investors should be able to participate with a minimum investment sum of 50,000 euros.
7RIDGE to acquire US FinTech group Trading Technologies
The acquisition, backed by Cboe and Singapore Exchange, will help drive Trading Technologies’ organic growth.
Trading Technologies has agreed to be acquired by 7RIDGE, the private equity fund owned by former Deutsche Börse chief Carsten Kengeter.
As part of the acquisition, 7RIDGE will help drive the organic growth of Trading Technologies, a Chicago-based trading technology provider, and help with future strategic acquisitions moving forward.
Global exchanges Cboe and Singapore Exchange (SGX) are amongst a group of limited partners of the fund managed by 7RIDGE and have shown support for the transaction.
Accenture Acquires BCS Consulting to Enhance its UK Financial Services Consulting, Tech Solutions Business
Accenture (NYSE: ACN) has reportedly acquired BCS Consulting, a UK-based management consultancy that provides complex business change for financial services companies.
With head offices in London, BCS Consulting’s 250 strong team joins Accenture’s U.K. Financial Services Strategy and Consulting practice, the announcement noted while adding that the terms of the deal have not been disclosed.
Established in 2001, BCS Consulting focuses on driving change programs for the UK’s financial services companies across tech, finance, operations, and risk and regulation.
Its industry advisory expertise and experience in key areas such as payments, open banking, operational resilience, financial crime and cost optimization, “complements and strengthens Accenture’s existing industry consulting and technology capabilities,” the update noted.
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