FinTech50 2018 Funding
FinTech50 Funding - from June 2018
8 Mar 2019
This index tracks the funding (excluding debt) for The FinTech50 2018, Hall of Fame and Hot Ten companies from June 2018.
In the nine months since launch these companies have collectively raised $2.13Bn. There have been 2 IPOs (Adyen and FundingCircle) and three undisclosed rounds. In February London-based OakNorth’s £440M round took its valuation to $2.3Bn. Berlin-based N26’s Series D round of $300m, gives it a valuation of $2.7Bn, currently the highest in Europe. And Berlin-based WeFox raised $125M Series B from Mubadala, CreditEase and Goldman Sachs.
In late February, Starling Bank raised $230M - a combination of a Series C ($98M) and $131M Grant from the Capability & Innovation Fund. ClearBank also secured a Grant ($79M) from the Fund.
In October, Monzo secured its £85M ($109,543M) Series E investment from seven investors, including Accel, Passion Capital and General Catalyst, in addition to Stripe. And followed with an Equity Crowdfund of $25.5m (£20m) in December. Meanwhile Luxembourg-headquartered Mash announced the European sector’s first STO (Security Token Offering).
Median deal value for the 2018 list currently (6 Feb 2019) stands at $45.5M (across seed, early and later stage). Average deal value across companies is $80.2M.
Venture / Grant funding at March 2019
OakNorth $540m: ($440m Feb 2019 from SoftBank) / $100m Sept 2018) Series B - Lead investors, Clermont Group, NIBC Bank, EDBI, GIC, Coltrane Asset ManagementN26: $300m, Series D - GIC, Insight Venture Partners
N26 $300M Series D Insight Venture Partners, Rancillio Cube, Greyhound Ventures, GIC
Starling Bank: $230: $75M, Series C Feb 2019 + $131M Grant, Feb 2019
Monzo: $134.5M: combined $109.5m (£85M), Series E - 7 investors, incl Accel, General Catalyst / $25.5 (£20m) Equity Crowdfund, Dec 2018.
WeFox: $125M: Series B - lead investors Mubadala, March 2019
Raisin: $114M Series E - from existing investors: PayPal, Index Ventures, Ribbit Capital, Thrive Ventures, Feb 2019
Zopa: $77.3m, Series G, Wadhawan Global Capital, Forward Partners
GoCardless: $75M, Series E Feb 2019 - Adams Street Partners, Google Ventures, Salesforce Ventures
Tink: $64M, Series Series D, Nordea, Insight Partners, ABN AMRO, SEB, Feb 2019
Monese: $60M, Series B, September - Lead investor, Kinnevik
MASH: $59.9M (€50M), Venture + STO
Nutmeg: $58M, Series E, January 2019 - Goldman Sachs
Zopa: $56.9M Venture Round, August 2018
Darktrace: $50M Series E, Sept 2018, Vitruvian Partners
ComplyAdvantage $30M Series B, Jan 2019, Index Ventures & Balderton
Featurespace $32.6M Venture round, Jan 2019
Iwoca $25.85 (equity) Series D, Feb 2019 (iwoca also secured debt funding of $168M
Bud $20M Series A: Goldman Sachs, HSBC, ANZ, Stanley Fink, INVC Fund, 9 Yards Capital
Klarna: $20M Corporate round, Oct 2018, H&M Clothing
Truelayer: $7.5M, Series A, August 2018 - Lead Investor, Northzone
CrowdCube: $8.5M, Venture Round November 2018 - Draper Esprit, Balderton Capital
Previse: $7M, Series A - Lead investor: Augmentum FinTech
AQMetrics: $3M, Venture round, December 2018: Frontline Ventures, Bluff Point
Railsbank: €100k Grant
Governance.com: Series A (undisclosed) Sept 2018