A Look at the Top 50 Fintech Companies in Europe

The following is a guest post from Scott Raspa, Head of Marketing, Hydrogen.


The European fintech scene has experienced tremendous growth over the last few years. One of the key drivers of this growth is open banking. This is causing financial institutions and fintechs to partner together to provide more innovative, user-friendly solutions for consumers throughout Europe.

European consumers are receptive to the idea of non-financial players offering financial products, according to EY’s Global FinTech Adoption Index 2019. The survey finds that fintech adoption throughout Europe, especially in countries such as the Netherlands, U.K., Germany, Sweden, and Switzerland, are well above the global average of 64%, and aren’t showing signs of slowing down any time soon.

Below is a list of the top 50 fintech companies in Europe, based on their valuations.

RankingCompanyFundingValuationCountry
1Adyen$266M$22BNetherlands
2NexiPublic$8.2BItaly
3Klarna$1.4B$5.5BSweden
4Checkout$380M$5.5BU.K.
5Revolut$917M$5.5BU.K.
6Transferwise$1.1B$5BU.K.
7Greensill$1.7B$3.5BU.K.
8N26$782.8M$3.5BGermany
9Oaknorth$1B$2.8BU.K.
10IZettle€273.2M$2.2BSweden
11MetroBankPublic$1.92BU.K.
12Wefox$268.5M$1.65BGermany
13Funding Circle$746.4M$1.5BU.K.
14Monzo£384.7M$1.24BU.K.
15Rapyd$170M$1.2BU.K.
16Ledger$88M$1.2BFrance
17AvaloqCHF350M$1.1BSwitzerland
18Deposit Solutions$198.9M$1.1BGermany
19Ivalua$134.4M<$1.0BFrance
20Sumup$425.6M$1.0BU.K.
21Radius Payment£150M$1.0BU.K.
22Numbrs$78.8M$1.0BSwitzerland
23Monese$80.4M$1.0BU.K.
24Worldremit$407.7M<$900MU.K.
25Ebury$123.5M>$900MU.K.
26Oodle Car Finance£160M>$850MU.K.
27Qonto$151.5M>$770MFrance
28Starling Bank£363M>$600MU.K.
29Atom Bank£429M$590MU.K.
30Raisin$206M<$550MGermany
31Tradeplus24$103.5M>$550MSwitzerland
32Kreditech$347.5M<$500MGermany
33Pleo$78.8M$500MDenmark
34Smava$188.7M$500MGermany
35Tink$205.5M>$500MSweden
36Pagantis€76.2M>$400MSpain
37Gocardless$122.3M>$400MU.K.
38Wynd$123.5M>$400MFrance
39Moneyfarm$127.3M>$400MU.K.
40Soldo$83.2M>$400MU.K.
41Ratesetter£43M$360MU.K.
42solarisBank€155.1M$360MGermany
43Bitstamp$12.4M$350MU.K.
44Tinubu Square€79.3M>$350MFrance
45Nutmeg$153.6M$318MU.K.
46Banking CircleN/A$300MDenmark
47BIMA$170.6M$300MSweden
48LendInvest$1.3B>$300MU.K.
49PayFit$101.1M>$280MFrance
50Curve$74.2M$250MU.K.

These companies have raised over $16.8B (€14.3B) in venture capital funding and are valued, collectively, at over $92B (€78B).

The U.K. fintechs are valued at nearly $40B (€34B). The Netherlands are second, all thanks to Ayden, the most valuable fintech in Europe.

The U.K. has also invested the most money, nearly $11B (€9.4B), almost 65% of the funding of these top 50 fintech companies. After the U.K., Germany and Sweden have invested the most with 12.9% ($2.1B / €1.78B) and 12.4% ($2.0B / €1.7B) of the overall funding, respectively.

Fintech Enablement in Europe

Here at Hydrogen we work with companies all over the world. Our award-winning fintech enablement platform enables organizations to quickly and easily build fintech products and components. Whether you want to offer a PFM app in France, a challenger bank in the U.K., or issue cards in Germany, Hydrogen is here to help. Hydrogen has pre-built integrations, workflows, business logic, and UI already built in and available in white labeled/no-code modules or through our robust API.

It’s free to get started, so start building with Hydrogen today!


*Note: Funding information was provided by Crunchbase.com and the Euro, Pound, and US Dollar conversions were based off of today’s conversion rate. Also, total funding amounts didn’t include public companies or companies where we couldn’t identify the funding received.


Photo by H. Emre from Pexels

The Look at the Role of Cryptocurrencies in India’s Cashless Revolution

We recently shared the news that restrictions on the ability of banks in India to work with cryptocurrency exchanges was overturned by the country’s Supreme Court.

With this in mind, and given the growing interest in India as a fintech power, we spoke with Neeraj Khandelwal, co-founder of CoinDCX, a cryptocurrency trading platform and liquidity aggregator in India. The company, founded in 2018 and based in Singapore, recently won the Excellence in Finance – Companies award by FiNext. Last month, CoinDCX launched its cryptocurrency derivative trading platform, DCXfutures. Bain Capital Ventures is among the firm’s investors.

Finovate: The biggest news in India in terms of the cryptocurrency market has to be the Supreme Court’s overturning of the Central Bank’s ban on cryptocurrencies. What can you tell us about the impact of the ban and the effect of the ruling striking it down?

Neeraj Khandelwal: The banking ban was related to the suspension of banking relationships with individuals or businesses dealing with cryptocurrencies, but crypto businesses were still free to operate on their own. In response, CoinDCX innovated and offered peer-to-peer services for the buying and selling crypto through INR.

After the verdict, banking relations have resumed once again. CoinDCX became the first cryptocurrency platform in India to integrate bank account transfers, just six hours after the Supreme Court’s ruling. Today, we are seeing 10x growth in signups on a day-to-day basis. Our product, Insta, which allows customers to buy crypto with INR, has also seen high hits. Overall, the market is in an upswing.

Finovate: What is the potential of the cryptocurrency market in India? How widespread are cryptocurrencies now and what factors are driving growth in adoption in India?

Khandelwal: Less than five million people currently hold cryptocurrencies in India today. However, listing websites like exchangewar.info have shown that the highest volumes are coming from India, so there is indeed great potential here. With a population of over one billion, India stands to contribute significantly to a large part of the global crypto volume and the industry as a whole.

In India, there is a growing number of cryptocurrency exchanges and startups that are constantly innovating to strengthen and expand the industry. In addition, India holds many favourable advantages for cryptocurrency adoption—for instance, with an average age of 27 years, India has a huge working population with disposable income on the rise. 

Finovate: Many of us outside of India are fascinated by the country’s cashless experiment. At this time, what has been learned from that experience and what is the future of cashlessness in India?

Khandelwal: The writing on the wall is crystal clear that cashlessness is the way to go. This was first witnessed on an extremely large scale during the time of demonetization in late 2016. The National Payments Corporation of India (NPCI), which is the umbrella body for retail payments and settlements in India, revealed that the value of UPI transactions for December 2019 was INR 2.02 Lakh Cr. This figure is expected to grow as cashlessness brings greater convenience and faster transactions.

As cryptocurrencies are entirely digital, it promotes greater benefits for cashlessness in comparison to fiat currencies. I believe that in the coming years, the Indian economy will be built on the foundation of a cashless society, with both digital fiat and cryptocurrencies working in parallel.

Finovate: You are part of the founding team of CoinDCX. Can you tell us a little about the company, the market it serves, and the role it plays in helping pave the way for broader adoption of cashless technologies?

Khandelwal: CoinDCX specializes in crypto-enabled fintech services. Sumit Gupta and I founded CoinDCX in 2018, with a mission to connect billions of people to global financial markets. Today, CoinDCX is reputed to be India’s most trustworthy cryptocurrency trading platform and remains one of the strongest products in our service offerings. CoinDCX has empowered its traders with a bouquet of industry-first crypto-based products to trade better using liquidity from the world’s leading exchanges like Binance, Huobi Global and OKEx.

By bringing all crypto-trading products under a single roof, our products are designed to cater to all types of traders, keeping their experience, risk tolerance, and frequency of trading into consideration.

Our users have found the platform to be simple and effortless. Anyone can trade in 500+ markets with DCXtrade, convert their INR to cryptocurrencies and vice versa on DCXInsta, earn by lending their holdings with DCXlend, and leverage their trades up to 6X in 250+ Altcoins using DCXmargin.


Here is our weekly look at fintech around the world.

Asia-Pacific

  • Alipay to encourage 40 million merchants and service providers to use its mini programs as competition with WeChat intensifies.
  • Hong Kong will soon have a new challenger bank as Standard Chartered’s Mox Bank opens for business later this year.
  • Southeast Asian ride-hailing firm turned super app company Grab to use Wirecard for payment processing.

Sub-Saharan Africa

  • Visa and Nigeria-based mobile money platform Paga forge strategic partnership to bring more security and convenience to mobile payments.
  • South African cloud platform builder Jini Guru teams up with product engineering firm Azilen Technologies to build fintech solutions for emerging markets.
  • Modern Ghana features WorldRemit Country Manager Gbenga Okejimi on the country’s fintech industry.

Central and Eastern Europe

  • Total Croatia News features Microblink in its look at Croatian companies making the Financial Times’ 100 Fastest Growing Companies in Europe roster.
  • International Banker profiles Poland’s digital banking leader mBank.
  • Hamburg, Germany-based lender Kreditech rebrands as Monedo

Middle East and Northern Africa

  • Saudi Arabia Monetary Authority (SAMA) hires payments technology company HPS to provide a QR-based payments system.
  • Orange Money goes live in Morocco after receiving authorization from the Bank Al Maghrib.
  • Business Chief Middle East looks at the top 10 fintech startups in the Middle East and UAE.

Central and Southern Asia

  • FamPay, a Bengaluru, India-based fintech that is building a payments network for teens, picks up $4.7 million in seed funding.
  • Bloomberg Quint looks at the controversy over the Reserve Bank of India’s moratorium on Yes Bank and its impact on fintech companies in the country.
  • My Republica asks whether or not India’s cashless revolution can be extended to Nepal.

Latin America and the Caribbean

  • Mexican fintech Clip launches new “point of sale in the palm of your hand” solution, Clip Total.
  • Born2Invest look at how fintech platforms are supporting female entrepreneurs in Mexico.
  • Fintech-as-a-service company Rapyd partners with Brazilian payment providers Dock and Banco Rendimento.

Top image designed by Freepik

Kreditech Raises $24 Million to Fuel Global Expansion

With FinovateEurope set to make its German debut next February, it is especially gratifying to hear that investors are voting with their dollars when it comes to identifying and backing innovative European fintechs.

Hamburg-based online lender and POS financing firm Kreditech announced late last week that it has raised $24 million (€22 million) in funding. The round, led by Runa Capital, takes the company’s total equity financing to more than $519 million, and will be used to deepen its presence in existing markets, especially in Asia.

“I am really excited about our growth plans in India,” Kreditech CEO David Chan said. “We hold a first-of its-kind digital NBFC (non-banking financial company) license in a large and fast-growing market. We have been successful in finding our niche and have established the right proof of concept. Now it’s time to scale up while a key target customer segment remains unaddressed by the competition.”

Also participating in the round were existing investors HPE Growth and Amadeus Capital Partners, as well as private German investors.

Kreditech specializes in offering financing products to “near-prime” customers. In 2014, the company made its Finovate debut, demonstrating how its self-learning, proprietary algorithm accurately assessed the creditworthiness of loan applicants in less than a minute. The technology leverages up to 10,000 current data points to provide better insights into the finances of underbanked applicants who might otherwise struggle to secure credit.

The funding news for Kreditech comes as the company previews its 2018 financial statement, to be released in October. Chan said that Kreditech was “on track” to hit profitability targets, and added that the company was up to the task of “rapid, profitable growth.” In its funding statement, the company noted that it is aiming for $1 billion euros in revenue by 2025.

With more than 300 employees in seven countries and lending operations in India, Poland, Russia, and Spain, Kreditech is also developing regional centers of excellence and tech centers in its native Poland, as well as Romania and Thailand. The company was founded in 2012.

Finovate Alumni News

On Finovate.com

  • Kreditech Raises $24 Million to Fuel Global Expansion.
  • Fiserv Delivers DNA to Duca Financial Services Credit Union.

Around the web

  • Overbond unveils COBI Sandbox to enable clients to test and build business use cases and prototypes.
  • In collaboration with open banking solution provider Crassula, Paysend launches its new business account Paysend Connect.
  • Worldline closes 36.4% stake acquisition in equens Worldline.
  • Moven parent company receives patent for financial wellness product.
  • Mastercard launches Threat Scan to assess bank fraud exposure.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Kreditech Looks to India for Expansion; Mexico’s Klar Scores $57.5 Million in Funding

Join us in October as our annual Asia-Pacific fintech conference returns to Singapore! FinovateAsia is one of the best ways for fintech startups and innovative industry veterans from the region and around the world to showcase their latest technologies before an audience of C-level decision-makers, venture capitalists, all-star analysts, and more.

For information on how to participate in FinovateAsia as a demoing company, partner, or sponsor, send us an e-mail and we’ll tell you everything you need to know.

Asia-Pacific

  • Singapore’s United Overseas Bank (UOB) partners with proptech innovator SoReal to launch SME property valuation solution.
  • Bank of China and IBM announces plans to collaborate on digital transformation, customer experience enhancement, and other innovations in financial services.
  • North Korea announces plans to develop its own cryptocurrency.

Sub-Saharan Africa

  • United Bank of Africa (UBA) inks deal with U.S.-based fintech Ovamba Solutions.
  • FairMoney picks up nearly $11 million in funding to help build a new digital bank in Nigeria.
  • Angolan e-commerce platform Roque Online wins Seedstars Luanda pitch contest.

Central and Eastern Europe

  • Bulgaria’s third largest bank by assets, Fibank, teams up with Mastercard and Garmin to launch new pay watch.
  • Commerzbank announces plans to sell Polish subsidiary mBank.
  • Warsaw, Poland’s The First News profiles Neontri (formerly Braintri).
  • National Bank of Romania unveils new fintech innovation hub.

Middle East and Northern Africa

  • The first digital business bank in the UAE, E20, goes live after 18 months in development.
  • Fintech Abu Dhabi announces strategic partnership with UAE Banks Federation.
  • Turkey’s Takasbank introduces blockchain-based, gold-trading platform.

Central and Southern Asia

  • Courtesy of a partnership with Amazon and Financial Software and Systems, United Bank of India launches voice-powered banking.
  • Sri Lanka’s Sampath Bank introduces new virtual teller machines in the country’s capital city of Colombo.
  • German online lender Kreditech looks to expand operations in India in the wake of $22 million equity fundraising.

Latin America and the Caribbean

  • Mexican alternative credit and debit services provider Klar raises $57.5 million in funding.
  • Mastercard brings its Tap on Phone payment acceptance solution to Costa Rica.
  • Brazilian fintech Creditas looks to lure away British technology talent disenchanted by Brexit.

Top image designed by Freepik

Finovate Alumni News

Around the web

  • Sezzle announces its availability via Visa’s CyberSource payment management platform.
  • Klarna to open its latest House of Klarna pop-up store in Manchester next month.
  • German online lender Kreditech looks to expand operations in India in the wake of $22 million equity fundraising.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • PaySimple announces latest payment integration with Profit Rhino’s selling app for home service companies.
  • The Financial Times ranks Transferwise, Kantox, Zopa Featurespace, Trustly, Kreditech on its FT 1000 list of Europe’s fastest growing companies.
  • Jumio and Insights Network partner to deliver “Passport” for blockchain projects.
  • LendingTree launches Credit Analyzer, a free credit and debt analysis tool.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Asia, Africa, MENA, Latin America, and CEE

With our first conference in Dubai last month, FinovateAsia back on the Finovate calendar and our first trip to Africa scheduled for later this year, Finovate VP Greg Palmer’s observation that “the sun never sets on the Finovate Empire”, rings all the more true.

Here’s a look at some of the latest fintech news from places where technological innovation helping create better life opportunities for those who need it help most.

Asia

  • Ayondo to list on Singapore Exchange.
  • Kreditech partners with PayU to launch PayU Monedo in India, which offers cardless EMI for online purchases.
  • Joint Stock Commercial Bank for Foreign Trade for Vietnam (Vietcombank) picks trade finance platform from Finastra.

Africa

  • Angola’s domestic payments processor EMIS migrates to EMV chip and pin courtesy of solution from Gemalto.
  • Standard Chartered Bank launches digital bank in Cote d-Ivoire
  • Partnership between Mastercard and Uganda’s M-Kopa brings QR payment technology to pay-as-you-go, pilot solar energy program.

MENA

  • Turkish digital wallet firm, BKM introduces payment-without-checkout shopping experience.
  • Riyad Bank in Saudi Arabia unveils contactless bracelets and stickers for tap-and-go shopping.
  • Entrepreneur India looks at how a Bahrain-based payments firm, Arab Fianncial Services, is taking its business to India.

LATAM

  • Banking Technology: Banpro launches Finn.ai’s first Spanish-speaking virtual banking assistant.
  • Startupbootcamp Scale FinTech Mexico City introduces its inaugural cohort of startups: Billin from Spain, Facturedo from Chile, and Expediente Azul, Pagamobile, and Quotanda from Mexico
  • Tech Bullion highlights the new report on international fintech’s expansion to the Latin American market from Finnovista.

CEE

  • Money.pl looks at the number of Polish companies that demoed at FinovateEurope 2018 this month.
  • The Bank of Lithuania reaches out to developers interested in its regulatory sandbox platform for blockchain projects, LBChain.
  • Romanian bank Raiffeisen Bank International (RBI) launches accelerator program, Elevator Lab with five startups, Gauss Algorithmics, SONECT, 360kompany, Asteria, and Moxtra.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • SME Financing Meets Cross-Border Payments as BlueVine Partners with Veem.
  • Experian Acquires ClearScore for $385 Million.
  • Pindrop Partners with Voice Solutions Provider Aeriandi.

Around the web

  • Ethoca launches Integrated Solution suite to eradicate chargebacks.
  • Revolut launches direct debits in Europe.
  • PayU, Kreditech to offer cardless EMI option of Rs 1 lakh for online purchases.
  • Lendio franchise announced in South Charlotte region.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Revolut Adds Travel Insurance to its Insurtech Offerings.
  • Going Beyond the Demos this Year
  • Envestnet | Yodlee Unveils Single API Solution to Support PSD2, Open Banking Compliance.
  • Upserve Bolsters Online Ordering Features

Around the web

  • Expensify celebrates 10 years of expense reports.
  • Handelsblatt features Kreditech (article in German).
  • Kinetica and UClick push solutions to South Korea.
  • NCR to power prototype branch for UnionBank of the Philippines
  • Bluefin partners with AvantCom Payments Corporation (APC) to provide PCI-Validated P2PE to Oracle clients.
  • Worldpay expands payment processing into Turkey with iyzico.
  • VietinBank announces migration of debit card transactions to Compass Plus’ TranzWare system.
  • Barbican Insurance Group teams up with FICO to better measure the cybersecurity risk of the insured.
  • Cloud Lending Solutions unveils Xcelerate Software Implementation Program.
  • Panalpina World Transport chooses Tradeshift to support digitization of its procure-to-pay process.
  • Ripple joins sharing economy startup Omni’s $25 million fundraising with an investment of XRP.
  • Overbond wins Most Innovative Third-Party Technology Vendor (Front Office) category at American Financial Technology Awards.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Kreditech Leverages Mambu’s Banking Technology for Expansion to Indian Market

Kreditech has selected Mambu’s Software-as-a-Service (SaaS) banking engine for its push into India’s lending market, reports Antony Peyton of Banking Technology (Finovate’s sister publication.)

The firm currently operates in Europe and Latin America and said it will expand into the sub-continent in early 2018, together with its partner PayU, a payments provider and a Mambu client in Latin America.

The engine will let Kreditech launch a short-term lending product tailored to local consumer and regulatory needs.

Alexander Graubner-Müller, CEO of Kreditech, said by using “alternative data and self-learning algorithms, we are able to evaluate consumers whose credit history is difficult for banks to gauge” – and it offers them “access to loans and thereby help them to gain economic independence”.

He added that Mambu’s cloud-native solution “easily integrates into our architecture, allowing us to quickly scale and adapt to market and consumer demands”.

The loan product is expected to go live in the first quarter of 2018, all data will be hosted by Amazon Web Services (AWS) India.

Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers more than five markets, including Russia, Mexico, Spain and Poland. Up until now, the company says it has processed more than five million loan applications through its subsidiaries. Kreditech demonstrated its the effectiveness of its Kreditech algorithm that assesses client creditworthiness in less than a minute at FinovateSpring 2014.

A FinovateAsia alum, Mambu demonstrated its native cloud Saas banking application at our Singapore conference in 2013. Based in Berlin and founded in 2011, Mambu has forged partnerships with a number of FIs and fintechs in recent months including a deal with ABN Amro’s new fintech firm, New10 in October, and a deployment with German challenger bank, N26 announced in September.

KPMG, H2 Ventures Unveil Fintech 100 for 2017

It’s that time of the year once again: KPMG and H2 Ventures have teamed up to introduce their Leading Global Fintech Innovators roster, the Fintech 100 for 2017. The judges for this year’s Fintech 100 included more than 20 professionals from KPMG and other organizations with expertise in IT, data analytics, capital markets, financial services, and more.

This year 11 Finovate/FinDEVr alums made the Leading 50, with another 12 alums making the Emerging 50. New entrants to the KPMG/H2 Ventures roster include SoFi and Revolut among the Leading 50. All 12 the alums on the Emerging 50 are making their first appearance. See the full list.

Some of the highlights from the 2017 Fintech 100 include the observation that five of the roster’s top 10 companies are from China, as are the top three companies on the list: Ant Financial, ZhongAn, and Qudian (Qufenqi). The U.S. has a pair of companies in the top five: Oscar and Avant, and Europe and the U.K. each have one company in the top ten: Kreditech and Atom Bank, respectively.

Speaking of Asia, the Asia-Pacific region has 30 fintech companies in the top 100. The United States has 19 companies – the most from any single country – and the U.K. and EMEA areas have 41 companies in the list. The U.K. and EMEA region are also responsible for the highest number of companies on KPMG/H2 Ventures’ Emerging 50 list with 26.

With regard to sectors within fintech, the Fintech 100 breaks down as follows:

  • 32 lending companies
  • 21 payments companies
  • 14 transaction and capital markets companies
  • 12 insurance/insurtech companies
  • 7 wealth management/wealthtech companies
  • 6 cybersecurity/regtech companies
  • 4 blockchain/digital currency companies
  • 3 data and analytics companies

Alums from the Leading 50

Alums from the Emerging Stars