Yonder, Piotr Pisarz, Mark Mullen, Shachar Bialick/(L-R clockwise)
Here are Europe’s biggest fintech funding rounds of 2023
The US may have had a bigger year for new funding, but fintechs Curve, Yonder, Atom Bank, Uncapped and SumUp all scored big this year too
2023 was not the year of big fundraises across the board, but it was for a lucky few.
A few familiar faces are back again this year — one fintech even made the list for the third year running — but there were some new kids on the block showing up with big Series A rounds as well, putting the industry in a good place as we head into 2024.
So here are some of the biggest fintech funding rounds from Europe over the last year, with a bonus VC firm feature when you get to the end:
Extending its Series C funding round, London-based Curve secured an additional £58m in funding this past September.
The round brought its Series C round to more than £133m, and its total raised to £208m in equity investment.
The fintech, which combines all your cards and accounts into one app, plans to use the funds to improve customer experience, having rolled out a new app earlier this year.
It also intends to expand its Flex offering, which allows customers to split payments made in the past year into instalments from three to 11 months.
The round saw participation from Britannia, IDC Ventures, Cercano Management (the venture arm of Microsoft co-founder Paul G. Allen's estate), Cohen Circle, Outward VC and other existing shareholders.
Read more: Curve adds £58m to its Series C
Rewards credit card Yonder secured £62.5m Series A in April this year in a mix of debt and equity.
The funding round built on a £5m seed round it raised in 2021, just six months after the rewards credit card launched and nearly tripled the company’s valuation to £70m.
The round — £12.5m of equity and £50m of debt — was co-led by Northzone and RTP Global alongside several angel investors, including Rio Ferdinand and Matt Robinson, co-founder of GoCardless and Nested.
Yonder finished off the year on a high note, winning Best UX Of The Year at the AltFi Awards in November.
The Durham-based digital bank famed for its four-day week raised £100m in equity funding from existing investors last month.
Despite being one of the biggest raises of the year, Atom Bank’s raise reportedly came in at a lower valuation of £362m — down from £435m at the start of last year — and may indicate an initial public offering is further away than initially thought.
Having originally said last November that a “liquidy event” would take place in 2024 or 2025, this was hedged as part of a “long-term strategy” that would happen “ in the future”.
The funding came from the bank’s long-term backers BBVA, Toscafund and Infinity Investment Partners.
Bringing fast funding to scaling businesses, Uncapped secured £200m in debt financing to help fund more founders this year.
Currently operating in the UK, US, Germany, Spain and Poland, the fintech plans to grow its funding opportunities for digital entrepreneurs with the funding.
Former VC Piotr Pisarz founded the company out of frustration with existing funding options available to entrepreneurs and has so far provided more than 1000 founders with loans ranging from £10,000 to £10m.
“Our goal is to fuel the success of these exciting and innovative businesses by providing them with tailored funding options that align with their unique needs,” Pisarz said.
Sneaking in just before the year’s end, payments startup SumUp secured €285m in a funding round that pushed its valuation over €8bn.
Based in London, the German fintech is best known for its card readers and payment terminals, and now serves more than four million businesses worldwide with financial services and payments products.
This year its funding round was led by Sixth Street Growth, with participation from Bain Capital Technology, Fin Capital and debt financing firm Liquidity Group.
Read more: SumUp raises €285m in funding to fuel growth
*Bonus VC firm*: Dawn Capital
The VC firm that’s backed Billie, Sonovate and Soldo raised $700m this year to create two new funds.
Early-stage B2B investor Dawn Capital is dividing the funds between Dawn V, its fifth B2B software fund with $620m for Series A and Series B startups, and Dawn Opportunities III, a new later-stage fund of $80m looking at Series-C stage and later companies.
Dawn has previously backed the likes of Zettle (acquired by PayPal for $2.2bn) and Tink (acquired by Visa for $2bn) and is looking for new investments in the fintech space.