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🦄 A new Unicorn and updates from our Fintech Family

Speedinvest Fintech Quarterly
Issue #5 • View online
Speedinvest Fintech Quarterly
Another newsletter, another unicorn! 🎉 We are proud to say that Open, India’s leading SME neobank, has become our sixth unicorn following their recent Series D.
And that’s not the only good news we have this week! CBInsights recently ranked us #3 in Europe and #9 globally on their list of top VCs based on deal activity in Q1 2022.
We’ve been very busy over the past few months, so buckle up for more exciting news!
In this issue, you’ll find:
  • Another unicorn: Open’s new round values the Indian neobank at $1B
  • Need for speed: Finary’s record-breaking crowdfunding campaign (raising more than €100K per minute!)
  • Girl power: Representatives of three Speedinvest companies featured amongs the 30 most influential fintech marketers of the year

New Investments
💳 Yokoy offers a spend management platform that automates expense management, invoicing, and credit card processing. Based in Zurich, they use cutting-edge AI technology to simplify and automate these error-prone, manual and time-consuming processes, saving companies significant time and money. The $80M Series B was led by Sequoia with participation from Left Lane, Balderton and additional investors. More on our blog.
📱 Khazna is building a financial benefit super-app for employees from its Cairo-based headquarters. The application allows employers to transfer wages to employees, who in turn can pay their bills, pay via instalments or access part of their due salary. Their $38M Series A consisting of debt and equity was led by Quona and Lendable. More on our blog.
🏦 Abhi is a Karachi-based financial wellness platform offering access to their earned salaries to thousands of Pakistani employees. Their product integrates directly into employer’s payroll system to disburse wages in a fully Sharia-compliant way, and promotes financial inclusion as well as alternative lending. We led the $17M Series A with participation from Global Ventures, VentureSouq, VEF, and Rallycap. More on our blog.
🧾 Pemo provides a simple invoice and expense management, invoice payment, and corporate cards to SMEs in the GCC region. Based in Dubai, their platform consolidates all spend management functions to reduce frictions for businesses. The $12M Seed round was co-led by Cherry Ventures and Shorooq Partners. More on our blog.
🏢 Rollee is a Paris-based fintech firm offering a platform that validates employment and income data. Many gig workers are locked out of mortgages and other financial products as financial institutions expect “old school” evidence of employment and income. By aggregating multiple sources, Rollee provides a unified view of the consumer’s finances and helps financial institutions make more inclusive decisions. Speedinvest is leading the €4M Seed round alongside Seedcamp and 20VC. More on our blog.
Starton is a Paris-based company focused on reducing the complexity of developing blockchain applications. The Web3-focused startup has built a set of tools, including their own API, which enable any developer to build blockchain applications at scale, simply and quickly. We led the €3.8M Seed round joined by Daphni, Kima Ventures, Ledger, and angel investors.
💸 Fiat Republic unlocks mainstream fiat services for crypto platforms. Based out of London, it offers a banking API that reduces the friction between crypto platforms and traditional banks. Among other benefits, this will help crypto platforms process fiat currencies faster. We led the $3.5M round and were joined by Seedcamp and Credo Ventures.
Speedinvest Fintech Family
🦄 Open has reached Unicorn status! The leading Indian neobank raised a $50M Series D from IIFL, Tiger, Temasek and 3one4 at $1B valuation, making it the 100th unicorn to come out of India. Its valuation has doubled compared to six months ago and the funds will be used to launch new features, including revenue-based financing and an early credit offering.
🛫 Wayflyer, our revenue-based financing, Irish Unicorn, raises $300M in debt financing from J.P.Morgan to provide e-commerce firms with non-dilutive working capital. The raise is expected to fund their rapid growth, just months after their Series B funding round where they gained the coveted Unicorn status in which J.P.Morgan also participated.
🚘 Moove, the Nigerian mobility-financing application, raised a $105M Series A2 in debt and equity co-led by us and Left Lane Capital. Coming months after their Series A, the funds will help expand their product line and move into the global marketplace.
+Simple, our French insurance robo broker for freelancers and SMEs, raised a €90M Series C led by KKR and acquired three European companies to grow its insurtech offering. The funding and acquisitions will expand its footprint in France, Germany and Italy. Read the blog post about our initial investment back in 2020.
💸 Kevin, a provider of account-to-account payments raised a $65M Series B led by Accel. Based in Vilnius, Lithuania, they will use the funding to continue building out their technology and grow their European footprint, which will help them challenge the dominance of card payments. Read more about the $10M Seed round from just half a year ago on our blog.
🔐 Bnext, Spain’s largest Neo-Bank, raised an additional $10M from the successful public sale of its B3X tokens and investment from Borderless.
💹 Finary, our Paris-based platform that allows everybody to track and manage their wealth online, raised a €8M Series A from us, Y Combinator and Qonto and Bitpanda founders. The proceeds, accompanied by a record-breaking crowd-fund of €2.1M within 21 minutes, will be used to build a private bank and further develop the product. Read about the rationale for our original investment in our blog post from last year.
Portfolio in the News
Payments
💸 Primer launches one-click Bitcoin payments in partnership with OpenNode and partners with hoolah to bring consumer payment flexibility to hoolah’s BNPL customers in Asia.
🌎 Curve expands into the US, offering a new, rewarding way to pay.
Banking
💳 Khazna receives final approval to launch its ‘Khazna Card’ from The Central Bank of Egypt to digitize cash payments.
🌊 Tide launches new partnerships: With Sage to bring accounting service to UK SMEs and with Coconut to save time and money for the self-employed.
🎌 Toqio brings their white-label financing platform to Spain.
Lending
👨‍💻 Wayflyer moves into the creator economy with the acquisition of Peblo, a platform offering revenue-based financing to creators.
Additionally, Wayflyer announces a series of senior hires from global brands including King, Stripe and Revolut, as the company looks to grow its global headcount from 250 to 600 this year. They’ve also signed a sponsorship deal with Shane Lowry and are rapidly growing their Atlanta office from 6 to 60 people.
Insurance
🤝 Wefox, Europe’s largest digital insurer, partners with IoT and mobility intelligence players to generate rich, actionable vehicle data. This lays the ground work for new insurance models, such as Pay-How-You-Drive.
🙏 Luko forges an alliance with Akur8 to strengthen its pricing process, and acquires Coya to expands its reach in Germany.
🦊Wefox CEO, Julian Teicke, explains why algorithms will not fully replace insurance brokers in the foreseeable future. The robots are coming as partners, not a threat.
Investments
🐼 The Bitpanda team is keeping busy: They introduced staking - empowering investors to earn on selected crypto-assets in a simple, straightforward, hassle-free way. They also went public with crypto securities on the Frankfurt Stock Exchange, and acquired Trustology, a UK-based crypto custodian.
Upvest secures five additional German licenses, becoming fully licensed to offer securities, including crypto.
Services
🌾 Agriculture platform Agro.Club has partnered with Spanish neobank Crealsa to provide a diverse range of alternative lending products tailored to their industry on their platform.
#trending
🏆 We ranked #3 in Europe and #9 globally on the list of top VCs based on number of deals in Q1, per CBInsights State of Fintech report.
💃 Not one, not two, but three Speedinvest companies are featured in the list of 30 most influential fintech marketers of 2022. Congratulations to Karine from Lemonway, Melanie from Yokoy and Irina from Bitpanda!
👎 From a $102M Series B to liquidation in 15 months: The story of Fast.
📉 How can startups navigate down markets? A16Z suggest keeping an eye on your burn multiple, i.e. how much money you burn to add $1M of ARR.
⚖ A fashion brand group sued Bolt, its checkout technology provider, for “utterly failing” to deliver on its technology promises.
Events
🪑 Olga interviewed Saket, Vitt’s CEO at Start Summit in Switzerland.
⚙ Olga talked to Sifted about the European revenue-based financing ecosystem, while Stefan commented on the B2B BNPL landscape.
🔮 Tom took part in a panel titled “What is next in Fintech investing?” at the Citi Digital Money Symposium.
🎤 Olga moderated a panel on post-pandemic urban mobility at Insurtech Insights London with speakers from Zego, Laka and Wakam.
🎓 Enrique will represent us at the EY Startup Academy in 2022, as well as speak at the Oxford Africa Conference this May.
Readings
🌟 Paola from our Marketplaces & Consumer team dove into Web3 go-to-market tactics and strategies in a blogpost accompanied by a webinar.
Careers in the Portfolio
🎯 Our portfolio of forward-thinking Fintech companies is always hiring exceptional talent! Browse open jobs here
We will be back with our next edition in a few months. In the meantime, we hope you get a chance to enjoy the weather and wish you a restriction-free summer!
Speedinvest Fintech team
Traditional institutions have long been the sole gatekeepers of the financial sector. Now, Fintech companies are uprooting business models across insurance, investing, lending, real estate and banking, easing access to financial services we use every day.
From wefox to Bitpanda, Wayflyer, Open, and Tide, the Speedinvest Fintech team has a portfolio spanning from Europe to emerging markets and partner with the most innovative tech startups driving this disruption. Whether reinventing payments or embedded finance, our sector expertise, strong industry networks, and in-house operational support help founders unleash their full potential.
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