View profile

🚀 Exciting Times for Speedinvest Fintech

Speedinvest Fintech Quarterly
Issue #3 • View online
Speedinvest Fintech Quarterly
It’s been a hectic past couples of months for Speedinvest Fintech. While Europe was on well-deserved vacations, our portfolio companies were busy closing some major funding rounds.
In the Fintech community, we saw some big bets made in BNPL and embedded finance and a lot of speculation about the future of crypto after Crypto Winter 2.0.
In this issue, you will find:
  • Bitpanda raised a $263m Series C, valuing them at $4.1bn
  • Our investment in Moove.Africa, a vehicle financing platform using ride-sharing data for underwriting
  • Everyone (and their dog) is getting into BNPL 👪

New Investments
🚗 Moove.Africa is a platform that provides vehicle financing to ride-hailing drivers in Sub Saharan Africa - but with potential to grow globally. Having started with their exclusive partnership with Uber, Moove uses Uber’s proprietary driver performance data to underwrite drivers and provide them with a vehicle to perform their job. The $23m Series A round was led by Speedinvest and LeftLane Capital and will help the team to further expand in their target markets and beyond.
💌 Afilio is building a single point of contact for everything you need to protect yourself and the people you love. Insurance, estate management, and legal protection are all in once place with 24/7 assistance. With incredible organic growth in Germany, we were pleased to invest in their $13 million Series A alongside CommerzVentures.
💸 Toq.io is building the leading B2B SaaS platform for digital finance that allows clients to quickly build, launch and monetize financial propositions globally. The platform enables modular configurations for financial and non-financial institutions to offer financial services to their end customer as a white label solution. The $9.4m seed round was led by Speedinvest and Seaya.
🌷Tulipshare is a London-based activist investing platform that enables retail investors to leverage shareholder rights and have their voice heard by big business. Speedinvest led the $1M Pre-Seed round alongside notable Angels, including Tom Blomfield.
🏭 Nook is reinventing B2B payments. We led the $1.1m pre-Seed round of the Lisbon and London based startup that’s transforming the outdated payments industry for SMEs. Triple Point joined us in this funding round, with participation from Ascension, Notion Capital and multiple angels.
🛒 Kevin helps merchants to avoid paying excessive card fees - online and offline. We are excited to co-lead the $10m Seed round of the Lithuanian-based payment infrastructure startup that’s disrupting the card payment ecosystem by taking A2A (account-to-account) technology to the next level. 
Unstoppable Finance is building a consumer-grade non-custodial DeFi wallet that is as easy to use as a top-in-class neobank app, but truly global and decentralized in nature. The €4.5m Seed Round was led by Speedinvest and joined Inflection, Backed, Fabric Ventures and others.
Speedinvest Fintech Family
🐼 Bitpanda continues to grow, raising a $263m Series C led by Valar Ventures and valuing the company at a $4.1bn. The new funding will be used for international expansion and product growth as they continue to develop their B2B white-label solution and Bitpanda Stocks.
🦊 wefox, Europe’s first Insurtech unicorn raised a $650m Series C led by Target Global to continue to expand their insurance offering, as well as improve automation and incident prevention.
👛 Open, an India-based business banking platform, has raised a $100m Series C led By Temasek and Google. The new round, which brings the four-year-old startup’s all-time raise to $137 million, values Open at $500 million.
💼 Billie, our Berlin-based B2B buy now, pay later champion has raised a $100m Series C led by Dawn Capital, with internet giant Tencent and Klarna also participating. This funding will help the firm to continue building out the range of BNPL-type services, both in Europe and beyond. This funding round gives the company a $640m valuation.
🔗 Primer, a UK-based online merchant payments platform, raised a $50m Series B led by ICONIQ Growth, hitting a $425m valuation. The funding will be used to expand its suite of products and grow internationally.
🌊 Tide, headquartered in London, have raised a $100m Series C to continue to expand their SME business banking products into India.
🛒 Wayflyer, our portfolio company from Ireland offering revenue-based financing for e-commerce merchants, has raised $76m in a Series A funding round led by Left Lane Capital and DST. The round was complemented with a $100m debt facility.
🛍 ShopUp, a Bangladesh-based full-stack B2B marketplace, raised a $75m Series B led by Valar and Prosus. This is the biggest round ever in the South Asian market and will help ShopUp in their journey towards becoming the go-to super app in the country.
🤝 Fairmoney raised a $42m Series B round led by Tiger Global. Now that they’ve received their MFB banking license, they are working on expanding their banking products and services.
✉️ Cobee, the Madrid based employee benefit management platform raised a €14m Series A led by Balderton to expand their team and product offering.
🥕 Agro.Club, our embedded finance company in the agricultural space raised a $5m Series A led by Rabo Frontier Ventures and VentureFriends. The round will support the company in further expanding in North America and Europe.
Portfolio in the News
Payments
💼 Billie is partnering with Klarna to allow online stores from across the world to offer their business customers Billie’s BNPL payment methods.
🍋 Lemonway partnered up with Tink to launch Pay-by-Bank, bringing open banking payments to marketplace customers.
👛 Curve has announced their entrance into the BNPL space with the launch of Curve Flex.
Banking
Lending
🤝 Fairmoney and other African fintechs are enabling energy payments across the continent and fuelling the adoption of renewable energy.
🏭 Factris’s technology platform and AI-enabled risk assessment system has allowed them to grow despite a decline in factoring during the pandemic.
🏘️ EstateGuru has closed their €5.8m Series A and looks to the UK for the next wave of growth.
Investments
🐼 With their new funding round, Bitpanda is officially in hypergrowth mode, hiring Irina Scarlat (ex-Uber and Revolut) as Chief Growth Officer and targeting 10 million users by end of 2022. In parallel, they continue to innovate, recently announcing plans to open a blockchain R&D hub.
Insurance
🏡 Luko continues to expand, launching in Spain
Services 
#trending
🏦 Do we still need banks for financial services? Sifted explores this in their Embedded Finance Report (Lookout for a quote from our very own, Enrique Martinez-Haussman)
💡… And speaking of Embedded Finance: A year and a half after predicting that Every Company will be a Fintech Company, a16z writes that Every Company Will Spin Out a Fintech Company.
⏳BNPL continues to heat up as Klarna is valued at $45.6B following expansion to the US. Meanwhile, Square acquires Afterpay for $29B, and other players such as Curve, Monzo, and Revolut are getting into the BNPL game.
⛓️ JPMorgan CEO, Jamie Dimon makes the case that Ethereum upgrades to proof-of-stake could mean revenue opportunities in a historically volatile crypto market.
Events
📺 Alexis was on French national television to discuss everything Speedinvest, and our ambitions in the European and French market. He was joined by Mounir Laggoune, Founder and CEO of our portfolio company, Finary.
📱Enrique participated as a speaker at the Mobile World Congress in Barcelona where he spoke about the revolution of Fintech in Emerging Markets. 
🌍 Enrique participated as a panelist at Fund The Gap Summit where he spoke about the Africa-wide dialogue aimed at addressing the systemic issue of underrepresentation and capital inflow into the African Tech Ecosystem for black founders.
Readings
🌟 CB Insights released its mapping of the the world’s top 250 private Fintech companies of 2021. We are very proud to have 4 of our portfolio companies in there: Bitpanda, Luko, Tide, and wefox.
📚 Tom wrote about our investment in Afilio and how they are using technology to ease some of life’s toughest moments.
📖 Enrique and Alvaro shared the investment thesis behind our investment in Moove here.
📚 Charlie wrote about our investment in kevin, and how its unique payment infrastructure is going to disrupt A2A payments.
💰 Olga weighed in on which payment startups to watch out for in this Sifted article alongside other fintech investors.
🎧 Olga spoke with the team at Ross Republic about what makes fintech investing attractive and what’s behind the recent surge in fintech deals and listings.
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 January. In the meantime, we wish you a fantastic end of the year. Stay safe everyone! 
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, Luko, Curve 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.
Did you enjoy this issue?