As expected, September has brought a wave of exciting yet under-the-radar news from the FinTech and VC spaces. From significant funding rounds to game-changing acquisitions, here’s a rundown of the latest developments shaking up the industry.
Outward VC Raises €60.5 Million to Help Early-stage Fintech Founders
UK VC will be leading pre-Series A funding rounds of up to £5 million.
Outward, London-based VC has secured the first close of its Fund II at €60.5 million. A significant portion, €35.5 million, comes from the British Business Bank’s Enterprise Capital Funds program, known for supporting up-and-coming UK venture capital managers.
French Neobank Qonto Expands to Four New Markets
The FinTech will now also look into M&A options.
Qonto, a leading French Unicorn FinTech, is expanding into Austria, Belgium, the Netherlands, and Portugal. This move doubles its presence beyond France, Germany, Italy, and Spain.
With this expansion, Qonto gains access to 4 million more SMBs, adding to the 13 million in its current markets. The company now serves 500,000 customers.
Recently, Qonto has been eyeing competitor acquisitions and plans to continue this strategy in its new markets.
Apple Opening up NFC Payment Access to Third Parties
The world’s technological leader will open its NFC solution for other providers.
Apple is opening up its NFC and secure element technology (which powers Apple Pay) to other developers, largely due to regulatory pressure from the EU and U.S. This move will benefit banks, digital wallets like PayPal and CashApp, and retailers with their own payment systems. While consumers will have more contactless payment options, the real excitement lies in digital ID use cases like accessing buildings, cars, and hotel rooms. Governments are also on board, with several U.S. states piloting digital driver’s licenses through Apple Wallet.
French InsurTech Acur8 Raises €107.8 million Series C
The company aims to to accelerate growth of its next generation actuarial platform.
Acur8, the AI-powered insurance pricing platform, has raised $120 million in Series C funding, bringing its total to $180 million. The round was led by One Peak, with support from Partners Group and Guidewire Software.
This funding will help Akur8 grow its product line and expand globally. Launched in 2019, Akur8’s platform helps insurers price faster and more accurately using transparent AI. With its recent purchase of the Arius reserving platform, Akur8 is increasing its impact in the insurance market.
Paybyrd Chooses Mangopay to Optimize Payment Experiences for Merchants
Mangopay’s customizable e-wallet and FX capabilities will boost Paybyrd’s payment services across Europe.
Paybyrd, an omnichannel payment gateway, has partnered with Mangopay to enhance how it manages funds for its merchants, including TAP Air Portugal, Decathlon, and Vila Galé Hotels.
Paybyrd, which supports over 2,200 clients across retail, travel, hospitality, and tech, will benefit from Mangopay’s custom e-wallet and payout tech. With virtual IBAN and FX capabilities, this will simplify reconciliations and improve transparency.
The collaboration will also enable Paybyrd to offer multi-currency settlements and bulk payouts, thanks to Mangopay’s flexible global payout and FX solutions.
Minna Technologies Acquired by Mastercard
Minna’s payment scheme services enable consumers to manage subscriptions more efficiently across websites.
Minna Technologies, pending regulatory approval, has agreed to be sold to Mastercard. Minna’s platform allows consumers to manage subscriptions through their bank apps and works with major global financial institutions. This addition strengthens Mastercard’s tools for managing the merchant-consumer relationship.
Singapore FinTech Bitlayer Completes a $9 million Series A Extension
Extension to be spent majorly on product development, for product development, particularly the launch of Bitlayer V2.
Bitlayer has secured an extra $9 million in its Series A extension, co-led by Polychain Capital and Franklin Templeton.
With support from Selini Capital, SCB Limited, and G-20 Group, this follows a $5 million seed round in March and an $11 million Series A in July. The funding will accelerate product development, with a focus on the upcoming launch of Bitlayer V2, a “Bitcoin-native rollup” that utilizes OpVM to secure state transitions.
InDebted Has Completed a $60m Series C Capital Raise
The digital debt collection startup now values at $350 million.
InDebted platform is used by major names like Klarna, AfterPay, Zip, and energy providers. It focuses on making debt collection more personalized and less intimidating, using channels like WhatsApp and offering a self-service portal for customers to manage repayments.
Of the $60 million raised, $10 million went to early investors and employees through secondary sales facilitated by SecondQuarter Ventures.
UK FinTech Monese to be acquired by Pockit
UK fintech Pockit has acquired Monese, aiming to create a platform focused on serving lower-middle-income consumers in the UK and Europe.
Monese to be acquired by Pockit. The acquisition, still subject to FCA approval, comes after HSBC wrote off its $5.8 million investment in Monese, shortly after Kinnevik reduced the value of its 21% stake. Monese’s CEO, Norris Koppel, had previously noted the company’s dependence on securing additional funding to sustain operations and future growth.
Details of the acquisition by Pockit have not been disclosed, but Pockit, along with investors led by Puma Growth Partners, has pledged £15 million in equity capital for the venture.
For now, both companies will continue to operate independently, with no changes for customers until a thorough review and integration process is completed.
Fifth Dimension AI Raises $7m in Seed Funding
“to Scale the genAI Solution transforming the Document-heavy Workflows in Major Real Estate Firms”
Fifth Dimension AI has raised $7 million in seed funding to drive the growth of its AI product, Ellie. The funding round was led by SpeedInvest, with continued backing from Seedcamp, Anthemis Female Innovators Lab, and others. This investment will help the company expand into the U.S. and transform the real estate industry.
Fifth Dimension AI has seen rapid adoption in the UK, with a 42% increase in customers and usage doubling in just four months. Major industry players like Grainger, Canary Wharf Group, Allsop, and Hamptons have already integrated Ellie into their operations.
Cariqa Has Raised €1 Million in Pre-seed Funding
Startup plans to launch consumer-facing EV charging marketplace.
Cariqa, an EV charging startup, raised €1 million in pre-seed funding from global investors, including Anthemis and Techstars. The funds will support the rollout of Cariqa’s consumer-focused EV charging platform in Europe.
Cariqa aims to solve pricing issues for drivers and improve utilization for charge point operators (CPOs) by cutting out intermediaries. This direct connection allows for clearer, more affordable pricing and gives CPOs better control over their rates.
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