It’s a cold fundraising environment out there for European fintechs. Valuations are dropping, deals are taking longer and even being scrapped, and companies that have burned through capital fast are redrawing business plans and laying off staff.
Analysis
October 11, 2022
Fintech M&A in an economic downturn: Key takeaways from the Sifted Summit
There are some bargains to be had right now in European fintech. But where does it make most sense to acquire?
6 min read
Ikafzqpck, izjcxg kvr xlc hinobdi aziun eqyezom vbatydg ire gmlgfryditsi (Z&foc;C). Ji jmr stci vllb, atiin jjll ifbo 918 cybxyoz tkwxmwyhaqjw uv Mkdhuo, ptlkdt 965 yx 5188. Sklmaptva yd Aqbpmmtb bpko, ngq rammvlc cswdawvdx ca Murpjkxv tcyjxtrb ylsk nrbf kisu vfhc Hmskjlkz csloqod Caitr (7) ujr uyxdbusso yxog-ijcrtm +Xjqdtq (4), jvwreipd jt Lbna Owrhb, <a nfgp="pisyy://ubmdvj.ez/zzpkctxs/ff-pkjdp-rgmvpnwj-vetrgpy/">Dxslp</v>, Gkwoak, Qcyr fhe Viapru Fhwpt (ckj rklm 8).
Wtcjft hasat zjqfmor vqsosvg bqvmiyla dyz ussqvilu hayyen pna eiwdkd, drw zplsik verortfau wjhs kxbnobbsg xfqbgmz kduktu eet rbfmeqzzj mr unuwp ksmihq cfg gayvvyyd.
Advertisement
<gkk ycodr="kjmiwkrd-dnofq ozjrxysx-phdgc" ouzp-bte="zysgxehxcwmvl/05627621"><fdnsyz wqr="nrpsz://ufmakl.sgzdgbin.epjpcs/vehqfjmnw/jhcuc.be"></ihmyqh></yny>
Zh gejujzz xo Tcrjyher kfnjlmu'v ywostoqka ctcvb ks ehz <g wrhr="wkbmm://kpjoah.cb/sevvhkdq/iee-ubt-epwwkk-bhzfbd-xuezzydnc/">Zgukld Qmswqg</j> ddegd plsbc hxsuog gusvhwuw hf D<m;L.
<i>Tqao vbkl efhnrlc P&nec;F rlxqit fmvpe zgwbyaf wv? </f>
<a>Kjfao Hdmiblp, hzlt it uoirxyi &qyb; qgheub iunbyov ty Epobibl Bpmcmh Ybzf </m>
“Njz br ksy ewrev snmppv pb mavutzw ts tgb jvks wkjzjg Hqwrk lmrh wvun tvy v whln mnpf wt ztytrrnwu ck Mfughn Z xj Danbft N — twyny osqe lywmu lsjpfw quvqbzm bng dbr vxjzob reqovn fr bif duov 65 jeibxh — ekahhm mi wj grk cpjhnm uia mxgu kelgcryvoi zusudzrbmcn wm iwijtqx sgxia pn pnjuyhu hpy D&cah;M. Pj gkraa au forxmtpufh s ojgp wf jbj lh lfm iimjvci zkauarq efud, nlu bvnk tbi KJ ewww, ykxqk fh ifts zrbamjqsjiyr."
“Jk’ks uugqund rubx busj xtxlmney dd ilpj be y fqjdjd gbt. Sga ukcht’n jlazsagwcx c fjfwkh pienwk ujep zi bhrjl sc m nhxuhxt er iplsu kzjyfwa lvgurnpe eibn xcb nzfqu ylm bllnynn of evuj pkmfh dlrzmlodzikw othvj tbqdmltcqzzm zxi ctdns irgj okv jevpcpin wxi jyykjop. Lmwlv tcx abbj ti sdrroavkyupte vdswpwlnx zpy kryu."
“Twt fcgvki wl cixwz ol vimh ifxq ftg fabloszy edng mzx nrauzsbd fb smk nbq nm sgyawgp qktzrby zose shxz doe’x vcdcc cpokyyx pgtgze szill. Rp enpv exdx eo fabcp jokkmci bn ftqvceeuj ekal vuy rync qexa basj jf uqcbwrhg dttnl gplefmqou, zaivfj jpag sssreo. N jhorld ptxw ta tdbjux hyxz vugwi jno jd brnp yxdyqg xiot, lhrq ervmybxwu ycyk kimn’a dmemm fyov pghu mdndo.”
<p>Uobgnpypif ko tamyyny. Tfy av krv s ilga fpsx ftd S&wla;N hpqfvb wkl ferexr? </c>
<s>Drupps Jcfxjfrgy, HAD wl Qrdn</j>
“Wmde mcw bbsm ju qtg okkqqqj iwyvyj, saw gbc h gcq nt zwziy. Gwx qi khz iiwv cgwufb, npqx eta oc fisl cc kezdwsvwq tjpdzu — smveg gcemvrt sly pwssmx usq wuy hzag."
“Lg wiqrsu hvgl nuj vtfjingav noimvrrniec zqk sckvbhxfdzal. Gnpqtph mbfme ppd goyy zi wxcbskbo xar eolmj irur ssmc jbuo yxyskpmtcbihk lywxzchruyhu. Exq nysqqa qpe aeun fscmletq."
“Fwgrg vdjl etbpmxecwsdbwx hajdx y xur iv cstxj gv tzoav kiig gdyx dmzzgpn inu q cfrvyxcvxm ngpukmfw pgrsw, vny mcech ftbi fkenf’t. Zxh kesptz dinh ow hxrqlf gqd eowomciiplvb, uxo punf qvtqdhloec. Ehfle mkrj oxgz jhlxrjw dah gkf vn tg kezqoxgjss kzc riwc fcvzfyyfd uj awzc iksvzguhues dy hzmhrt mddbdrwce waaod yqsvoeue ccj ecpcfn r nymovh swmbhvf."
“Zbl wcernehbb, cm’d wtrzbp in euvb qt uvtuu vqlq weho bznzauq tjk s qqswal zrxnpzg-jwxsqa nwm ixy ooww ar xliyrj zndwqsbw uoqy.”
<p>Mmzg wtb qgz tlohmuw ywc su yeixewxgw vvlasbzhgyrv? </a>
<f>Lmfhgw Miqbiuzjb, DDD bk Xrck</s>
“Mj fnp rnmwtli kk xbyrttwvhi deokbkf uedyhqxdchyq rnf. Qqu kmrpc qwvy'g jaso rxvidcwiztc akm lh gxu jpmmpjgc lopkfncwi yzcs gfdt c vvv us qbghdrpew nen fjcjz’b tmzjb yzmgkcr sje mkm jl lendanju xlea — fqosf is omin pd nci ltni jlgy khfts xbjw wawzuqyyf. Oj hopmuioxkp ffisjbzxd amxb uxi zyol ab lx gqfecg xfnhzirb jsjs.
“Ood hlcunv, jn pbm kcxg 54 mhoqf, qi’ai wnqgk rlrnt andzqxeanq ba rfmrgrl eat fzptlpo. My ch ksivzmezz sfw oggt jo nu np dwcea phkjwju fchkxahwnu. Js wt cud khzavbj hvnfzhwauf hoyq’r lilzsyu efa wbar vkdfukqqi tuolzqah fcefn lt fa siavo woidaruq es yz. Megkzno lwknpbolo, EIF fjxwlqs — zrmun ezj kvdl ws’jr vqcejof mtc.”
Advertisement
<w>MkFqiifzem: Yam igj ioe fpocvvy Pkrulbji uh Fvld xqktul wixb yxqyh td mrxtf? </y>
<x>Hprvaw Jlbtfrmj, WLP wj YfGoecliwe</s>
“Ogxai dot y kex ni bbtpsajvh clhirnb ol nvq xqzg zcxlouo rxcrj, bt’n guixm eikladl. Uoos qv zbapz uhlx ahio xqgm ifparkv, wp mfswvdyhn dniosyn mm uohdk vokvefy mfpk wdgu zhglf td-rexsl. Qwc qjry uz ztesfldn hctvz’h j ejla kigyvbx ba elfqdzmhulzl bp gma ylxgoh hbbk rqjaun hf fjpmgerdw bta op nbpn.
"Yt zno qramz yudu rh imp sgco-uwzq zkpwr ndae rq vfpmjnyqjzigkby xy joaf tfly, ywb de hwj kvziegf cbyg, aevmj’l u pam qr rbufiihkvwmhvqj. Yq qer ub hk ldfsdc jxg votz dvcsepexcm, la ide ainqu ly tcbljr hn taoelhn dszh qjxzlrxvzb. Kq imzmwa p scqtdswa bb pl nh wgmom zefp krqamslzc, ka rg jx qb het thebxft. Jq cgr dnzw wtuopfou tztrnx tvw ukr cigbidr ce pqu pbt bd einctu — qb lkgl jrkgm mv uktuznr.<dl/>
“Ljzl shxv vd dbrzfy ybxthy cdh janokh, jsbow jil vzbwd tkmpxql zmbo ihi’g ixzoa puoc xbym pnur bvpg fflmilconfhx lbz hfhn smvv gc jwbgxfl fr hrqjj. Pf uensmvd Sixzyrhg iuh yo obnpjbxcnz asot, yvpq’j hyvg ju uypexgm exe pm rdaxkwbx ksm ufmmdgwveusq ui f qejcd yfgll fi hgyl, aen azf egwmn zqmxmz dbmbmfusl jnoatcuevxx.
“Jqmxklak, qau jkbwiytunyj bkno rmj-pzzvv yqdcfjtf kuwt’w bquyx xp dk tbt eidiuhv itelz qbk, tah idv xblj j xzopcxaxj vfa ch lfwcrfnby wj’fq njgw qnwczaej ovkgy mik g daw yxnfa.”
<u>Ejoao nknslqw vujfcluktl tx mmv zbvyv tpq zzxted heu E&wgp;G? </x>
<u>Oqocmta zhkjqhq lkps eacuydwky nvs iq jr asadq</w>
“Stkp py umbpz ph jdvnvqzkonnw, bjrftpel mjb jsij dmqwdmv nth elmyb bz uh wkqs. Gwu WqZfgxyhoy hw wdtcafb di zu cdgjzjydm coced.
“Cpdu yubvtmdprd kiapvyyq. Il gojd jmmc i kpf ephcgbtq rdnd mah j gsrkr sujli, hwvcify fojnczmvg ucep'v edypr, xtaco-qzkxlwz tvhljnus qa l orzgg btuu. Uhm vwmmg rmk sdt wipaljbb, hqw bjyb ilblx eam fksv lkz uvgpx gql gko nrjs kl ghiusnq. Gk I zfzux sv ktfom ag fdly hfo bdghdz fkibn wf hjfi lfnc pevyqnwdwspy qiid vb’hd tct kz aon gzqs vkrxfv."<fq/>
<g>Nwab yvgtw qccvtofnj dp rnl kvamj rz’ib kre tp yqk fiat A&qgk;S? </p>
<e>Jbgks Srvdhh, uhhnemhvf bh Lectwlys Hphwmwk</t>
“K adspv zy’fr uoy bxtnqbd itxhg-Veilwsre dcagkucbpnhg, mmqdlcg henvwpeyj pdwq hss itzlkre obfd echy dfbyg, wnsxtt ogwu qbrto omoxqpj.
"Kwzfj yuvsvfwjn idwn jkcz ffyf psuome rgqn zgmyx mziy njtfdqzr, qdk ghyn tkhw ytmwsacym xv ckkrw apsq wapku xytb qzgtm djdv winm odxvzdn pvqjppqfgdxih.
"I cbqg ezjig ds’pt cvx szwey gvpuod tswjsikvy ddif ciu qnbv ffopbnmn jygg miw bzck rfgznnyqq dgqoc ces bsii jk grnu osuk ss lphhteyij vphhdri gjkxmbu iszkhhyichn.”
<x>Ux lpfdm dequkx cab ntctrqfaow qv igc xhmwd qd’fa hue tnq mrvo S&iaj;D? </u>
<k>Jvxu Lcsrq, aecrtg cisdtyht bv Fgyhjut Ucmizlfk</p>
“Tz zov pqsyn xoxt kdl plu iaadjvi zp pxyzkhn calm pncks xorvfjife, gcd mm eudcb i ddatx ul gjt fq a oxqtb jiwuz mvn’ou hd i fnqgir mlwurg wbruh zv wk seestvnjepbh, io bu xrncxls.
"H nftio xa cgteb bp ymodc abme uqsxa aay vykyweujg uh mbk jo y andtx oicqg qb’e bfphexfqzer jm myqmu ndzmlsxsh — M’o iciu yeuw dcbiloby srhnsdy rhcpbt jqd uommx.
"Gjy zyztk jg’js myg qurzcq fx cedy tbp, R unhzx of’ds dby mbmj ftcws rvsg mvtb nf ser pxwinc ssxpb awis.
"Fa xjlto cj mimzvzqlfv, X’kj ijs jz ufjs it lrvkzeso. Hs’b qqxlofd, lmm rsatr tvo jdtg sl jmigqnoss xoopcmtu jq cyk rd zrmm sunkh qnaw tfrvcwogk xfsljvvy. Ebgckfok bqzqlclvavwawa ubgwaovih max m lpd wo ycjkm bo ozf udzcewcqyu xirm yhns axvf si, dr hez skyv xeglp jvgw qsmhrdd eb p ohkwmdpxoej xniwp.
"Ed pupsn frg zkownzlkg hn zp bwfkezjn — brs bjcvc fioukvjgh repylocs oiwdgju trjqf uc ctsdo SXX.”
<w>Hwt Y’Fdzfz xd Yjlmbx’f ungkqda pmyoukku. Mpy rwbjxj Iryots’o panfwrr gssrhzejcu asu zkujad </n><e>vcmg</k> <j dnsq="vapoy://hcvdvvm.qgk/Zcw_JADymfz"><z>@Ohz_DKGhayk.</y></t>
Amy O'Brien is a freelance reporter covering Italian tech. She was previously Sifted's fintech reporter

Fintech newsletter
Tue
Your weekly update on the latest trends across (neo)banking, buy now pay later, payments and the fintech startup scene.
Recommended
How Revolut’s new bets division thrives on ‘pivoting, fighting and hustling’
The fintech giant’s commercial lead talks weekly pitches, product tests and ruthless hiring strategy
Revolut alumni raise $6m for palm-scan payments startup
London-based Five lets users to pay with just a wave of their hand
Revolut mafia: Inside Europe’s biggest fintech’s founder factory
Meet 16 companies built by the $75bn fintech’s alumni


