Last year was tough for fintech startups seeking funding in Europe. Hammered down by an economic downturn and rising interest rates, fintech funding dropped by 64% to $8.5bn compared to $24bn in 2022. The funding lull meant that only two European startups operating in the sector joined the unicorn stable last year.
But there are some signs that 2024 may be a slightly different story: there have been four new unicorns valuations for European fintechs so far, with more than half of the year to go. They include business software platform Pigment, accounting fintech Pennylane, Dutch audit platform DataSnipper and property management system Mews.
Now, Sifted has identified the European fintechs that are close to, but not quite at, $1bn valuations based on Dealroom data — what we could term as “soonicorns”. Startups on the list had to be founded after 2005, have a valuation of at least $500m and have raised a funding round since 2020.
There were over 50 fintechs flirting with unicorn valuation. So for this edition, we’ve chosen to focus on fintechs without a blockchain component — we’ll be listing out Europe’s blockchain soonicorns in the coming months. For now, here are Europe’s 34 fintech soonicorns:
Stenn
HQ: UK
Launched: 2015
Valuation: $900m
UK fintech Stenn operates invoice financing services for ecommerce, international trade and SaaS companies. It last raised equity funding in 2022 when it hit a $900m valuation thanks to a $50m round solely led by US private equity firm Centerbridge Partners.
Vivid
HQ: Germany
Launched: 2020
Valuation: $853m
Vivid is a banking and investment app that offers saving, spending and investment tools. Signed up users are able to make use of a German IBAN, stocks and share trading, peer to peer payments and money management features. It last raised a €100m Series C in February 2022, from investors including SoftBank and Ribbit Capital.
Auxmoney
HQ: Germany
Launched: 2007
Valuation: $825m
Auxmoney is a peer-to-peer lending marketplace, which the company claims is the biggest in Europe. The company uses a scoring technology based on digital data and AI to connect consumer borrowers to institutional lenders. It last raised equity funding in 2020 when it raised a €150m round from investors including Index Ventures and Union Square Ventures.
Yulife
HQ: UK
Launched: 2016
Valuation: $800m
Insurtech Yulife offers insurance plans for employees ranging from health insurance to income protection to dental alongside an app focused on workplace wellbeing. The company last raised funding at a $800m valuation.
Blend Network
HQ: UK
Launched: 2017
Valuation: $792m
Blend Network is a peer-to-peer property lending marketplace that offers financing services for property developers. Loans can be used to purchase student accommodation, new builds and complete conversions and refurbishments.
Curve
HQ: UK
Launched: 2015
Valuation: $781m
Curve is a UK payments fintech that enables users to consolidate all bank cards into one card on its app. Alongside this, it also offers buy now pay later services, in-app rewards and recently rolled out a wearables line. The company raised a Series C round last year from investors including Outward VC and Cercano Management, the venture arm of Microsoft co-founder Paul Allen.
Paysend
HQ: UK
Launched: 2017
Valuation: $720m
Paysend is an international money transfer fintech that allows users to transfer money between over 170 different countries. The company focuses both on consumer transactions and international payments between businesses. It last raised funding in 2023 when it maintained its previous 2021 valuation of $720m.
PrimaryBid
HQ: UK
Launched: 2012
Valuation: $715m
PrimaryBid is a London-based fintech. Its technology provides wealth platforms, managers and companies the ability to give retail investors access to capital markets. It most recently cut its UK consumer app in a bid to increase its spending on overseas expansion. The company last raised funding in 2022 from investors including Molten Ventures and SoftBank when it cinched a $715m valuation.
10x Banking
HQ: UK
Launched: 2016
Valuation: $700m
10x Banking is a banking software provider based in the UK founded by former Barclays bank head honcho Antony Jenkins. It’s most well known for its part in providing the banking tech behind Chase’s entry into the UK neobanking scene back in 2021. The fintech last raised funding at the beginning of this year from its existing investors JPMorgan Chase and Blackrock.
Clearscore
HQ: UK
Launched: 2014
Valuation: $700m
UK fintech Clearscore allows users to check credit scores and access a marketplace of credit options such as loans, credit cards and car financing. The startup last raised funding in 2021 when it scored a $700m valuation after a $200m investment from US private equity fund Invus Opportunities.
The rest of Europe’s fintech soonicorns:
Tochka
HQ: Russia
Launched: 2015
Valuation: $697m
Tide
HQ: UK
Launched: 2015
Valuation: $650m
Form3
HQ: UK
Launched: 2016
Valuation: $640-$960m
Billie
HQ: Germany
Launched: 2016
Valuation: $640m
Moonfare
HQ: Germany
Launched: 2016
Valuation: $625m
Moss
HQ: Germany
Launched: 2019
Valuation: $550m
CLUB FUNDING
HQ: France
Launched: 2014
Valuation: $550—825m
Storfund
HQ: UK
Launched: 2018
Valuation: $528-792m
Allica Bank
HQ: UK
Launched: 2017
Valuation: $528—792m
Envelop
HQ: UK
Launched: 2016
Valuation: $520—780m
Twelve
HQ: Netherlands
Launched: 2007
Valuation: $520—780m
Alma
HQ: France
Launched: 2018
Valuation: $506m—$759m
Kuda Technologies
HQ: UK
Launched: 2019
Valuation: $500m
Agicap
HQ: France
Launched: 2016
Valuation: $500m
Cleo
HQ: UK
Launched: 2016
Valuation: $500m
Descartes Underwriting
HQ: France
Launched: 2018
Valuation: $480—720m
Modulr
HQ: UK
Launched: 2015
Valuation: $438—657m
Kriya
HQ: UK
Launched: 2010
Valuation: $422—634m
Sunday
HQ: France
Launched: 2021
Valuation: $400—600m
Juni
HQ: Sweden
Launched: 2019
Valuation: $400—600m
Codat
HQ: UK
Launched: 2017
Valuation: $400—600m
Seon
HQ: Hungary
Launched: 2017
Valuation: $383—575m
Smart (Smart Pension)
HQ: UK
Launched: 2014
Valuation: $380—570m
Soldo
HQ: UK
Launched: 2014
Valuation: $360—540m
