Fintech
Q1 202414.03.2024

Payments

Picture of Éanna Kelly

Éanna Kelly

at Sifted

Europe has a well-stocked stable of payments companies nonetheless. Dutch payment processor and IPO poster child Adyen has a market cap of €50bn+ as well as an extensive mafia of its own and UK-based Wise and Sweden’s Klarna recorded blowout profit performances in 2023. All of these companies ballooned during the pandemic but when tech’s bubble burst in 2022, some players landed back to earth with a rather loud thud. Klarna, for example, was valued at $46bn in June 2021; by 2022, this valuation had plummeted to $6.7bn. The 2022 downturn also sent several major crypto companies into bankruptcy and tainted the industry’s reputation.

Revenue growth at payments firms continues to suffer with inflation forcing consumers to spend less. VCs say it's not enough to be a buzzy fintech anymore — these days investors are looking for concrete evidence of traction and revenue. Bets on the sector are more sparing: 2023 saw VCs cough up $2bn for Europe’s payments startups, down from $6.8bn in 2022 and $9.9bn in 2021, according to Dealroom data.

Yet VCs liked the numbers they saw for a handful of startups, including UK payments startup SumUp, known for its small card readers, which raised €285m. Other big 2023 payments rounds include an $80m Series B for London-based mobile-first payments company TerraPay and a $60m Series B for the UK’s online payments player Volt.

After a year that saw most startups assailed by worries about growth and margins, will life get any easier for payments firms in 2024? Like other parts of the tech economy, the sector has startups that find themselves in need of an exit plan. Industry watchers say consolidation deals are likely this year.

20 most promising early-stage startups

  • Sunday logo

    Sifted score

    9.11
    -

    Sunday

    Efficient QR-based restaurant payment solution

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2021

    • HQ

      Saint-Maur-des-Fossés, France

    • Latest round

      Series A
      €90.9m / Sep 2021

    • Total funding

      €112.7m

    View company profile
  • Atoa logo

    Sifted score

    8.24
    -

    Atoa

    Atoa allows UK consumers to pay businesses using their Bank App. Payments are up to 70% cheaper than debit cards and settlement is instant.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2022

    • HQ

      London, United Kingdom

    • Latest round

      Seed
      €6m / Jun 2023

    • Total funding

      €8.1m

    View company profile
  • Vyne logo

    Sifted score

    8.18
    -

    Vyne

    Efficient account-to-account payment processing

    • Strong investor(s)

    • Year founded

      2019

    • HQ

      London, United Kingdom

    • Latest round

      Seed
      €14.1m / Sep 2021

    • Total funding

      €17.7m

    View company profile
  • Yabie logo

    Sifted score

    8.18
    -

    Yabie

    Streamlined sales operations and payments.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2017

    • HQ

      Stockholm, Sweden

    • Latest round

      Series A
      €15m / Jun 2022

    • Total funding

      €50m

    View company profile
  • BVNK logo

    Sifted score

    8.05
    -

    BVNK

    Efficient global fund transfer solution.

    • Strong investor(s)
    • Hiring

    • Year founded

      2021

    • HQ

      London, United Kingdom

    • Latest round

      Series A
      €36.4m / May 2022

    • Total funding

      €36.4m

    View company profile

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