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Daphné Leprince-Ringuet

Dust, the Paris-based scaleup helping businesses build AI agents, has closed a $40m Series B round, bringing total funding raised to more than $60m.

The fundraise was co-led by VC giant Sequoia and San Francisco-based firm Abstract, with participation from US cloud companies Datadog and Snowflake.

Launched in 2022 by two alumni from payments giant Stripe, Gabriel Hubert and Stanislas Polu, the latter of whom also spent three years as a software engineer at OpenAI, <a href="https://sifted.eu/articles/genai-dust-silicon-valley-paris">Dust has fast become one of the buzziest AI startups in the French capital</a>.

The company has developed a platform via which businesses’ teams can build AI agents and deploy them inside a shared workspace, where they can access a range of tools and resources across different enterprise functions, and work collaboratively with all employees.

Hubert says the objective is to improve current enterprise deployments of the technology, in which each individual employee relies on their own AI assistant.

“We call this approach single-player AI, where there is one agent per person,” says Hubert. “That’s the default level of AI adoption for most companies today.”

“We’re building a different type of system… where agents aren't isolated assistants running separate conversations with each employee. 

“They participate in the same workflows as the rest of the team, and when one agent improves, the benefit extends across the organisation rather than staying locked in one person's setup.”

Dust says it serves 3,000 organisations, which represent 300k agents deployed in total across the platform. 

Customers include European tech-native companies like French neobank Qonto, insurtech Alan and fintech Pennylane, as well as UK-based healthtech Causaly and billing platform Paddle. Hubert says Dust has also seen some traction with non AI-native enterprises in the 500-10k employees range.

The US is the scaleup’s fastest-growing market, according to Hubert, with customers including Datadog and password manager 1Password.

Earlier this year Dust crossed $20m in annual recurring revenues (ARR), a significant jump from two years ago, when it hit €1m in ARR. The startup is not profitable.

“Profitability is not what we’re optimising for in the near term,” he says. “The raise is about acceleration, not survival.”

The Series B funding will enable Dust to invest more into research and development (R&amp;D) and growth in the US. 

“Our largest enterprise deployments are at American companies, and those companies are running their teams on Dust every day, not running a proof of concept,” says Hubert.

“The US is where the enterprise AI category is going to be decided, and we're competing there as a full participant.”

AI agents

Deeptech

France

Dust

Sequoia backs AI agents scaleup Dust in $40m Series B

Y Combinator (YC) alum Parallel has raised a $20m Series A to build AI agents that can carry out administrative tasks in hospitals. 

The startup, which is based in Paris, launched last year with a $3.5m seed round. It says it has already deployed its technology to around 40 public and private hospitals in France. 

The healthcare sector is emerging as a key market for AI agents, with several startups building technologies in the space. French startup Nabla, which is developing AI agents for doctors, <a href="https://sifted.eu/articles/nabla-raises-70m-series-c">raised a $70m Series C last year</a>, while Sweden’s Tandem Health, which sells a similar product, <a href="https://sifted.eu/articles/tandem-series-a">raised $50m in Series A funding</a>.

Babylon founder Ali Parsa is also <a href="https://sifted.eu/articles/ali-parsa-brunch-babylon-quadrivia">building a company in the space dubbed Quadrivia</a>, which has secured funding from Swedish VC Norrsken and is based in the UK and Spain.

“The health system needs technological support because care needs are growing while hospitals’ and clinicians’ availability is reducing,” says Parallel cofounder Paul Lafforgue. 

“At the same time, existing technologies aren’t doing the job, legacy systems are badly connected and they haven’t evolved with the times.”

Parallel’s Series A was led by Index Ventures and included participation from YC, as well as French VC Frst and startup studio Hexa. Notable angel investors included Mistral AI CEO Arthur Mensch and Pennylane cofounders Felix Blossier and Quentin de Metz.

Hospital staff face many time-consuming administrative tasks, from manually entering and updating patient data in healthcare systems to managing insurance and billing. This is made worse in a sector heavily affected by staff shortages and resource constraints.

Parallel builds AI agents to automate such tasks powered by “computer use” models, which are able to interact with computer interfaces, and large-language models (LLMs). The startup says its technology can integrate directly with legacy hospital systems, meaning deployment takes weeks rather than months.

The startup’s first agent focuses on automating medical coding, the process of analysing healthcare information about patients and assigning codes to different diagnoses, procedures and services. Medical coding, which is largely carried out manually, enables practitioners to maintain more accurate patient records while also facilitating billing.

The startup’s technology is currently deployed in partner hospitals in France, including the Dunkerque Hospital Centre (CHD), where Parallel’s agents are used to review medical coding for hospital stays and ensure fair billing to social security services and insurance companies. 

The startup says the technology has enabled an additional €2,400 in revenue on average per case in Dunkerque, by spotting codes that have been missed by professional medical coders.

Lafforgue says Parallel is already generating “several millions of euros” in annual revenue.

As well as accelerating the commercial rollout of its existing coding agents, Parallel plans to expand its technology to include other administrative tasks in hospitals.

The startup is also planning to open in a second market, either elsewhere in Europe or in the US. Lafforgue says the company will hire around 30 employees in the next 12 months, in both commercial and technical functions, to reach a total team size of 40.

Healthtech

Index backs YC alum Parallel in $20m Series A to bring AI agents to hospitals

Hessa Alabbas

Silicon Valley-based investors Plug and Play and Sequoia Capital were among the most active backers of European startups in 2025, part of a broader surge in US investor activity across the continent.

In total, 1,640 US investors completed at least one European equity deal last year, a 24% increase compared to 2024. 

Among them, <a href="https://sifted.eu/rankings/most-active-us-investors-2025">82 investors made four or more equity investments</a>, together completing 810 deals with an average round size of €57m.

VCl firms made up the majority of the most active investors, accounting for 55 of the 82 on the list (67%). Corporate venture capital arms represented 10 investors (12%), followed by private equity firms (8 investors), banks (4) and accelerators (3).

When it comes to where they invested, the UK was the most active market by far. A total of 62 investors on the list backed UK startups, representing 76% of the ranking. Germany followed, attracting investment from 45 of the most active US investors (55%), while France drew 40 (49%).

In terms of sectors, AI-native startups dominated investor activity. Half of the investors on the list were most active in AI agent startups (41 investors), followed by generative AI (20 investors). Sales and customer service software attracted the most investment from 19 investors, while drug discovery (17) and biotech (16) also ranked among the most active sectors.

The 10 most active US investors:

Deal count: 130 (vs 74 in 2024) 
Most active vertical: B2B SaaS, deeptech 
Most active country: France

Plug and Play more than doubled its European activity in 2025, completing 130 deals — up from 74 the year before — making it the most active VC both among US investors and overall in Europe. Among its investments was Paris-based fintech Bitstack, which raised a $15m Series A in December.

Deal count: 75 (vs 61 in 2024) 
Most active vertical: B2B SaaS, AI-native 
Most active country: UK

Known for backing startups at the earliest stages, Y Combinator has increasingly followed its European portfolio with later-stage capital as companies scale. In 2025, it participated in both the Series B and Series C rounds of legal AI startup Legora, which raised funding in May and October to expand its platform for automating legal research, review and drafting.

Deal count: 42 (vs 20 in 2024) 
Most active vertical: B2B SaaS 
Most active country: Germany

The VC participated in three of the 20 largest equity rounds of the year, including Mistral’s $2bn Series C, dronemaker Helsing’s €600m Series D and AI video generator Black Forest Labs’ $300m Series B.

Deal count: 25 (vs 23 in 2024) 
Most active vertical: AI-native, B2B SaaS, Fintech 
Most active country: UK

The VC’s larger bets included defence AI company Helsing’s €600m Series D, as well as two rounds in Swedish unicorn Lovable — a $200m Series A and $330m Series B.

Deal count: 24 (vs 17 in 2024) 
Most active vertical: AI-native 
Most active country: UK

Its investments included Mistral’s $2bn Series C, ElevenLabs’ $180m Series C and two rounds in Black Forest Labs.

Deal count: 21 (vs 16 in 2024) 
Most active vertical: AI-native, B2B SaaS 
Most active country: UK

The VC chipped into multiple rounds involving workflow automation platform n8n, which raised a $180m Series C to expand its AI-powered productivity tools. The firm also invested in French fintech Pennylane, which secured €75m to grow its accounting and financial management platform for businesses.

Deal count: 20 (vs 20 in 2024) 
Most active vertical: B2B SaaS 
Most active country: Italy, UK

Its European investments included cloud infrastructure startup Qovery, which raised a $13m Series A to expand its platform for automating infrastructure management for developers.

Deal count: 18 (vs 6 in 2024) 
Most active vertical: AI-native 
Most active country: UK

Nvidia’s corporate venture arm, and one of the <a href="https://sifted.eu/articles/most-active-corporate-vcs-2025">most active corporate investors in Europe</a> last year, ramped up its activity across AI-native startups in 2025. Its deals included Lovable’s $330m Series B and automation platform n8n’s $180m Series C.

Deal count: 16 (vs 10 in 2024) 
Most active vertical: B2B SaaS 
Most active country: UK

Alphabet’s venture arm backs startups applying AI across sectors from healthcare to enterprise software. Its investments included Isomorphic Labs’ $600m round to advance AI-driven drug discovery, as well as AI avatar creator Synthesia’s $180m Series D.

Deal count: 16 (vs 44 in 2024) 
Most active vertical: B2B SaaS 
Most active country: France

Among its European investments was Playtomic, which raised €65m to grow its sports booking marketplace.

Venture capital

Venture Capital

The most active US investors in European tech

Tom Matsuda

Fintechs made up just over a quarter of Europe’s top 20 most valuable companies at the end of last year, <a href="https://sifted.eu/articles/21-most-valuable-european-startups-2025">according to Sifted data</a>.

But there’s been a few changes in recent years, as some fintechs lost the sky-high valuations they obtained in the post-pandemic funding boom. 

Swedish buy now pay later (BNPL) fintech Klarna was valued at $45bn in 2021, before a number of successive funding rounds watered its valuation down to $6.7bn the following year. As of last year, it’s a publicly traded company but has had some trouble retaining its share price despite initial optimism. 

UK payments fintech Checkout.com faced a similar struggle. While a January 2022 funding round valued the company at $40bn, it’s now priced at $12bn after the company conducted a share buyback scheme in September last year. 

At the same time, some players upped their valuations. UK fintech behemoth Revolut secured a $75bn valuation in November last year, just over 15 months after a secondary share sale valued the company at $45bn. Similarly, German investment app Trade Republic <a href="https://sifted.eu/articles/trade-republic-secondaries-sale">reached</a> a €12.5bn valuation in a secondary share sale in November.

And just last month, French accounting fintech Pennylane <a href="https://sifted.eu/articles/pennylane-raises-175m-series-e">increased</a> its valuation to $4.25bn (€3.6bn) in a $175m Series E funding round. To help keep tabs on the changes, Sifted listed out Europe’s 11 most valuable fintechs. (The final two share tenth place with equal valuations.)

Valuations were all reported by the companies, unless otherwise stated. 

HQ: London, UK 
Most recent valuation: $75bn

In November, Revolut secured a $75bn valuation in secondary share sale, a 60% jump on the $45bn price tag it reached the year prior. 

Founded in 2015, Revolut offers a plethora of financial services including stock trading, pet insurance and remittances to its more than 60m users. The company has reported consecutive years of profitability and its new valuation secured its place as Europe’s most valuable fintech. 

HQ: Berlin, Germany  
Most recent valuation: $12.5bn

Investment app Trade Republic is another fintech company that secured a new price tag last year. The German fintech was founded in 2015 as a neobroker, until receiving an EU banking licence enabled the company to expand into banking services. 

The Sequoia-backed scaleup was valued at €12.5bn at a secondary share sale in December, more than double the €5bn valuation it achieved at its last funding round in 2021.

HQ: London, UK  
Most recent valuation: $12bn

In third place is Checkout.com, a London-based payments processor founded in 2012 that works with a wide range of clients including Sainsbury’s, eBay, ASOS and Vinted. Once Europe’s most valuable fintech after raising a mammoth $1bn funding round from investors including Tiger Global and GIC in 2022, its valuation was cut to $11bn by the end of the same year. 

In 2025, the company conducted a share buyback scheme which upped its valuation to $12bn based on an internal valuation. 

HQ: Berlin, Germany 
Most recent valuation: $9bn

Once one of Europe’s top neobanks, German neobank N26 has had a tricky time as of late. In 2021, regulators hit the fintech with a monthly cap on how many new customers it could onboard after it failed to apply effective money-laundering measures. 

The company had been free of the restrictions for over a year until German watchdogs identified shortcomings in its Dutch mortgage business. The situation led to a management shakeup resulting in its cofounder Valentin Stalf stepping down. In December it was announced that UBS exec Mike Dargan would take over from the fintech’s current, interim CEOs in April. In the same week, BaFin imposed fresh sanctions on the bank.

Its last officially disclosed valuation was $9bn following a 2021 funding round backed by the likes of Coatue, Third Point and Dragoneer. However, reports have indicated a significant climbdown. 

In 2023, reports suggested insurance firm Allianz had <a href="https://www.reuters.com/markets/deals/allianz-puts-n26-stake-up-sale-3-bln-valuation-ft-2023-04-19/">explored selling its stake</a> at a price which would imply its valuation was around $3bn. More recently, Bloomberg reported that the German neobank was weighing a new funding round at a disclosed valuation but the figure wasn’t disclosed.

HQ: London, UK  
Most recent valuation: $8.5bn

Founded in 2012, SumUp is a payments fintech that provides hardware and software solutions for small and medium enterprises (SMEs). The company last disclosed a valuation of €8bn ($8.5bn at exchange rate at time of reporting) when it raised a $312m funding round in 2022. According to recent reports, however, the fintech is weighing an IPO that could value the company between <a href="https://sifted.eu/articles/sumup-ipo">$10bn and $15bn</a>.

HQ: London, UK 
Most recent valuation: $7bn

Founded in 2011 by Ben Reeves, Nicolas Cary and Peter Smith, Blockchain.com is a crypto platform known for its crypto wallet, exchange and institutional services. 

One of Europe’s oldest crypto companies, Blockchain’s valuation has adjusted to the peaks and troughs experienced by the digital asset industry. At its peak in 2022, the company was priced at $14bn following a funding round financed by the likes of Lakestar, Lightspeed and Coinbase Ventures. 

HQ: London, UK  
Most recent valuation: $5.9bn

Founded in 2015, Monzo is one of Europe’s top neobanks with over 13m customers and £16bn in customer deposits. The fintech was most recently valued at $5.9bn in an employee share sale last year and has been profitable for two years. 

But the neobank has faced some difficulties in recent years. In July last year, the fintech was <a href="https://sifted.eu/articles/monzo-fine">hit</a> with a £21m fine for “failings in financial crime controls”. And at the tail end of last year, Monzo announced CEO TS Anil would step down to make way for former Google executive Diana Layfield. That triggered backlash among top shareholders, who <a href="https://www.ft.com/content/7d4e11d3-f30e-4c33-bedc-908cf221cffc">successfully rallied</a> for Anil to stay on in a broader role, like retaining a board seat.

HQ: Amsterdam, Netherlands 
Most recent valuation: $5.4bn

Mambu is a SaaS core banking platform that banks, lenders and fintechs use to build and run financial products without relying on legacy core systems. The latest publicly disclosed priced valuation is from its 2021 Series E funding round, which valued the company at around $5.4bn. 

HQ: London, UK 
Most recent valuation: $5bn

Zepz is a cross-border payments group which owns and operates WorldRemit and Sendwave, two customer remittance brands. The company last disclosed its valuation in 2021 when the company raised its Series E funding round at a $5bn valuation. More recently, the company raised a $267m funding round from the likes of Accel and TCV but did not disclose its valuation. 

HQ: Paris, France 
Most recent valuation: $4.8bn

Qonto is a French fintech which provides banking services for SMEs, startups and freelancers. With a presence in France, Germany, Italy, Spain, the Netherlands, Belgium, Portugal, and Austria, the business has been profitable for two years.

In January 2022, the company raised a €486m Series D which valued the company at $4.8bn. More recently, the company is said to be planning to carry out rounds of secondary share sales, according to <a href="https://sifted.eu/articles/french-fintech-qonto-confirms-secondary-share-sale-plans">Sifted reporting in October</a>.

HQ: Amsterdam, Netherlands

Most recent valuation: $4.8bn

Lendable is an online lending platform which last raised funding at a £3.5bn valuation. Founded by Martin Kissinger, Lendable provides personal loans that can be managed online. Along with lending, the company also followed in the footsteps of Revolut and N26 to launch a mobile tariff plan in October last year. 

The fintechs that just narrowly missed the top 10 include London-based fintech-as-service platform Rapyd with a $4.5bn valuation, French insurtech Alan with a $4.4bn valuation and Pennylane with a $4bn pricetag. Cloud banking platform Thought Machine comes next with a $3.6bn price tag followed by London-based regtech company Quantexa with $2.6bn. 

Fintech

Checkout.com

Monzo

The 11 most valuable fintechs in Europe

French fintech unicorn Pennylane, which provides accounting software, has raised a €175m Series E.

The round was led by US-based growth investor TCV, with participation from Blackstone Growth and existing investors Sequoia Capital, DST Global, Capital G and Meritech Capital.

With the fundraise Pennylane reportedly achieved a valuation of $4.25bn (€3.6bn), which one source with direct knowledge confirmed to Sifted. The startup wrote in a <a href="https://www.linkedin.com/posts/pennylaneaccounting_175m-pour-simposer-comme-le-leader-europ%C3%A9en-activity-7419257375053836288-362k?utm_source=share&amp;utm_medium=member_desktop&amp;rcm=ACoAABaM4kMB1wVCvuXvJ8Q_HB1aLT_bst9lH6U">post</a> that the cofounders still have “absolute control” of the company.

Pennylane has built a platform to improve workflows between enterprises and their accountants, which centralises invoices, tax returns and financial statements. The company says its product is used by 6k accountants and 800k enterprises, largely in France as well as in Germany, where the startup expanded last year. 

Pennylane says it is now nearly profitable; last year cofounder Arthur Waller <a href="https://sifted.eu/articles/pennylane-75m-fundraise">told Sifted</a> it was on track to reach €100m in annual recurring revenues (ARR) in 2025.

The Series E comes less than a year after Pennylane raised a €75m Series D and brings total funding to nearly €360m.

“Our growth has accelerated [since the last fundraise],” said founder Arthur Waller in a LinkedIn <a href="https://www.linkedin.com/posts/arthur-waller-a793a611_il-y-a-un-an-pennylane-a-lev%C3%A9-75m-notre-activity-7419272638872584192-knPJ?utm_source=share&amp;utm_medium=member_desktop&amp;rcm=ACoAABaM4kMB1wVCvuXvJ8Q_HB1aLT_bst9lH6U">post</a>. “But the market around us is accelerating too, with more consolidation and a race to build a financial super app.”

“This is why we decided to accelerate the pace of our research and development investments even more.”

Much of the funding will be dedicated to R&amp;D, therefore, and to leverage generative AI to build an analysis copilot for users, as well as to accelerate expansion across Europe.

Update on 21 January: This article was amended to clarify that TCV led the Series E round.

B2B fintech

Pennylane

Fintech unicorn Pennylane raises €175m round at €3.6bn valuation

Fintech is one of Europe’s most mature tech sectors. Over the past 15 years, billions in venture capital have poured into the sector, making household names out of companies such as Revolut, Monzo and Klarna. 

And while the sector might not be as bouncy as it was before the post-pandemic funding bubble popped, it’s still attracting VC money. 

€7.6bn was funnelled into European fintech last year across 670 equity deals. So far this year close to €6bn in equity funding has been raised across 585 deals, <a href="https://sifted.eu/market-tracker">according to Sifted data.</a>

But who are the top operators behind the continent’s fintechs bringing in that capital? Sifted pulled from our own reporting, as well as feedback from industry experts, to find out who should be on your radar. 

Orkhan Abdullayev — cofounder and CEO, Payrails

Orkhan Abdullayev is the CEO of Berlin-based Payrails, a payments software company aimed at enterprises. The fintech aims to be an “all-in-one payment platform” that companies can use to have visibility over and manage a patchwork of different payment operations and transactions through one single interface. 

A former VP of fintech at Delivery Hero, Abdullayev helped build the delivery platform’s payments stack in-house. In June, Payrails <a href="https://sifted.eu/articles/delivery-hero-alum-funding">raised</a> $32m in funding, led by HV Capital and featuring participation from existing investors General Catalyst, Andreessen Horowitz and EQT Ventures.

Danai Antoniou — cofounder and chief scientist, Gradient Labs

Danai Antoniou is one of the cofounders of Gradient Labs, a startup developing AI agents for the financial industry founded by former Monzo employees. Antoniou previously worked at the UK neobank for four years as a machine learning engineer.  

The startup <a href="https://www.linkedin.com/in/danai-antoniou/">raised</a> $13m in Series A funding in July this year in a round led by US venture firm Redpoint Ventures.

Tristan Derrien — strategy lead, Mondu

Tristan Derrien is a strategy lead at Dutch B2B payments fintech Mondu. Founded in 2021, Mondu’s payment platform provides flexible payment solutions such as instalment payments to businesses transacting with each other. 

Derrien joined in 2022 as a strategy associate after working with Mondu’s founders during a brief spell at Cherry Ventures. 

Siddhant Jayakumar — founder and CEO, Finster AI

Siddhant Jayakumar is the CEO of Finster AI, a startup building AI tools for investment banks and asset managers. Prior to founding Finster in 2023, Jayakumar spent seven years at Google DeepMind, the tech giant’s AI research lab. 

Finster raised a $15m funding round in October this year in a combined seed and series A funding round from investors such as Fintech Collective, Peak XV and Hoxton Ventures. 

Kilian Justus — cofounder, Tabula

Kilian Justus is the cofounder of Tabula, an AI-powered financial operating system for small and medium enterprises and their accountants. The company went through Y Combinator’s summer batch last year. 

Justus is a former senior product manager at Taxfix, a digital tax fintech backed by investors including Index Ventures, Valar Ventures and Creandum.  

Amal Jolly — CEO and founder, Saturn

Amal Jolly is the CEO and founder of Saturn, an AI tool which financial advisers use to transcribe client meetings as well as monitor the accuracy of the advice. 

In October, Saturn raised £11m in funding from investors such as Singular, Shapers, Y Combinator and Zeno Ventures.  

Christophe Lanternier — cofounder and CTO, Phacet

Christophe Lanternier is the cofounder and CTO of Phacet, AI agents built for finance and admin work. 

Before Phacet, Lanternier worked at Ubble, a French identity verification startup, which was acquired by Checkout. 

Manny Medina — cofounder and CEO, Paid

Manny Medina is the cofounder and CEO of London-based Paid, a startup which last month closed a $21m seed round to build a “results-based billing” mechanism for AI agents.

A former Microsoft director, Medina previously founded Outreach, a Seattle-based company providing a sales engagement and workflow platform for revenue teams. 

Hadi Nasrallah — general manager, telco and retail director, Revolut

Hadi Nasrallah is Revolut’s general manager of telecom and retail offerings. Nasrallah joined the company five years ago, initially as senior strategic partnerships manager. He’s also understood to have played a pivotal role in the development of the financial superapp’s loyalty programme RevPoints and its mobile eSim product. 

Prior to Revolut, Nasrallah was commercial lead at Snips, an AI company that developed offline voice assistants, which was acquired by music tech business Sonos. 

Alexander Nicolaus — chief people officer, Paysend

Alexander Nicolaus is chief people officer at Paysend, a remittance fintech he joined in 2020. 

Founded in 2017, Paysend provides cross-border payments for consumers and businesses and serves over 11m customers in more than 170 countries. 

Sequoia backs AI agents scaleup Dust in $40m Series B

Index backs YC alum Parallel in $20m Series A to bring AI agents to hospitals

The most active US investors in European tech

The 11 most valuable fintechs in Europe

Fintech unicorn Pennylane raises €175m round at €3.6bn valuation

13 fintech operators to watch in Europe

Index Ventures and Revolut's Storonsky back fintech Spiko in $22m raise

10 AI startup operators to watch in Europe

Pennylane doubles valuation to €2bn in fresh €75m fundraise

M&A: These tech companies are on the hunt for acquisitions this year