Weekly VC Overview: All 65 European startup funding rounds we tracked this week (1-5 March, 2021)

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The post Weekly VC Overview: All 65 European startup funding rounds we tracked this week (1-5 March, 2021) first appeared on EU-Startups.

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Revolut launches as a bank in these 10 European markets; banking customers will now have their deposits protected

Revolut

London-based Revolut, the fintech company with more than 15 million customers globally, has announced to operationalise its European specialised banking licence in 10 European markets.

Customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.

Deposit guarantee scheme

According to the company’s website, if Revolut Bank shuts down, its customers can claim up to €100K with this scheme. Also, it does not matter if the customers’ currencies were in euro or foreign, they are protected.

Customers in the 10 eligible European countries can now upgrade to Revolut Bank for additional services from within the app. The upgrade process takes just a few minutes. Revolut is confident that deposit accounts, alongside its wide range of products and services, will provide customers with more control, value, and security than traditional banks.

Virgilijus Mirkės, CEO of Revolut Bank says, “Revolut is now the fastest-growing fintech company in Europe because we put the customer at the heart of everything that we do. Our product design is second to none, we have no hidden fees, and we are constantly building new and innovative financial products.”

He further adds, “Launching the bank in ten new European markets will provide a greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the near future.”

Everything about Revolut

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a financial services company that specialises in mobile banking, card payments, money remittance, and foreign exchange. It includes a prepaid debit card, currency exchange, and peer-to-peer payments.

For instance, using Revolut can show customers exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends instantly, and round-up their card payments and build-up their spare change.

One of Revolut’s key features includes conversion from one currency to another based on interbank rates with no fee. Customers can hold foreign currencies in their accounts or send money to another Revolut user or a bank account outside of their country.

According to the company, it is on a mission to help customers improve their financial health, promote financial cohesion across communities, and empower customers to have more control. Currently, it has over 15 million customers around the world who use Revolut’s products to make more than 100 million transactions a month.

To date, the company has raised about $ 1B (approx €830.46M) in investment at a valuation of $ 5.5B (approx €4.56B).

Recent developments

Earlier this year in January, the fintech had announced to create a financial super app and had submitted its application for a bank licence in the UK to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). 

Last year, Revolut launched its specialised bank in Poland and Lithuania and started offering highly competitive credit products in both countries. 

The specialised bank licence allows Revolut Bank to provide limited banking services via the Revolut app along with an array of financial services and products offered by other Revolut Group companies.

In December 2020, the company launched its online web app for its customers in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan and the US. This development was made for customers so that they can safely access their accounts from a browser on desktop or laptop, in addition to the smartphone app.

In the same month (Dec 2020), Revolut had announced the launch of ‘Pockets’ – a new feature that enables customers to stay on top of their spending as well as makes organising rent, bills, and subscriptions effortless.

Startups – Silicon Canals

Sweden fintech Klarna expands its Open Banking solutions in these 8 European countries

Klarna

Sweden-based Klarna, a fintech startup that provides e-commerce payment solutions to merchants and shoppers, has announced its expansion of Open Banking solution across eight more European countries. These include Portugal, Denmark, Luxembourg, Ireland, Croatia, Estonia, Lithuania, and Latvia. 

Koen Köppen, Klarnas CTO says, “Since we launched our Open Banking Offering in March 2019 our growth trajectory has been tremendous. That’s why we’re excited to launch in 8 more markets today and expand our product offering even further, as we continue to lead Europe’s Open Banking industry covering more than 6,000 banks across 24 countries. The ability to empower consumers through financial data should not be at the discretion of a single provider but open to many providers so that more solutions can be developed that put the customer at the centre of their personal finances.”

Largest open banking network in Europe

The development comes right after Klarna raised $ 1B (approx €830M) in an equity funding round earlier this month. The raised capital is being used to accelerate international expansion and further capture the global retail growth of the company.

The fintech company claims to provide the largest open banking network in Europe, supporting a total of 24 countries in the continent, with up to 99 per cent and a minimum of 90 per cent bank coverage across markets.

Klarna’s Open Banking solution which currently processes more than 150 million transactions per year, offers third-party providers simplified access to consumer bank account data via “Account information” (AIS) and “Payment initiation” (PIS) services in line with Payment Services Directives (PSD2).

The secure solution allows consumers, wishing to boost the potential of their financial data, to better understand and engage with their finances in a more meaningful way. 

Klarna has also launched “Account Insights”

As part of the latest expansion, Klarna also introduces “Account Insights” – a new solution that turns simple bank statements into unique insights through categorisation and data enrichment.

These insights can enable a variety of use cases including personalised budget plans, insurance checks, loan applications, credit & risk assessments, personal finance management applications, and more, all through simple API integration.

Klarna claims its XS2A API is the most established and proven solution that has been developed at scale across markets for more than 15 years. Across markets, Klarna has a better PIS conversion rate from the login to the successful completion of the flow.

The Klarna Open Banking platform also provides developer-friendly tools and technical solutions to help solve both the compliance and UX aspects of managing credentials and to overall help drive an accelerated time to market for products while minimising costs and technological investments required.

Everything about Klarna 

Stockholm-based Klarna was founded in 2005 by Sebastian Siemiatkowski, Niklas Adalberth, and Victor Jacobsson. It is an e-commerce payment solutions platform for merchants and shoppers. Klarna is a regulated bank known for its “buy now, pay later” model that offers shoppers interest-free financing on retail purchases over a period of instalments.

Besides, consumers can browse and shop at any brand online with Klarna payment options, track spending and available balances, add favorite items to wishlists, access tailored discounts, receive price-drop notifications, track deliveries intelligently and join Klarna’s new loyalty program, Vibe. 

In addition, the company also offers direct payments, pay after delivery options, and instalment plans.

The fintech company has over 200,000 retail partners including giants such as H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike, and AliExpress. 

With over 3,500 employees in 17 countries, Klarna’s investors include Sequoia Capital since 2010 and more recently, Dragoneer, Bestseller Group, Permira, Visa,  Atomico, Ant Group and Silver Lake, HMI Capital, and TCV, amongst others.

The company has also launched new products including savings accounts in Sweden, current accounts in Germany, and Klarna’s Vibe loyalty program in the US and Australia which enhanced consumer acquisition and retention, and drove adoption of the Klarna app to a record 18 million monthly global users.

Startups – Silicon Canals

Prague-based online grocery business Rohlik raises €190 million to launch in Germany and other European markets

Today Czech-Republic-based online supermarket Rohlik Group has raised €190 million from investors and announced that it will close FY2020 with €300 million in revenue, representing 101% annual growth, and 750,000 customers across three countries. The round is led by Partech, joined by Index Ventures, with participation from EBRD, J&T Banka, Quadrille Capital, R2G and existing…

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Weekly VC Overview: All 65 European startup funding rounds we tracked this week (Feb. 22-26, 2021)

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European gaming studios Happy Volcano and Snowprint nab €6.8 million in funding

Today Hiro Capital, a VC focused on backing innovators in video games, the metaverse, e-sports and digital fitness, has announced leading funding rounds totalling around €12.3 million into two European-based, and one US-based, game studios. On the European side, the two startups are Stockholm/Berlin-based Snowprint and Belgian startup Happy Volcano, with the US-based startup being Double Loop Games…

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European gaming studios Happy Volcano and Snowprint nab millions of investment from Hiro Capital

Today Hiro Capital, a VC focused on backing innovators in video games, the metaverse, e-sports and digital fitness, has announced investing around €12.3 million into two European-based, and one US-based, game studios. On the European side, the two startups are Stockholm/Berlin-based Snowprint and Belgian startup Happy Volcano, with the US-based startup being Double Loop Games in San Francisco….

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The first pan European and African Digital Innovation Hub focusing on smart logistics launched – News Ghana

The first pan European and African Digital Innovation Hub focusing on smart logistics launched  News Ghana
“nigeria startups when:7d” – Google News

Global design platform Canva acquires two word class European innovators: Kaleido AI & Smartmockups

Online design platform Canva has achieved another milestone today after announcing a strategic investment into its vibrant apps ecosystem through the acquisition of two innovative European startups: Kaleido.ai, a leading visual AI platform (Austria) and Smartmockups, a realistic product mockup generator (Czech Republic). Together, the companies will capitalize on the significant global reach of Canva’s…

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