Over $148m has been raised across the top 10 deals in Belgium over the last five and a half years, accounting for 69.3% of the total capital raised in the country during the period. Only two deals that made the top 10 were completed in H1 2019.
The largest deal of the period went to MobileXpense, an expense management software which integrates with other enterprise resource planning systems. They raised $23.7m in a venture round in Q4 2017 and plan to use the capital to accelerate product development and strengthen commercial organisation.
The largest deal of 2019 was completed by Koalaboox which raised a $16.5m debt financing round. Koalaboox offers a web-based financing and management solution to small businesses through an easy online invoicing software.
Capital allocation of the top 10 deals was widely spread with five subsectors being represented: Infrastructure & Enterprise Software and Data & Analytics companies accounted for three transactions each, Payments & Remittances companies accounted for two transactions, and Marketplace Lending and InsurTech companies accounted for one transaction each. This is unsurprising due to government initiatives in the country which facilitate FinTech startup growth such as the Digital Belgium policy – aimed at boosting the digital economy by offering tax shelters to startups. Belgium therefore offers an attractive fiscal environment for investors across all subsectors resulting in investment across the FinTech value chain.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2019 FinTech Global
