Europe has been the second most important region in the world, after North America, for WealthTech investment, capturing 30.8% of global deal activity between 2014 and Q3 2019.
There has been a shift in deal activity from North America to Europe over the past five years, as investors look to capitalise on the growing challenger bank market and early digital adoption rates of European consumers.
Atom bank is one of the largest challenger banks in the UK with an estimated 500k customers. The digital bank raised $62.4m (£50m) in a funding round led by BBVA in July 2019. This was the largest WealthTech deal in Europe last quarter, valuing the bank at over £500m. Atom bank also secured a $12.1m (£10m) grant from the Capability and Innovation Fund in August, with the aim of facilitating the expansion of business offerings to include lending or payments services to UK SMEs.
Spendesk is an all-in-one spend management platform, based in Paris, that enables consumers and employees to monitor their spending, and streamline their expenses via an invoice management app. The French FinTech company raised $38.4m in a Series B round led by Index Ventures in September, which was the largest WealthTech deal in France in Q3 2019.
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
