- The UK took centre stage in November accounting for the most FinTech seed deals with 18, a 27% share of total seed deals. Seed deal activity in Europe reached a total of 66 deals in November. France and Spain were the joint second most active FinTech seed countries in November with five deals each.
- The Applied AI Company (AAICO), which is automating tasks in regulated industries, was the largest FinTech seed deal in Europe during November. The UK based company raised $42m in their seed round led by G42. AAICO’s mission is to develop targeted machine learning driven products that automate mission critical business processes involving manual or repetitive work.” said Mr. Bolurfrushan, Founder and CEO of AAICO. “We are humbled by the support of our investors in current market conditions. We take this responsibility seriously and are clear-eyed that a capital raise is not an indicator of success. We continue to keep our heads down, building great products for our US and UK based customers.”
- The Blockchain & Crypto subsector was the most active FinTech sub sector in Europe during November with 14 deals, a 21% share of total deals this month. Surprisingly the PropTech sector was the joint second most active FinTech sub sector along with PayTech with 10 deals each. Of the 10 PropTech deals announced in Europe half were in the UK. The PropTech sector has placed 6th on average for FinTech subsectors this year.
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