Key European FinTech investment stats in Q3 2024:
- European FinTech deal activity increased by 7% QoQ
- UK companies dominated the European FinTech marketplace with a third of the deals from the region for the quarter
- Akur8, a machine learning-powered platform for insurance pricing, secured a $120m Series C funding round making it one of the biggest European FinTech deals for Q3
In Q3 2024, the European FinTech market continued its downward trend in funding and deal activity compared to the previous year.
The sector recorded 288 funding rounds, a 66% drop from the 858 deals completed in Q3 2023.
FinTech companies in Europe raised $3.51bn in Q3 2024, representing a 44% decrease from the $6.22bn raised during the same period last year.
Despite this decline, the modest increase of 7% in deals compared to Q2 2024 (270 deals) suggests some stabilisation in deal-making activity within the sector.
The United Kingdom remained the most active FinTech market in Europe, completing 94 deals (32% share) in Q3 2024, down from 258 deals in Q3 2023.
Notably, the UK’s share of total deal activity increased slightly, emphasising its leading role in the region despite fewer deals.
France followed with 39 deals (13% share), a drop from the 78 deals completed in Q3 2023, surpassing Germany, which recorded 27 deals (9% share) compared to 105 deals in the same period last year.
The continued dominance of the UK, along with the relatively stable activity in France and Germany, highlights the concentrated nature of FinTech investment in Europe, even as the market faces headwinds.
Akur8, a machine learning-powered platform for insurance pricing and reserving, has achieved one of Europe’s biggest FinTech deals of the quarter by securing $120m in Series C funding, bringing its total investment to $180m.
The round was led by growth equity firm One Peak, with contributions from Partners Group and existing investor Guidewire Software, Inc.
This latest funding will drive Akur8’s ambitious growth strategy, supporting product innovation with new modules—Optim, for optimising pricing strategies, and Deploy, a rating engine to streamline rate deployment.
Following its recent acquisition of the Arius reserving platform, Akur8 is set to expand its capabilities in the reserving sector, targeting new markets and bridging the gap between pricing and reserving.
With these developments, Akur8 is well-positioned for rapid global expansion, especially in North America, as it tailors its AI-driven SaaS solutions to meet market demands and broaden its impact across non-life insurance segments.
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