Key European WealthTech investment stats in 2024:
- European WealthTech deal activity plummeted by 80% in 2024 YoY
- UK firms dominated the European WealthTech market as they secured 32% of the deals in the region
- Abound, a leading credit technology company, secured the largest European WealthTech deal for the year with a funding round of $1bn
European WealthTech deal activity plummeted by 80% in 2024 YoY
The European WealthTech market experienced a sharp decline in both funding and deal activity in 2024 compared to 2023, reflecting broader challenges within the sector.
WealthTech companies in the region raised $5.4bn in 2024, down 65% from the $15.6bn recorded in 2023 and 52% from the $11.4bn raised in 2020.
Deal activity also contracted significantly, with only 272 deals completed in 2024—a steep 80% decrease from 1,331 deals in 2023 and 83% from 1,585 deals in 2020.
These declines underline the ongoing struggles to attract investor interest, as funding and deal activity remain far below their prior peaks.
UK firms dominated the European WealthTech market as they secured 32% of the deals in the region
The United Kingdom retained its position as the leading country for European WealthTech deal activity, attracting 121 deals (32% share) in 2024, although this marked a substantial 70% decrease from 399 deals in 2023.
Germany moved into the second position with 47 deals (12% share), slightly ahead of France, which recorded 38 deals (10% share).
This represented a decline of 69% for Germany (from 154 deals in 2023) and 76% for France (from 159 deals in 2023).
The shifting rankings highlight how the United Kingdom continues to dominate the sector, while Germany has gained ground relative to France, even as the overall European WealthTech market has contracted considerably.
Abound, a leading credit technology company, secured the largest European WealthTech deal for the year with a funding round of $1bn
Abound, a leading London-based credit technology company using Open Banking and artificial intelligence to offer more affordable loans, has secured the biggest FinTech deal globally for the year.
This significant funding follows Abound’s rapid growth and achievement of profitability just three years after its launch.
The new capital includes a multi-year asset-backed debt financing arrangement from Citi, based on loan originations, and a Series B equity round led by Silicon Valley’s GSR Ventures.
Abound has issued over $400m in loans to date and plans to double its workforce to 130 employees this year.
The company’s AI-powered technology, Render, analyses customers’ bank transaction data to tailor loan repayment plans based on individual financial situations, contrasting with traditional credit checks that rely on broad statistical averages.
With over 15m people in the UK struggling to borrow for unexpected costs, Abound aims to revolutionize credit decision-making, promoting financial inclusion by making loans accessible at more affordable rates.
As a pioneer in leveraging Open Banking and AI in consumer credit decisioning, Abound is already partnering with banks and lenders across Europe to support the AI transition in the lending industry.
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