With over €2bn already raised in financial technology (or Fintech), it is deemed to be the most popular start-up sector in Europe this year. Frog portfolio companies Modulr and Azimo have been included in a list by Sifted, which compiles at least 150 European Fintechs you should keep an eye on in 2021. Also joining both Fintechs in the list are Klarna, Monzo, and Starling Bank, among others.
Giving their views on each of the company listed, Sifted’s take on Modulr was a positive one, stating that 2020 was a big year for the Payments-as-a-Service API Platform for digital businesses. “The payments infrastructure provider counts Revolut, Sage, and Salary Finance amongst its client base, and in November 2020 it received £9m from Paypal Ventures. Beyond partnering with some of the biggest payment companies in the world, Modulr is now a participant in the Bank of England’s Bacs and Faster Payments scheme — and was awarded an EMI licence from the Central Bank of Ireland. If that’s not enough to convince you of this fintech’s potential, it also boasts partnerships with Visa and MasterCard,” said Sifted. “So far, the company has raised £60m, including a Series C round in May 2020 that raised £19m from Frog Capital, Highland Europe, and Blenheim Chalcot.”
Additionally, world leader in online and smartphone-based money transfers, Azimo reached profitability in 2019, receiving over $88m from Rakuten, eVentures, and Frog Capital. “It’s currently preparing for the fallout of Brexit, and in April 2019 it secured a license in the Netherlands to operate and opened up an office in the Netherlands. They’ve also got an office in Krakow. But they’re doing well, with a 70% increase in new customers since the pandemic,” Sifted commented.
Read the full list here.