🌊The Fintech Wave(#27)
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🌊The Fintech Wave(#27)
TLDR; Bulgaria has its first unicorn🦄An app for financial education. N26 is could go public in 2024. Insurtech raised $86M for affordable home insurance. The search term “NFT” is declining based on Google Trends. Another NFT marketplace from Paris raises money.
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Europe News and Funding
Bulgaria has its first unicorn🦄
After Italy last week, now Bulgaria has its first unicorn - Payhawk; a spend management platform for business (European version of Brex or Ramp). The company extends their Series B for another $100M.
Payhawk wants to replace multiple services with a single solution. From expense management to issuing corporate credit cards to employees. Currently, they are available in 30 countries.
An app for financial education📚
Your Juno raised a $2.2M Seed round for its bite-size learning app (iOS and Android). Users can choose various topics such as: saving money, starting investing, buying a house, etc. The app has been downloaded 10,000 times.
It is not a bad idea, but I’m not sure how monetization will work, since there are already tons of other free financial resources. It’s going to be hard to upsell premium service to users. Probably they will come up with some affiliate marketing with investing/banking apps.
N26 is could go public in 2024
The biggest European online bank is targeting 2024 for IPO.
Currently, the bank is valued at $9B and has 7 million customers, but it’s still not profitable. Also, they exited the US market (and probably lost $100M), and to be listed on IPO they have to prepare for more regulatory scrutiny.
Americas News and Funding
Insurtech raised $86M for affordable home🏠 insurance
Kin Insurance raised $86M Series D for its direct-to-consumer home insurance. The startup currently operates in Kin in Florida, Louisiana, and California.
The startup claims that the average users save $500/year when they switch to Kin. As every insurtech, Kin’s business model is heavily relying on data - Kin’s technology platform instantly draws thousands of data points to evaluate the risk profile of each home and price policies accurately. This is especially important for homes that are hard to insure, including those that are impacted by severe weather events caused by climate change. Kin’s algorithms and data, can operate in high-risk places and help customers prepare for the worst and recover quickly when it happens.
Crypto ₿ites
The search term “NFT” is declining based on Google Trends
Looks like the NFT rush is slowing down a bit if we look at Google Trends analytics. It will be interesting to see if trading volume will follow this decline in the following weeks.
Another NFT marketplace from Paris🗼raises money
Idea is to create a platform where musicians and their community gather to create, sell, buy and collect songs in limited editions. Interestingly, Pianity is built on top of Arweave blockchain - $0 minting cost & $0 gas fee. 80% of the transaction will to the artists.
Tweets and Threads of the Week
