The 10 Biggest Fintech Rounds of 2020
The year 2020 has been a tough one for companies seeking funding, but not for fintechs, who managed to receive a handful of giant rounds. But which fintech companies received the largest amount of funding this year? This article will delve into the ten biggest funding rounds, ascending from smallest to largest.
- Auxmoney – $177 million
Auxmoney is the largest credit marketplace in Europe. They provide people with easier access to credit, without the need to go through a bank. The German fintech managed to secure €150m in September led by Centrebridge Partners, and this investment saw them become a majority shareholder in the company.
- Tink – $208 million
Tink is an open banking platform based in Sweden. Their platform enables banks, fintechs and startups to use data to develop personalised and data-driven financial services. The company raised $107m in January and raised a further $100m in December, including Dawn Capital, HMI Capital and Insight Partners.
- Greenlight Financial Technology – $215 million
Greenlight Financial Technology is a children’s debit card startup with over half a million users. The startup raised $215 million in Series C funding in September led by Canapi Ventures and TTV Capital. With a valuation of $1.2 billion, it has joined the exclusive list of fintech unicorns.
- Xinja – $255 million
This fintech startup is an independent, 100% digital neobank for Australians. The company raised $255 million in funding from Emirates’ World Investments (WI) back in March. Despite this large funding round, Xinja recently announced it would be pulling the plug on its banking operations.
- Bakkt – $300 million
Bakkt is a US-based fintech that allows users to track, spend and send digital assets like cryptocurrency. The startup raised $300 million in funding back in March and has received backing from big names such as Microsoft’s venture capital arm M12 and PayU.
- Chime – $485 million
Chime is an American neobank which provides fee-free financial services through a mobile app. Raising an impressive $485 million in Series F funding in September, Chime jumped from a $1.5 billion valuation in early 2019 to its current $14.5 billion valuation.
- Revolut – $580 million
London-based Revolut is a neobank that allows users to manage their entire financial life all from an app. The company raised $500m in February and raised a further $80m in July. With a $5.5 billion valuation, it is now one of the highest valued fintechs in Europe.
- Stripe – $600 million
Stripe is one of the largest fintech companies globally, with a valuation of $36 billion. The payment processing company raised $600 million in funding in April and plans to use the new capital to expand globally and invest in hiring and software.
- Klarna – $650 million
Klarna is the leading global payments service in Europe, with over 90 million consumers around the world. They recently raised $650 million in an equity funding round in September, which boosted their valuation to $10.65 billion. Klarna is currently the highest-valued private fintech in Europe and ranks as the 4th highest worldwide.
- Robinhood – $660 million
Robinhood is an online broker that allows users to trade and invest commission-free. The company raised $460m in August and raised a further $200m a month later. This fresh injection of capital brought Robinhood’s valuation up to $11.7 billion, an increase of $700 million since August.