In today’s top Europe, Middle East and Africa news, global tech firm Bosch acquired British automated driving company Five AI, while Stenn, a digital financing platform for SMBs, completed a $50 million equity funding round.
Plus, London payment technology provider Form3 and Goldman Sachs Transaction Banking introduced a foreign exchange solution, Berlin-based tech company re:cap extended its seed financing by $15 million, and Just Eat Takeaway.com is partnering with Albert Heijn.
Bosch Acquires UK Autonomous Driving Firm Five AI
British automated driving company Five AI has been acquired by multinational tech firm Bosch, who said Five chose it over other takeover bidders because the companies “share a common vision of automated driving and of safe automated driving systems.”
The acquisition agreement was signed earlier this month, and both firms agreed not to reveal financial details. However, the deal is still subject to approval from antitrust authorities.
Stenn Raises $50M in Equity Funding at $900M Valuation
Digital financing platform Stenn, which offers services for small- to medium-sized businesses (SMBs), raised $50 million in an equity funding round that gives it a $900 million valuation.
The company offers a proprietary technology stack that provides global SMBs in international trade with fast access to growth capital. The startup said it uses big data and custom algorithms to analyze the risks associated with credit, fraud and compliance.
FinTech Form3, Goldman Sachs Launch Cross-Border Transaction Banking
Form3, a London-based payment technology provider, and Goldman Sachs Transaction Banking (TxB) have introduced a solution designed to deliver foreign exchange (FX) and payments capabilities to Form3’s banking clients.
The companies said the platform will provide clients access to FX payments in 124 currencies across 163 countries. Additionally, TxB’s international payments and FX capabilities will be leveraged for a value-added service for Form3’s institution customers.
Berlin-Based re:cap Closes $15M Seed Funding
Berlin-based tech company re:cap extended its seed financing, adding an additional $15 million to the $100 million in equity it raised last year.
Re:cap’s platform allows institutional investors to invest in a company’s recurring revenue, and allows these businesses to also convert up to 50% of their annual recurring revenue into instant, non-dilutive upfront cash. The network also provides institutional investors access to a new asset class.
Just Eat Takeaway Teaming up With Ahold’s Albert Heijn Chain
Just Eat Takeaway.com is partnering with Albert Heijn, the Netherlands-based flagship division of supermarket operator Ahold, to deliver groceries and convenience products.
The partnership brings together the country’s biggest food delivery service and its largest grocery store chain. Ahold also has its own grocery delivery service and operates eCommerce site Bol.com, which is more popular than Amazon in the region.
Montonio Secures €11M in Series A Funding
Montonio, an all-in-one platform for digital retailers, raised €11 million ($12 million) in a Series A funding round, with part of the funding going towards the company’s European expansion.
The startup said its end-to-end platform uses a single, self-serve application programming interface (API) integration to give merchants the ability to accept bank payments and handle a range of eCommerce services.
Finnish FinTech Zevoy Raises $16M for EU Expansion
Finland-based FinTech startup Zevoy has closed its €15 million ($16.3 million) Series A funding round, with the funds going towards its upcoming European expansion.
The startup, founded in 2020, plans to launch in eight European markets. Additionally, it is expected to secure a credit institution license this year, which will allow the firm to accept deposits.
Finastra, Microsoft Form BaaS Partnership for Small Business Lending
Finastra, a London-based FinTech, has launched a Banking-as-a-Service (BaaS) collaboration with Microsoft, offering new lending options to small- to medium-sized businesses (SMBs).
SMBs that use Microsoft Dynamics 365 will be able to access financing offers without leaving their business management platform.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More