Led · Series B · May 2022

Founded in 2019, Scalapay has grown into one of Southern Europe’s leading buy-now-pay-later (BNPL) providers. Its platform allows more than 10.2 million users to purchase items online or in-store and pay in three or four fee-free installments, driving higher conversion and average order value for over 10,000 merchant partners such as Mango, Backmarket, Eminza and Lastminute. Having achieved unicorn status, the company is now focused on enriching its payment products and simplifying the customer journey. The newly secured funding will enable Scalapay to accelerate product development and consolidate its European position in smart financial services. Management stresses technological innovation, security and service quality as core differentiators. By using non-dilutive growth debt, Scalapay can scale without reducing founders’ or existing investors’ equity stakes. The company ultimately aims to expand both its geographic reach and its portfolio of interactive payment solutions.

Participated · Equity · Dec 2020

Tink is an open-banking platform that aggregates banks and financial services via APIs to enable integrations and payment initiation. The platform links 3,400 banks and covers some 250 million people, and has about 8,000 developers using its APIs. Tink processes around 1 million payment transactions per month across five markets and makes commission on transactions it routes. Customers mentioned include Kivra (4 million adults in Sweden) and payment fintech Lydia (over 5 million customers). The company has made three acquisitions (Instantor, Eurobits and OpenWrks) as part of its growth strategy and is live in numerous European markets with plans to expand to 10 markets in 2021. Tink has a post-money valuation of €680 million and has raised €175 million in total. Tink is a Swedish open-banking platform founded in 2012 that provides cloud-based infrastructure and data products to banks and fintechs. Its product suite includes Account Aggregation, Payment Initiation, Data Enrichment and Personal Finance Management for standalone services or integration into banking applications. The company says its technology has been integrated by leading European players including NatWest, ABN Amro, BNP Paribas Fortis and Klarna; partners also include Nordea and SEB. PayPal has made a strategic $11.2 million (10 million euro) investment and will also be a customer using Tink’s account aggregation technology. Tink stated the investment will support its expansion across Europe and help extend the reach of its open-banking technology. The company positions itself as providing the infrastructure and data services for the next generation of financial services. Tink began in 2013 in Sweden as a consumer finance app focused on bank account aggregation and has since repositioned to sell its technology to banks and financial service providers. Its platform exposes APIs across four pillars: Account Aggregation, Payment Initiation, Personal Finance Management and Data Enrichment. Tink's developer platform is launching in five new markets (U.K., Austria, Germany, Belgium and Spain), bringing total coverage to nine countries, and the company plans to reach 20 markets by the end of 2019. The firm recently opened a London office and intends to establish four more offices while roughly doubling headcount from 150 to about 300. Customers named in the article include SEB, ABN AMRO, BNP Paribas Fortis, Nordea and Klarna. Tink is a mobile app launched in Sweden in 2013 that aggregates bank accounts and credit cards to give users personal finance management (PFM) insights via a news‑feed style stream on iOS and Android. The product today is largely ‘read only,’ presenting spending habits and comparisons to services like Mint; the company says it plans to evolve into a full virtual bank by using new EU rules. The January EU Payment Service Directive (PSD2) will let Tink initiate payments and therefore support withdrawals and deposits across customers’ accounts. Tink reports 300,000 users in Sweden on Tink 1.0 and is running beta tests in 10 additional European markets ahead of international expansion later this year. The company also partners with banks to let users compare mortgage rates, savings accounts and credit cards across providers. SEB Venture Capital’s participation is strategic: SEB will integrate Tink’s PFM features into its own banking app and has become Tink’s fifth largest shareholder. Tink offers a mobile app (iOS and Android) that connects to users' bank accounts and credit cards to continuously collect, sort and analyze personal finance data. The app surfaces spending insights, budgets and “fun facts” in a news-feed style stream designed for quick, frequent use. It targets young, mobile users and reportedly resonates particularly with females in their early 20s. Tink launched in Sweden in September last year and claims over 200,000 users — more than 2% of Sweden’s population. The company plans to use new capital to expand internationally, further develop the product and increase head count. Management emphasizes a fully automated, feed-based UI as its competitive advantage versus other personal-finance apps.

Participated · Equity · May 2020

Milkman, co-founded in 2015 and based in Milan, operates a last-mile logistics platform offering same-day delivery, delivery within exact hours (within 30 minutes) and real-time tracking. The company reported over 400k deliveries in Q1 2020 and serves clients including Eataly Today, Coop, Nespresso, Zara and Tannico. It has raised €35M in total funding and recently secured €25M in its third funding round. Backers in the latest round included Poste Italiane, P101 sgr, Italia500, Vertis and 360 Capital. Milkman intends to use the capital to expand operations and broaden its business reach. The company and Poste signed a cooperation deal to launch MLK Deliveries, offering Poste’s clients a premium delivery service. Milkman is an e-commerce delivery service that provides transparent, accurate arrival-time forecasts and a wide range of delivery personalization options (day/hour/same day). Customers can cancel or replan deliveries with no additional cost. Launched in April 2016 and based in Verona, Italy, the company has completed over 400,000 deliveries and is led by CEO Antonio Perini. Milkman partners with retailers including Easy Coop, Eataly, Nespresso and Zara. The company reported turnover of €450k in 2016, €2.1m in 2017 and expected to close the current year at over €7m. It intends to use the €6.4m raised to accelerate development efforts. Milkman, founded in 2015 and based in Milan, Italy, provides a smart logistics service that allows users to pick a one-hour time slot for e-commerce deliveries via mobile apps. The service is managed through iOS and Android applications and hands over items on demand within the chosen hour. In its first months of activity the company delivered 3,000 packages. Milkman intends to use newly raised funds to continue developing its service. The company previously raised €255k prior to this round. The product focus is on improving convenience and timing for last-mile e-commerce deliveries.

Led · Series C · Sep 2019

Moneyfarm, founded in 2012, offers digital wealth management including multi-asset portfolios backed by active and passive funds and a Platform-as-a-Service used by institutions such as Allianz and UniCredit. It serves over 80,000 clients and manages more than GBP 2.2 billion in assets. The company plans to use new funding to bolster its product offering, support future development, and build partnership models by offering its digital wealth management as a module for other financial institutions to integrate. As part of its commercial activity, Moneyfarm's PaaS will be used by partners to launch direct digital investment offerings. The company has previously raised capital and, to date, has raised a total of GBP 139 million. Moneyfarm provides digital wealth management services combining digital investment advice, human guidance and fully-managed portfolios, and it leverages API capabilities to enable partnerships across Europe. The company plans to use the new funding to roll out its wealth management services to investors across Europe and to integrate its offering with partner platforms. Moneyfarm has over 40,000 customers across the UK, Italy and Germany and reported a third successive year of revenue growth for the 2018 financial year. Turnover increased 61% in the year to 31 December 2018, while group assets under management grew over 80% year on year to £734m. The firm has formed partnerships with large financial institutions, including an exclusive multi-asset product with Allianz for the German market. Co-founded by Chairman Paolo Galvani and CEO Giovanni Daprà, the company is based in Milan and London. Moneyfarm is an online investment advisor and one of the largest digital wealth management companies in Europe, operating from Milan and London. Co-founded in 2011, it uses a hybrid model that combines technology with a team of traditional advisors to serve retail clients. The company is regulated by the UK’s Financial Conduct Authority and Italy’s Consob and today has over 27,000 clients in Italy and the UK. Moneyfarm employs about 90 people across London, Milan and Cagliari. It raised €46M in new funding, bringing total funding to over €70M, and intends to use the proceeds to consolidate its presence in Italy and the UK, grow abroad, extend its product offering and expand its team. MoneyFarm is an online wealth-management platform that provides independent investment advisory to small savers. It blends technology and financial services expertise to deliver digital wealth-management services from offices in Milan, Cagliari and London. Founded in March 2011 by Paolo Galvani and Giovanni Daprà, the company has a team of over 60 people across three offices. MoneyFarm's community counts more than 60,000 savers. Financially, the company previously raised approximately $19 million from venture investors including Cabot Square Capital, United Ventures and Principia, and most recently received a strategic investment from Allianz (size undisclosed). The article does not detail future plans, valuation or specific product roadmaps. MoneyFarm offers a digital wealth management platform that provides independent investment advisory services to small savers. Its proprietary technology creates a unique customer profile based on investment targets and risk propensity. A team of experts continuously monitors customers' investments and provides recommendations to rebalance portfolios according to market trends. The company raised €16m in venture capital funding from Cabot Square Capital and United Ventures. MoneyFarm intends to use the funds to continue scaling the business and is hiring. The firm was founded in March 2011 and is based in Milan and London; Paolo Galvani is President and Giovanni Daprà is CEO.