May 24, 2019 11:31 AM

By Michael Stothard

It was another busy week in the world of European startups. Here were the biggest stories you need to know about:

Fintech frenzy
  • Challenger bank N26 got into trouble with the German banking regulators. It has been asked to improve its anti-money laundering and financial crime processes. The company responded saying it is hiring more people for this, partly to help clear its backlog of flagged transactions and recheck the identity of some customers.
  • Five-year-old fintech Loop went into administration. The startup, which offered a current account and pre-paid debit card aimed at young people, had secured an investment from Royal Bank of Scotland.
  • London fintech Transferwise announced it had raised $292m at a valuation of $3.5bn, making it the most valuable fintech in Europe. In doing so, the company also minted 33 new (paper) millionaires, which promises to be good for the European ecosystem.
  • Digital bank Monzo hit 2 million customers. More than 35,000 people are signing up every week.
Cash cash money
Company and community
  • Barcelona’s biggest startup hub is expanding. Pier03 — the follow-on to Pier01, an old shipping warehouse filled with startups, incubators, VCs and corporate innovation teams — will focus on blockchain technology and also be home to impact hub Civic Tech House. What about Pier02? That’s being saved for something even bigger and better, CEO Miquel Martí told Sifted.
  • Mapping startup Mapillary launched a marketplace. It will enable customers to request map data, and then pay the people who gather the street-level images required for the platform to do so. Still curious? Read our profile on the Swedish upstart taking on Google Maps.
Fundraising news

To read the article, click here.

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