Michele Mattei’s Post

European Union has concluded its antitrust investigation on Apple now that Apple Pay is also available to third party providers The #EU has concluded its antitrust investigation into #Apple Pay with Apple agreeing to significant changes. The EU's competition division, led by Commission EVP Margrethe Vestager, announced that Apple will open up its contactless payment technology to rival mobile wallet developers, marking a major shift in how contactless payments can be offered on iOS devices. Apple now has until July 25 to implement changes that will allow developers of rival mobile wallets to offer contactless payment using NFC technology. This move will enable developers to provide their users with “tap and go” payment options and access key iOS features such as double click to launch, Face ID, Touch ID, and passcodes for authentication. Additionally, users will have the option to set a third-party wallet app as their default, instead of Apple Wallet. This settlement comes after a formal investigation launched in June 2020, which narrowed to focus specifically on Apple’s use of NFC for contactless payments. The EU found that Apple had abused its dominant position, blocking competitors from offering NFC-enabled contactless payments and limiting market competition. In January 2024, Apple proposed changes to settle the case, offering to let third-party developers access NFC functionality via a set of APIs without having to use Apple’s payment or wallet technology. This proposal included providing "equivalent access" to NFC components through Host Card Emulation (HCE) mode, allowing third-party wallets to securely store payment credentials and complete transactions. After extensive feedback from industry stakeholders, including banks, app developers, and financial associations, Apple enhanced its commitments. The improvements include removing the requirement for developers to have a license as a Payment Service Provider (PSP) to access NFC input, evolving the HCE architecture to comply with industry standards used by Apple Pay, and shortening deadlines for dispute resolution. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Polish VC Radix Ventures raised $25 million out of their $60 million target Warsaw-based #Radix Ventures announces its new #VC fund. With an anchor investment of €25 million from the European Investment Fund (EIF), Radix aims to raise a total of €60 million to support the region's deeptech startups and spinouts. This move is significant as CEE has been known for its strong tech talent but has lacked substantial deeptech innovation and funding. Radix is led by three general partners: Pawel Bochniarz, Wojciech Ratymirski, and Michał Urbanowski. Their experience includes managing the smaller Polish seed fund ValueTech and establishing the Polish chapter of the MIT Enterprise Forum. These backgrounds equip them with the expertise to assess and support research-based companies, a skill set that is currently underrepresented among regional VCs who primarily focus on B2B SaaS and digital sectors. The fund will target late seed to Series B rounds, with plans to back 16 startups and reserve half of the capital for follow-on investments. Radix is open to co-investing with other VCs and also leading funding rounds. Investment tickets will range from €1.5 million to €9 million, depending on the stage of the company. The focus will be on software, hardware, and materials deeptech startups from CEE, with a particular interest in technologies that can transform traditional economic sectors to meet climate goals in areas such as energy, industry, transport, and mobility. Radix has established venture partners in Hungary, Romania, and Ukraine, ensuring a broad reach across the region. The fund aims to agree on a €40 million first close this autumn, with the final close expected within a year. Besides the EIF, Radix plans to raise the remaining funds from funds-of-funds and private investors, including individuals and corporates. The article on #Sifted in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Italian prop tech Newark raises $800k seed round led by Zest Group #Newarc, a Turin-based #proptech #startup, secures €800,000 in seed funding. The round was led by a group of business angels and included a follow-on investment from the #HabiSmart accelerator, part of the CDP Venture Capital SGR Capital National Accelerator Network. The accelerator's investors include the CDP Venture Capital Accelerators Fund, #Zest, Nova Capital, and COIMA. Newarc, founded by Edoardo Tabasso, offers AI-driven digital services that streamline the processes of buying, renovating, and enhancing real estate properties. The company's innovative solutions include Newarc Insieme, Newarc Subito, and Newarc Immagina. Newarc Insieme recommends the best renovation projects to unlock the full potential of properties for sale. Newarc Subito is the startup's dedicated instant buyer service, while Newarc Immagina allows potential buyers to visualize their renovated homes through furnished floor plans, virtual tours, and video renders. The technological heart of Newarc is Tiresia, a proprietary AI for real estate valuation. Tiresia is trained on 70 variables and over one million properties, enabling precise estimates and supporting real estate agencies with comprehensive, clear, and timely evaluation reports. With the new capital, Newarc aims to expand its operations in major Italian cities, starting with Turin, Milan, and Rome. The funds will also enhance the technological development of Tiresia and support the creation of a second-generation property render configurator, essential for the commercialization of Newarc Immagina. Newarc's journey began in 2022 with the first edition of HabiSmart, CDP Venture Capital's acceleration program managed by Zest and promoted by COIMA, Ariston, Nova Capital, and Mass Challenge. This program connected Newarc with established real estate entities and other startups, providing valuable experiences and growth opportunities. The announce on #newarc website in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

lemon.markets raises a $12 million funding round led by CommerzVentures Berlin-based #fintech brokerage-as-a-service platform, #lemonmarkets, has successfully raised €12 million in a funding round led by #CommerzVentures. This latest round of investment also saw participation from Heliad and existing investors, including Creandum, Lakestar, Lightspeed, and System.One, bringing the total funding to an impressive €28 million. Founded by Marcel Katenhusen and Maximilian Linden, lemon.markets provides digital brokerage and custody infrastructure that allows any company to offer investment products to their clients. Earlier this year, lemon.markets achieved a significant milestone by securing a license as an investment firm from the German regulator BaFin. This license enables the company to provide a wide range of financial services, including contract broking, investment advice, financial portfolio management, financial commission business, proprietary trading, and custody business. In a strategic move, lemon.markets launched its services in March, partnering with Deutsche Bank, BNP Paribas, and Tradegate. The startup also onboarded the financial education app beatvest, which now offers ETF investments to its B2C customers through lemon.markets' platform. With this new injection of capital, lemon.markets plans to introduce more partners and products, aiming for significant growth. The company has ambitious plans to expand across Europe by 2025, targeting the opening of 100 million brokerage accounts. Jonas Wenke from CommerzVentures expressed enthusiasm about the partnership, highlighting lemon.markets' talented team and their innovative solutions to complex financial services problems. The article on Finextra in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Icelandic VC Frumtak Ventures raises $87 million fourth fund Icelandic early-stage #VC #Frumtak Ventures announces the closing of its fourth fund at $87 million. This female-led firm, founded in 2009, is spearheaded by serial entrepreneur Svana Gunnarsdottir, alongside general partners Andri Heiðar Kristinsson and Asthildur Otharsdottir. The fund, which was closed in under six months, is set to make 10-15 investments ranging from €1 million to €3 million, with half of the fund reserved for follow-on investments. Frumtak Ventures has traditionally focused on B2B SaaS #startups at the seed and Series A stages in Iceland. However, with this new fund, they are expanding their horizons to include startups in software, AI, and deeptech across various sectors such as ocean tech, logistics, healthcare, travel, energy, climate, and gender equality. Kristinsson highlighted the potential in these areas, noting that their portfolio companies have successfully integrated a mix of these technologies, presenting numerous opportunities for growth. This fourth fund follows the success of Frumtak's $57 million third fund, closed in 2021, and it stands as the second-largest fund ever raised by a VC firm in Iceland, just behind the $90 million fund by the all-female-led VC Crowberry in 2021. Kristinsson attributes part of this success to Iceland's gender-equal environment, which boasts numerous female role models, including the world’s first democratically elected female president. He also pointed out that the shift towards remote investing, accelerated by the pandemic, has made investors more willing to engage with remote locations like Iceland. The article on Sifted in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Goldman Sachs leds the $36 million series C round in Canoe Intelligence #Canoe Intelligence secures $36 million in a Series C funding round led by #Goldman Sachs. This significant investment, supported by existing stakeholders F-Prime Capital and Eight Roads, has tripled Canoe's valuation since its Series B in 2023. Founded with the vision of enhancing alternative investment management through AI and machine learning, Canoe Intelligence is set to use these funds to further innovate and expand its cutting-edge technology. Under the leadership of CEO Jason Eiswerth, Canoe Intelligence has made significant strides in optimizing data accuracy and accessibility for financial institutions. Eiswerth highlighted that this funding validates Canoe's market leadership and potential, emphasizing the company's commitment to advancing the alternative investments sector. The infusion of capital will fuel Canoe's mission to develop comprehensive back-to-front office solutions, ensuring data integrity and creating substantial value for their clients. Canoe Intelligence has built a robust infrastructure that supports over 325 major institutional investors and capital allocators, streamlining data management tasks and enhancing operational efficiency. Jade Mandel, Managing Director in Growth Equity at Goldman Sachs Alternatives, praised Canoe's ability to create meaningful value by improving data efficiency and accuracy. With the increasing inflows to alternative investments, Canoe is well-positioned to capitalize on this trend, making it an exciting time for the company and its clients. The article on FinTech Global in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Solo GP Felix Plapperer raises $17 million for its new VC fund BOOOM💥 Felix Plapperer launches his solo GP firm, #BOOOM, closing its first fund at €17 million. Based in Berlin, BOOOM will target European B2B software startups at the pre-seed and seed stages, with a special focus on supply chain and procurement tech. What sets BOOOM apart is its strong mentorship component, co-initiated by the three founders of German logistics unicorn sennder—David Nothacker, Julius Koehler, and Nicolaus Schefenacker. These founders are committed to providing 1-1 mentoring to BOOOM's portfolio companies for 12 months post-investment. BOOOM plans to invest between €100k and €400k in approximately 30 companies. While it won't seek to lead deals, it offers a robust support system, connecting portfolio companies with a community of scaleup founders and operators for domain-specific advice on areas like tech, product, and go-to-market strategies. This unique blend of funding and mentorship is designed to accelerate growth and development for early-stage #startups. The fund has attracted investments from partners at renowned #VC firms such as Accel, Index Ventures, and Creandum, along with institutional investors and founders from successful tech companies including Celonis, King, Flix, and sennder. Notably, the sennder founders will no longer act as individual angel investors, focusing their efforts exclusively on mentoring within the BOOOM ecosystem. BOOOM has already made investments in 11 companies, including Timberhub, Ankar AI, and SPREAD AI, each addressing critical needs in their respective industries. Felix Plapperer, who brings experience from his previous roles at SquareOne, Rocket Internet, and Boston Consulting Group, leads BOOOM with a clear vision of fostering innovation and growth in Europe's B2B SaaS sector. The article on Sifted in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Adfin secures $4.9 million to fix bill payments for sole traders and SMEs #Adfin, a UK-based #fintech startup, steps up to revolutionize bill payments for sole traders and small businesses. Founded by Tom Pope and Ciprian Diaconasu, Adfin addresses the persistent challenge of invoice payments that many small enterprises face. Tom Pope, who formerly worked at Tink, and Ciprian Diaconasu, with a 12-year tenure at Mambu, bring a wealth of experience to this innovative venture. Adfin's core mission is to simplify and streamline the payment process for businesses that often lack dedicated administrative staff. By leveraging an intuitive invoice management and payment platform, Adfin ensures businesses can effortlessly manage invoices and get paid promptly. The platform supports various payment methods including open banking, card payments like Apple Pay and Google Pay, and automates payment reminders for overdue invoices. Notably, Adfin’s service charges a flat 1% fee per payment, regardless of the method used, making it a cost-effective solution for small businesses. The startup has garnered significant attention and secured $4.9 million in seed funding. This round was co-led by Index Ventures and Visionaries Club, with additional backing from notable business angels such as Thijn Lamers (Adyen), Guillaume Pousaz (Checkout.com), and Eugene Danilkis (Mambu), among others. Adfin's entry into the market could have substantial implications. By easing the administrative burden and ensuring quicker, cheaper payments, Adfin could significantly enhance cash flow management for small businesses. This not only helps in maintaining financial health but also allows business owners to focus more on growth and less on the hassles of payment collection. As Adfin continues to develop and expand its capabilities, it stands to make a major impact on the fintech landscape, particularly for those who need it the most—sole traders and small enterprises. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Gradient Ventures led a $3.3 million funding round infintech startup Niva #Niva has emerged from stealth mode to revolutionize global business identity verification. This groundbreaking #fintech startup has officially launched after raising $3.3 million in funding, led by #Gradient Ventures, Google's AI-focused venture fund, and supported by Picus Capital, Canary, Gilgamesh Ventures, and key executives from Chime, Deel, Enigma, and Faire. Niva is set to transform how businesses verify identities across borders. With the rapid growth of cross-border commerce, estimated at over $150 trillion in payments, businesses face significant complexities and risks. Verifying business identities to screen for fraud and meet local and international Know Your Business (#KYB) requirements is currently a manual, error-prone process that varies widely by country. Founded by industry veterans Abhinav Rai and Akhil Naini, Niva leverages advanced AI to build a universal identity layer, enabling instant, reliable, and borderless business verification. Niva's platform automates the tedious process of verifying business identities, reducing onboarding time from weeks to minutes and significantly improving application conversion rates. Niva has already achieved impressive milestones, including raising $3.3 million in funding and serving fast-growing international fintechs like Xepelin and Aplazo, Mexico’s largest BNPL provider. By using AI to analyze data from dozens of public and private sources, Niva reduces fraud and enhances compliance standards, allowing businesses to scale worry-free. The platform automates and speeds up the KYB process, reducing onboarding time from days to less than 10 minutes. It meets and exceeds compliance and anti-fraud standards by capturing and analyzing comprehensive data on businesses. Additionally, pre-filled applications and instant document validation improve the user experience and reduce drop-offs, significantly increasing conversion rates. The announce on #Niva website in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW

Infinite Reality announced the acquisition of Landvault for $450 million #InfiniteReality has announced a landmark $450 million acquisition of UK-based #Landvault, a leader in immersive technology and digital twins for Fortune 500 companies and government organizations. This strategic move significantly boosts Infinite Reality's capabilities in the immersive tech sector and strengthens its global footprint, particularly in the Middle East and North Africa (MENA) region. Founded by Samuel Huber, Landvault pivoted from gaming to digital world development in 2022 and has since assisted over 200 clients, including the Abu Dhabi government, Mastercard, L'Oreal, Red Bull, and Heineken, in entering the virtual world. The company has been instrumental in building infrastructure for the 3D Internet, providing tools to create, deploy, and monetize immersive content. Recently, Landvault developed platforms supporting the metaverse strategies of Middle East governments, tourism boards, and real estate companies, particularly in the UAE and Saudi Arabia. With this acquisition, Landvault will remain the Middle East arm of Infinite Reality, enhancing its investment and project support across the region. Sam Huber will take on the role of Global President of Enterprise and CEO of the MENA Region, furthering Infinite Reality's strategic initiatives and presence in the area. The acquisition is a significant step towards Infinite Reality's goal of becoming a global leader in immersive tech, paving the way for a potential dual listing, including an IPO on the Abu Dhabi exchange (ADX). John A., co-founder and CEO of Infinite Reality, emphasized the strategic importance of this acquisition. With the addition of Landvault, Infinite Reality now boasts robust capitalization, financial flexibility, and a fortified position to execute its global go-to-market strategy. This move follows Infinite Reality’s previous acquisitions, including The Drone Racing League, Ethereal Engine, Action Face, and Stakes, bringing its total fundraising to over $750 million since 2019. The article on Tech.eu in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://lnkd.in/d4h8zqKA  - Substack: https://lnkd.in/dzfGJzmW