Wolfgang Berner, CTO & CPO — Tobias Schweiger, CEO

At BlackFin, we deeply believe in the use of AI to detect abnormal patterns and fight against fraud — which is one of the greatest concern for financial institutions at large. That’s why we’ve invested in Friss in Netherlands, which helps insurers to detect fraudulous patterns, and that we’ve invested in Ravelin in the UK — which does the same but in the payment space for e-merchants.

Today, we’re glad to lead Hawk AI’s Series A alongside existing investor Picus Capital and prominent Business Angels, in order to help banks, payment firms and fintechs to fight against financial crime.


For a year now, the crypto landscape has been booming. Despite the recent volatility and decrease in values, crypto market cap remains above $1TN. What’s maybe more important is that we are witnessing more and more participation from institutional players to the crypto game: there has been Tesla’s $1.5-billion investment in Bitcoin in February, BlackRock authorizing two of its funds to invest in bitcoin futures in January or Visa’s direct acceptance of payments in cryptocurrency (USD Coin) in March.

Retail users are no longer the only ones to be excited by the potential of crypto…

As these new players come…

A few months after we led its €20m Series A, Memo Bank raises €13m with Serena Capital.

What happened in the meantime?

  • First, Memo obtained its banking license from ACPR and European Central Bank, which enables it to be fully autonomous and provide its customers with all banking products. As founder Jean-Daniel Guyot says, Memo is not a challenger bank nor a fintech!
  • Memo launched its product in October and have been enrolling its customers — mainly enterprises with a turnover exceeding €2m — from then on.
The team’s #1 ambition is to serve SMEs

What’s interesting about Memo Bank’s traction is that once adopted by its customers…

Our first investment in Akur8 was also our first disclosed investment in 2020. Since then, a lot of things happened for the company — in addition to the pandemic macro change obviously.

Less than two years after it was incorporated out of startup studio Kamet Ventures and just 15 months after we led Akur8’s Series A, stating that the company — whose mission is to empower actuaries with its transparent IA — has achieved a lot sounds like an euphemism.

  • First, the team signed several Tier-1 clients like AXA, Generali and Munich Re, but also specialty insurers Canopius and Tokio…

In less than 2 years, Agicap has raised a total of $121m, and successfully expanded its activities to Europe. Today, we’re very proud of backing again Agicap through its Series B led by Greenoaks Capital.

Agicap’s fast growing team

From a Lyon-based startup to one of the most promising fintech SaaS in Europe

Back in times, when we led Agicap’s Seed round in 2019, the sizing of the company had nothing to do with what it is today… 8 employees in a small office in Lyon, dozens of customers and a crazy ambition.

At that time, we conducted a dozen of reference calls with Agicap’s clients and prospects in order to better understand the value proposition of their…

The fintech raised a €20m funding round led by Gaia Capital Partners, with Augmentum Fintech, existing investor Partech and of course BlackFin Tech!

Epsor’s magic team

When we first met Epsor team in 2017, they immediately convinced us that employee saving and retirement plans was a huge market with quite some room for improvement. We led their Series A in 2019 and today we’re proud to see what they achieved — and eager to discover what is to come.

What has changed for Epsor since our first investment in 2019?

  • The company has grown from 4,000 employees served to 40,000+ users.
  • This ten-fold increase is all the more impressive that Covid-19 hit Europe in…

The banking business model does not look as shiny as it was 20 years ago. Banks’ earnings are shrinking as their legacy model witness diminishing revenues, often consumed by thick cost structures. While traditional banks struggle, newcomers are blooming and see their business growing rapidly. Those players managed to use technology to innovate and better manufacture and distribute their financial products.

Today, and especially in these times of pandemic, financial institutions have been cornered and are urged to “to fly to the cloud” if they want to remain relevant for their customers. On the other side the demand for embedded…

We are proud to announce our very first investment in Spain, in the brilliant Madrid-based Bdeo, alongside K Fund and Big Sur Ventures.

Helping insurers to lower their operational costs

At BlackFin, we are deeply convinced that European insurtechs can help insurers improve their efficiency all along the value chain.

So far, as a study from our fellow VC astorya.vc shows, most VCs have invested in startups tackling the way insurers distribute their products — but more and more are interested in startups that try to improve the operational performance of insurance companies. …

We are proud to share with you our most recent investment in Germany: we invested in Hypatos, a deeptech startup that is set to completely transform how finance & purchasing departments of large corporates operate. We closed this investment alongside UVC Partners & Grazia Equity, two well-known early-stage German investors.

Hypatos’ engine extracts & understands data based on the latest AI techniques

Cognitive Process Automation (CPA): understanding data the way humans do.

In line with what Michele outlined as one the major trends we saw at the beginning of 2020 (the digital transformation of the CFO), Hypatos’ technology is an engine that not only can decipher but also understand the contents of any type of semi structured documents (think invoices, receipts, medical…

Almost 2 years after BlackFin led Ravelin $10m Series B, we are glad to announce that the London-based payment fraud detection specialist raised $20m Series C.

With this fresh money Ravelin will:

  • expand the product range for merchants
  • develop product for PSPs and acquirers enabling them to monitor fraud risk in their merchant portfolio
  • strenghten the sales team in Europe and in the USA
“The opportunity now is to balance adding new clients while continuing to invest in innovations to make them successful” says Martin Sweeney, CEO of Ravelin

For us, reinvesting in Ravelin was a no-brainer. In addition to our strong believe that fraud is one of the hottest topics in the financial industry at large, we were amazed by the quality of the…

BlackFin Tech

We are a €180m fintech & insurtech VC and this is where we publish our thoughts and ideas on the European ecosystem. More info at www.blackfin-tech.com

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