Revolut valued at $115bn....
Seb Johnson
June 08, 2026 • Estimated Reading Time: 6 minutes
🌟 QUICK INTRO
Hello and welcome back.
A massive week. Salesforce acquired Berlin-founded CMS Contentful, Balderton kicked off the Built in Europe campaign with Revolut, Mistral and Wayve, and Reading-based Oxford Quantum Circuits raised Europe's largest ever private quantum round at £260m.
Read on (and follow my new instagram page here).
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💰 BIG ROUNDS
Reading-based Oxford Quantum Circuits raised a €301m Series C in Europe's largest ever private quantum round, partnering with JPMorgan Chase and AMD to launch a dedicated Quantum-AI data centre for real-world financial applications. Read more here.
Spanish Perk secured a €258m credit line to accelerate the global growth of its AI-native financial platform. Read more here.
Barcelona-based Factorial raised a €129m Series D at a €2.1bn valuation, cementing its position as one of Europe's most valuable scale-ups serving more than 16,000 companies. Read more here.
Grenoble-based Quobly raised a €115m Series A (a serious French quantum bet) to industrialise its silicon-based quantum computers and ship its first commercial product by the end of 2026. Read more here.
Edinburgh-based Wordsmith raised a €60.2m Series B to scale its legal AI platform for in-house legal teams. One of the strongest European vertical-AI stories of the week. Read more here.
Paris-based Innovafeed secured €51m to scale its sustainable insect-based ingredients for animal nutrition, pet food and agriculture. Read more here.
London-based Apoha emerged from stealth with $36m to commercialise its molecular behaviour platform (it calls the category "Liquid State Intelligence"), helping pharma, food and materials companies predict how molecules perform in real-world conditions. Read more here.
London-based Semble raised a £30m Series C to expand its healthcare management platform across Europe and develop its AI-powered care coordination capabilities. Read more here.
London-based Gigaton raised a $26m Series A led by Plural to scale its AI-powered control platform for cement, steel, glass and chemicals plants. Pathfounders called it "Make Cement Great Again," which feels right. Read more here.
London-based Tilt raised $26m to expand its live-commerce platform across Europe and accelerate AI-powered tools for sellers. Built by ex-Revolut alums. Read more here.
London-based Fuse Energy secured a €25m Series B extension after passing $550m ARR and turning profitable. EBITDA-positive every month since December 2025, with ARR up 32% in Q1 alone. Read more here.
Eindhoven-based Invisix raised €20m in an oversubscribed Seed round to commercialise its ASML-developed soft x-ray technology, helping chipmakers measure increasingly complex semiconductor structures. A genuinely strategic spin-out for European sovereign chip capability. Read more here.
💰 SLIGHTLY SMALLER ROUNDS
UK-based Poindexter Labs raised £2m to improve training data for advanced AI. As frontier labs squeeze more out of their existing data, specialist data curation is quietly becoming its own category. Read more here.
Polish Molfar raised €1.5m to bring tactical anti-drone radar systems closer to the frontline. Defence-adjacent and very on-theme for the week. Read more here.
FinTech: What we heard from Money 20/20 last week
By Charlotte Wilson, Partner & Toby McCrindle, Partner
Across Money 20/20 in Amsterdam last week and the fringe events around the RAI, three structural themes kept surfacing in our conversations:
AI and the Agentic Age: Artificial intelligence has crossed a threshold from novelty to core infrastructure. In the UK, the FCA is actively engaging with how autonomous AI fits within its regulatory perimeter. Agentic commerce and agentic finance are moving from proof-of-concept to production, with multiagent ecosystems executing trades, managing portfolios and servicing customers at scale.
Market Consolidation: After a decade of unbundling, the industry is consolidating at pace. The TowerBrook and J.C. Flowers-led combination of FCA-regulated Equals Money and Railsr signals an unmistakable rebundling of UK and European embedded finance, driven by the pursuit of scale, distribution reach and control of the primary customer interface. Banks, fintechs and platforms are racing to stitch fragments back together, building borderless propositions that meet modern expectations.
Stablecoins and Beyond: The operating system of finance is being upgraded. Stablecoins are moving from the crypto fringes into mainstream financial services, with providers already testing institutional digital-currency rails inside the FCA sandbox. In the UK, the PSR's expanded APP fraud reimbursement regime is reshaping liability across the payments chain, while fraud continues to outpace the technology solutions meant to contain it.
Mishcon vantage point
From the coffees, conversations and events orbiting Money 20/20 last week, we connected with a broad range of payments and stablecoin firms, investors and intermediaries. We are helping companies navigate many of the above challenges and opportunities: advising on significant funding rounds that are fuelling this innovation wave (Sokin Series B); designing compliance frameworks for both adopters and innovators deploying agentic AI through our AI Compliance by Design workshops; and delivering rapid incident response, complex investigations and cyber security consulting. With deep market connectivity and a London base at the heart of European fintech, we are well placed to help clients translate this year's themes into commercial reality. We would welcome the opportunity to discuss the challenges facing your business.
Get a 30-minute complimentary initial consultation here.
📰 BIG NEWS
Revolut
Bloomberg reported that the UK fintech is targeting a $115bn valuation in its next secondary sale.
The process is due to kick off this week and will enable early investors and employees to sell shares and generate liquidity.
This is a huge increase from its $75bn valuation it achieved in November last year.
This would mean it's the latest, and one of the only, European tech companies to surpass a $100 billion valuation.
If the firm hits a valuation of $115 billion the CEO would be granted additional shares of that would boost the value of his stake to at least $36bn.
The company is also planning to launch five credit cards in the UK, and announced that their CTO and co-founder is stepping down.
Read more here.
Built in Europe / Balderton
The UK VC launched a new campaign to celebrate European Tech companies.
It brought together the founders of over 100 European startups to get more people to build and join startups in Europe.
The campaign, named "Built in Europe", is an out-of-home and digital advertising campaign across five European cities and has appeared across Tube stations in London.
Read more here.
The EU's tech sovereignty package
This week the European Commission unveiled its Technological Sovereignty Package, a four-part bid to reduce Europe's dependence on US tech. It bundles together a Chips Act 2.0, a new Cloud and AI Development Act, an Open Source Strategy and a digitalisation roadmap for Europe's energy grid.
Ursula von der Leyen called it "about protecting our citizens, defending our interests and making our own choices." One Commission official told CNBC: "We want to be sure nobody has a kill switch."
Pair this with Balderton's Built in Europe campaign and last month's EQT mandate for the €5bn Scaleup Europe Fund, and the vibe shift is hard to miss.
Read more here.
📰 SMALLER NEWS
World Models AI startup Runway committed $200m+ to make London its European HQ by 2028, joining Anthropic, OpenAI, Inherent and Isomorphic Labs in the capital. Valued at $5.3bn. Another data point in the London tech reclamation story.
AI rollup startup Dwelly is in talks to raise a whopping $200m just months after raising £69m. Read more here.
London Tech Week has kicked off TODAY.
Wise is being investigated over more than €500m in suspicious transactions. Read more here.
QC, JPMorgan Chase and AMD launched a dedicated Quantum-AI data centre to explore real-world financial applications. Pairs cleanly with the OQC raise above. Read more here.
MPs warned that Palantir should not have a significant role in UK public data systems. Worth watching given how aggressively the company has been embedding itself in the British state.
💰 M&A
Salesforce has signed a definitive agreement to acquire Berlin-founded headless CMS Contentful, which serves over 4,800 enterprises globally. The deal will fold Contentful into Salesforce's Agentforce stack.
London-based Vertice acquired US software pricing platform Vendr to build an AI-powered procurement intelligence platform combining $75bn in spend data and 250,000 negotiated contracts. Read more here.
SEALSQ acquired a majority stake in Geneva-based Wecan Group with a €5.4m investment to scale post-quantum compliance and financial security solutions. Read more here.
Spanish Entravel Group acquired Barcelona-based Moca Traveltech to expand travel distribution across Spanish-speaking markets in Europe and Latin America. Read more here.
Milan-based CommerceClarity acquired Barcelona-based Katalogo.ai, with founder Luca Cozzolino joining as Chief Product Officer. Read more here.
💶 FUND NEWS
London-based Transition Ventures closed a €128m second fund to back early-stage companies building at the intersection of AI and the physical world. Read more here.
Oxford-based Longwall Venture Partners secured a £50m commitment from the British Business Bank for its new £100m deeptech fund focused on science and engineering startups. Read more here.
Copenhagen-based byFounders closed an oversubscribed third fund at more than €130m to back the next generation of founders building globally from the Nordics. Read more here.
Berlin-based Marvelous and the Joachim Herz Foundation launched a €20m deeptech fund to help technologies move from lab to industrial scale across advanced materials, waste valorisation and robotics. Read more here.
Gary Lineker's London-based media and production company Goalhanger launched Goalhanger Ventures to back creator-led media businesses across video, podcasts and social platforms. Read more here.
👷🏾♀️ JOBS OF THE WEEK
Over 4,000 people have clicked to apply to jobs on my new job board, including for some fantastic jobs:
Wordsmith AI is hiring a Product Legal Engineer + remote AEs, a Product Engineer, and a GTM Legal Engineer
Exein is hiring a Principal Software Engineer & a Linux Security Engineer
Lawhive is hiring for a Product Engineer (US Growth) + head of Product Engineering, a Brand Lead and a role in the Founder's Office.
tem, l is hiring for a VP Communications + Senior ML engineers, a Product Marketing Manager, and a Senior Staff Engineer.
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Thank you.
Seb