In another life, when I ran an NGO, one of my more arduous tasks was applying for tenders. While tenders can create huge financial opportunitiesffor startups, SMEs and NGOs, they are complex and incredibly time-consuming. It’s not only about filling in a form but also about providing project proposals, budgets, documentation, financial statements, timelines, and other items that may vary by provider.  But now a startup has found a way to reduce complexity and eliminate the common errors that put your application at the bottom of the pile or exclude it altogether.  Tendermore is a Norwegian startup building SaaS software that automates and simplifies the process of finding and applying for public and private tenders. The company focuses on helping businesses—particularly SMEs and startups—navigate the complex procurement landscape. I spoke to CEO Sebastian Mandal and COO Eivind Wassend to learn more. From door-to-door sales and coding to tackling the tender problem Both founders come from different backgrounds. Wassend has been in sales since he was 12, starting with newspapers and later selling alarm systems door-to-door.  At one point, he was ranked the best alarm salesperson in Norway. Mandal started coding at 12, which evolved into machine learning and AI —” before the hype cycle”, he stressed —  and building software. Following a shared stint at a now-defunct startup, they decided to merge their complementary knowledge sets into a consulting practice.  Mandal shared: “We ended up running around 50 workshops with construction companies, examining their biggest pain points. Almost every single one mentioned responding to tenders.”  In response, the duo decided to stop consulting and focus on solving the problem around tenders.  The challenges of applying for tenders  According to Mandal, the traditional tender process is often painstakingly slow and complex. “You have to understand every requirement before you even start writing,” he explains. “If you miss one detail — even a small one buried deep in a long document — you can lose the entire tender after spending days or even weeks preparing the submission.” Language and terminology add another layer of difficulty. Even when a company is technically qualified, the way responses are framed can determine the outcome. “If you don’t respond in the right way, or use the right framing, you can still lose the bid,” Mandal says. When Tendermore launched its MVP, the team discovered that writing proposals was only part of the challenge. Many companies also struggled to determine which tenders were actually worth pursuing. “What we learned early on is that companies also need help identifying which tenders are relevant to them in the first place,” he adds. “They don’t want to spend time preparing a bid for something they’re not pre-qualified for.” In Mandal’s view, the core problems come down to two factors: the significant time and effort required to prepare bids, and the difficulty of identifying tenders that a company realistically has a chance of winning. On average, a tender today can take 30 to 40 hours. For larger organisations, it can be almost continuous work because different departments are handling different parts of it. While its early days to measure win rates as the sales cycles and tender processes are often longer than the amount of time Tendermore has been working with some of these companies,  Wassend revealed that  “based on the beta and MVP, we’ve seen around a 60 per cent reduction in the time spent across the process — from analysing and refining through to responding.” How Tendermore works Tendermore was designed by closely observing how companies already manage tenders. “We saw how customers structure their work — the spreadsheets, the requirement lists, the way they prepare answers,” Mandel said. “So we built AI into that existing workflow instead of forcing them into something unnatural.” Tendermore connects to a company’s existing data sources — including Google Drive, SharePoint, previous tender submissions, pricing data, equipment lists, and other internal documents — and analyses them to build a structured knowledge base. Accuracy is critical in tender applications, so the platform is built around a sophisticated retrieval-augmented generation (RAG) system that ensures responses are grounded in verified company data rather than generic outputs. Tendermore also structures responses using a requirement matrix, where each tender requirement is broken out and matched with a short factual answer. The platform’s analytics help companies discover tenders they are likely qualified for. It then analyses the tender requirements, highlights what is being asked, identifies relevant internal information, and flags any gaps that still need to be filled. From there, the system generates the proposal. To avoid generic AI-sounding submissions, Tendermore uses a brand analysis engine that learns a company’s writing style so the final output reflects its voice, making the tool feel like an extension of the organisation rather than a generic AI writer. A human-in-the-loop approach  Accuracy is critical in tender submissions, so Tendermore was designed to minimise the risk of AI hallucinations. Mandal explains that the company is strict about promoting its agents never to hallucinate. In the early days it had things like web search in the system, but that actually increased the risk because it could pull in outside information and confuse what belonged to the company and what didn’t. So we removed that and made the system rely only on the company’s internal knowledge base. We also turn the temperature down so it has less creative freedom. If it can’t find a basis for a claim, it leaves that blank or flags it instead of making something up.“If we can fill that in automatically, great. If not, the user can step in. “Then the AI mainly helps turn that factual structure into polished language. So the focus is really on making facts shine, not inventing them.” Despite the company’s long-term ambitions for automation, the founders believe human oversight remains essential. “We’re very AI-first, and our long-term vision is to automate much more of the process,” said Wassend. “But today, human-in-the-loop is the best approach. People still need to trust the system, and that trust has to be built step by step.” The cross-sector opportunity So far, the startup has gained the most traction with consultancies, contractors, and the hospitality sector. In sectors like construction, tenders form the basis of revenue, with some handling several each month. In hospitality, it depends on the season and the volume of events or development activity. In consulting, it can be for major client projects or government contracts. According to Mandal, “Hotel groups also deal with large RFPs  (Requests for Proposals), for example, when developers are deciding which hotel brand to place in a new building or estate.” The team was surprised by how big the private tender market is. It was initially thought that public tenders would be the main opportunity, but companies revealed they handle two to four times as many private tenders as public tenders.  “That really changed how we thought about the market,” shared Mandal.  According to Wassend, the startup is also seeing interest in API-based distribution.  “Some consulting firms want to embed our functionality into software they already provide to clients, rather than using a standalone platform. So that’s becoming a secondary offering for us.” Tendermore raised $400,000 in a round led by Antler in October 2025. The company brought in Ymir Egilson as CTO, formerly the youngest tech lead in Visma’s history- According to Mandal: “He loves building. He wants to shape products and ship things with people who are hungry and moving fast. Eivind and I are very execution-focused, and I think that energy mattered. We’re out there doing the outward-facing work, which means he can focus on what he does best.” Tendermore is also looking beyond Europe to Asia because it has become clear that many companies don’t know what opportunities exist outside their own countries.  “If we integrate with tender portals across different regions, we can help match companies with international tenders as well. That’s something we see as a really strong future differentiator,” shared Mandal. Future features will enable discovery, evaluation, and management of both private and public tenders in one place. Wassend contends, “So many people struggle with tenders, and smaller companies are at a real disadvantage comparedtz5e43w with large enterprises that can throw whole teams at the process. In a lot of smaller companies, the CEO is doing it all day and then all night, on top of everything else. My goal is to enable anyone to respond to tenders. Sebastian’s focus is on building the best AI in the world for that. We’re very aligned on that mission.” Mandal agrees. “Accessibility is the driving force for us. No matter what kind of company we built, we wanted it to make opportunities more accessible. That’s really what motivates us.”

Dutch chipmaker Axelera AI is hoping to benefit from European businesses wanting to run AI systems locally, amid data security concerns, a push towards European sovereignty, and geopolitical tensions. Axelera AI, founded in 2021, is one of the few European challengers challenging the dominance of US chip market leader Nvidia. In the US, the likes of Amazon and Google also design their own chips. Axelera AI makes chips and software for inference, the computing process of running an AI model, as opposed to training an AI model, which has become increasingly important as more enterprises embrace AI. Nvidia last year acquired assets from Groq, a key player in the inference market. Axelera AI’s chips are designed for use on edge devices, such as mobile phones and smart cameras, as it looks to make AI more energy efficient by processing data directly on devices rather than relying on large data centres. Axelera AI recently announced that it had raised more than $250m, with backing from new investor BlackRock. It has raised more than $450m to date, from a mix of European and US investors, and employs more than 200 people. It has two chips on the market, one called Metis, another called Europa, and a third to come called Titania. Fabrizio Del Maffeo, CEO and co-founder of Axelera AI, said: “Sovereignty is extremely important, because we can answer the needs of Europe. But I started this company not because of sovereignty. A company can’t survive only on the concept of sovereignty. Definitely, we want to play in this sovereignty moment, particularly with a lot of tension around the world and the need for local technology.” But he said Axelera AI wants to be a global player, pointing to its growing presence in North America and footprint in India and China. The startup’s 350 enterprise customers encompass sectors including defence, retail, robotics and agriculture. Sectors like defence, robotics and cyber lend themselves to processing data locally. Axelera AI says it’s a must in defence, for privacy, security and resilience reasons. Del Maffeo said: “There are some sectors where there is more sensitivity, like the defence sector.    “It’s a sector, where more and more companies want to be free, have local technology, stay close to customers; it is considered very important.” In defence, for instance, edge computing means that military units can operate when major communication links are jammed or cut and allows anonymous teams, such as drone swarms, to coordinate manoeuvres without relying on distant servers. Meanwhile, Del Maffeo has called on European governments and European businesses to be more willing to buy emerging tech, taking a lead from the US. He said: "It is the fact that new technologies are adopted immediately by the government. It was the first customer of Intel, it was the first customer of SpaceX. The government is the first customer. Without the commitment of NASA, SpaceX would fail, it would just crash. We miss this in Europe. We don’t have the European DARPA (Defence Advanced Research Projects Agency). We don’t have the government as a first customer. And we don’t have corporations as the second customer. Corporations in Europe wait for the technology to mature. American corporations adopt technologies." While a future IPO is not imminent, Del Maffeo would not want to be wedded to a particular IPO market. He said: “I think we should be very pragmatic and understand where we can create more value for our shareholders, create more value for the community, and have more access to capital. I don’t buy this idea that we are European, we go in Europe, we should be open.”

UK market data and intelligence provider Energy Aspects has agreed to acquire Paris energy analytics and satellite data company Kayrros. The acquisition supports Energy Aspects’ growth strategy and will expand its data and analytics capabilities.  By combining Energy Aspects’ market expertise and analysis with Kayrros’ capabilities in satellite-based monitoring and advanced analytics, the combined group will strengthen its position as a leading source of energy market data and analytics. Kayrros’ strengths in geospatial proprietary data and machine learning will enhance Energy Aspects’ offering, enabling clients to benefit from more timely, actionable intelligence across the energy value chain. Such earth observation capabilities have proven particularly valuable during periods of heightened geopolitical uncertainty, including recent events in the Middle East, where rapid and unbiased geospatial data is critical for accurate market analysis. Fredrik Fosse, CEO of Energy Aspects, said: “The future of energy market intelligence will be shaped by data, technology and advanced analytics. Bringing Kayrros into Energy Aspects allows us to combine our deep market expertise with world-leading satellite and geospatial data capabilities. Together we will accelerate innovation and deliver a new generation of data-driven insights to clients across energy and financial markets.” According to Antoine Rostand, President and Co-founder of Kayrros, joining forces with Energy Aspects marks the start of a decisive new chapter for Kayrros. "We share a firm belief that better data makes for better decisions, and together we will move faster to provide more exact, more actionable energy intelligence. This will greatly improve our ability to innovate at speed and redefine what clients can expect from energy data and intelligence.” Upon completion of the transaction, the combined group will serve clients across energy and financial markets with a broader suite of proprietary data and technology-driven intelligence products.

Berlin-based Tower has raised €5.5 million across pre-seed and seed funding rounds to develop its approach to data engineering in the AI era. DIG Ventures led the pre-seed round, while Speedinvest led the seed round alongside existing investors. Additional participants include Flyer One Ventures, Roosh Ventures, Celero Ventures, and Angel Invest, as well as angel investors such as Jordan Tigani, Olivier Pomel, Ben Liebald, and Maik Taro Wehmeyer. As AI reshapes the competitive landscape around data ownership, companies increasingly need access to fresh, reliable business data to power trustworthy AI systems. Open data storage architectures play a key role in enabling this shift, allowing organisations to retain control of their data while supporting modern analytics and AI workloads. Tower provides infrastructure that helps companies manage analytical storage and processing while maintaining full ownership of their data. Its platform brings storage and compute together in a single environment, giving data engineering teams the tools needed to build and operate advanced analytics systems. Founded by former Snowflake engineers Serhii Sokolenko (CEO) and Brad Heller (CTO), the company focuses on what it describes as the “last mile” of development. AI-powered coding assistants enable data teams to generate applications and pipelines faster than ever, Tower provides an environment where humans and AI agents can collaborate to transform AI-generated code into reliable, production-ready systems. According to Sokolenko, AI coding assistants have significantly accelerated the development process, shifting the primary challenge toward deploying systems in production. While builders can quickly generate pipelines and agents, they still need infrastructure capable of running them reliably using real company data. Tower exists to turn those ideas into production systems, powered by information unique to each company instead of public and very dated internet archives. he said. The platform uses the Apache Iceberg open table format, ensuring compatibility with major data platforms and leading data engine vendors. This approach allows organisations to retain control of their data while ensuring AI systems can access up-to-date, company-specific information needed for accurate analysis and decision-making. The company plans to use the new funding to expand its go-to-market team and further develop the capabilities of its platform.

Ukraine is opening partner access to train AI models using real battlefield data — the first initiative of its kind in the world. According to  Mykhailo Fedorov, the Minister of Defence of Ukraine, the government has approved a resolution launching a new framework for cooperation between the state, Ukrainian companies, and international partners. For startups, the initiative opens the opportunity to develop and validate defence AI systems using real-world operational data rather than simulated environments.  Early-stage companies working on autonomous drones, computer vision, electronic warfare resilience, and battlefield decision-support tools will be able to train and refine algorithms on large-scale, continuously updated datasets generated during active operations.   Access to this type of data — typically restricted or unavailable outside military programmes — could significantly shorten development cycles and improve model performance in real-world conditions. It also positions Ukraine as a unique, if involuntary, testbed for defence-tech innovation, creating potential pathways for startups to collaborate directly with government agencies, integrate their technologies into operational systems, and accelerate the commercialisation of next-generation autonomous defence platforms. Fedorov asserts:  “In modern warfare, we must outperform Russia in every technological cycle. AI  is one of the key arenas of this competition. The future of warfare belongs to autonomous systems. Our objective is to increase the level of autonomy in drones and other combat platforms so they can detect targets faster, analyse battlefield conditions, and support real-time decision-making.”  High-quality data for training neural networks is critical, and the Ministry of Defence has established a dedicated AI platform at the Centre for Innovation and Development of Defence Technologies.  The platform enables partners to: Securely train models without direct access to sensitive databases; Work with large volumes of labelled photo and video data; Use datasets that are continuously updated. Ukraine currently possesses a unique body of battlefield data unmatched anywhere in the world. This includes millions of annotated frames collected during tens of thousands of combat drone missions. These datasets are already used to train neural networks that automatically detect ground and aerial targets within the DELTA system. International partners and Ukrainian companies have expressed strong demand for precisely this type of data to develop and modernise defence technologies. For Ukraine, this initiative represents the next stage of a win-win partnership model. Partners gain the opportunity to train their AI models on real data from modern warfare, while Ukraine accelerates the development of autonomous systems and delivers new technological capabilities to the front line. Fedorov asserts: “We are ready to work with partners on joint analytics, model training, and the development of new technological solutions.” Lead image: Freepik

Kyiv-based company Black Forest Systems has received $400,000 in investment from Front Ventures and Hede Capital Partners AB.    Founded in 2024, Black Forest Systems develops vertically integrated unmanned systems and tactical drone platforms for infantry and Special Operations Forces operating in forward positions.  Their solutions combine proprietary electronics, secure communications, and control software into vertically integrated platforms that prioritise simplicity, safety, and rapid deployment. The systems are designed so that even soldiers without drone piloting experience can operate them effectively after minimal training.  “Our mission is to shift complexity from the operator to the technology itself,” says Oleksandr Davydenko, CEO of BFS. “We build systems that simplify decision-making and give every infantryman access to advanced unmanned capabilities.”  The company’s flagship system, SHADOX, is a compact reconnaissance platform designed for rapid deployment and effective close-range operations. Its protected propeller design enables safe use inside buildings and trenches. The system features self-stabilisation and does not require FPV piloting skills, allowing operators to become proficient with less than 30 minutes of training. It comes with a proprietary remote control unit and uses encrypted, low-profile communications designed to function in electronic warfare (EW)-contested environments. Unlike traditional FPV systems that rely on specialised external operators, Black Forest Systems focuses on delivering autonomous capability directly to infantry units. By reducing cognitive load and simplifying deployment, the platform allows soldiers to operate advanced drone systems without requiring extensive piloting expertise.  A key differentiator is the company’s vertically integrated approach, where both hardware and software are developed in-house. This provides full control over performance, security, supply chain resilience, and long-term scalability into broader unmanned and robotic architectures.    “Drone technology has fundamentally changed how modern conflicts are fought. Black Forest Systems represents a new generation of infantry- and special forces-adapted systems where autonomy, simplicity, and rapid deployment are central. We see strong structural growth drivers in this segment,” says Jonas Malmgren, CEO, Front Ventures.  “We invest in technologies that build long-term strategic capability. Black Forest Systems is not merely developing a drone platform — it is building a technological foundation in autonomy, electronics, and secure communications that can scale across multiple unmanned applications. We view this as a strategically important step in strengthening European defence technology capacity,” says Patrik Olson, CEO, Hede Capital Partners.  The investment strengthens Front Ventures’ and Hede Capital’s exposure to defence technology and autonomous systems, a sector characterised by structural growth, accelerating innovation cycles, and increasing geopolitical importance.   According to  Alex Winter, CTO, Black Forest Systems, the round will allow the company to industrialise SHADOX — from engineering refinement to production readiness and structured military deployment.  “Together with investors Front Ventures’and Hede Capital Partners, we are building the scale and structural foundation required for a long-term defence technology platform.”

PerpTools, an on-chain perpetual futures trading platform, has been introduced by the creators of DEXTools, an analytics suite for decentralised exchanges. The platform was developed following a $3 million seed funding round led by DEXForce and Orderly and is built on the Orderly liquidity layer. PerpTools is integrated directly within the DEXTools environment, allowing users to access perpetual futures trading without needing additional tools or separate accounts. According to the company, the DEXTools platform has more than 30 million active users. Through the integration of PerpTools, these users will be able to trade perpetual futures within the same interface, without switching services. The addition expands the DEXTools ecosystem, which already includes analytics tools, AI-driven features, and prediction markets, and now adds perpetual trading functionality. The company tracks activity across the platform using internal analytics tools, monitoring indicators such as active traders, connected wallets, executed trades, API calls, and strategy usage. Javier Palomino Fernández, CEO & co-founder of DEXTools, explained: We built DEXTools to give traders unparalleled insight into on-chain data and activity. With PerpTools, we’re extending that mission to the futures market, delivering a secure, community-driven, and seamless experience for all users. Built by the DEXTools team, PerpTools extends an ecosystem already widely used by traders in decentralised finance. By combining analytics tools with the liquidity infrastructure provided by Orderly, the platform is intended to broaden the range of trading services available within the DEXTools environment and support the development of decentralised derivatives markets. Rather than operating as a standalone on-chain protocol, PerpTools functions as a tooling and infrastructure layer. Running on the Orderly liquidity network, the platform provides access to shared liquidity and on-chain transparency while enabling trading through integrated tools. Future development plans include the introduction of advanced analytics and automated trading strategies connected to the upcoming PERP token, which is intended to support incentives, rewards, and governance functions.

Kyiv B2C edtech platform Kodree has secured $10 million in user acquisition financing (UA) from financial services firm PvX Partners. Kodree is the first product from Rist Labs, a co-founding studio launched by the founders of Ukrainian edtech company Mate academy – Roman Apostol, Anna Apostol and Max Lysak – focused on building AI-powered B2C products for Tier-1 global markets.  A subscription-based edtech platform, Kodree provides structured learning paths supported by an AI assistant that suggests solutions and provides feedback, alongside a community-driven learning experience designed to build skills through hands-on exercises, real-world projects and group collaboration. With users in 185 countries, the platform helps those looking to make a career switch to develop in-demand skills for new opportunities, while also supporting professionals seeking to upskill and perform better in their current roles.  Led by Kodree CEO and former Mate Academy Head of Product Oleksandr Bartosiuk, the platform operates as a separate company with its own P&L. “About 80 per cent of the learning process in Kodree is hands-on practice. The AI assistant helps users move faster by suggesting solutions, checking answers, and providing feedback along the way. We don’t believe in passive learning through watching YouTube videos — it creates an illusion of knowledge but doesn’t build real skills,” Bartosiuk said.  Kodree’s parent company, Mate academy, is an established edtech company in the Ukrainian tech ecosystem known for its AI-powered learning platform that helps users develop skills for both technical and non-technical roles and build careers in IT and beyond. The company operates across multiple markets and is supported by a robust product and engineering team.  According to Mate academy co-founder Max Lysak, launching Rist Labs is a natural extension of the team’s internal product experiments. “At Mate academy, we’ve constantly experimented with new product ideas. Over time, this evolved into a dedicated R&D direction. Rist Labs gives us a way to systematically build new global products,” Lysak said. The company will use the credit facility to scale marketing efforts and accelerate global user acquisition.  PvX is a financial services platform specialising in cohort financing and market intelligence for consumer applications. Backed by General Catalyst, PvX provides businesses with non-dilutive, scalable capital. 

Qdrant, an open-source vector search engine, has closed a $50 million Series B funding round led by AVP, with participation from Bosch Ventures, Unusual Ventures, Spark Capital, and 42CAP. Vector search initially emerged as a technique for retrieving nearest neighbours from dense embeddings within relatively static datasets. However, modern AI systems operate under more dynamic conditions. Retrieval is now often embedded in agent-based workflows that execute large numbers of queries across multiple data types while interacting with continuously evolving datasets. Applications such as retrieval-augmented generation (RAG), semantic search, and agent-based reasoning require retrieval systems capable of operating reliably at production scale. Tools designed primarily for single-vector similarity or built on legacy indexing architectures can struggle under these demands. Qdrant has been developed to address these changing requirements. Built in Rust, the system treats retrieval as a set of modular components (including indexing, scoring, filtering, and ranking) that engineers can configure and combine. This composable approach enables teams to work with dense and sparse vectors, metadata filters, multi-vector representations, and custom scoring functions while controlling how these elements affect relevance, latency, and cost. By exposing these options, the platform allows search performance to be adjusted to priorities such as accuracy, speed, or efficiency without requiring major architectural changes as workloads evolve. AndréZayarni, CEO and co-founder of Qdrant, said that many vector databases were originally designed simply to store dense embeddings and retrieve nearest neighbours, capabilities that are now considered a basic requirement: Production AI systems need a search engine where every aspect of retrieval - how you index, score, filter, and balance latency against precision - is a composable decision. That's what we've built, and what developers and enterprises are looking for as they scale internal and external AI workloads. This funding accelerates our ability to make it the standard. The new funding will support the further development and adoption of Qdrant’s composable vector search platform as infrastructure for production AI systems.

Estonian-founded SkySelect, an AI-powered procurement platform transforming how airlines and maintenance providers source aircraft parts, has secured $9 million in funding.  Airlines face mounting pressure to modernise legacy procurement systems that leave them holding approximately $50 billion in excess parts inventory globally.  When aircraft are grounded due to missing components, airlines scramble to procure parts through manual, fragmented processes that can take days or weeks. Aircraft-on-ground (AOG) incidents, where a plane is grounded waiting for parts, cost airlines around $30 billion each year. Airlines also carry more than $10 billion in excess inventory. Advancements in procurement technology are enabling airlines and maintenance, repair, and overhaul organisations (MROs) to reduce the number of shipments by up to 30 per cent while keeping fewer parts in stock. This minimises logistics costs and reduces carbon emissions, making operations more sustainable. SkySelect pioneered the application of AI to aviation parts procurement before AI became ubiquitous in marketplace technology.  Unlike generalised large language models, SkySelect's platform employs specialised AI to match aircraft part requests with optimal suppliers across its network of thousands of vendors worldwide, providing real-time market visibility. This targeted approach enables just-in-time procurement, building operational resilience while reducing the need for costly safety stock. The company also partners with major ERP solution providers to streamline the end-to-end part procurement process through seamless integrations.  Since its launch, SkySelect has processed over $6 billion in transactions, with $1.3 billion completed in 2025 alone. The company is currently landing approximately one new major client per month, with recent additions including JetBlue, Sun Country Airlines, Air Transport Services Group, Widerøe, and Vueling. Verb Ventures and RockCreek co-led the round, with participation from SmartCap Green Fund, funded by the European Union NextGenerationEU, and existing investors Bain Capital Ventures and Lux Capital. Erkki Brakmann, Chief Executive Officer and co-founder of SkySelect, shared: "Legacy procurement systems and processes are fundamentally broken. Airlines invest over $40 billion annually in aircraft parts while simultaneously carrying $50 billion in excess inventory — a massive inefficiency that our AI-driven platform directly addresses. This growth funding validates both our early-mover advantage in applying AI to aviation procurement and the tangible value we're delivering to customers." Alexander Chikunov, founding partner at Verb Ventures, says: "SkySelect exemplifies the kind of B2B platform we back: a platform that brings transparency to opaque supply chains through data and automation. This new funding positions SkySelect to capture a larger share of the $40 billion aircraft materials market."  Anahita Smeets, Managing Director at RockCreek, says: "RockCreek invests in AI and innovative companies that deliver both economic value and operational resilience. SkySelect addresses a critical bottleneck in aviation by using AI to match supply and demand for parts. With airlines facing billions in losses from aircraft-on-ground delays and excess inventory, we believe SkySelect's platform offers a compelling solution at scale." The investment will be used to enhance its AI sourcing and procurement optimisation tools, helping airlines and MROs build a more reliable, predictable, and sustainable supply chain. SkySelect plans to hire across product development, data science, and customer success in its USA, India, and Estonia offices. Lead image: Karen Harms.

Switzerland’s tech ecosystem in 2025 showed strong resilience and continued specialisation in deep technology, life sciences, climate innovation, and industrial AI. Startups across the country attracted €3.3 billion in funding through hundreds of rounds, reinforcing Switzerland’s position as one of Europe’s most capital-efficient innovation hubs. Investment was largely concentrated in science-driven and technically complex sectors, with healthcare and biotechnology representing the largest share of activity. Climate and energy technologies also secured substantial funding, reflecting increasing investor focus on decarbonization and energy infrastructure. The ecosystem is characterised by a strong early-stage pipeline and close collaboration between startups, research institutions, and global investors. As demand for deeptech, healthcare, and climate solutions continues to grow globally, Switzerland remains well-positioned to play a significant role in developing and scaling the next generation of high-impact technologies (for more detailed analyses of the European technology ecosystem, check out Tech.eu’s annual report: European Tech 2025 – The Big Picture). Here are the 10 companies that raised the most in 2025. Amount raised in 2025: $378M Energy Vault is an energy storage technology company that develops and deploys utility-scale solutions designed to support the transition to renewable energy. Its technologies include gravity-based storage systems, battery storage, and hybrid hydrogen solutions, combined with software platforms that help utilities and industrial customers manage and optimise energy assets. Founded in 2017, the company is known for its gravity energy storage technology, which stores electricity by lifting heavy composite blocks using cranes and releasing the stored energy when the blocks are lowered to generate power for the grid. In 2025, Energy Vault secured $378 million across three funding rounds to support the continued development and deployment of its energy storage projects. Amount raised in 2025: €150M Teylor is a fintech company developing technology to digitise and automate lending for small and medium-sized businesses. Founded in 2018, the company provides a digital platform that helps banks, financial institutions, and investors streamline credit processes, from loan applications and risk assessment to financing and management. Its software enables lenders to launch and scale digital credit products while giving SMEs faster and simpler access to funding. In addition to its software platform, Teylor also operates lending and private debt solutions to finance business loans directly. Teylor has secured €150 million in 2025 to expand its factoring business across seven European markets and further develop technology-driven financing solutions for small and medium-sized enterprises. Amount raised in 2025: $162M Climeworks is a climate technology company that develops direct air capture (DAC) systems to remove carbon dioxide directly from the atmosphere. Founded in 2009, the company designs, builds, and operates large-scale carbon removal plants that capture CO₂ from ambient air and permanently store it underground. Climeworks provides carbon removal services to businesses and organisations aiming to achieve net-zero emissions and improve climate impact. In 2025, Climeworks secured a $162 million equity funding round to support the expansion of its operations and the development of next-generation direct air capture (DAC) technology. Amount raised in 2025: $150M Distalmotion is a medtech company developing robotic surgery technology designed to expand access to minimally invasive procedures. Founded in 2012 as a spin-off from EPFL in Lausanne, Distalmotion developed the DEXTER® Robotic Surgery System, a surgical robot designed to integrate into existing operating rooms. The technology supports minimally invasive procedures in areas such as general surgery, gynaecology, and urology while aiming to make robotic surgery more accessible for hospitals and surgeons. Distalmotion has closed a $150 million round to accelerate US adoption of its DEXTER robotic surgery system and support ongoing clinical research and product development. Amount raised in 2025: $130M Auterion is a software company developing operating systems and AI-powered platforms for autonomous drones and robotic systems. The company builds a common software stack that allows unmanned aerial and ground vehicles from different manufacturers to operate together and be managed as coordinated fleets. Its core technology, AuterionOS, provides flight control, mission planning, data analysis, and fleet management tools for enterprise and defence applications. In 2025, Auterion secured $130 million in funding to scale production of AI-powered coordinated drone systems and expand its AuterionOS and Nemyx platforms globally. Amount raised in 2025: $130M GlycoEra is a biotechnology company developing precision therapies for autoimmune diseases using glycoengineering and protein-degradation technologies. The company builds biologic medicines designed to selectively target and degrade disease-causing circulating proteins such as autoantibodies. Its platform enables the rapid and selective removal of pathogenic proteins without broadly suppressing the immune system, with the goal of improving safety and treatment outcomes for patients with autoimmune and other protein-driven diseases. GlycoEra has closed a $130 million Series B round to advance its lead extracellular protein degrader into clinical trials, bring a second program to the clinic, and expand its pipeline of precision therapies for autoimmune diseases. Amount raised in 2025: €106.2M Oculis is a company focused on developing innovative treatments for eye and neuro-ophthalmic diseases. The company develops non-invasive topical therapies, including advanced eye-drop formulations designed to treat conditions affecting both the front and back of the eye. Through proprietary drug-delivery technologies and research in ophthalmology and neurology, Oculis aims to improve vision and quality of life for patients worldwide. Oculis secured a €106.2 million loan facility in 2025 to support the development of new treatments for eye diseases. Amount raised in 2025: $120M CeQur is a medical device company developing technologies to simplify insulin delivery for people living with diabetes. The company focuses on wearable insulin delivery solutions that replace multiple daily injections with a discreet patch-based system. Its main product, CeQur Simplicity, is a wearable insulin patch designed to deliver rapid-acting mealtime insulin in a simple, injection-free format. CeQur’s technology aims to improve adherence to insulin therapy and help patients manage blood glucose levels more easily in everyday life. In 2025, CeQur secured $120 million to scale diabetes management solutions. Amount raised in 2025: $105M Ecorobotix is an agritech company developing AI-powered precision farming technology designed to make crop care more efficient and sustainable. The company builds ultra-high-precision spraying systems that use computer vision and artificial intelligence to detect weeds and treat crops plant by plant. Its flagship technology enables farmers to apply crop protection products only where needed, significantly reducing chemical use while improving yields and lowering environmental impact. In 2025, Ecorobotix secured $105 million to accelerate growth. Amount raised in 2025: $100M Neural Concept is an AI software company developing engineering intelligence platforms for product design and development. Founded in 2018 as a spin-off from EPFL in Lausanne, the company embeds deep learning and generative AI into engineering workflows to help teams design, simulate, and optimise products faster. Its platform enables engineers to analyse complex physical systems, explore design alternatives, and accelerate product development across industries such as automotive, aerospace, energy, and electronics. In 2025, Neural Concept raised $100 million to further develop its AI engineering platform and expand enterprise AI adoption across advanced industrial workflows.

Delfos Energy, an AI company building “virtual engineer” technology for the energy industry, today announced that it now supports more than 1,000 energy sites across Europe, alongside the close of a €3 million Seed extension round. The round includes new investment from Vox Capital/COPEL, existing investors include Headline, Contrarian Ventures, DOMO VC and EDP Ventures. Delfos Energy has now raised a total of €10 million. Delfos Energy builds applied AI for renewable and energy infrastructure operators - helping them run assets more efficiently, reliably and at scale. Its platform acts as a continuously operating virtual engineer: it ingests operational data in real time, detects abnormal behaviour and early-stage failures, interprets complex signals in context, and turns them into prioritised, actionable recommendations for engineering, operations and executive teams. Since 2017, Delfos Energy has applied machine learning in production environments across energy systems, combining deep domain expertise with production-grade AI. Rather than simply surfacing data or triggering alerts, Delfos Energy is designed to solve an execution and decision-making problem: helping teams understand what matters most, why it matters, and what to do next - even across large, distributed fleets. Unlike traditional monitoring and analytics tools that stop at dashboards, alarms or generic anomaly flags, Delfos Energy replicates the work of an experienced performance engineer. The platform: Interprets operational signals, not just detects them. Provides context and prioritisation across sites and assets. Suggests recommended actions, including what to do, when to do it and why. Helps teams move from “something looks off” to “here’s the likely cause and the best next step” faster Delfos Energy also provides natural-language interfaces, including tools such as WhatsApp, so teams can query complex operational data in plain language, lowering the barrier to adoption across organisations. The company now supports more than 1,000 energy sites across over 10 countries.  According to Guilherme Studart, CEO and co-founder of Delfos Energy: “The energy transition will only succeed if existing infrastructure runs far more efficiently and reliably than it does today. Delfos Energy uses AI to capture and scale the knowledge of experienced engineers - translating complex operational signals into clear priorities and actions at a time when expertise is being lost.” The Seed extension will be used to consolidate Delfos Energy’s AI Suite, deepening deployments across key energy transition markets and continuing expansion into adjacent energy transition verticals, including energy storage Once Delfos Energy reaches sufficient scale and maturity in Europe, the company expects the US to represent its next natural market.

Elaia has closed its third deep tech seed fund (DTS3) at €134 million, double the size of its previous deep tech seed funds. The fund is developed in partnership with leading European research institutions, including PSL, INRIA, CNRS, the Barcelona  Supercomputing Centre, and the Max Planck Foundation. Since its first close of €60 million in March 2024, DTS3 has already deployed capital across 11  portfolio companies in computing, life sciences, and industrial innovation. DTS3 will invest between €1 million and €13 million in pre-seed and seed-stage B2B startups across Europe, partnering with founders at the earliest stages.  Since inception, DTS3 has backed companies with global ambition addressing fundamental bottlenecks in next-generation infrastructure, such as:  Proxima Fusion (Germany): Stellarator-based fusion power plants to provide clean, safe,  and limitless baseload energy, positioning Europe as a leader in commercial fusion by the  2030s.  GetVocal (France): Fully auditable conversational AI agents for enterprise customer support, enabling companies to build trustworthy hybrid human-AI workforces with real-time oversight and transparent governance.  Biophta (France): A topical ophthalmic insert to replace daily eye drops and invasive injections with a simple, patient-friendly solution for conditions like glaucoma and macular edema.  According to Anne-Sophie Carrese, Partner at Elaia, DTS3 builds on a partnership model that the Firm pioneered through the PSL Innovation Fund and Elaia Alpha II Fund, which has already produced notable outcomes, including Aqemia, Alice&Bob, and Mablink Bioscience, which was acquired by Eli Lilly. “These partnerships with Europe's top research institutions give us early visibility into breakthrough technologies and exceptional founding teams. After nearly two decades backing deep tech  founders, we're seeing an acceleration of innovation that rivals any ecosystem in the world. From  Zurich to Paris with hubs emerging across the continent, European deep tech is reaching escape  velocity.” According to Xavier Lazarus, Managing Partner at Elaia: "DTS3 reflects our international ambition: we're backing founders across Europe, and our growing investor network reflects this geographic mix. We're in an intense deployment phase and eager to meet ambitious entrepreneurs  building Europe's next generation of deep tech companies."  With 11 investments completed and strong momentum, DTS3 will continue deploying capital throughout 2026 across three core pillars: the future of computing (AI, cybersecurity,  semiconductor/photonics, quantum), the future of industry (physical AI, robotics, material, energy), and the future of life sciences (biotech, digital health, medical devices).

Neuramancer AI Solutions GmbH (formerly Neuraforge) has closed a €1.7 million pre-seed funding round led by Vanagon Ventures, with participation from Bayern Kapital and a group of additional venture capital firms and business angels. The investment consortium also includes the Nuremberg-based ZOHO.VC and family office Lightfield Equity. In addition, the founding team is supported by senior executives from the financial services and big-tech sectors, as well as experienced platform founders acting as business angels. Deepfakes and other forms of AI-generated media manipulation are increasingly recognised as a risk for both businesses and society. According to the German Insurance Association (GdV), insurance fraud results in billions of euros in damages each year, with generative AI contributing to new forms of manipulation, such as altered damage images and manipulated video calls. As AI models continue to improve, identifying such forgeries is becoming more challenging. Based on several years of research, Neuramancer has developed a detection technology designed to identify statistical irregularities in image and video noise. The system focuses on structural artifacts rather than semantic content, which the company says enables it to detect manipulations that may be difficult to identify using conventional AI-based detection methods. In addition to detection, the platform generates forensic analysis reports that show how and where media may have been altered, providing insights that can support fraud investigation and prevention. Co-founder Anika Gruner said the market for deepfake detection is still in its early stages but is expected to grow significantly in the coming years, while regulatory requirements for transparent and trustworthy AI systems are also increasing. While many providers rely on intransparent black-box models, we pursue a scientifically grounded, fully transparent approach. For us, it is clear: European, explainable AI will become a strategic competitive advantage for companies that need to protect themselves against synthetic manipulation. The new funding will be used to scale Neuramancer’s deepfake detection platform, expand the company’s team, and support commercialisation and market expansion, with an initial focus on the insurance industry.

Milan-based Cleafy, a cybersecurity company focused on the banking sector, has raised €12 million in a Series B funding round co-led by United Ventures and eCAPITAL, bringing the company’s total funding to €22 million. Traditional security and anti-fraud systems often operate in silos, analysing isolated signals or individual transactions using predefined rules. As a result, banks frequently respond to fraud only after it has occurred, leading to financial losses, operational disruption, and reputational risks. Many attacks, however, could potentially be prevented if the underlying infrastructure and intent behind them were identified earlier. Cleafy aims to address this challenge with a platform designed to analyse how attacks originate, evolve, and spread across digital channels and internal systems. By combining data from web, mobile, backend, and network sources with real-time threat intelligence, the platform identifies malicious infrastructure, attacker behaviour, and emerging attack patterns at an early stage. With the introduction of Cleafy for Workforce, the company has also extended this approach to detecting insider threats and compromised accounts within corporate environments. While fraudsters weaponize AI to scale attacks at machine speed, European banks are fighting back with outdated, reactive tools. We built Cleafy to change this equation fundamentally, reconstructing how attacks form and stopping them weeks before they can cause damage. Our zero customer churn over more than a decade proves this approach works, said Matteo Bogana, CEO and co-founder at Cleafy. The funding round comes as new European regulations, including the Digital Operational Resilience Act (DORA) and cybersecurity requirements introduced under NIS2, raise expectations for digital resilience across the financial sector. With the new investment, Cleafy plans to accelerate the development of its predictive security capabilities, expand global threat analysis, and strengthen its presence in key banking markets across Europe and Latin America.

The Tech.eu Summit London 2026 is set to take place on 21–22 April 2026 at the Queen Elizabeth II Centre in London, bringing together leading founders, investors and technology professionals from across Europe and beyond for two days of in-depth discussions, practical insights and meaningful connections. As the event draws closer, here is a closer look at what attendees can expect. Who is the summit for The summit is designed for founders, investors and technology professionals who are actively building and scaling technology companies in Europe. Rather than offering a broad survey of the industry, the agenda is built around execution: what is working in the market today, where the risks are, and how Europe's leading builders are navigating an increasingly complex environment. What will be discussed Sessions across the two days will cover a wide range of themes that reflect the current priorities and pressure points of the European technology ecosystem. Artificial intelligence will be a central thread throughout the event, but the focus will go beyond the generative AI narrative. Discussions will examine what it actually takes to build defensible AI businesses in 2026, from infrastructure and enterprise adoption to agents, compliance, return on investment and long-term competitive positioning. Sessions will also explore AI's role in addressing major societal and industrial challenges, and what an AI-first operating model means in practice for founders and investors alike. Europe's global competitiveness will also be a recurring theme. Conversations will address how Europe can strengthen its position internationally, covering the regulatory environment, investment dynamics, technology sovereignty, and the policy initiatives aimed at making the region more attractive for founders and capital. The evolving venture landscape is another area the summit will explore in depth. From AI-native companies doing more with less to the rise of new fund structures and emerging manager strategies, sessions will look at how the investor-founder relationship is changing. Topics will include defensibility in the age of AI, shifting return timelines, persistent funding gaps, and the data signals that indicate when a company is ready to scale, move toward profitability or pursue an exit. Fintech will be examined through the lens of resilience and reinvention. The European and UK fintech landscape will be discussed in terms of growth challenges, regulatory dynamics and recent M&A and IPO activity, alongside the reasons why Europe remains both one of the most demanding and most defensible markets in which to scale a financial technology business. Deep tech and industrial transformation will be highlighted through a focus on the next wave of innovation across robotics, autonomy, advanced manufacturing, infrastructure and energy. Sessions will address the commercialisation realities of deep tech, the capital intensity involved, and the growing gap between funding activity and enterprise readiness. Sector transformation and real-world adoption will bring together perspectives from across healthtech, smart cities, critical infrastructure, security and industrial AI, examining where software and AI are creating measurable impact and what it actually takes to deploy these technologies at scale. Speakers announced so far We have already announced a number of speakers for the summit, with confirmed names coming from organisations including OpenAI, Wise, 2150, NATO Innovation Fund, Notion Capital, Oxa, Upvest and PolyAI. The lineup spans venture capital, artificial intelligence, fintech and deep tech, reflecting the breadth of topics that will be covered across the two days. Further speakers will be announced in the coming weeks. Networking and the Tech.eu Events App Beyond the sessions, the summit is designed to facilitate meaningful connections across two full days. All registered attendees will have access to the Tech.eu Events App, available on both the App Store and Google Play, which allows participants to browse attendee profiles, schedule meetings in advance, explore the full agenda and manage their personal timetable. The app will also be used for on-site access via QR code check-in. Secure your place Tickets for the Tech.eu Summit London 2026 are available now. You can secure your place here. We look forward to welcoming you in London on 21–22 April. Partners Pavilion Partner Gold Partner Silver Partners   Supporting Partner Community Partners           

AIRMO, a space tech startup developing advanced greenhouse gas monitoring technology, has announced a €5 million seed round to support its first satellite mission planned for 2027 and the expansion of its airborne coverage. The round was led by Ananda Impact Ventures, with participation from Unconventional Ventures, kopa ventures, Desai Ventures, Hypernova / New Venture Securities, and two EQT Partners acting as strategic investors (Matthias Fackler and Francesco Starache). Existing investors Antler, Findus Ventures, E2MC, and Pilabs also joined the round. Based in Berlin and Luxembourg and supported by the European Space Agency, AIRMO has developed an active spaceborne greenhouse gas monitoring instrument that combines a SWIR imager with micro-LIDAR. The company says this is the first time a sensor of this type and power has been miniaturised for use on a small satellite. According to AIRMO, the technology delivers roughly twice the accuracy of existing systems, enabling the detection of methane leaks as small as a car from orbit. Methane emissions are estimated to account for around 30 per cent of global warming, yet many leaks remain unreported, creating both environmental and economic challenges for energy operators. Daria Stepanova, CEO of AIRMO, said the company’s mission is to help operators identify and stop greenhouse gas losses, starting with methane. She noted that the newly developed instrument enables the company to move beyond validation toward continuous monitoring and that the planned satellite launch represents an important step toward AIRMO’s goal of monitoring millions of energy assets worldwide. AIRMO’s technology is already deployed in commercial drone and aircraft monitoring missions across Europe, Central Asia, and the MENA region. The company reports that major energy companies, including Uniper, Total, and ESCE, are using the system for energy infrastructure monitoring. Commenting on the investment, Alina Bassi, Principal at Ananda Impact Ventures, said reducing methane leakage is currently one of the most effective ways to decarbonise the energy sector. She added that AIRMO’s high-precision space-based emissions measurement could help address long-standing transparency challenges and noted the firm has supported the team since its early stages as it works toward its first satellite launch. The funding will support AIRMO’s move from pilot projects to scaled commercial operations, including its first satellite launch in 2027. The company also plans to expand airborne monitoring across Europe, MENA, and Central Asia and establish a local presence in the MENA region.

Hyperscale cloud and AI data centre developer and operator Pure Data Centres Group, together with AVK, a provider of prime, standby and dispatchable power solutions for data centres and AI infrastructure, today announced the launch of Europe’s first, large-scale, 110 MW on-site microgrid, developed to support early‑phase site operational resilience. Located within Pure DC’s Dublin campus, the on‑site energy system provides dispatchable capacity to support data centre operations during the initial development phases, prior to full integration with the national electricity system, as grid connection capacity becomes available. Over time, the campus is intended to operate as part of a hybrid energy configuration, combining grid‑supplied electricity with on‑site infrastructure designed to enhance flexibility, resilience and system stability. While several microgrids are already in operation in the US, none have been in Europe until today. The deployment showcases the ability to use AVK’s microgrid technology for on-site power generation, and the transitional and complementary role it can play in supporting the delivery of strategically important digital infrastructure. This is particularly true in regions where grid reinforcement and renewable generation are being delivered on a phased basis under national planning frameworks. Pure DC’s microgrid consists of three interconnected energy centres, with each building generating up to 30MW of power. Energy Centre 1 (EC1) and EC2 will be fully operational by the end of 2026, with EC3 to follow at a later stage. The design includes Combined Heat and Power (CHP) capability, with infrastructure in place to enable heat recovery and potential future connection to district heating networks, subject to third‑party demand and regulatory approvals. Waste heat recovery systems are also used to improve operational efficiency within the energy centres. Future water management measures include rainwater harvesting and on‑site treatment, reducing reliance on mains water for engine‑related processes. The system is engineered to accommodate incremental changes in fuel composition, including hydrogen blending, supporting future decarbonisation of the gas network in line with national policy developments. Pure DC’s Battery Energy Storage System (BESS)  is integrated to manage load fluctuations and enhance operational efficiency, improving response times and enabling more optimal engine operation. The BESS is designed to support future renewable energy integration as part of a broader transition pathway. Pure DC’s Executive Chairman and interim CEO, Gary Wojtaszek, said: “The biggest barrier to deploying AI infrastructure in Europe today isn’t technology — it’s power. This microgrid proves that even the most constrained markets can unlock new digital capacity, giving Ireland the opportunity to lead Europe’s next chapter of AI infrastructure. The future of AI infrastructure will be built where energy and compute come together — and that’s exactly what we’re building at Pure.”  According to Ben Pritchard, CEO, AVK-SEG: “This project demonstrates how carefully designed onsite energy infrastructure can complement national energy planning frameworks.  This recognises that power is now the new differentiator for data centres, and that energy has shifted from being a utility to a strategic asset – shaping the location, design, economics and competitiveness for operators. The first of many in Europe, this microgrid has the capability to revolutionise the data centre power race as we know it – providing a complementary solution that will ease gridlock and pave the way for greater take-up of AI and cloud.”

Spotlight Pathology, a UK healthtech company, has raised  £1.4 million in seed investment to support its development of AI software that analyses digital pathology images to support clinicians in identifying blood cancers faster and consistently. Blood cancers are among the hardest to diagnose, often requiring multiple reviews by specialist pathologists. Delays can have serious consequences for patients, yet pathology departments across the UK are facing growing demand and a shortage of trained staff. Designed to slot into existing clinical workflows, Spotlight’s technology helps pathologists prioritise cases and reach decisions sooner - enabling patients to begin treatment earlier. Spotlight Pathology was founded by Dr Richard Byers, a Consultant Haematopathologist, and Dr Martin Fergie, an AI specialist with more than 15 years’ experience developing advanced algorithms for healthcare applications. The investment will support the company as it gains additional regulatory approvals and progresses through the first clinical in-use trials. According to Sam Perona, Chief Executive Officer of Spotlight Pathology, blood cancers can be extremely challenging to diagnose, and diagnostic delays can have devastating consequences for patients: “Our mission is to support pathologists with tools that fit seamlessly into existing workflows, helping them reach accurate diagnoses faster and with greater confidence. This investment gives us the momentum to move from development into real-world clinical settings. We’re excited to be scaling the business from Daresbury, working alongside partners across the North West and beyond, and to be strengthening our board with experienced leadership as we enter this next phase.” Sakura Holloway, Investment Director at the UK Innovation and Science Seed Fund, managed by Future Planet Capital, added: “Spotlight Pathology is a strong example of how UK university research can be translated into technologies that will transform patient outcomes. The team are addressing a critical challenge in blood cancer diagnosis, and with the right leadership and support in place, the company is well positioned to bring this technology into clinical settings. This investment reflects our conviction in both the team and the technology, and our commitment to backing spin-outs that apply advanced science to pressing healthcare challenges, improving productivity in the health system and delivering meaningful global patient impact." Lead image: Richard Byers, Sam Perona, and Martin Fergie. Photo: uncredited.

Revolut has been awarded a full UK banking licence, after regulators lifted restrictions on the UK challenger bank, which had lasted for an extended time. Revolut, valued at $75bn, today said it had received regulatory approval from the Bank of England's Prudential Regulation Authority (PRA) to exit the mobilisation phase, and launch as a bank in the UK.   Nik Storonsky, co-founder and CEO of Revolut, said: “Launching our UK bank has been a long-term strategic priority for Revolut, and marks a significant moment in our journey.    "The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe. This is a vital step in our mission to build the world’s first truly global bank.”   The winning of the licence draws to a close a 20 month process in which Revolut has been awaiting to get the full green light, after securing a licence with restrictions in July 2024. The period of restrictions usually lasts around 12 months. In this so-called “mobilisation phase” Revolut has been operating under banking restrictions, including a cap on deposits. Revolut applied for a UK banking licence in 2021. The licence win means that Revolut, which has 13m customers in the UK and 70m globally, will be able to begin offering accounts as a fully licenced bank in the UK for both retail and business customers. It enables Revolut to offer deposit accounts protected by the FSCS (Financial Services Compensation Scheme) on eligible deposits and paves the way for a wider range of services in the future, including lending and other products.   It will allow it to better compete with UK established banks like HSBC, Lloyds, and Barclays and, given that a UK banking licence is held in high regard, could help with other licence wins around the world.   Francesca Carlesi, UK CEO at Revolut, commented: “Becoming a bank in our home market marks a defining moment in our journey — a milestone achieved through relentless focus, discipline, and belief in what we’re building.    "Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day. This will now enable us to continue on our mission to deliver the most seamless, secure, and customer-centric banking experience for consumers across the UK.”