Key European WealthTech investment stats in 2024:
European WealthTech funding dropped by 65% YoY in 2024UK firms continued to dominate the European WealthTech market with six of the top deals secured in 2024Alpian, a digital banking platform, secured one of the largest European WealthTech deals for the year, with a Series C funding round of $84m
European WealthTech funding dropped by 65% YoY in 2024
In 2024, the European WealthTech sector recorded $5.4bn in total funding across 272 deals, reflecting a sharp decline of 65% from the $15.6bn raised in 2023 and a 71% drop in the number of transactions from 924 in the previous year.
Compared to 2020, when the sector saw $11.4bn in funding across 1,088 deals, the contraction is even more severe, with total funding dropping by 52% and deal volume falling by 75%.
Despite this overall decline, the average deal value in 2024 stood at $19.9m, a slight decrease from $16.9m in 2023 but still significantly above the $10.5m recorded in 2020.
This suggests that while the number of deals has drastically decreased, investors are concentrating on fewer but larger investments, potentially due to heightened risk aversion and a focus on later-stage, more established players.
UK firms continued to dominate the European WealthTech market with six of the top deals secured in 2024
The geographical distribution of top deals in 2024 highlights a shifting landscape within European WealthTech.
The United Kingdom maintained its dominance with six top deals, although this marked a slight decline from the seven recorded in 2023.
Switzerland made a return to the top 10 after being absent in 2023, while new entrants such as Spain, Turkey, and Lithuania replaced Sweden, Germany, and Denmark.
This diversification suggests that investment is expanding into emerging European markets, with investors increasingly looking beyond traditional strongholds.
The absence of Sweden and Germany from the top 10 is notable, as these countries have historically played a key role in the region’s WealthTech funding.
However, the continued strength of the UK reaffirms its position as the leading hub for WealthTech innovation and investment in Europe.
Alpian, a digital banking platform, secured one of the largest European WealthTech deals for the year, with a Series C funding round of $84m
The investment, which includes $44m contingent upon regulatory approvals, highlights the growing confidence in Alpian’s innovative approach to digital wealth management and banking services.
The new capital will fuel further advancements in Alpian’s financial solutions as the company continues its rapid expansion.
In 2024, Alpian doubled its client base to several thousand in the first four months alone, with total assets nearing $111m, driven by its advisory mandate that bridges managed and self-directed solutions.
This mandate, offering access to curated investment opportunities and personalised recommendations, complements the ‘Managed by’ discretionary mandate, contributing to a remarkable net performance of 14.28% in managed assets since inception.
Additionally, Alpian’s competitive banking features, including some of Switzerland’s highest deposit interest rates and significantly lower forex exchange fees compared to traditional banks, continue to attract a growing client base.
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