BlackFin Capital Partners completes a first closing in excess of €100 million for its venture capital fund dedicated to European Fintechs, Insurtechs and Regtechs

  • After launching 2 generations of buy-out funds (€220m Fund I in 2011 & €400m Fund II in 2016), BlackFin Capital Partners is leveraging its deep sectorial expertise in the Financial Services industry to enter the venture capital segment.
  • The firm aims for a €150 million final closing for this fund.
  • The team will partner with outstanding European entrepreneurs of the industry and lead their Seed to Series C rounds.
  • As a sector specialist firm, BlackFin, its team and Venture Partners network will provide them with unique support regarding their strategy and growth, commercial access and credibility, but also regulatory guidance to develop the next generation of financial services companies

On July 25th, BlackFin Capital Partners completed a first closing in excess of €100 million for its BlackFin Tech Fund 1 from European institutional investors such as Bpifrance – on its own account and within the framework of the Investments for the Future Programme via the MultiCap Croissance fund – Vaudoise Assurances Group, Groupama Group, Sogecap (Société Générale Insurance), Natixis Assurances, Swiss Life as well as several banks and family-offices. This closing paves the way for a broader institutional fund-raise, with the target of reaching more than €150 million.

Founded by four Fintech entrepreneurs in 2009 – Laurent Bouyoux, Paul Mizrahi, Eric May and Bruno Rostain – BlackFin raised a first buy-out fund of €220 million in 2011. BlackFin has been investing and supporting the development of Financial Services companies across continental Europe ever since. Following the success of their first fund, they raised a second buy-out fund of €400 million in 2016.

Laurent Bouyoux, Managing Partner of BlackFin Capital Partners: “We are proud to achieve such a promising launch for our venture capital fund. The strong support from our investors stems from the performance we are delivering in Fund I and Fund II as well as the sectorial expertise we have developed over the years. The Financial Services industry remains a complex but highly attractive and diversified investment universe from which a specialized team can extract compelling investment opportunities. Our entrepreneurial DNA is once again at work!”

The Fund will be deployed across continental Europe by a dedicated investment team led by Julien Creuzé. Maxime Mandin covers German-speaking countries. Three additional investment professionals will join the team in the coming months. BlackFin now employs more than 20 investment professionals in Paris, Brussels and Frankfurt.

A growing network of more than 25 Venture Partners – former entrepreneurs and top executives of the industry – supports the investment team in the sourcing and qualification of investment opportunities and provides insights and commercial accesses to portfolio companies.

The Financial Services industry is shaken by profound changes in customer expectations, technologies and regulation. This create major opportunities for entrepreneurs to redesign the value chains. BlackFin will team up with them to develop tomorrow’s leading Fintech, Insurtech and Regtech companies. All aspects of retail and investment banking, payments, wealth and asset-management, insurance, insurance distribution, financial software as well as technology related to regulatory requirements are targeted.

Laurent Bouyoux, Managing Partner of BlackFin Capital Partners: “As entrepreneurs and founders of Fortuneo* we feel particularly connected to the FinTech opportunity and are able to relate to all the great entrepreneurs that are making this opportunity happen. Our experience and networks will enable them to move ahead faster and transform the face of the industry”.

*Fortuneo is one of the leading online banks in France and Belgium. Fortuneo was successfully launched by the partners of BlackFin in 2000 and sold to Crédit Mutuel Arkéa in 2006 in one of the landmark pre-financial crisis Internet exits.