EMEA Daily: UK Tech IPOs Rake in $8.8B in 2021 to Set New Record; Dolce & Gabbana Ending Fur Use

In today’s top Europe, Middle East and Africa (EMEA) news, tech company initial public offerings (IPOs) collect $8.8 billion in 2021 to set a record while SaaS company BigCommerce expanded into Germany, Mexico and Spain.

Plus, Nigerian brokerage app Bamboo has raised $15 million to escalate its growth, eCommerce platform Uquid.com has integrated with Binance Pay to buy 40 digital tokens without fees.

UK Tech IPOs Rake in $8.8B in 2021 to Set New Record

U.K.-based tech IPOs raised a record 6.6 billion pounds ($8.8 billion) in 2021 from initial public offerings (IPOs), data from the London Stock Exchange (LSE) shows, double the amount from 2020.

Of the 126 companies that debuted on the London Stock Exchange, nearly 30%, or 37 companies, were technology companies, up from eight in 2020. The 2021 IPOs were led by FinTech group Wise and review site Trustpilot and included U.K.-based Deliveroo and Canadian company AlphawaveIP and U.S.-based Devolver Digital.

BigCommerce Moves Into Germany, Mexico and Spain

Open Software-as-a-Service (SaaS) eCommerce platform BigCommerce on Monday (Jan. 31) expanded into Germany, Mexico and Spain, allowing local merchants to grow their direct-to-consumer (D2C) and business-to-business (B2B) platforms around the world, a company announcement said.

BigCommerce’s expansion into three new countries also adds omnichannel capabilities in those regions. The additions follow BigCommerce’s launch in France, Italy and the Netherlands. It’s BigCommerce’s first step into Latin America.

Egypt’s eCommerce Platform Brimore Nets $25M for Growth

Brimore, which calls itself Egypt’s largest social commerce platform, has closed a $25 million Series A funding round, the company announced in a Monday (Jan. 31) press release.

The startup said the new capital would add products and suppliers and expand its app across Africa. In addition, it plans to double its employees, operate in three countries and strengthen its physical logistics capabilities by 2023.

Pennylane Raises $57M Series B to Expand Business Management Tools

Accounting and business tools software startup Pennylane raised $57 million (50 million euros) in a Series B funding round led by Sequoia Capital, with Capital and Partech.

The fresh infusion of capital will help the startup continue building out its platform to integrate financial management tools for business leaders and production software for accountants. Pennylane has raised $96 million since 2020.

Nigerian FinTech Brokerage App Bamboo Notches $15M Series A

Brokerage app Bamboo raised $15 million in a Series A funding round that the Nigerian startup will use to escalate its growth, according to multiple reports on Monday (Jan. 31).

The funding round was led by Greycroft and Tiger Global with participation from Motley Fool Ventures, Saison Capital, Chrysalis Capital and Y-Combinator’s Michael Seibel and others.

Uquid.com Teams Up With Binance Pay to Offer No-Fee Crypto Payments

The eCommerce platform Uquid.com, which has more than 2 million products available for sale, has integrated with Binance Pay to allow users to buy more than 40 digital tokens without fees, according to a PVP Live report Monday (Jan. 31).

Uquid’s eCommerce and decentralized finance (DeFi) platform accepts about 100 tokens and the firm is considering expanding the reach of its DeFi shopping network beyond the Ethereum blockchain. Uquid.com also offers “Buy Now and Pay Later (BNPL) by Crypto” to customers, allowing them to spread out their payments into installments with no extra fees.

What Makes the UE’s Digital Markets Act Unique

In “The EU’s Proposal for a Digital Markets Act – An Ex Ante Landmark,” Prabhat Agarwal of the European Commission explains the features that make the Digital Markets Act a unique regulatory instrument, compared to any other piece of legislation approved before.

The European Parliament approved the DMA in December 2021 and it could enter into force in early 2023 after the 27 member states ratify the text. The DMA essentially blacklists certain practices used by large platforms acting as “gatekeepers.”

Rapyd Acquires Neat to Advance Cross-Border Trade

Global FinTech-as-a-service company Rapyd finalized its acquisition deal for cross-border trade enabling platform Neat, which specializes in assisting small- to medium-sized businesses (SMBs) and startups, according to a press release on Monday (Jan. 31).

Rapyd’s worldwide payments network supports over 900 payment methods across more than 100 countries and global payouts in over 200 countries. The company supports SMBs and entrepreneurs by incorporating, establishing an online presence and tapping new markets. Its API platform simplifies complicated cross-border payments for companies seeking to do business in global trade.

Dolce & Gabbana Ending Fur Use

Italian luxury fashion brand Dolce & Gabbana joined several other fashion brands Monday (Jan. 31) when it announced in a joint statement with animal rights association Humane Society International that it will end its use of fur in all of its collections later this year.

UK Seeks Its Place to Shape Global Standards in Artificial Intelligence

The U.K. government has launched a new AI Standard Hub as part of its National AI Strategy to increase the U.K. contribution to the development of global AI technical standards.

The feature promises practical tools for businesses to develop AI systems, connect the AI community through an online platform and develop educational materials to help organizations develop and benefit from global standards.

Tech Firm Founders Debut VC Fund for Africa’s Next Unicorns

The founders of companies like Klarna and Skype, among others, are rolling out a new $200 million venture capital fund to find new unicorns in Africa, a report says.

Klarna co-founder Niklas Adalberth told Financial Times on Sunday (Jan. 30) Africa was likely similar to Sweden in 2005 when the company was founded.

UK Car Dealer Is First to Use Lloyds Bank A2A Payments Solution

Car dealership JCT600 is the first retailer on record to use Lloyd’s” PayFrom Bank account-to-account payment process, which displaces plastic cards for online checkout, a report says.

PayFrom Bank was debuted in July 2021 and uses Mastercard’s payment gateway capabilities and the Open Banking Connect platform.