EMEA Daily: Social Media Giants Join Forces to Fight Germany’s Tough Online Hate Speech Rule; Regulators Find Europe’s AdTech Sector Broke Privacy Rules

In today’s top Europe, Middle East and Africa (EMEA) news, four social media giants are suing the German government over its online hate speech law, and a European privacy protection watchdog has ruled the AdTech industry is violating privacy rules.

Plus, European restaurant owners regain control from third-party marketplaces, Barclays plans to help FinTech founders grow their companies, and U.K.-based digital-only challenger bank Monese is providing banking services to European immigrants.

Social Media Mega Firms Join Forces to Fight Germany’s Tough Online Hate Speech Rule

Rival social media giants Facebook (Meta), TikTok, Twitter and YouTube have united to sue the German government over its strengthened online hate speech law, Politico reported Wednesday (Feb. 2).

Starting this week, the measure known as the NetzDG requires social media outlets to forward illegal content, including swastika photos or posts intended to incite violence, and user data to the country’s a central law enforcement agency.

Regulators Find Europe’s AdTech Sector Broke Privacy Rules

Following years of investigation, a European national authority has ruled that the region’s AdTech industry has violated privacy regulations.

The decision, made by an arm of the Data Protection Authority, the public authority that manages data protection laws within the EU, said regulators across the bloc agreed the ad sector violated principles of the General Data Protection Regulations (GDPR), which governs privacy rights.

Stuttgart HR Startup Flip Raises $30M to Grow its App for Deskless Workers in UK

German HR startup Flip has raised 22 million pounds (about $30 million) in a Series A funding round to fuel its expansion in the United Kingdom, UK Tech reported Thursday (Feb. 3).

The Stuttgart-based startup said it will use the latest investment to finance its international expansion, starting with a launch in the U.K., the report stated. In addition, the capital fund will be used to add to its 100 workers.

Blackstone-Led Funding Round Nets LemonEdge $4M

Accounting platform LemonEdge has raised $4 million in a funding round led by Blackstone, bringing the amount of capital raised by the U.K. firm to $7 million within its first year of launch, the company announced in a news release Thursday (Feb. 3).

Based in London, LemonEdge helps private capital firms automate and digitize end-to-end accounting processes, which can often rely on older systems or spreadsheets. In what LemonEdge says is an industry-first, the company melds a “modern, purpose-built financial engine” with a customizable low-code platform, and advanced reporting and scenario tools.

Restaurants in Europe Take Back Control From Third-Party Marketplaces and Aggregators

Restaurant owners and operators started their entrepreneurial endeavors because they mainly wanted to be independent and have direct relationships with their customers.

But James McCarthy, co-founder of Dublin-based ResTech company Flipdish, said working with third-party marketplaces, aggregators and online food portals has posed a threat to that goal.

Connected Capital $176M Funding Focused on European B2B SaaS Startups

Amsterdam-based business-to-business (B2B) Software-as-a-Service (SaaS) investment firm Connected Capital on Thursday (Feb. 3) closed its oversubscribed Fund II at a total of 154 million euros ($176 million), bringing its total committed capital to over 200 million euros ($228.5 million).

Connected Capital’s newest fund is three times the size of its previous fund, according to a Thursday (Feb. 3) press release.

Barclays Partners With Rainmaking to Help FinTech Founders

Barclays has announced that it will help FinTech founders around the world grow and develop their companies. As part of a strategic partnership with corporate venture builder Rainmaking that was announced in a Thursday (Feb. 3) press release, Barclays will launch a new suite of initiatives.

One such initiative, the Rise Start-Up Academy, is now accepting applications. This is a virtual digital skills-building accelerator meant for FinTech founders.

EU Seeks Path to Global Tech Influence Through 5G, A.I. Standard Setting

The European Union may not be the world leader in the provision of some of the latest technological advances of our era. But it still wants to have a say in setting international standards.

For this purpose, the EU launched a Standardization Strategy on Wednesday (Feb. 2) aimed at strengthening the EU’s position in global standard-setting for technology applications.

Neobank Fills Primary Account Need for EU’s ‘Credit Invisibles’

For a large population of customers in the United Kingdom who have little or no credit history with credit agencies, accessing credit or affordable lending is often an uphill battle.

U.K.-based digital-only challenger bank Monese has been targeting these groups since it launched in 2015. It aims to help European immigrants coming from abroad obtain quick access to banking services.

London FinTech Fiat Republic Nets $3.5M in Funding

Fiat Republic, a startup that helps cryptocurrency platforms build tools to process fiat currencies from financial institutions, has closed on $3.5 million in seed funding, the London-based company announced Wednesday (Feb. 2).

The 7-month-old company said the funds will be used to add to its 14-person team and accelerate regulatory approvals in the United Kingdom and the EU.

Insurance Data Intelligence Provider Percayso Notches $4.6M

Percayso Inform, a startup that provides insurers access to data sources, has raised 3.4 million pounds ($4.6 million), the Nottingham, England-based firm announced Wednesday (Feb. 2).

The company said the newest infusion of cash will be used to develop products, enabling the company to expand into new sectors of the United Kingdom’s insurance sector.