EMEA Daily: German HealthTech Avi Medical Raises $54.5M; Stablecoins Embraced as Valid Payment Form in UK

In today’s top Europe, Middle East and Africa news, Munich-based HealthTech firm Avi Medical raised $54.5 million in Series B funding, and the United Kingdom is validating stablecoins as a payment method.

Plus, money management app LOQBOX has partnered with credit monitoring platform Credit.com, Advent International is signing a deal to become a majority shareholder in Mangopay and mobile wallet Stocard has a new look.

German HealthTech Avi Medical Raises $54.5M

Munich-based HealthTech firm Avi Medical raised €50 million ($54.5 million) in a Series B round led by London-based venture capital firm Balderton Capital.

Avi Medical said it plans to use the funding to increase the number of its clinics in Germany to at least 100 by 2024. The HealthTech currently operates from eight locations in the country.

Stablecoins Embraced as Valid Payment Form in UK

The U.K.’s HM Treasury is now validating stablecoins as an accepted form of payment, and it also plans to launch an international hub for crypto asset technology and investment in the future. Stablecoins will be brought within a regulatory framework, paving their way for use in the U.K. as a recognized form of payment.

“It’s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” Chancellor of the Exchequer Rishi Sunak said in a statement.

Stocard Joins Klarna With New Brand ID

Stocard, a mobile wallet that allows consumers to keep their loyalty cards in one place, has received a new look nine months after being purchased by Swedish buy now, pay later (BNPL) firm Klarna.

Stocard has adopted Klarna’s “Smoooth” brand identity across its ecosystem, which Klarna said will open doors for commercial and technological synergies between the two company’s offerings.

LOQBOX Teams With Credit.com to Help Consumers Build Credit History

U.K.-based money management app LOQBOX is partnering with credit monitoring platform Credit.com to help Americans build a credit history.

Since its launch in 2020, LOQBOX has helped nearly 1 million people build their credit scores, according to a company press release.

Advent Acquires Majority Stake in Mangopay

Global private equity investor Advent International has become the majority shareholder in Luxembourg-based Mangopay, an end-to-end payment solutions provider for marketplaces and platforms.

Romain Mazeries, CEO of Mangopay, said that having Advent as a growth partner will give Mangopay access to their “deep payment expertise and network,” which will help boost its development.

Productsup Grabs $71M in Series B Round

Software company Productsup raised €65 million ($71 million) in a Series B fundraising round, which the company plans to use for further product development, merger and acquisition activity, expansion into new markets and to bolster its partner network.

Productsup works with more than 900 global brands, retailers, marketplaces and service providers to improve their omnichannel retail strategy at a time when eCommerce is projected to reach $5 trillion this year.

Paysend Launches Products to Help Customers Boost Credit

Paysend, a U.K.-based FinTech startup, is launching its Credit Builder and Pay Later products to help customers improve their finances and get their credit scores on track.

The company said the new products were developed to help its 6.5 million customers in the U.K. get a better handle on their money and keep track of their spending.