Bulgaria’s Unicorn Payhawk Eyes $100M Raise at $2B Valuation
Bulgarian fintech unicorn Payhawk is exploring a new funding round that could raise around $100 million and value the company at approximately $2 billion, according to people familiar with the matter. If completed, the deal would mark a significant step up from its previous valuation and reinforce Payhawk’s position as one of Central and Eastern Europe’s most prominent technology success stories.
Founded in 2018, Payhawk provides an all-in-one spend management platform that combines corporate cards, expense tracking, invoice processing, and supplier payments. Its software is aimed at medium-sized and large enterprises managing complex, multi-country financial operations, offering real-time visibility and tighter control over corporate spending.
The company became Bulgaria’s first startup unicorn in 2022, a milestone that put the country on the global venture capital map. Since then, Payhawk has expanded aggressively across Europe and beyond, focusing on larger enterprise clients and deeper integrations with accounting and enterprise resource planning systems.
The planned fundraising comes at a time when fintech investment remains selective, with investors prioritising platforms that demonstrate clear paths to profitability and strong demand from enterprise customers. Payhawk’s leadership has highlighted growing interest in automation tools that reduce manual finance work, including the use of artificial intelligence to speed up approvals, reconciliation, and reporting.
Competition in the spend management space has intensified, with European rivals and global players all vying for corporate clients. A fresh capital infusion would give Payhawk additional firepower to invest in product development, expand its international footprint, and defend its market position.
While discussions are still at an early stage and terms could change, a successful raise at a $2 billion valuation would signal renewed confidence in European fintechs and underscore Payhawk’s ambition to become a long-term global player rather than a regional champion.
Diginex Buys Plan A for €55M: What It Means for Europe’s Carbon Accounting Scene
Sustainability technology firm Diginex has agreed to acquire Berlin-based carbon accounting startup Plan A in a deal valued at €55 million, marking a notable moment of consolidation in Europe’s fast-evolving climate tech sector. The acquisition brings together two players operating at the intersection of ESG reporting, emissions measurement, and corporate sustainability strategy.
Founded in 2017, Plan A built its reputation by helping companies measure, report, and reduce their carbon footprints using automated, data-driven tools. Its platform focuses on complex emissions reporting, including value-chain or Scope 3 emissions, an area that has become increasingly important as European regulations tighten and corporate sustainability disclosures come under closer scrutiny.
For Diginex, the acquisition strengthens its ambition to offer an integrated ESG and sustainability platform. By folding Plan A’s carbon accounting and decarbonisation capabilities into its broader compliance and reporting tools, Diginex aims to serve large enterprises looking for end-to-end solutions rather than standalone emissions calculators. This reflects a growing preference among corporate customers for fewer vendors and more comprehensive platforms that can handle multiple regulatory and reporting requirements.
The deal also signals a shift in Europe’s carbon accounting landscape. After a surge of venture funding and new startups in the early 2020s, the market is now entering a more mature phase. Investor caution, longer enterprise sales cycles, and the cost of meeting regulatory complexity have made scale increasingly important. As a result, smaller and mid-sized carbon accounting firms are finding it harder to operate independently.
Industry observers see the acquisition as part of a broader consolidation trend that could reshape Europe’s climate tech ecosystem. While fewer independent players may reduce competition, larger integrated platforms could improve adoption by making carbon data more actionable and aligned with financial and strategic decision-making.
Ultimately, Diginex’s purchase of Plan A underscores a clear message: in Europe’s carbon accounting market, depth, scale, and integration are becoming just as important as innovation.
Exclusive: PhotonDelta Backs MIT Duo’s €1.2M Bet on Chip-Scale Chemical Monitoring
Photonics accelerator PhotonDelta has committed €1.2 million to support a new deep-tech startup founded by two researchers from the Massachusetts Institute of Technology, betting on a future where chemical monitoring can be performed on a single chip rather than in a laboratory.
The startup, an MIT spin-out, is developing chip-scale chemical monitoring technology that aims to miniaturise advanced spectroscopy techniques into compact, low-cost photonic chips. These chips are designed to detect and analyse chemical compositions in real time, enabling continuous monitoring in environments where traditional laboratory instruments are impractical or too expensive.
At the core of the technology is integrated photonics, which allows optical components such as lasers and detectors to be embedded directly onto silicon chips. By combining this with advanced data processing and machine-learning models, the founders aim to deliver high-precision chemical sensing in devices small enough to be deployed in industrial plants, biomanufacturing facilities, and environmental monitoring systems.
PhotonDelta’s €1.2 million backing will be used to move the technology from advanced research to early commercialisation. The funding will support prototype development, system integration, and collaboration with European photonics manufacturers. As part of the deal, the startup plans to build a significant presence in the Netherlands, tapping into PhotonDelta’s established ecosystem of chip fabrication, research institutions, and industrial partners.
Industry experts say chip-scale chemical monitoring could significantly reduce costs and delays associated with conventional chemical analysis, which often relies on off-site testing and bulky equipment. Real-time, on-site monitoring could improve quality control, safety, and efficiency across multiple sectors.
For PhotonDelta, the investment reflects its broader strategy to position Europe as a global leader in integrated photonics. By backing early-stage startups emerging from top research institutions, the organisation aims to accelerate the transition of photonics innovations from the lab to real-world applications.
If successful, the MIT duo’s venture could mark a turning point in how chemical data is collected, analysed, and acted upon—shrinking entire laboratories onto a single chip.
Meta Drops $2B+ on Manus, Singapore AI Agent Star With Chinese Roots, Sparking Beijing Probe
Meta has agreed to spend more than $2 billion to acquire Manus, a fast-rising artificial intelligence startup based in Singapore, in one of its largest AI deals to date. The move underscores Meta’s push to accelerate development of advanced AI agents that can autonomously perform complex tasks across consumer and enterprise applications.
Manus has drawn attention for its AI agent technology that goes beyond conversational chatbots. Its systems are designed to plan, execute, and adapt to multi-step tasks such as research, workflow automation, and data analysis with limited human input. Meta is expected to integrate these capabilities across its ecosystem, including Meta AI and its family of social and messaging platforms, as it competes with rivals racing to build more capable, agent-driven AI products.
The deal has taken on geopolitical significance due to Manus’s Chinese roots. Although the company is now headquartered in Singapore, it was founded by Chinese entrepreneurs and developed parts of its core technology before relocating. That history has reportedly triggered a review by Chinese authorities, who are examining whether the transaction complies with domestic rules governing technology transfers and outbound investments in sensitive sectors such as artificial intelligence.
The probe highlights growing concerns in Beijing over the loss of advanced AI talent and intellectual property to foreign tech giants. In recent years, Chinese regulators have taken a more assertive stance on cross-border deals involving strategically important technologies, reflecting broader competition between China and the United States over AI leadership.
For Meta, the scrutiny adds a layer of regulatory uncertainty but is unlikely to derail its broader AI ambitions. The company has been investing heavily in foundational models, infrastructure, and talent as it seeks to position AI at the core of its long-term growth strategy.
More broadly, the Manus acquisition illustrates how AI innovation is increasingly shaped not just by technology and capital, but by geopolitics. As startups with global roots attract mega-deals, governments are stepping in to ensure strategic technologies do not slip beyond their control.
Zilch to Buy €120M-Asset Fjord Bank to Unlock European Expansion
UK-based buy now, pay later firm Zilch has agreed to acquire Fjord Bank, a Danish digital bank with roughly €120 million in assets, in a move aimed at accelerating its expansion across Europe. The deal marks a strategic shift for Zilch as it looks beyond instalment payments and toward building a broader, fully regulated financial services platform.
Fjord Bank, headquartered in Denmark, operates as a licensed digital bank offering savings and lending products. While relatively small in balance-sheet terms, the bank’s regulatory status is central to the transaction. By acquiring Fjord Bank, Zilch gains access to a European banking licence, allowing it to roll out regulated products such as deposit accounts, payments, and potentially lending services across multiple markets without navigating lengthy licensing processes country by country.
Zilch has built its brand on interest-free payments and consumer-friendly credit options, but the buy now, pay later sector has come under increasing regulatory scrutiny in Europe. Owning a licensed bank could help Zilch better align with evolving regulations while also diversifying its business model. The company is expected to integrate Fjord Bank’s regulatory infrastructure and compliance systems into its existing technology stack.
The acquisition signals Zilch’s ambition to deepen its relationship with customers by offering more comprehensive financial services. Rather than remaining a single-product provider, the company aims to become a broader digital finance platform, improving customer retention and opening up new revenue streams.
Industry observers see the deal as part of a wider trend in fintech, where payment and lending startups are turning to bank acquisitions to support long-term growth and stability. For Zilch, the move could provide a competitive edge as European fintechs increasingly blend payments, credit, and banking services under one roof.
Subject to regulatory approval, the Fjord Bank acquisition could become a pivotal step in Zilch’s evolution—from a BNPL pioneer into a pan-European financial services player with deeper regulatory footing and broader ambitions.
