Europe’s 15 most valuable startups and scaleups

This list from Sifted EU of Europe’s most valuable private tech companies features nine fintech firms, from Revolut to Klarna, and surprisingly just one AI startup.

Sifted has compiled a list of the most valuable startups and scaleups across Europe, featuring companies from the UK, Germany, and France, as well as Sweden, Estonia, Lithuania, Finland, and the Netherlands.

Fintech dominates the list, accounting for nearly half of the companies, with UK-based neobank Revolut leading the pack after increasing its valuation to €43bn this year. Interestingly, despite the buzz around AI, only one company from the sector—France’s Mistral AI—made it into the rankings with a valuation of €5.8bn.

Unless specified otherwise, valuations are self-reported by the companies.

1. Revolut HQ: London, UKValuation: €43bn

Revolut, the UK neobank, boosted its valuation to €43bn in 2023 through an employee share sale. Founded in 2015 as a financial travel app, it has evolved into a comprehensive superapp offering services like business banking, children’s accounts, travel insurance, savings, and stock trading. The company is rumoured to be eyeing a public listing, though CEO Nikolay Storonsky has downplayed the likelihood of this happening on the London Stock Exchange.

2. Rapyd HQ: London, UKValuation: €14.5bn (reported)

Rapyd, a London-based fintech, provides payment solutions that allow businesses to integrate diverse payment methods, including cards, bank transfers, e-wallets, and local systems. Since its 2016 launch, it has raised over €700m from investors like General Catalyst, Tiger Global, and BlackRock.

3. Klarna HQ: Stockholm, SwedenValuation: €14bn (reported)

Founded in 2005, Klarna is a Swedish pioneer in the buy-now-pay-later space. It has secured €4bn in funding from backers such as Sequoia Capital, Atomico, Mubadala, SoftBank, Northzone, and BlackRock. Company filings in October suggested a €14bn valuation, though Klarna has not confirmed this. The company recently announced plans for a US IPO.

4. Celonis HQ: Munich, GermanyValuation: €12.5bn

Celonis, based in Germany, develops software that helps businesses identify inefficiencies and optimise operations. Its latest funding round brought in nearly €1bn, including €575m in debt from the Qatar Investment Authority, raising its valuation to €12.5bn.

5. Checkout.com HQ: London, UKValuation: €9bn (Sifted reporting)

Checkout.com, a UK fintech, was once valued at €38bn after securing €900m in Series D funding in 2022. However, the company reduced its internal valuation to €9bn in 2023. Often seen as Europe’s answer to Stripe, it has raised €1.7bn from investors like Tiger Global, DST Global, and Coatue Management.

6. Octopus Energy HQ: London, UKValuation: €8.6bn

Serving 6.8 million households, Octopus Energy is the UK’s largest electricity supplier. Since its 2015 launch, it has raised over €2bn from investors such as CPP Investment and Generation Investment Management. Recent funding rounds boosted its valuation to €8.6bn.

7. N26 HQ: Berlin, GermanyValuation: €8.6bn

N26, a German neobank, achieved an €8.6bn valuation following an €867m Series E round in 2021. Despite regulatory setbacks related to money-laundering controls, the company rebounded in 2023, reporting its first profitable quarter after restrictions on customer growth were lifted.

8. Personio HQ: Munich, GermanyValuation: €8.1bn

Personio, an HR software platform for small and medium-sized businesses, was founded in 2015. With 12,000 customers across 70 countries, it raised €192m in 2022, bringing its Series E total to €452m and its valuation to €8.1bn.

9. Bolt HQ: Tallinn, EstoniaValuation: €7.4bn

Estonia’s Bolt competes with Uber by offering ride-hailing, food delivery, and micro-mobility services. Operating in 45 countries, it raised €628m in Series F funding in 2022 at a €7.4bn valuation and secured an additional €220m credit facility to prepare for an IPO.

10. Blockchain.com HQ: London, UKValuation: €6.7bn (reported)

Launched in 2011, Blockchain.com is a cryptocurrency platform for buying, selling, and storing digital assets. Its valuation dropped from €13.4bn in 2022 to €6.7bn following a Series E round in 2023.

11. Mistral AI HQ: Paris, FranceValuation: €5.8bn

Founded in 2022, Mistral AI has quickly become Europe’s most valuable AI company, raising over €1bn. Its €600m Series B round valued the company at €5.8bn, positioning it as a key European contender in the generative AI space.

12. Doctolib HQ: Levallois-Perret, FranceValuation: €5.8bn

Doctolib, a healthtech platform, enables online appointment bookings and serves as a management tool for healthcare professionals. Present in France, Italy, and Germany, it raised €500m in 2022 at a valuation of €5.8bn.

13. Monzo HQ: London, UKValuation: €5.7bn

Monzo, the UK neobank, reached a €5.7bn valuation through an employee share sale in 2023. Having diversified into stock trading, BNPL, and pensions, Monzo reported its first profitable quarter this year.

14. Back Market HQ: Paris, FranceValuation: €5.5bn

Back Market is a marketplace for refurbished electronics, operating in 18 countries across Europe, North America, and Asia. It last raised €490m in 2022, securing a valuation of €5.5bn.

15. Contentsquare HQ: Paris, FranceValuation: €5.4bn

Contentsquare offers AI-driven analytics to help businesses optimise user experiences online. Its €600m Series F round in 2022 brought its valuation to €5.4bn.