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European payments commercial activity rebounded 2025: $100m+ deal value $3.9bn H1 2025 (near double FY2024). Notable: Marqeta/TransactPay (EU EMI), Trade Republic EUR 1.2bn secondary at EUR 12.5bn, Flatpay $145m.
In investment, Trade Republic completed a EUR 1.2bn secondary fundraising in December 2025, valuing the company at EUR 12.5bn — a growth-stage round that marks the firm as one of Europe's most valuable neobrokers and reflects capital concentration in profitable consumer fintech. Separately, Danish SMB payments and POS fintech Flatpay raised roughly USD 145m in a Series B, funding expansion of low-cost SMB acquiring against legacy incumbents in Germany and the Benelux and reflecting capital concentration in profitable acquiring-adjacent fintechs. Both are non-bank PI/EMI-segment events.
These discrete events are kept distinct from W6 structural market analysis and W9 thematic product-access regulation: a specific announced deal or product launch belongs here, while a structural M&A trend or regulatory product-access theme does not.
Outlook
The trajectory is escalating. Issuing-infrastructure consolidation (Marqeta/TransactPay) and capital concentration in profitable consumer fintech and SMB acquiring (Trade Republic, Flatpay) are the dominant patterns, with the gateway-acquirer model structurally pressuring legacy processor economics. The TransactPay deal value remains not publicly disclosed.
Commercial Intelligence & Fintech
Four dated commercial-intelligence entries surfaced for EEA euro-stablecoin issuance and distribution this cycle. AllUnity, a joint venture of DWS, Galaxy Digital and Flow Traders, obtained BaFin authorisation and launched its EURAU euro stablecoin in July 2025; the transaction value was not publicly disclosed. Societe Generale-FORGE cleared MiCA e-money-token requirements via its existing ACPR banking-law authorisation rather than a fresh e-money-institution licence, with its EURCV token settling on Ethereum and extended to Solana in 2024; no transaction value was publicly disclosed. ClearBank announced a partnership with Taurus on 13 January 2026 targeting MiCA-compliant EURC banking services; the financial terms were not publicly disclosed. Wirex, a Visa principal member, launched dual-stablecoin USDC/EURC settlement on the Stellar blockchain in November 2025, integrating Morpho Vaults for automated treasury yield; no transaction value was publicly disclosed.
These four entries are dashboard-tier, dated commercial events rather than a structural market-trend finding in themselves; the structural euro-stablecoin market-growth finding, compliant-issuer count and market-capitalisation trajectory, is carried under the stablecoins module this cycle and should be read alongside these entries rather than duplicated here.
Outlook
None of the four commercial events identified this cycle disclosed transaction values, which limits the depth of commercial-intelligence analysis possible at this time; subsequent cycles may surface disclosed-value follow-on activity for any of the four entities named.
1 further periodic run re-emitted the standing brief unchanged and is not shown.
Sources and findings (4)
- T3Marqeta / FinTech Futures
- T3techfundingnews (Artis Partners/PitchBook)
- T3techfundingnews / PitchBook
- T3techfundingnews