Two all-time European records. One month. Over $4.5 billion raised. March 2026 will be remembered as the moment the AI infrastructure race stopped being a conversation and became a construction project — and when stablecoins quietly crossed the line from crypto curiosity to mainstream financial plumbing. From a quantum unicorn gearing up for its Nasdaq debut to a two-year-old Berlin startup reinventing how bonds are traded, the deals of March tell a coherent story: capital is flowing fast, and it’s flowing deep into the foundations.
Below is the complete ranked breakdown of the month’s funding rounds ranked by round size, from the blockbusters to the builders, with everything you need to know about what each company does, who backed it, and what the money is for.
Nscale — $2 Billion Series C
AI Infrastructure, London, UK
If the AI era has a construction crew, Nscale is pouring the concrete. The UK-based hyperscaler builds and operates the data centres and GPU clusters that power large-scale AI workloads, designing its own facilities from first principles, and integrating compute, networking, data services, and orchestration software into one vertically integrated stack. It is, in essence, trying to become the electricity grid for the age of artificial intelligence.
The $2 billion Series C, announced March 9, was led by Aker ASA and 8090 Industries, with participation from Astra Capital Management, Citadel, Dell, Jane Street, Lenovo, Linden Advisors, Nokia, NVIDIA, and Point72. Goldman Sachs and J.P. Morgan acted as joint placement agents. The round values Nscale at about $14.6 billion and, per the company, represents the largest funding round in European startup history.
The capital will accelerate deployment of vertically integrated AI infrastructure across Europe, North America, and Asia, expanding GPU capacity, engineering teams, and production-scale services. Alongside the raise, three high-profile names joined the board: Sheryl Sandberg (ex-Meta COO), Susan Decker (ex-President of Yahoo), and Nick Clegg (former UK Deputy Prime Minister and ex-Meta Global Affairs president). Aker simultaneously folded its joint venture fully into Nscale, consolidating governance under one roof.
AMI Labs (Advanced Machine Intelligence) — $1.03 Billion Seed
AI Research / World Models, Paris, France
The most audacious deal of the month, possibly of the year. AMI Labs, the startup co-founded by computer science pioneer and former Meta AI chief Yann LeCun, raised $1.03 billion to develop “world models” — AI designed to learn from and interact with the physical world. The funding represents the largest seed round ever for a European startup, and one of the region’s largest fundings for an AI startup overall. The pre-money valuation came in at $3.5 billion.
AMI’s thesis is a direct challenge to the LLM orthodoxy. LeCun has long argued that predicting text tokens is a dead end for true machine intelligence. His alternative, built around the Joint Embedding Predictive Architecture (JEPA), trains systems on abstract representations of physical reality rather than language patterns, with applications envisioned in robotics, manufacturing, healthcare, and aerospace, where hallucination-prone LLMs carry real risks.
The round was co-led by Cathay Innovation, Greycroft, Hiro Capital, HV Capital, and Bezos Expeditions, with participation from Nvidia, Temasek, and individual backers including Tim and Rosemary Berners-Lee, Jim Breyer, Mark Cuban, Mark Leslie, Xavier Niel, and Eric Schmidt. CEO Alexandre LeBrun, formerly CEO of healthcare AI company Nabla, has been explicit about the profitability potential: the first year is pure research, with commercial timelines measured in years, not quarters.
Mistral AI — €722 Million (~$830M) Debt Financing
AI / Large Language Models, Paris, France
Europe’s most prominent homegrown LLM developer raised €722 million in its first-ever debt financing, backed by a consortium of seven banks, including BNP Paribas, Bpifrance (France’s public investment bank), HSBC, Credit Agricole CIB, and MUFG. The announcement landed March 30. The funds will build a 44-megawatt data centre south of Paris at Bruyères-le-Châtel, equipped with 13,800 Nvidia GB300 chips, scheduled to go online in the second half of 2026.
This is a strategic repositioning as much as a financing event. Mistral is evolving from a model developer into a full-stack AI cloud provider, offering governments and enterprises a European-sovereign alternative to US hyperscaler clouds. The choice of bank debt over venture equity is itself a signal: Bpifrance’s involvement aligns the raise with French industrial policy on AI competitiveness, while keeping ownership distributed rather than diluting to Silicon Valley VCs. The company is on track to surpass $1 billion in annual recurring revenue by end of 2026, with more than half of that revenue already coming from European clients. Mistral’s most recent equity valuation stands at approximately €12 billion.
Ualá — $195 Million Series E
Fintech / Neobank & Financial Super App, Buenos Aires, Argentina
Ualá, the Latin American neobank and financial super app, raised $195 million in a Series E funding round in March 2026, reinforcing its position as one of the region’s most prominent digital financial platforms. The round was led by Allianz X, with participation from existing backers, bringing the company’s valuation to approximately $3.2 billion.
Ualá continues to expand access to financial services across Argentina, Mexico, and Colombia through a mobile-first platform offering payments, savings, credit, and investment products. With millions of users already onboarded, the company is positioning itself as a full-service alternative to traditional banking in underbanked markets. The fresh capital will support regional expansion, product development across lending and wealth management, and further scaling of its proprietary technology infrastructure as competition intensifies across Latin America’s digital banking sector.
9fin — $170 Million (€148M) Series C
Fintech / Debt Capital Markets Intelligence, London, UK
Debt capital markets represent the largest asset class on the planet — roughly $145 trillion. Yet the technology serving credit professionals was, until recently, almost comically outdated. 9fin was founded in 2016 to fix that. The AI-native platform combines data, analytics, and AI-powered workflows in a single system, helping credit professionals identify, analyse, and act on opportunities across loans, bonds, and private credit. Think of it as a Bloomberg Terminal rebuilt for the AI age, with proprietary datasets extracted from PDFs, emails, and data rooms that traditional systems couldn’t touch.
The Series C, announced March 31, was led by HarbourVest, with participation from Canada Pension Plan Investment Board (CPP Investments) and earlier investors Redalpine, Highland Europe, Spark Capital, and Seedcamp. The company’s valuation is now about $1.3 billion, making 9fin the newest addition to the UK unicorn club. Notably, CPP Investments was already a paying customer before joining as an investor. The company now counts more than 300 banks, asset managers, law firms, and advisory firms among its clients, has delivered consecutive years of 100% ARR growth, and has no plans to slow down in the US market. The capital will deepen AI capabilities, expand 9fin’s proprietary datasets, and accelerate US growth.
Upvest — $125 Million (€108M) Growth Round
Fintech / Investment Infrastructure, Berlin, Germany
Upvest provides banks, brokers, and wealth managers with modern, API-based infrastructure for their securities business. Beyond software, the company delivers end-to-end trading, custody, and back-office services, allowing financial institutions to comprehensively modernise legacy operations, reduce overhead, and scale profitably. Clients include DKB, Santander’s Openbank, Revolut, N26, Webull, and Raisin. In 2025 the platform processed over 100 million client orders across more than 30 institutions.
The round, announced March 17, comprises $90 million in equity led by Sapphire Ventures and Tencent, with continued backing from Bessemer Venture Partners and BlackRock, plus a $35 million debt facility in final stages of closing. Bloomberg reported a post-funding valuation of approximately €640 million. This came just 12 months after Upvest’s previous Series C, reflecting rapid momentum.
Capital will be deployed in two directions: rolling out localized pension products (Germany’s new Altersvorsorgedepot and the UK’s SIPPs, enabling banks to bring these to market in months rather than years), and building AI-powered, hyper-personalized advisory engines for retail investors.
KAST — $80 Million Series A
Fintech / Stablecoin Neobank, Singapore
Founded in July 2024 by former Circle executive Raagulan Pathy, KAST is a global financial platform built on stablecoin rails. The company raised $80 million in a Series A funding round co-led by QED Investors and Left Lane Capital, with participation from Peak XV Partners, HSG, and DST Global Partners, as investors increasingly back stablecoins as a foundational layer for modern financial services. The round values the company at approximately $600 million.
In under 18 months from launch, KAST reached over one million users, processing nearly $5 billion in annualized transaction volume. Revenue has doubled since September 2025, and the company is targeting a $100 million annual run rate in 2026, with monthly growth of 15–20%. It offers USD-denominated accounts in 150+ countries, cross-border payouts to 190+ markets, and a Visa card, all running on stablecoin infrastructure without the overhead of traditional correspondent banking.
The capital will expand KAST’s product and team, push into Latin America, North America, and the Middle East, and launch KAST Business — a payroll and cross-border payout tool for enterprises. The company has hired more than 250 staff from Stripe, Revolut, Binance, Circle, and Airwallex.
IQM Quantum Computers — €50 Million (~$57M) Financing Facility
Quantum Computing, Espoo, Finland
IQM Finland secured a €50 million financing package from BlackRock to strengthen its capital base and support expansion ahead of a planned public listing. The funding is intended to accelerate IQM’s technology roadmap, expand R&D efforts, and support entry into new markets as demand for on-premises quantum systems grows.
IQM is one of the most commercially advanced quantum hardware companies in existence. It has delivered 21 full-stack superconducting quantum computers to 13 customers, including research institutions, national labs, and early enterprise adopters. Its on-premises model gives customers direct ownership of their quantum infrastructure, a key differentiator in a market dominated by cloud-only access. The company reported $35 million in unaudited 2025 revenue and over $100 million in orders.
This €50 million facility, announced March 30, was structured to lower IQM’s cost of capital ahead of its SPAC merger with Real Asset Acquisition Corp (RAAQ), which values IQM at $1.8 billion pre-merger and, if completed as expected around June 2026, would make IQM the first publicly listed European quantum computing company on a major US stock exchange. A dual listing on the Helsinki Stock Exchange is also being explored.
Midas — $50 Million | Series A
Fintech / Tokenised Investment Infrastructure, Berlin, Germany
Midas, the Berlin-based platform that tokenises institutional investment strategies into regulatory-compliant on-chain products, raised $50 million in a Series A round led by RRE Ventures and Creandum. The round brings total funding to $58.75 million. Participating investors include Framework Ventures, HV Capital, Ledger Cathay, Franklin Templeton, Coinbase Ventures, M1 Capital, Anchorage Digital, FJ Labs, North Island Ventures, and GSR.
Midas converts institutional strategies, e.g. US Treasury bills, market-neutral crypto basis trades, private credit vehicles, into ERC-20 tokens (mTokens) with floating NAV, transparent on-chain performance, and EU regulatory approval for retail access. It’s one of the few regulated real-world asset (RWA) platforms open to retail investors across Europe without a minimum investment threshold.
The centerpiece of the raise is the launch of Midas Staked Liquidity (MSL): a dedicated facility that enables instant redemptions without unwinding the underlying position, addressing a persistent pain point in tokenised finance where investors often face days-long exit queues. With $1.7 billion in tokenised assets issued to date and $37 million in yield distributed, Midas is scaling fast. New capital will also expand its product range into reinsurance, asset receivables, and tokenised stocks.
Silverflow — $40 Million (€37M) Series B
Fintech / Payment Processing Infrastructure, Amsterdam, Netherlands
Silverflow, the cloud-native payment processing company, closed a $40 million (€37 million) Series B funding round on March 5, 2026, marking a major milestone as the company approaches one billion transactions processed annually. The investment was led by Munich-based deep-tech investor Picus Capital, with participation from Rabo Investments Corporate Venturing and existing investors Inkef, GPT, Crane, and Coatue.
Silverflow is doing for card processing what cloud computing did for enterprise IT: replacing monolithic, decades-old infrastructure with a single-API, cloud-native alternative that connects directly to card networks. Customers span acquiring banks, payment companies, and high-growth commerce platforms across Europe, North America, and Asia-Pacific, including Deutsche Bank, Bolt, Payabl., and Buckaroo. From 180 transactions per day two and a half years ago to nearly 1.75 million daily, the growth trajectory speaks for itself.
Capital will fuel a 50%+ headcount expansion (from 85 to ~120 employees), North American expansion including a stronger New York presence, a push into Southeast Asia, and support for additional card networks including China UnionPay and JCB.
MetaComp — $35 Million Pre-Series A (cumulative across two rounds)
Fintech / Digital Asset Payments & Wealth, Singapore
MetaComp, Asia’s pioneer in unified Web2.5 payments and wealth group-level platform, announced the completion of its Pre-A+ funding round on March 13, 2026, bringing the cumulative total to $35 million across two rounds in three months. The latest round was backed by Alibaba, Spark Venture, and other institutional investors, with existing shareholders co-investing.
MetaComp operates a “Web2.5” platform that bridges traditional fiat payment rails with stablecoin settlement infrastructure under a single MAS-regulated architecture. Licensed by Singapore’s Monetary Authority as a Major Payment Institution for Digital Payment Token and Cross-Border Money Transfer services, it serves over 1,000 institutional clients and processed more than $10 billion in payments and OTC volume across 13+ stablecoins in 2025. The company achieved full-year net profitability in 2025. Its affiliate, Alpha Ladder, provides wealth management and capital markets access.
New capital will accelerate the StableX Network across Asia, the Middle East, Africa, and Latin America, and fund development of an Agent-Skills-MCP architecture for agentic Web2.5 financial services.
Smaller Funding Rounds (Sub-€15 Million)
March also saw a great number of earlier-stage rounds that might be smaller in scale but not less significant for the fintech community:
Interloom (Germany) — €14.2M. AI agent knowledge infrastructure for enterprise. Seed round.
UK Earth Blox — €6.9M. Climate risk analytics platform for financial institutions and infrastructure planners. Investment round.
Reson8 (Amsterdam) — €5M. Speech AI infrastructure targeting multilingual European enterprise deployments. Seed.
Ringtime (Ghent) — €1.8M. Conversational AI agent platform targeting labour-shortage use cases in Europe. Seed.
DivTax (Hamburg) — €1M. Platform helping investors reclaim overpaid withholding tax on foreign dividends. Pre-Seed.
Minimist (Vienna) — €1M. AI platform powering second-hand retail operations. Pre-Seed.
Strip away the noise and March 2026 tells a profound story. The biggest capital flows are going into infrastructure layers; not separate applications, but building foundations other companies will build on top of.
The stablecoin theme is also impossible to ignore. With global stablecoin transaction volume reportedly surging past $33 trillion annually, startups laying the ground for the supporting payment infrastructure are raising big.
