Research & Insights
Finch Capital publishes research on critical technology for Europe's regulated industries and functions
Market Pulse
June 2026 Edition
Executive Summary
European Pulse-sector funding rebounded sharply in June, rising 3.2x month-on-month to €2,668m across 130 rounds (May: €832m) — the strongest month since October 2025. Capital concentrated rather than broadened: Cap Markets & Digital Assets alone took €1,084m, or 41% of the total, anchored by Sixth Street's ~$1bn minority growth investment in Kpler.
Public comps tell the other half of the story. The Finch Pulse Composite closed the LTM down 22% against a +30% Nasdaq 100, leaving quality European financial technology at a discount public markets have not closed. Sponsors are arbitraging that gap: Permira and Warburg Pincus, joined by Francisco Partners and Temasek, completed the $8.4bn take-private of Clearwater Analytics on 25 June at a ~47% premium — reinforcing buyouts, not IPOs, as the default exit route for scaled software assets.
Beneath the headline, three baskets de-rated and two re-rated in Q2-26. Cap Markets & DA leads on fundamentals with the highest median Rule of 40 (57), the premium EV/Revenue multiple (6.5x) and the joint-best LTM return — the same profile private capital is paying up for.
€2,668m
June Pulse funding, 130 rounds (3.2x MoM)
41%
Share taken by Cap Markets & Digital Assets
-22%
Finch Pulse Composite LTM vs. +30% Nasdaq
$8.4bn
Clearwater Analytics take-private EV
June's Hot Topics
Permira and Warburg Pincus pull Clearwater Analytics off the NYSE at $8.4bn
The public-private valuation gap is now wide enough for sponsors to buy fintech's compounders outright
A Permira and Warburg Pincus-led group, joined by Francisco Partners and Temasek, completed the $8.4bn take-private of investment accounting platform Clearwater Analytics on 25 June, paying $24.55 per share in cash, a ~47% premium to the undisturbed price. Management framed going private as the freedom to fund a Gen-AI agentic platform away from quarterly scrutiny, backed by $3.5bn of new credit facilities.
With the Pulse composite down 22% LTM against a +30% Nasdaq, quality capital-markets software trades at a discount that public markets have not closed, and sponsors are stepping in to arbitrage it. Clearwater exits our Cap Markets & DA comps basket this month; sponsor demand keeps reinforcing buyouts rather than IPOs as the default exit route for scaled software assets.
$8.4bn
Take-private EV: completed 25 Jun 2026 at $24.55/share, a ~47% premium; delisted from the NYSE
Sixth Street's $1bn Kpler cheque powers a 3.2x funding rebound as capital converges on the most resilient basket
Pulse-sector funding rebounded 3.2x MoM to €2,668m across 130 rounds (May: €832m), the strongest month since Oct-25.
Cap Markets & DA drew €1,084m, or 41% of the total, anchored by Sixth Street's $1bn minority growth investment in Kpler at a reported ~$4bn valuation; Sixth Street took ~25% and management retains control.
The same basket sets the pace in the public comps, with the highest median Rule of 40 (57), the premium EV/Revenue multiple (6.5x) and a joint-best LTM return (-18% vs. -22% composite). Private capital is paying up for the strongest public-market profile.
€1,084m
Cap Markets & DA funding in June: 41% of the Pulse total, led by Kpler's €857m round · 3.2x MoM rebound
Sources: Clearwater / Permira completion announcement & SEC Form 8-K, 25 Jun 2026; PitchBook deal data & comps (Jun-26); Kpler / Sixth Street announcement, 3 Jun 2026; Bloomberg.
Finch Pulse Index: Trailing Public Markets over the LTM
Equal-weight composite of the six baskets, indexed to 100 (LTM to Jun-26)
Finch Pulse Composite vs. major indices
Indexed to 100 at Jul-25
LTM total return by sector
Total return over the last twelve months to Jun-26
Data via Monthly Pulse Masterfile; refreshed 27-Jul-2026. Sources: PitchBook, Yahoo Finance, Finch Capital analysis.
Valuation Multiples: Three Baskets De-Rate, Two Re-Rate in Q2-26
Equal-weight median TTM EV/Revenue and EV/EBITDA per comp basket, quarterly
Median EV / TTM Revenue
Median of liquid public comps per basket
Data via Monthly Pulse Masterfile; refreshed 27-Jul-2026. Sources: PitchBook, Yahoo Finance, Finch Capital analysis.
Rule of 40: Cap Markets & DA Leads at 57
Median NTM revenue growth % + EBITDA margin % per basket
Median Rule of 40 by sector
Quarterly, Q3-24 to Q2-26
Rule of 40 vs. EV/Revenue (Q2-26)
Quality is being paid for: higher Rule of 40 scores earn premium multiples
Data via Monthly Pulse Masterfile; refreshed 27-Jul-2026. Sources: PitchBook, Yahoo Finance, Finch Capital analysis.
VC & Growth Funding: June Rebounds 3.2x to €2.7bn
European rounds across the six Pulse sectors and seven regions, Jul-25 to Jun-26
Funding value (€m) by sector
Monthly, Jul-25 to Jun-26
Data via Monthly Pulse Masterfile; refreshed 27-Jul-2026. Sources: PitchBook, Yahoo Finance, Finch Capital analysis.
Top 15 VC & Growth Deals: Europe, June 2026
The month's most notable VC & growth deals across the six Pulse sectors
| # | Company | Description | Sector | Country | Stage | Amount (€m) | Lead investor(s) |
|---|---|---|---|---|---|---|---|
| 1 | Kpler Holding | Commodity market data | Cap Markets & DA | Belgium | PE Growth | 857 | Sixth Street Partners |
| 2 | Alan | Digital health insurance | Banking & Ins. SW | France | Later VC | 480 | Prosus |
| 3 | Twinco Capital | Supply chain finance | Banking & Ins. SW | Spain | Later VC | 165 | FMO Entrepreneurial Development Bank |
| 4 | Behavox | AI compliance surveillance | Legal, Risk & Comp. | United Kingdom | Later VC | 151 | HPS Investment Partners |
| 5 | Morpho | DeFi lending protocol | Cap Markets & DA | France | Later VC | 150 | Andreessen Horowitz, Paradigm, Ribbit Capital |
| 6 | Factorial | SME HR management platform | CFO & Workforce SW | Spain | Later VC | 129 | General Catalyst |
| 7 | Taktile | AI credit decisioning | Banking & Ins. SW | Germany | Series C | 97 | Goldman Sachs |
| 8 | Wordsmith | In-house legal ops AI | Legal, Risk & Comp. | United Kingdom | Early VC | 60 | Highland Europe, Index Ventures |
| 9 | Endra | CAD automation, fire | Real Assets Tech | Sweden | Early VC | 43 | Andreessen Horowitz |
| 10 | Semble | Cloud clinical system | CFO & Workforce SW | United Kingdom | Later VC | 35 | Andreessen Horowitz, Partech, Revaia |
| 11 | Isometric | Carbon credit registry | Real Assets Tech | United Kingdom | Series A | 35 | AVP |
| 12 | Cortea | AI audit software | CFO & Workforce SW | Germany | Seed | 27 | Cherry Ventures, Dawn Capital |
| 13 | Festina Finance | Financial advice software | Cap Markets & DA | Denmark | PE Growth | 26 | Birchway Capital |
| 14 | MDOTM | AI portfolio construction | Cap Markets & DA | United Kingdom | Later VC | 23 | Expedition Growth Capital |
| 15 | Gradient Labs | AI customer ops, banks | Banking & Ins. SW | United Kingdom | Series A | 22 | Octopus Ventures; CommerzVentures |
Top 15 Exits: Europe, June 2026
The month's most notable M&A and IPO exits across the six Pulse sectors
| # | Acquiree | Description | Acquirer | Sector | Country | Exit type | EV (€m) |
|---|---|---|---|---|---|---|---|
| 1 | Alexander Mann Solutions | Recruitment outsourcing | Korn Ferry | CFO & Workforce SW | United Kingdom | M&A | 995 |
| 2 | Liberis | Embedded SME lending | Nordic Capital | Banking & Ins. SW | United Kingdom | M&A | 861 |
| 3 | Flock | Commercial fleet insurance | Admiral Group (LON: ADM) | Banking & Ins. SW | United Kingdom | Merger/Acquisition | 92 |
| 4 | TBSO | AI fintech ecosystem | — | Banking & Ins. SW | France | IPO | 8 |
| 5 | Tek01 | E-invoicing software | Visma Software International | Payments | Italy | Buyout/LBO | 6 |
| 6 | Cenubanka | Real estate data platform | SIA City24 | Real Assets Tech | Latvia | Merger/Acquisition | 2 |
| 7 | CAWL | Merchant payments | Credit Agricole | Banking & Ins. SW | France | Buyout/LBO | n/a |
| 8 | SONEKA | Real estate asset mgmt | Orisha | Real Assets Tech | France | Buyout/LBO | n/a |
| 9 | Seedtrace | Supply chain traceability | KoRo | CFO & Workforce SW | Germany | Merger/Acquisition | n/a |
| 10 | Vwd Transactionsolutions | Securities trading infra | BÖAG Börsen AG | Cap Markets & DA | Germany | Merger/Acquisition | n/a |
| 11 | Qromo | Cash management software | Numia | Banking & Ins. SW | Italy | Buyout/LBO | n/a |
| 12 | Tilvest | Crypto investment platform | Coinhouse | Cap Markets & DA | France | Merger/Acquisition | n/a |
| 13 | Provadie | Property inspection app | Zig Websoftware | Real Assets Tech | Netherlands | Buyout/LBO | n/a |
| 14 | WE-NUP | Digital prenup platform | Blackfinch Investments | Legal, Risk & Comp. | United Kingdom | Buyout/LBO | n/a |
| 15 | Aperidata | Open banking credit data | PayPoint (Financial Services) (LON: PAY) | Banking & Ins. SW | United Kingdom | Merger/Acquisition | n/a |
Data via Monthly Pulse Masterfile; refreshed 27-Jul-2026. Sources: PitchBook, press.
Archive
Archive — Past Market Pulse Reports
Browse previous editions of the Finch Capital Monthly Market Pulse.
Market Pulse - June 2026
Clearwater Analytics taken private at $8.4bn as the Finch Pulse Composite steadies against major indices.
Market Pulse - May 2026
Payments anchors a €907M quarter as Santander acquires TSB; Finch Index resets to 2.9x EV/Rev.
Market Pulse - April 2026
Adyen's €750M Talon.One acquisition and Ebury's €632M raise headline FinTech as Finch Index resets to 2.8x EV/Rev.