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Europe is beginning to build the funds its scale-ups need. But growth capital is only a bridge. Without sufficient liquidity, specialist investors and a credible European exit market, its most successful technology companies may still gravitate towards New York.
Europe’s financial architecture does not end with its European institutions. National supervisors and central banks remain essential because integration depends not on eliminating local authority, but on connecting it coherently with the European level.
EQT has identified more than 1,000 potential targets for the Scaleup Europe Fund. The deeper question is what happens next: whether Europe’s exchanges, institutional investors and regulators are ready when today’s scale-ups become tomorrow’s multibillion-euro public companies.
Europe wants deeper capital markets, but its banking layer remains indispensable. The EBA’s role is to keep that layer coherent across the Single Market — strong enough to absorb shocks, flexible enough to support growth, and connected enough to work with capital markets.
Feedzai is not the next Scaleup Europe prediction. It is a test case for a harder question: whether Europe can remain financially relevant when its most promising technology companies become large, global and strategically important.
The European Investment Fund rarely chooses individual winners. Its deeper role is to share risk, anchor investment vehicles and strengthen the transition from innovation to investability — helping private capital move where markets are not yet ready to move alone.
As Europe’s capital markets become more connected, supervision remains largely national. ESMA is emerging as the institution best placed to guard that interface — protecting market integrity without becoming the operator or owner of the system.
Europe’s new Scaleup Europe Fund is beginning to bridge the gap between innovation and scale. ICEYE and Lovable show how European capital can remain at the table as technology companies become global.
Europe says it needs hundreds of billions to finance its future. Yet Norway’s sovereign wealth fund alone manages more than €2 trillion. The real constraint may not be capital, but Europe’s architecture for turning savings into scale.
Europe created a single currency, but not yet a single financial economy. Its exchanges reveal sophisticated but fragmented strengths. The next European project may therefore be neither one exchange nor one financial centre, but a connected European capital architecture.
