Aikido Security
US$1.0Bcybersecurity (developer-first AppSec)
Ghent · founded 2022
Aikido Security
Europe · GDP rank #25
Belgium
BE · EUR @ 1.1595/USD
Belgium runs on a single domestic debit scheme. Bancontact carried 2.5 billion transactions in 2024 — roughly nine in ten POS card swipes — and Payconiq sits on top of it for mobile. SEPA Instant adoption is among the highest in the euro area on the back of the EU Instant Payments Regulation, and the EPI/Wero retail rollout reached Belgium in March 2026. The interesting questions are about acquirer economics and Wero acceptance, not about whether cards or instant will win.
Tab 07
Fintech & disruption
The Belgian fintech ecosystem is narrower than the size of the financial sector would suggest. The dominant payments infrastructure (Bancontact Payconiq, Worldline, Mastercard Europe in Waterloo) is concentrated and bank-owned; standalone consumer-facing fintech is thinner. Strength lies in B2B and infrastructure: Isabel Group (corporate banking connectivity), Mollie (Dutch-headquartered but Belgium-heavy), and Aikido Security (which reached unicorn status in January 2026). The post-Wirecard supervisory tightening that reshaped Germany has been felt less acutely here; the NBB licensing approach remains conservative.
Fintech funding · LTM
€420M▲ +18% vs May 2024–Apr 2025
EUR · May 2025–Apr 2026
Largest unicorn
US$5.25B
Collibra
Unicorns
Collibra
US$5.25Bdata governance (financial-services adjacent)
Brussels / New York · founded 2008
Collibra
Funding
Largest disclosed rounds · LTM
Rounds shown are the largest disclosed in the last twelve months. Private markets remain opaque — valuations at follow-on are the most reliable signal of investor conviction.
Round size
- Aikido SecurityUS$60M
Series B · 2026-01-29
Emerging categories
Pan-EU A2A wallet (Wero)
growing~1.8Musers · Q1 2026
- EPI Company (Wero)
- KBC
- Belfius
- BNP Paribas Fortis
- ING Belgium
Bank-consortium wallet; Belgium is the second e-commerce market live after Germany (March 2026 first online Wero transaction).
Source · European Payments Initiative
MiCA-licensed stablecoins / tokenised deposits
emerging- Banque CIC Belgium (tokenised deposit pilot)
- Société Générale FORGE EURCV (passported)
- Circle EURC (passported)
MiCA in force across EU; FSMA supervises Belgian-licensed CASPs.
B2B e-invoicing payments rails
emerging- Isabel Group
- CodaBox
- Billtobox / Unifiedpost
Mandatory structured e-invoicing via Peppol effective 1 Jan 2026; tolerance expired 31 Mar 2026.
- ▌Isabel Group + KBC/BNP Paribas Fortis/Belfius/ING (multi-bank corporate connectivity)
- ▌Mollie + Bol.com (BeNeLux marketplace acquiring)
- ▌Unifiedpost + Belgian SMB e-invoicing 2026 stack