EasyEuro, a fintech startup based in Paris and Shenzhen, China, has raised $4 million in a round led by Shanghai-based Ally Capital, with support from seed investors SwiftPass, Geoswift, Huashan Capital and Unity Assets.
The company is building a neobank for small to medium businesses that trade between Europe and Asia, with an initial focus on China.
In 2018 import and export volume between China and Europe from SME businesses reached $323 billion, and e-Commerce surpassed $100 billion. While European businesses lack simple ways to receive and send payments in various currencies, Chinese businesses struggle to comply with European banking practices.
EasyEuro aims to smooth out these cross-border banking wrinkles, by providing digital wallet services for SMEs. Clients can apply for a MasterCard linked with their EasyEuro account that can be used worldwide. The digital wallet supports most major payment methods such as Visa, MasterCard, WeChatPay, Alipay and UnionPay. The startup has also built a suite of open APIs that integrate other payment institutions and financial services.
Founded in 2017 by a group of Chinese entrepreneurs who were living and working in Europe, the company is led by CEO Dr. Ryan Li. The fresh funding will go toward product development, recruiting, and market expansion.