After only six months since its inception, Paris-based Numeral has raised €13 million. The company provides a payment operations automation service specifically targeted at tech companies operating in a variety of industries. The funding will be used to grow the team size from 10 to 40 over the coming months, continue product development, and augment its bank coverage.
Co-founded by Édouard Mandon (previously at Ibanfirst and Jumia) and Hichem Mâalmi (previously at Qonto and Boursorama Banque), Numeral is the newest startup arising from Logic Founders, a joint venture between Camille Tyan and eFounders.
The startup is working on an API and web app solution that allows tech companies to automate payments from creation to reconciliation through a direct bank link. The API side of the offer gives developers the tools to integrate payment options within their own productions, while the web app can be used by the finance and operations teams to keep tabs on the books and make sure payments and accounts are all up to date.
"Payments are the lifeblood of the economy. They are key to the operations of most companies in most industries. Yet companies are stuck using software developed 15 years ago to send and reconcile payments,” explains Mandon. “While companies such as Stripe and Adyen have developed APIs for cards and alternative payment methods, there is no such solution for bank payments. We are changing that with Numeral."
So attractive is Numeral’s offer that they’ve already attracted the likes of Spendesk and Swile as its first two major customers. Likewise, the offer is so compelling, that in addition to Balderton Capital’s lead, Numeral’s €13 million funding round also saw participation from Alexandre Prot (Qonto), Tom Blomfield (Monzo), Guillaume Princen (Stripe), and Kima Ventures.
"Through our portfolio, we have been aware for years of the challenges tech businesses face in running payments operations with their banks, and looking for a company which can solve this,” says Balderton’s Rob Moffat. “Edouard and Hichem's deep product focus and experience in this sector make them the perfect founders for Numeral. We have been following them closely since day one and been super-impressed by their speed of product execution and by them already signing up lighthouse clients."