Dutch automated payment solution for online platforms and marketplaces, Payaut has raised €8 million in funding to fuel its global expansion. The seed round was led by Google’s AI-focused venture fund, Gradient Ventures, with participation from existing investors LocalGlobal and Entrée Capital.
The funding will drive the company’s expansion plan across Europe in Germany, Southern Europe and the Nordics. To facilitate the expansion plan, it has unveiled a new multi-currency platform. The new move is expected to enable customers to accept payments in various currencies, including USD, GBP, JPY and AUD. By expanding beyond EUR payments, it will also be positioned to enter markets outside of Europe. Payaut will also increase its team from 20 to 35 employees over the next year.
Founded in late 2019, the platform provides automated solutions such as reconciliation, balance management, invoicing, seller verification through KYC checks, and split payments. The API-driven platform enables customers of any size to efficiently and securely manage their payments and finances while also remaining compliant with legislation such as PSD2.
Talking about the new funding, Ernst van Niekerk, CEO and founder, Payaut, said: “The funding will enable us to fulfill our ambition to become the solution of choice for marketplace platforms worldwide. We will expand our platform to provide new solutions and increase our presence across a number of major new markets.”
Anna Patterson, managing partner, Gradient Ventures added: “In the past, marketplaces and ecommerce companies built split payment systems in-house or were tied to a payment gateway solution. With Payaut, small and medium-size enterprises are empowered to handle KYC/AML, split payments, and multi-PSP configurations themselves.”