Paris-based payment infrastructure provider Fintecture has raised €26 million in a Series A funding round. The startup is seeking to eliminate the limitations inferred in the half-century-old B2B transactions market that was built around multiple intermediaries.
The new capital was provided by new investors Eurazeo, RTP Global, HEC Ventures, and Allianz Trade, alongside angel investors including Olivier Pomel, founder and CEO at Datadog, and Huey Lin, ex-PayPal exec and founding COO at Affirm, and existing investors including Target Global, Samaipata and Société Generale.
The €26 million is expected to help the startup in all areas of operations.
Capitalising on technological and regulatory changes in the banking industry, one being 2018’s Payment Service Directive (PSD2), Fintecture has created a series of APIs that integrate with banks and is a runner in the pack of startups angling to create the missing direct link between merchants and their customers, providing for a simpler, safer, and cost-efficient mechanisms.
According to the startup the platform “enables around 7,000 businesses to collect payments. Over 250,000 buyers have already paid with Fintecture via multiple sales channels: e-commerce, in-store, remote sales, or invoicing cycle.”
"B2B payments were left aside because of their high complexity, resulting in the predominance of paper-based and time-consuming solutions. To help merchants fully digitise their B2B payments, we had to start from scratch and build new methods from first principles," says Faysal Oudmine, CEO at Fintecture. “The journey is very challenging but totally rewarding as we witnessed our merchants save considerable time, costs, and increase their sales while using our B2B transaction platform.”
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