Today, Swiss fintech Rivero announced that it has raised $7 million in a Series A round.
Founded in 2019, Rivero aims to simplify payment operations for the highly regulated payments industry, filling a gap in the market for fraud recovery, dispute management and payment scheme compliance solutions.
Leveraging the benefits of SaaS, Rivero’s products cater to all players in the payment ecosystem, particularly issuing banks.
Kajo, the first product, is the only solution on the market for payment scheme compliance and enables all licensees of payment networks to minimise the effort and the risks involved in this process.
Its second product, Amiko, is the only SaaS solution that digitalises the entire fraud recovery and dispute process. This helps issuing banks efficiently manage this process while offering a unique self-service experience to their customers.
Amiko empowers banks to promote consumer protection of card payments to their customers without being concerned with increasing volume or costs.
Rivero has secured partnerships with over 20 well-established financial institutions, from issuing banks to acquiring banks and payment processors.
Thomas Müller, co-founder and CEO of Rivero, said:
“We’re thrilled to share the news of our Series A round. Especially given the current challenging market conditions. We take this as confirmation of our strong business model and clear market demand for our products.”
The round was led by 6 Degrees Capital and Inference Partners, with participation from Kraken Ventures, Seed X Liechtenstein, the venture arm of PostFinance and angel investor and former COO of Adyen, Robert Kraal, together with a long list of payment executives.
Thibault D'hondt from 6 Degrees Capital said:
“Globally, banks spend billions of dollars on scheme compliance and payment dispute management.
Rivero is the first to offer a suite of SaaS solutions to help banks and processors address the challenge.”
The investment will help Rivero accelerate its growth across new markets and boost its product development and workforce.
Lead image: Rivero Leadership Team: Stephan Wächter, Head of Operations, Thomas Müller, Co-founder/CEO & Fatemeh Nikayin, Co-founder/Growth. Photo: uncredited.