Payaut, an automated payments solution for online platforms and marketplaces, has announced that it has closed an €8 million seed round led by Gradient Ventures, Google’s AI-focused venture fund, with participation from existing investors LocalGlobal and Entrée Capital.
Payaut, which offers a range of financial solutions for online marketplaces, will use part of the funding to expand its operations across Europe with the launch of its new multi-currency platform. This allows customers to accept payments in currencies such as USD, GBP, JPY and AUD
. By expanding beyond EUR payments, Payaut will also be positioned to enter markets outside of Europe. Payaut plans to begin its expansion efforts by increasing its presence in Germany, Southern Europe and Scandinavia.
Founded in late 2019, Payaut also offers automated solutions such as reconciliation, balance management, invoicing, seller verification through KYC checks, and split payments. The API-driven platform allows clients of all sizes to efficiently and securely manage their payments and finances while complying with laws like PSD2.
Crucially, Payaut acts as an intermediary between sellers and various payment service providers (PSPs). As a result, marketplaces are not dependent on a single PSP, but can use several providers such as Mollie, Adyen, PayPal or Stripe at the same time.
In addition to further developing its platform, Payaut will also increase its team from 25 to 40 employees next year. Ernst van Niekerk, CEO and founder of Payaut,
said: “This is a crucial step in Payaut’s journey. The funding will enable us to achieve our goal of becoming the solution of choice for marketplace platforms worldwide. Not only will we be able to expand our platform to offer new solutions, but we will also be able to increase our presence in a number of important new markets. “We are very pleased that Gradient Ventures has invested. It is a huge vote of confidence in our team and underscores how we have created an offering that appeals to marketplaces and platforms of all sizes.” “In the past, marketplaces and e-commerce companies developed split payment systems in-house or were tied to a payment gateway solution. With Payaut, small and medium-sized businesses will be able to handle KYC/AML, split payments and multi-PSP configurations themselves,” he said Anna Patterson, Managing Partner at Gradient Ventures.
“We’re excited to support Ernst and his team in making this critical technology more widely available.”
https://techround.co.uk/news/payaut-lands-e8-million-seed-round-to-expand-across-europe/?utm_source=rss&utm_medium=rss&utm_campaign=payaut-lands-e8-million-seed-round-to-expand-across-europe Payaut completes €8m seed round to expand across Europe