Paris-based, Fintecture, a next-gen payment infrastructure solution provider raised € 6.2 million in seed round funding on 4 May 2021.
Investors: The seed funding round was led by Target Global, with participation from Samaipata, Société Générale, and high-profile operators and founders from leading financial and tech institutions such as Adyen, Affirm, American Express, Facebook Payments, Google, PayPal and Snapchat.
Purpose of funding: The funds will be utilized by the company to continue its development and consolidate its vision by dedicating a significantly large equity pool to its employees. It will hire 30 new talents, augment its infrastructure with new services, accelerate its European expansion and reach 10,000 merchants.
About Fintecture
Founded in 2017 by Faysal Oudmine and Tatiana Rozoum, Fintecture is an authorised Payment Institution. It helps businesses to make instant payments in a seamless and cheaper way. Its Open-Banking technology automatically connects banks to each other. This solution allows merchants to receive payments from customers in record time, and to bypass, among other things, the low limits of bank cards.
Fintecture believes that with the surge of e-commerce, merchants and customers B2B enterprises suffer from shortcomings of legacy payment processes. The shortcomings are due to inefficiencies of a legacy system, built around multiple intermediaries.
Fintecture has leveraged the technological and regulatory transformation of the banking industry to build a new payment infrastructure that addresses these failures and shortcomings. It uses APIs to integrate with banks, and establish a missing direct link between merchants and their customers. This helps to process payments in a simpler, safer and cost-efficient manner. Fintecture claims that it has helped merchants to increase their volumes by 15% and save 40% of their transaction costs, on average.
What the CEO has to say: “The payment industry is going through a deep transformation. The payment infrastructure we deploy is to traditional payments what smartphones are to cell phones: fund transfer is the basis, but the added value lies in the adjacent services” — Faysal Oudmine, co-founder and CEO at Fintecture.
What the investors have to say: “We are excited to work with the Fintecture team as they deliver on their impressive vision for the next-generation payment rails to offer both merchants and buyers a frictionless, secure, and less costly payment processing alternative to incumbent solutions”. — Dr. Ricardo Schäfer, Partner at Target Global.
For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Article
[…] Next-gen payment company Fintecture raises € 6.2M in seed funding […]