LoopingOne, a KYC and payments platform for marketplaces and platforms, has closed a €800k seed round backed by international trade FinTech Ebury.
According to Ebury, the investment aims to further develop the LoopingOne product and start the EMI application process at the Dutch Central Bank. An integration with Ebury, the firm claims, will give LoopingOne the capability to offer multi-currency services to its marketplace customers from the get-go.
Ebury added that the two companies established a partnership to build on each other’s resources and know-how to shape products and accelerate commercial activities.
LoopingOne co-founder Freek Dix said, “Ebury has offices in 20 countries around the world offering cash management and foreign currency solutions to companies trading internationally. It’s the ideal partner for LoopingOne that shares the same global ambitions.
“Traditionally Ebury has had a strong foothold with SMEs importing and exporting around the world. The LoopingOne team and product can help expand the Ebury business further into the e-commerce sector.”
Ebury chief commercial officer Fernando Pierri added, “Our strategy has been to focus more on e-commerce businesses around the globe. The B2B flows now, and even more so in the future, will be through online marketplaces. Therefore, having LoopingOne as our partner is a key strategic move for us. This is a triple-digit growth market.”
Ebury previously agreed to purchase API platform Bexs in an undisclosed deal back in May.
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