SurePay, which provides confirmation of payee services, has collected €12.2m in a round led by Connected Capital.
Other commitments came from Iris Capital and Rabo Frontier Ventures.
With the capital, the company hopes to continue its international expansion. Funds will also be used to grow its business development teams in Germany and the UK as well as building a cross-border team and new IT experts, as it looks to create new solutions for customers.
Some of SurePay’s upcoming products include bulk payment solutions and cross-border transactions. It is also expanding its SurePay PayID, which helps users pay their contacts in a seamless manner.
The FinTech company’s platform helps banks and organisations avoid misdirected payments and reduce payment fraud by ensuring money is sent to the correct person. It claims the technology reduces misdirected payments by 67%, fraud payments by 81% and leads to 80% less fraudulent onboardings.
SurePay CEO and co-founder David-Jan Janse said, “We are on a mission to protect both our clients and their customers against the growing threat of fraud worldwide, giving them the reassurance that their payments are going to the intended recipient also cross-border and multi-domestic.”
SurePay launched in 2016 and since then, it has handled four billion payment checks. Its clients include ING, ABN AMRO, Rabobank, NatWest Group, Atom Bank, Triodos Bank and STRATO.
Harrie Vollaard, Managing Director at Rabo Frontier Ventures: “SurePay has grown from an in-house start up to a solution that benefits millions of consumers daily. SurePay is well on its way to further unlock its enormous potential. We are proud to welcome the two renowned investors to join the journey. With this round SurePay will continue to add financial players to its European platform and further build out their digital ecosystem”.
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