Spotify, Netflix, Revolut Investor TCV Leads €90 Million Round for Mollie, a European Payment Processing Firm

Mollie, a European payment processing company, has secured €90 million in capital through a Series B investment round which was led by TCV, a prominent investor that has also participated in rounds conducted by Spotify, Revolut, Netflix, and Nubank, one of the largest digital banks in South America.

Fintech firm Mollie has now raised a total of €115 million. The funds will be used to support the company’s ongoing expansion into international markets. The capital will also be used to enhance the firm’s product offering and hire more engineers.

Ken Serdons, CCO at Mollie, remarked:

“It’s a challenging time for merchants across Europe, but it’s exciting to see so many of our customers tackle these challenges head-on. This ‘growth mindset’ is essential to the ongoing success of all companies in the new normal.”  

Mollie’s management noted that they’re expecting to handle over €10 billion in transactions, which would notably be twice the amount they processed in 2019. The company claims that it has experienced substantial growth across Europe, especially in German markets where it recorded a 1,000% increase in activity when compared to last year.

Muz Ashraf, Principal at TCV, stated:

“We have been tracking Mollie for some time now, and believe it has built a product that is frictionless, highly developer-friendly and very localized. The proposition has resonated strongly with merchants and has catapulted Mollie to becoming a leading e-commerce payments provider in Europe.” 

Established in 2004, Mollie claims around 100,000 merchants as users of its digital payments processing platform. Its clients include Deliveroo, Moët & Chandon, TOMS, UNICEF, among others.

Digital payments processing services are now required more than ever before, due to the COVID-19 pandemic, which has made it unsafe to handle cash that can get contaminated.

Nuapay revealed in June 2020 that it had formed a partnership with payment processing startup Felloh! to create a new solution that will enable consumers to donate to charities through an open banking process.

At the beginning of the pandemic, Accuity acquired UK-based Fintech Apply Financial, which offers payment processing and validation services.

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