Payaut, an Amsterdam-based fintech, has raised €2.6 million through its seed funding round, which was led by LocalGlobe with participation from Finch Capital and Entrée Capital. Founded in 2019, Payaut offers any online marketplace a PSP agnostic solution that enables the platform to be compliant with EU regulation.
“Our mission is to connect more sellers and buyers at online platforms At Payaut, we believe that it is important to do what you do best. Our technology allows platforms to be able to concentrate on their core business. This will attract more sellers and buyers to their platform. Payaut automates the payment & onboarding processes, so that platforms have the flexibility to grow and excel.”
According to EU-Startups, Ernst van Niekerk, CEO of Payaut, spoke about the investment by stating:
“With this investment, we have plenty of runway for the foreseeable future. We want to scale up rapidly and grow to $300 million in processed payments by 2021. This funding also allows us to roll out to other countries. Germany is up first, the rest of Europe will follow suit.”
The media outlet further revealed that Payaut will be using the investment round’s funds to grow its team in The Netherlands to expand its financial products. Suzanne Ashman, General Partner at LocalGlobe, added:
“Payaut provides a much-needed solution for a wide range of online marketplaces. They are already serving marketplaces across rentals, fashion, ticketing, healthcare, and the sharing economy. We’ve seen the challenges that marketplaces and platforms face around working with PSPs and complying with new regulations.”