Silverflow, a could-based payments processing startup, announced raising €15 million ($16.4 million) in a funding round anchored by industry veterans and payments experts at Global Paytech Ventures.
The round was also backed by Picus Capital, Coatue, Crane Venture Partners, Inkef, and several angel investors, with a valuation significantly exceeding Silverflow’s Series A round in 2021.
Silverflow’s latest funding round follows its recent expansion into the US and Asia Pacific markets earlier this year, which was followed by the acquisition of new customer contracts in these regions.
Javier Perez, former Mastercard Europe CEO and Founder & Managing Director of Global Paytech Ventures, expressed his enthusiasm for leading the investment round:
We are delighted to lead this round, raising €15 million in cash. Silverflow presents a unique opportunity for enabling both legacy and new players to deploy the most modern, secure, and efficient payments processing platform. We would also like to extend our gratitude to our fellow co-investors.
Florian Reichert, Partner and Managing Director at Picus Capital, said Silverflow has built a “best-in-class solution” that is disrupting the payment processing market. He added that Picus Capital is convinced Silverflow will continue to build the clear “category leader” in the space.
While the payments industry has witnessed innovation in the front-end user experience, Silverflow recognized a gap in the back-end payment processing.
The company introduced a novel approach, providing acquirers, Payment Service Providers (PSPs), Payment Facilitators (PayFacs), and large merchants access to a single platform that consolidates card scheme data and innovative functionalities.
“Our biggest challenge has been getting customers to believe this technology is real. They often tell us it’s too good to be true,” said Silverflow’s Anne Willem de Vries.
Silverflow’s cloud-native payment processing platform with a single API to card networks has rapidly gained traction, attracting major clients across Europe, North America, and APAC, including Deutsche Bank, Transaction Services, Buckaroo, PAYABL., and more.
The company plans to build upon its presence in Europe and North America while expanding into the Latin America and APAC markets.