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Clear2Pay raises EUR15.7m

30 June 2006  |  6687 views  |  0 Pound Coin Cash

Belgium-based payments systems vendor Clear2Pay has secured EUR15.7 million in a funding round led by new investors AGF Private Equity and GIMV.

The company's existing investors Intel, Quest for Growth, TrustCapital, Big Bang Ventures and Clear2Pay's management also participated in the round.

Clear2Pay says it will use the funds to invest further in its research and development programme and its global infrastructure.

Jürgen Ingels, Clear2Pay's co-founder and CFO, says: "This year alone we will expand our teams and spend over EUR5 million to specify and build technology the market asks for. Our increasing revenues reflect the success of this strategy with a spread around Emea, Asia Pacific and the United States, where we opened up an operation last year."

Clear2Pay's CEO and chairman Michel Akkermans, says the firm has seen a 50% rise in revenue since its last capital increase in 2004, thanks to the technology investments made.

The vendor has dedicated teams of payment technology professionals in Asia Pacific and in the US as well as in Belgium.
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