Payconiq, the mobile payments app supported by a host of Belgian and Dutch banks, has raised EUR20 million in funding to support its push to create an EU-wide cross-border rival to Mastercard and Visa.
Created from a merger of ING's Payconiq with loyalty platforms Qustomer and KBC’s CityLife, the all-in-one Payconiq app has drawn the added support of Belfius, AXA Bank and BNP Paribas Fortis in Belgium and four further Dutch banks - ASN Bank, Rabobank, Regiobank and SNS.
In March 2018, Payconiq merged with with Bancontact following a takeover of Digicash in Luxembourg, with the aim of creating a multi-functional pan-European mobile wallet capable of initiating payments online, on the high street and from peer-to-peer via a direct connection with the customer’s payment account at one of the participating banks.
So far, 60,000+ merchants across Belgium, Luxembourg, and the Netherlands are wired up to Payconiq’s plug-and-play platform.
Duke Prins, CEO of Payconiq, says: "We believe that every person owning a bank account and a smartphone is entitled to be part of the digital journey - no need of a credit card for that! We wanted to keep it simple and safe and we found a way of doing it while using what is already available. We’re actually using banks’ secure infrastructure to provide everyone in Europe with a simple, mobile solution for payments."
The EUR20 million funding round was stumped up by Payconiq's existing bank shareholders.