Google's AI-focus venture fund has led an €8 million seed round for Payaut, an automated payment provider for online platforms and marketplaces.
LocalGlobal and Entrée Capital joined Gradient Ventures in the round for Dutch outfit Payaut.
Founded in late 2019, Payaut provides a host of financial services for online marketplaces, including reconciliation, balance management, invoicing, seller verification through KYC checks, and split payments.
The API-driven platform promises to help customers of any size manage their payments and finances while also remaining compliant with legislation such as PSD2.
The new funding will help Payaut expand its operations across Europe with the roll out of a multi-currency platform that will enable customers to accept payments in currencies including USD, GBP, JPY and AUD.
The firm plans to begin its expansion drive by increasing its presence in Germany, Southern Europe and the Nordics.
Ernst van Niekerk, CEO, Payaut, says: “This is a critical step in Payaut’s journey. "The funding will enable us to fulfill our ambition to become the solution of choice for marketplace platforms worldwide.
"Not only will we be able to expand our platform to provide new solutions, we will also be able to increase our presence across a number of major new markets."