Clear2Pay completes second round financing
22 May 2003 | 3126 views | 0
Brussels-based e-payments start-up Clear2Pay has completed a new capital raising round of EUR5.35 million.
In addition to the management of the company and existing investor Big Bang Ventures, Omega Pharma and Christian Dumolin, TrustCapital chairman also subscribed to the capital increase.
This investment round brings the total raised capital to EUR7.25 million. In its first fiscal year 2002, Clear2Pay booked revenues of EUR1 million.
In September the firm clinched a deal to deliver new P2P payments software for Visa and later in the year moved to acquire Tectrade, a twelve-year old developer of application software for secure transaction processing. The integration of Tectrade is expected to be completed in June and the company will be relaunched under the new brand Clear2Pay Services.
Michel Akkermans, CEO and chairman, Clear2Pay says the additional financial resources will be used to develop a new generation of the firm's core products and provide for international expansion.