The PayPro is a FinTech based in the City of London and it just closed the private investment of a funding round with 310,000 Euros led by IDODI Venture Capital, fund managed by Marc Vidal, Daniel Lacalle, Carlos Blanco and Carlos Guerrero, among others, and Lanta Capital, including Ángel García, Tomás Diago (Softonic), Mauricio Prieto (eDreams), Dídac Lee and other participants.
The PayPro is an online platform that makes it possible for professionals, micro and small businesses to make payments in 35 currencies, avoiding the banks’ hidden charges.
Its founders, Pablo Ruiz, CEO (Lic&MD, ESADE and MSc Management, Imperial College London) and Gabriel Llambias, CFO / COO (Business, IQS and Master in Financial Management and Controlling, IEBS) have solved a problem they experienced themselves; when Pablo started to work in a small export company, he knew his bank was not transparent with exchange rates. When he asked Gabriel, who has more than 10 years of experience in the financial sector, he replied that
banks apply up to 3.5% of hidden fees to micro-enterprises. When they looked for alternatives they soon realized that the few existing ones were focused on either individuals or big enterprises, which meant they didn't meet the professionals and micro-enterprises needs. The PayPro has the objective to fill that niche they once lived.
How does it work? There are three simple steps. First, users enter the payment order in their User’s Account. Then, they transfer the funds to our Segregated Account, which ensures that funds always belong to the customer until the payment is done. Finally, the currency exchange is made according to the mid-market price and the money is sent to the Beneficiary Account such as the supplier's, for instance.
The use of The PayPro is completely safe, since will be regulated by the UK’s Financial Conduct Authority. This way, they are allowed to offer their services throughout the European Union, Iceland, Liechtenstein and Norway. Besides, The PayPro is registered in the Information Commissioner's Office, so it is guaranteed that user data is always secure.
The PayPro is currently in a pre-launch stage and will start offering its services at the beginning of the year.
Contributed | what does this mean?