Payleven scoops an additional $10 million in funding
11 February 2016 | 2850 views | 0
payleven, the leading mobile payments company for small and medium sized businesses, announced today the close of its Series D funding round with the addition of Seventure Partners, one of the key European venture capital firms, as an investor.
The fund participated in the round alongside some of the existing investors, Holtzbrinck Ventures, ru-Net, B Cinque, New Enterprise Associates (NEA) and MePay.
The newly secured investment provides payleven with additional growth capital and brings the total amount raised to USD 51 million. “We are very excited about payleven’s growth. They have demonstrated to be on a clear path to profitability having a positive bottom line in some markets already today,” said Wolfgang Krause, Seventure Partners. He added, “payleven shows that fintech companies can reach scale, highly attractive unit economics and ultimately profitability”.
Konstantin Wolff, Co-Founder and Managing Director of payleven said: “We are delighted to have won Seventure Partners’ support and look forward to further grow the business together with them.”
The funding will be used to foster payleven’s growth through the expansion into new products and the acceleration of customer acquisition. The fintech landscape is changing rapidly and payleven aspires to remain at the forefront of the market.
The investment will support payleven in achieving its mission to help small businesses to enhance their company through easy-to-use technology and innovative financial services.
Sven Achter, General Partner at Holtzbrinck Ventures and Chairman of the payleven board said: “payleven has an outstanding track record of differentiating in payments through changing the customer experience, offering great technology and tackling an underserved segment. This has enabled them to achieve customer payback periods of less than six months, something unheard of in financial services.”
In 2012, payleven pioneered with the launch of its Chip & PIN card reader, the payleven Classic, which is currently available in eleven markets in Europe and South America. In 2015, payleven launched the payleven Plus, which, like the Classic has no monthly fees and no contractual lock-in but also has contactless payment enabled. Beyond card payments, the app solution encompasses tools that help business owners simplify their daily business, such as sales reporting and the option to email customers their receipts.