Rabo Frontier Ventures (RFV), Rabobank’s strategic investment arm, is investing in Netherlands-based FinTech company GoCredible by acquiring a stake in the company.
In entering into this venture, the two companies are consolidating their partnership, which they launched in 2016.
The partnership between Rabobank and GoCredible resulted in 2017 in the conditional payment method Rabo Safe2Pay. Instead of paying the seller directly, users of this service transfer the funds to a suspense account first, where the payment is then held pending delivery and subsequently transferred to the seller. GoCredible supplies the smart contract technology for the payment method and the link to the payment terms, as well as being responsible for the technical integration of the systems of the parties concerned. PostNL is already using the technology for its Gelijk Oversteken service, as part of which sellers receive their payment only after the buyer has received the order. GoCredible previously created a similar service for the payment of used cars called Autobetaalservice.
GoCredible’s innovative smart-contracts payment service is a convenient solution for unlicensed businesses that nevertheless seek to conduct business securely.
In strengthening their successful partnership with the objective of improving the trustworthiness of commercial transactions, Rabobank and GoCredible will be creating both economic and social value. The two partners are in the process of developing several new propositions.
Rabobank and GoCredible intend to create further products and services together in the future that will take the company to the next level of its development.
Rabo Frontier Ventures CEO Harrie Vollaard: ‘The combination of GoCredible’s agility and speed and Rabobank’s solidity and experience is creating new opportunities and will make it possible for us to develop and market new products and services more quickly. GoCredible co-founder Teun Lammers is equally optimistic about the opportunities presented by the future partnership: ‘We look forward to further expanding our relationship with Rabobank, both in terms of investment and in terms of business development.’
The GoCredible venture marks the seventh investment entered into by Rabo Frontier Ventures, which was established by Rabobank in March 2017. The stated mission of the 60-million-euro fund is to invest in high-potential FinTech and Food & Agricultural companies which align with the bank’s strategic direction and offer new long-term opportunities for clients.