Payworks swipes $4.5m for payments processing

Payments processing firm Payworks has raised $4.5m in a Series A round of funding from Rumford and HW Capital. Existing backer Speedinvest also join the round.

The Munich-based company develops point of sales (POS) technology to securely process credit card information from a mechants terminal to a bank.

It aims to replace existing infrastructure which is seen as outdated in its high costs for merchants, limited security and lack of flexibility.

“We are extremely happy on having closed our Series A with a great group of investors,” said Christian Deger, CEO and Co-Founder of Payworks. “With their support, we will make Pulse available to even more merchants worldwide and establish our position in the market as a leading payment gateway technology company.”

The firm says it will use the capital to expand its presence in Europe and the US where chip-and-pin technology is still in the process of entering the mainstream.

Copyright © 2016 FINTECH GLOBAL

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