POS provider Payworks closes $14.5m Series B

Germany-headquartered POS solution developer Payworks has closed a $14.5m Series B funding round.

Investors to the round included CommerzVentures and Visa, as well as existing backers Speedinvest and Finparx.

Founded in 2012, the company develops payment gateway technology, which operates via the cloud and as a SaaS solution. The technology provides merchants with omnichannel payments processing terminal which can be integrated with their mobile or desktop applications.

The platform enables clients to process EMV, contactless and mobile wallet transactions at the POS, as well as receive analysis and management tools for transaction revenue, and data.

This capital was raised to support the company growth and scale, as well as increasing its R&D and product teams in Munich, London and Barcelona to serve its growing demand.

Visa SVP, global head of digital merchant products Carleigh Jaques said, ?With the rapid evolution of how customers pay and get paid, Visa is committed to ensuring secure, fast and convenient payments at the Point of Sale. As a payments industry leader, Visa is excited to help the Payworks team grow and bring innovative solutions to market and enable merchants to remain at the forefront of digital-payments evolution.p>

The Series B brings Payworks total funding efforts to $19m with the company previously securing a $4.5m investment in 2016. Rumford, HW Capital and Speedinvest took part in the Series A round, which was raised to boost its presence in Europe and the US.

Earlier in the week, online and mobile payments solution provider YapStone secured $71m in a Series C round led by Premji Invest. The company raised the equity to support the expansion of its product offering and geographic footprint.

Copyright ? 2018 FinTech Global

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