Payaut said to raise €2.6m in its latest equity investment

Netherlands-based automated payments company Payaut has reportedly closed yet another funding round this year, bagging €2.6m in seed capital.

Previous Payaut investor LocalGlobe led the round, with contributions also coming from Finch Capital, Entrée Capital and several unnamed angel investors, according to a report from EU Startups.

This equity infusion will enable the company to scale its payment service for online marketplaces and continue its European expansion, it said. Proceeds will also be used to expand the company’s product development team in the Netherlands.

Payaut has built an API solution that helps online marketplaces and platforms automate seller onboarding and payouts, and meet PSD2 compliance. Its services include onboarding and KYC, Split payments and payouts.

The FinTech previously secured €1m in funding from LocalGlobe, Finch Capital and several unnamed angel investors earlier in the year.

Payaut CEO Ernst van Niekerk told EU Startups, “With this investment, we have plenty of runway for the foreseeable future. We want to scale up rapidly and grow to $300 million in processed payments by 2021. This funding also allows us to roll out to other countries. Germany is up first, the rest of Europe will follow suit.”

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