Denmark-based Vibrant, which turns Android mobile devices into point-of-sale terminals, has bagged €4m in its seed round.
byFounders, an early-stage venture capital company focused on the Nordic and Baltic countries, served as the lead backer. Luminar Ventures also joined the round.
With the funds, the company hopes to bolster its customer base and expand into new markets.
Vibrant was co-founded in 2020 by Kasper Krog, Anders Kaels Malmos and Kåre Sørensen. Its mission is to make monetary merchant-customer transactions easier and more accessible.
A report from Visa claims that 52% of SMEs in Europe do not engage in card payments. Vibrant provides the tools to help businesses move away from card terminals and cash. The platform can be downloaded and be running within 24 hours and allows users to accept contactless payments through an Android device.
The startup has experienced 70% month-on-month growth in transaction volume. Its team currently sits at 25 people.
Vibrant CEO Kasper Krog said, “Digital payments now dwarf cash as the default type of transaction. This immense growth of contactless payments was accelerated by the Covid-19 pandemic, which affected many small businesses terribly.
“As these companies find their feet again, we want to empower them with the digital tools they need. We believe in liberating merchants from the legacy of cash and expensive card machines. Mobile devices can act as pocket terminals for any small trader, which is the next chapter in the future of the cashless society.â€
Fellow Danish FinTech company Keepit recently collected $22.5m in a debt financing facility last month. The company protects SaaS data in cloud services like Microsoft 365, Azure Active Directory, Salesforce, Dynamics 365 and Google Workspace.
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