Focalpay, a commerce platform merging payment and retail functionalities, has bagged SEK15m in an investment round.
The funding was provided by Icelandic investor SKEL. Following this raise, Focalpay has secured a valuation of 150m SEK.
Focalpay claims its platform has broken down the boundaries between payment, checkout and back office and unified these traditionally separate flows in one unified solution. As a result, merchants can enjoy lower transaction fees and reduced emissions.
End consumers also get access to a unified basket that can be seamlessly transferred between channels, in addition to account-to-account payment with Focalpay’s Pay by Bank.
Focalpay said that the company was born out of its founders’ frustration over the lack of innovation within the retail and payment industries. Ease-of-use, sustainability innovation was merely buzz words. As a result, Focalpay was born – with the aim to offer merchants a solution that automates the innovative and enables retailers to meet their sustainability goals without having to compromise on the service they offer their communities.
Focalpay will use the funding to continue developing its commerce platform with new features and meet the increasing market demand for the solution.
Focalpay CEO Birkir Veigarsson said, “Focalpay already has roll outs with multiple clients in Scandinavia, and intends to enter the European market in the fourth quarter of this year to attract more customers internationally. With our focus on grocery, convenience and pharmacy retailers, we believe we are the perfect fit for any online or brick-and-mortar merchant looking to level up their software and step into the future.
“Together with our new partners SKEL and our new funding, we’re working towards our mission and bringing the Focalpay platform to even more retailers and end consumers.”
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