Ivy, an instant bank payment startup, has secured $7.7M in a seed investment round that was led by European VC Creandum.
The funds are expected to allow the API for instant bank payments to cut out the “middle-men” transaction fees and significantly increase the speed of these transactions, according to TechCrunch.
In a statement, Ferdinand Dabitz, co-founder Ivy said: “In ten years, trillions of dollars worth of payments will be paid by bank, not by card – a major shift Ivy will drive.
“Currently, over 60 countries worldwide are rolling out instant payment systems enabling this.”
The round also featured a litany of high-profile names investing, including Formula One World Champion Nico Rosberg, FlixBus founders, Daniel Krauss, Jochen Engert and André Schwämmlein, and Martin Blessing (Ex-CEO Commerzbank).
Simon Schmincke, General Partner at Creandum was enthusiastic about Ivy’s prospects, claiming that the open banking sector has now become a global movement: “Account-to-account payments are just getting started. What began with Open Banking in Europe has now become a global movement, with rails around the world becoming increasingly mature.
“Having looked at several legacy players as well as startups in this space, Ivy’s product was outperforming its peers significantly across all relevant metrics – conversion, adoption, success rates.
“We feel the team has found a winning proposition, account-to-account payments are just getting started. What began with Open Banking in Europe has now become a global movement, with rails around the world becoming increasingly mature.
“Having looked at several legacy players as well as startups in this space, Ivy’s product was outperforming its peers significantly across all relevant metrics – conversion, adoption, success rates. We feel the team has found a winning proposition.”
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