Open banking payments start-up Ivy, has managed to secure $20m in its Series A funding round, as it looks to take its expand its banking deals into more geographies.
The Berlin-based PayTech raised the capital through the support pre-eminent FinTech investment company, Valar Ventures, who led the round, which came only five weeks after Ivy made public a $7.7 million seed round led by VC Creandum.
The funds are planned to be utilised as part of the German start-ups ambition to create a “network of networks” for open banking payments globally, and to hasten the company’s move into new countries to help show-off its innovative API platform to fresh markets.
Ferdinand Dabitz, Ivy’s CEO, said in an interview with TechCrunch: “The key insight we had was that open banking is going global, but the technology is very domestic.
“Interoperability is key from the consumer perspective. We believe that 10 years from now there will be a single point of contact in open banking, just as Visa has created for card payments. So even if it’s not a global now, a global network is what has to be built.”
Ivy’s service includes tools for merchants to integrate open banking payment account options at check-out, but also smart routing, risk management, instant payouts and payment links.
Recently, a litany of prominent backers invested in the company during its seed funding round, including Formula One World Champion Nico Rosberg, FlixBus founders, Daniel Krauss, Jochen Engert and André Schwämmlein, and Martin Blessing (Ex-CEO Commerzbank).
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