Fintecture, a B2B payment platform, has raised €36m in its Series A round, as it looks to grow its team.
The investment was backed by Eurazeo, RTP Global, HEC Ventures and Allianz Trade. Several business angels also committed to the round, including Datadog founder and CEO Olivier Pomel and Affirm COO Huey Lin.
Existing investors Target Global, Samaipata and Société Générale, also committed to the Series A.
Fintecture helps around 7,000 businesses to collect payments, with over 250,000 buyers having already paid with Fintecture through multiple sales channels, including e-commerce, in-store, remote sales or billing cycle. The FinTech company launched in 2020.
Over the past two years, the company has expanded its team from seven to 80. It also has 40 new vacancies, which will be announced in the coming months. It has offices in France, the UK and soon to launch in Spain.
Fintecture claims that the B2B transactions market is huge, with over 130 trillion euros exchanged each year between companies. Despite this, over 90% of transactions are done offline and over 50% are still paid through manual or paper-based solutions.
This is where Fintecture steps in. Its platform helps businesses digitise their payments and sync their data with billing and accounting processes to make their business run better.
Fintecture CEO Faysal Oudmine said “B2B payments had been sidelined due to their high complexity, resulting in a dominance of paper-based and time-consuming solutions. To help merchants fully digitise their B2B payments, we had to start from scratch and create new methods from first principles.
“The journey is very difficult, but totally rewarding as we have seen our merchants save considerable time and costs, and increase their sales by using our B2B transaction platform.”
The B2B payment platform previously raised €6.2m in its seed round in May 2021.
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