The company says it will use the funding to introduce new business development teams in the UK and Germany, and a cross-border team. It also plans to hire IT experts in order to scale the platform’s tech stack and develop new products for bulk payments and cross-border payments.
Iris Capital also participated in the round, joining Connected Capital and previous investor Rabo Frontier Ventures.
SurePay uses Confirmation of Payee (CoP) technology to reduce the number of payments made in error and prevent fraudulent transfers to ensure online payments are personal and safe for users.
The startup is using these CoP checks to combat the growing cyber threats that have developed alongside digital payments and mobile banking adoption. The company states that its solution reduces misdirected payments by 67% and fraud in payments by 81%, according to the release.
You can see the demand for the company’s platform, with SurePay reporting it is checking more than 25% of all online payments in the Netherlands and posting over 400% year-on-year growth among corporates, according to Silicon Canals. The company also expects growth in the UK following new CoP regulation in the country.
Since launching its platform in 2016, the company has conducted over four billion payment checks for 30 banks and 150 corporate clients including ING, ABN Amro, NatWest Group, Atom Bank, Triodos Bank, STRATO and former parent Rabobank.
SurePay also intends to expand its existing features ‘PayID’ and ‘Pay Your Contacts.’ The services are expected to be made accessible across Europe in the near future.
In other recent fintech news, Stripe has been chosen as the payment processor in charge of handling Twitter‘s new ‘Super Follows’ feature, which allows creators to charge subscriptions for premium content. Premium debit card provider Point also raised a $46.5 million Series B led by Peter Thiel’s Valar Ventures.