Google Fund Invests In Dutch Fintech Startup Payaut
Industry News
Payaut, an automated payment provider for online platforms and marketplaces, has raised €8 million as part of a seed round led by Google’s AI-focused venture fund. LocalGlobal and Entrée Capital joined Gradient Ventures in the round for Dutch outfit Payaut.
Established in late 2019, Payaut offers a variety of financial services for online marketplaces, including payment reconciliation, balance management, invoicing, KYC checks for sellers, and split payments.
Its API-driven platform makes payment management and financial activities easier for companies and organizations of any size while remaining in compliance with legal requirements such as PSD2.
Payaut plans to use the new funding to expand its operations across Europe with the rollout of a multi-currency platform that will enable its customers to accept payments in foreign currencies, such as the US dollar, British pound, Japanese yen and Australian dollar. To begin its expansion drive, the firm plans to increase its presence in Germany, Southern Europe, and the Nordic region.
According to Ernst van Niekerk, CEO of Payaut, this is an important step in Payaut’s journey. “With the financial support, we will be able to fulfill our ambition of becoming the solution of choice for marketplace platforms globally,” he said.
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