Surepay, the startup that helps in the confirmation of the payee, has announced that it has raised €12.2 million in a funding round that was led by Connected Capital along with other investors like Iris Capital.
The company is planning to use these new funds for the hiring of resources and expansion of its services to other regions of Europe in the months to come. The company also plans to add more features to its existing platform and also bring in new products in bulk and cross-border payments. The company was spun off from Rabobank in 2020 ahead of the introduction of the confirmation of Payee. By then, since it had already started in the Netherlands in 2016, it had built a strong and reliable platform for performing Iban checks and when the introduction of the feature was about to be announced in the UK, Rabobank found a good opportunity to spin this off in 2020 and since then, it has been showing some strong growth.
Harrie Vollaard, managing director at Rabo Frontier Ventures, commented: “SurePay has grown from an in-house start-up to a solution that benefits millions of consumers daily. We are proud to welcome the two renowned investors to join the journey. With this round, SurePay will continue to add financial players to its European platform and further build out their digital ecosystem”.
The demand from the users has been very strong as well as the company helps to avoid misdirected payments and also reduces payment fraud as it helps to check and confirm that the payments that are sent by the users and companies are going to the right beneficiary. The company is reported to have made 4 billion such checks since the launch of the platform and reduced the misdirected payments by 67% and frauds by around 81% as far as payments are concerned. This is indeed a huge saving for all of its clients which include 30 banks and over 150 corporates.
The company intends to add to its growing clientele and also expand this service into other regions of Europe where Payee check is enabled and this new funding is expected to help this cause. The company is also looking to expand its other products like PayID, an application to pay to the user’s contacts, all across Europe as well.