Amsterdam-based LoopingOne, a Know-Your-Customer (KYC) and payments platform for marketplaces and platforms, announced that it has raised €800,000 in funding in its first Seed round from Ebury, one of the world’s largest fintech companies.
Following last month’s announcement to buy Brazilian fintech Bexs, Ebury’s investment in LoopingOne broadens the company’s offering in Brazil, specially to firms who sell their products online on marketplaces.
About the investor
Ebury specialises in international cash management, working capital and foreign exchange services. It offers financial solutions aimed at both SMEs and institutional clients. With 1,400 employees, Ebury supports companies to grow their international trade in developed and emerging markets.
The company’s growth was boosted in 2020 when Banco Santander became a major shareholder, supporting the company with strategic resources and synergy across their joint markets.
CCO of Ebury, Fernando Pierri, says, “Our strategy has been to focus more on the e-commerce clients around the globe. The B2B flows now and even more, in the future, will be inside online marketplaces. Therefore to have LoopingOne as our partner is a key strategic move for us.”
Payment and KYC solutions via one platform
LoopingOne’s founders Bob Voermans, Mark van der Sluis and Freek Dix have years of experience in payments at global fintechs and e-commerce organisations like MasterCard, Ingenico (Worldline) and PayU. Together, they started a business in 2018, which was geared towards helping merchants accelerate by optimising their online payment strategy. In doing so, they realised the challenges that marketplaces face in regards to regulation, KYC and merchant lock-in.
In 2021, the founders started LoopingOne, a solution for marketplaces that want the freedom to connect with their preferred payment and KYC solutions via a single platform.
The platform offers a unified solution for ID verification (KYC) of buyers and sellers, organises split payments and payouts to merchants and consumers, and allows for full compliance with PSD2/ EMI regulations. The platform connects with preferred payment providers, which optimise redundancy, reconciliation and conversion.
Capital utilisation
The company says that the proceeds will be used to further develop its product and start the EMI application process at the Dutch Central Bank. An integration with Ebury will also give LoopingOne the capability to offer multi-currency services to its marketplace customers from the get-go.
The two firms also formed a collaboration to leverage each other’s resources and know-how in order to develop goods and accelerate commercial activity.
Co-founder of LoopingOne, Freek Dix, says, “Ebury has offices in 21 countries around the world offering cash management and foreign currency solutions to companies trading internationally. It’s the ideal partner for LoopingOne which shares the same global ambitions. Traditionally, Ebury has had a strong foothold with SMEs importing and exporting around the world. The LoopingOne team and product can help expand the Ebury business further into e-commerce.”
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