Online payments are the new norm, even before the pandemic, but the current situation does encourage users to opt for contactless payment methods. Amsterdam-based payment services provider Mollie becomes the newest member of the fintech unicorn club, after raising a whopping €90M in its series B funding round. This takes the total amount raised by the company till now to €115M.
Mollie all set for international expansion and growth
Mollie will utilise these funds for accelerating its international expansion plans. According to the company, it also plans to invest in its product and engineering division to realise its vision of becoming the “most-loved” payment service provider (PSP) in Europe. The Series B funding round for the startup was led by TCV, a prominent growth equity investor focused on technology.
“TCV’s portfolio includes many household names: Netflix, Facebook, Spotify and Revolut, to name a few. This funding represents a huge endorsement of our business, our technology and our efforts to offer the best payment solutions that add value and help merchants unlock growth,” says Adriaan Mol, founder of Mollie. “Other PSPs are purely focused on price and volume. But medium sized merchants are finding they need their relationship with their PSP to be more than transactional. They need a partner to help them grow, to help them continually optimise their business – it’s an approach that TCV recognises builds significant long-term value.”
100,000 merchants & €10B in transaction
Mollie was launched in 2004 by Mol. The company has made steady progress over the years and just last year, it raised €25 million from a group of technology and payment entrepreneurs. It is one of the leading payment processors in Europe and facilitates companies of all sizes to build their business by allowing them to use different payment methods such as Apple Pay, credit cards, PayPal, Klarna, and iDeal among others.
Mollie employs an international team of nearly 300 professionals. It is headquartered in Amsterdam and has offices in four other locations across Europe.
According to the company, it caters to about 100,000 merchants across the continent and is expecting to process transaction volume worth over €10B this year and doubling it on a year-on-year basis.
Mollie says its processing volume grew by 1000% last year in Germany alone and this growth is being contributed to the company’s differentiated approach to online payments for its customers. It claims to offer a best in class product with superior design and easy integration, simple and transparent pricing, without any lock-in contracts and best-in-class customer service. Mollie counts Wickey, TOMS and UNICEF as customers.
“It’s a challenging time for merchants across Europe, but it’s exciting to see so many of our customers tackle these challenges head-on. This ‘growth mindset’ is essential to the ongoing success of all companies in the new normal,” says Mol. “Across Europe, COVID-19 has dramatically accelerated the shift to e-commerce. We believe that accepting online payments should be effortless for everyone, not complicated – so we provide the best payment solutions, superior customer support and honest, transparent pricing to help merchants unlock growth and drive scale,” he adds.