SurePay, a Utrecht-based startup that makes online payments personal and safer, raised €12.2M in funding. The round was led by Connected Capital and Iris Capital. The two new investors join Rabo Frontier Ventures.
The funds will allow the company to hire new business development teams in Germany and the UK, and new IT experts to scale its technology platform.
The company also plans to launch bulk payment solutions and cross-border payments. It is also expanding SurePay PayID, which allows users to pay their contacts seamlessly.
David Jan Janse, CEO and CO-Founder of SurePay, said: “We are on a mission to protect both our clients and their customers against the growing threat of fraud worldwide, giving them the reassurance that their payments are going to the intended recipient also cross-border and multi-domestic.”
Based out of Amsterdam, Connected Capital is a Venture Capital & Private Equity firm that teams up with leading European B2B SaaS companies.
Wim Haring, Co-Founder and Managing Partner at Connected Capital says, “We are excited to lead the investment and support SurePay’s mission to become a leader in paytech to optimise payment processes, whilst reducing fraud.”
Iris Capital is a European venture capital supporting entrepreneurs at seed, early, and later stages.
Thorben Rothe, Partner at Iris Capital says, “We are proud to invest in SurePay to assist and fuel their growth. We are confident that with our help they will lead a tremendous growth in new markets like Germany and France.”
The growth of online payments and banking has seen a corresponding rise in fraud like phishing, spoofing, APP scams, and CEO fraud. Payers are deceived into authorising payment to fraudsters who masquerade as real beneficiaries.
Here’s where the Confirmation of Payee (CoP) service comes into play. The service aims to significantly reduce the number of payments made in error, prevent fraudulent transfers, and provide users with peace of mind when making a credit transfer online.
SurePay: What you need to know
Founded in 2016 by David-Jan Janse, and Marcel Rienties, SurePay has been providing the IBAN-Name Check to all major Dutch banks since 2017.
Now, SurePay provides the Confirmation of Payee (CoP) service in the UK, while at the same time introducing new services in the Netherlands.
Since launching in the UK, the company has performed over 120M CoP checks and is now checking more than 25 per cent of all online payments in the country.
400 per cent YoY growth
SurePay says it has carried out 4B payment checks. In 2020, its CoP solution for organisations grew by 1,719 per cent.
The Dutch company has posted over 400 per cent year-on-year growth among corporates, which together with bank clients, is expected to drive growth going forward.
SurePay claims the technology reduces misdirected payments by 67 per cent, fraud payments by 81 per cent and leads to 80 per cent less fraudulent onboardings.
Currently, over 30 banks and more than 150 corporates use SurePay’s service. Clients and partners include ING, ABN AMRO, Rabobank, NatWest Group, Atom Bank, and STRATO.
Partnership with Triodos Bank UK
Last month, SurePay announced a partnership with Triodos Bank UK, an ethical sustainable bank, to help prevent fraud and misdirected online payments.
SurePay is known for implementing the technology quickly and without disruption with other leading financial institutions in the Netherlands and the UK.
The company also supports the Dutch and UK governments with checking payments related to COVID-19 job retention schemes.
In June, SurePay announced two new hires – Adrian Lee-Jarman as Senior Business Development & Partnerships Manager and Paul Simpson as Senior Business Development Manager UK.
Both are based in the UK and will be reporting to SurePay’s COO, Dorine van Basten, who is based in the Netherlands.
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