Trio of European start-ups raise fresh funding
A trio of European fintechs have raised funding to fuel businesses focused on automation, Banking-as-a-Service (BaaS), and business financing.
The three firms combined have raised more than é10 million
Factris raises €5 million
Amsterdam-based Factris has raised €5 million in a Series A funding equity funding round led by AB Ventures.
Existing investors participating in the round include Speedinvest and Optima Investments.
The start-up provides factoring finance, in which a business sells its invoices to a third party at a discount.
Factris plans on using its new capital to “help create more opportunities to finance businesses during this challenging economic climate brought on by COVID-19”.
CEO Brian Reaves says the firm is “determined to help small and medium-sized enterprises (SMEs) in this difficult environment either directly or via our partners”.
KodyPay raises £1.8 million
UK-based mobile point of sale app KodyPay nabbed £1.8 million in seed funding in a round led by Cognition Foundry and Hank Uberoi.
KodyPay provides an omnichannel platform for users to pay for goods in store without needing to queue. It claims that the removal of hardware like tills and printers can help businesses reduce overheads.
The platform runs on IBM’s Z Systems, and KodyPay has partnered Visa solution Cybersource to build out a “modular” payment stack.
Swan raises €5.9 million
French start-up Swan has raised €5.9 million in seed funding in around led by Creandum. Bpifrance’s Digital Ventures division also participated.
Swan aims to let other companies offer financial services through a BaaS model. It has already nabbed an e-money licence from French regulators.
The firm says it won’t just focus on offering cards, accounts and more to prospective challenger banks. It also handles risk processes and know your customer (KYC) for its clients.
Related: Robinhood’s valuation continues climb with $460m funding
