Paris, May the 4th 2021 - Only a year after its commercial launch, Fintecture - the next-gen payment infrastructure - has attracted over 500 merchants, doubling its activity every two months and quadrupling its cross-functional team of 30 employees. Fintecture announced a $7.5 million seed round to continue its development and consolidate its Talent-First vision by dedicating a significantly large equity pool to its employees.
The Seed round was led by Target Global, joined by Samaipata, Société Générale, and a number of high-profile operators and founders from leading financial and tech institutions such as Adyen, Affirm, American Express, Facebook Payments, Google, PayPal, and Snapchat. This first funding round will allow the startup to hire 30 new talents, augment its infrastructure with new services, accelerate its European deployment and reach 10,000 merchants.
With the surge of e-commerce, merchants and their customers, particularly B2B, suffer from the shortcomings of legacy payment processes:
These limitations are caused by the inefficiencies of a legacy system, conceived more than 50 years ago and built around multiple intermediaries.
Leveraging a technological and regulatory transformation of the banking industry (eg: PSD2), Fintecture has built from first principles a new payment infrastructure, addressing these failures and shortcomings. Using APIs to integrate with banks, Fintecture has built the missing direct link between merchants and their customers, to process payments in a simpler, safer, and cost-efficient manner: account-to-account.