The next-generation B2B payment platform, Fintecture, based in Paris, announced that it had raised €26 million in a Series A fundraising round from new investors RTP Global, HEC Ventures, and Allianz Trade. Other investors included Contentsquare and wefox.
In addition, previous investors Target Global, Samaipata, and Societe Generale took part, along with business angels like Olivier Pomel (founder & CEO of Datadog) and Huey Lin (financing COO of Affirm, board member of Crypto and PayU).
With the most recent cash infusion, Fintecture will be able to maintain its dominance in the European B2B payments sector.
With about €130 trillion in annual trade between firms, the B2B transactions sector is enormous. However, more than 90% of transactions still take place offline, and more than 50% of payments are still made via manual or paper-based methods.
Anjan Som, Faysal Oudmine, and Reda Charai founded Fintecture in 2020 to help businesses digitize their payments and synchronize their data with invoicing and accounting procedures to enhance the efficiency of their operations.
“B2B payments were overlooked due to their high complexity, which led to the preponderance of time-consuming and paper-based solutions. We had to start from scratch and develop new procedures from the ground up to assist merchants in fully digitizing their B2B payments,” explains Faysal Oudmine, CEO of Fintecture. “The process is tough but gratifying as we observed our merchants grow their sales using our B2B transaction platform and save significant time, expenses, and resources.”
Fintecture, which is currently active in more than 10 nations, enables more than 7,000 companies to collect money from 250,000 payers in France, Spain, Italy, the UK, and Germany.
The subprime mortgage crisis struck in 2008 when the 37-year-old entrepreneur Faysal Oudmine first met Reda Charai (also from Morocco), his first co-founder. Then, in 2017, during the open banking boom, he recruited Tatiana Rozoum and Anjan Som (both of whom were from Switzerland) to join him as co-founders. In two years, Fintecture went from having 4 employees to having 80, bringing in significant talent from over 15 different countries and collaborating throughout Europe to enable rapid international growth.
Additionally, 40 additional openings will be advertised in the upcoming months across Fintecture’s entities in France, the UK, and eventually, Spain.
Image Credit: Fintecture
