Google Invests €8M In Fintech Startup Payaut
Dutch fintech startup Payaut received funding of €8 million from Google’s AI-focused venture fund-Gradient Ventures.
Payaut, a Dutch payment provider for online platforms and marketplaces has gathered funding of €8 million in a seed round. Led by Google’s AI-focused fund -Gradient Ventures. Also, witnessing the participation from LocalGlobe and Entrée Capital.
This investment will help the startup clasping its feet into new markets outside of Europe. As it plans to initiate its expansion in Germany, Nordics, and Southern Europe.
Ernst van Niekerk, CEO, and Founder of Payaut termed this investment as a critical step in the startup’s journey. He also elaborated his expansion plan
-“This is a critical step in Payaut’s journey. The funding will enable us to fulfill our ambition to become the solution of choice for marketplace platforms worldwide. Not only will we be able to expand our platform to provide new solutions, we will also be able to increase our presence across a number of major new markets. –
Furthermore, by expressing gratitude for Gradient Ventures he said
-“We’re very pleased Gradient Ventures has invested. It’s a great vote of confidence in our team and underlines how we have created an offering that appeals to marketplaces and platforms of all sizes.”-
In addition, to technologically enhancing itself, the startup also plans to increase its team size from 25 to 40 employees.
Payaut was founded in 2019 by Ernst van Niekerk in Amsterdam. It is an old startup in comparison to latest startups funded like Nexta, Younder, and Woli. Moreover, with the aim of promoting financial inclusion via fintech, it provides automated solutions such as balance management, reconciliation, invoicing, split payments, and seller verification via KYC split payments.
Furthermore, the API-driven platform also allows customers of any size to securely and efficiently manage their finances. It also acts as an intermediary between sellers and Payment Service Providers (PSPs) enabling them to use multiple providers. Such as Ayden, PayPal, or Stripe. This is one of the distinguished features offered by the startup which sets it apart in the ever-growing fintech industry. As per figures, the global fintech market is expected to reach value of $305 Billion by 2025 mainly due to fintech app development.
Other than the above-defined advantages associated with the startup, the Payaut also helps platforms and marketplaces in streamlining their different cash flows by giving insights via unified reports.