Fintecture, a Paris-based next-gen B2B payment platform, has announced that it has secured €26 million in a Series A funding round with new investors Eurazeo (also invested in Contentsquare and wefox), RTP Global, HEC Ventures, and Allianz Trade.
Others, including business angels like Olivier Pomel (founder & CEO of Datadog) and Huey Lin (funding COO of Affirm, board member of Crypto and PayU), as well as existing investors Target Global, Samaipata and Societe Generale, also participated.
The latest capital injection will enable Fintecture to cement its position as the European B2B payments market leader.
The B2B transactions market is massive, with more than €130 trillion traded annually between businesses. Yet more than 90% of transactions are conducted offline, and more than 50% are still paid via manual or paper-based solutions.
Redifining B2B payment industry
Founded in 2020 by Anjan Som, Faysal Oudmine, and Reda Charai, Fintecture is addressing the global problem by helping companies digitise their payments and synchronise their data with invoicing and accounting processes to improve how their business runs.
“B2B payments were left aside because of their high complexity, resulting in the predominance of paper-based and time-consuming solutions. To help merchants fully digitise their B2B payments, we had to start from scratch and build new methods from first principles,” says Faysal Oudmine, CEO of Fintecture. “The journey is challenging but rewarding as we witnessed our merchants save considerable time, and costs and increase their sales while using our B2B transaction platform.”
Currently operational in over ten countries, Fintecture enables more than 7,000 businesses to collect payments from 250,000 payers in France, Spain, Italy, the UK, and Germany.
The 37-year-old entrepreneur, Faysal Oudmine was born in the south of Morocco and met his first co-founder Reda Charai (from Morocco again) in 2008, in the midst of the subprime crisis. And then Anjan Som (from Switzerland) and Tatiana Rozoum in 2017, who were to become his new co-founders – when open banking was booming. Fintecture began with 4 people and within two years grew its headcount from 7 to 80, attracting key talent from over 15 nationalities, and working across Europe to support fast international growth.
Moreover, 40 new vacancies will be announced within the coming months across Fintecture’s entities in France and the UK, and soon, Fintecture Spain.