Payaut will use a part of the funding to expand its operations across Europe with the rollout of its new multi-currency platform. This will enable customers to accept payments in currencies including USD, GBP, JPY and AUD, expanding beyond EUR payments.
Also, the fintech startup will be positioned to enter markets outside of Europe. Payaut plans to begin its expansion drive by increasing its presence in Germany, Southern Europe and the Nordics.
In addition to further developing its platform, Payaut will also increase its team from 25 to 40 employees over the next year.
Ernst van Niekerk, CEO and Founder of Payaut, said: “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. “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.”
Anna Patterson, Managing Partner at Gradient Ventures, said: “Payment gateway-agnostic split payments is a major need for marketplaces and ecommerce companies worldwide. Most companies either build split payments systems themselves or are tied to a payment gateway’s solution that becomes expensive with scale. Payaut’s solution gives payment control back to customers and we’re excited to work with the Payaut team as they enable companies to pay-in and pay-out in multiple currencies globally.”
All-in-one payment solution for online marketplaces
Payaut was founded in 2019 by Ernst van Niekerk (formerly worked at Adyen) in Amsterdam. Payaut offers an all-in-one payment solution for online marketplaces that takes care of everything regarding payments towards the platform and the vendors it hosts.
The automated payment solution for online platforms and marketplaces, which provides automated solutions such as reconciliation, balance management, invoicing, seller verification through KYC checks, and split payments.
The API-driven platform enables customers of any size to efficiently and securely manage their payments and finances.
Crucially, Payaut acts as an intermediary between sellers and different Payment Service Providers (PSPs). As a result, marketplaces are not dependent on one single PSP. Instead, one can use multiple providers such as Mollie, Adyen, PayPal or Stripe at the same time.
Democratises the payments world!
As this startup works with the mission to democratise the payments world, it acts as an intermediary between sellers and different Payment Service Providers. Payaut enables marketplaces use multiple providers at the same time.
Payaut helps online platforms and marketplaces to accept and collect payments via any PSP of choice. The fintech company accepts payments from all PSPs and payment methods to its single Payaut account. It will split the payouts to sellers and marketplaces as intended.
As Payaut takes care of payment traffic towards the vendors, the online marketplaces are instantly compliant with the strict European PSD2 regulation. Furthermore, Payaut helps platforms and marketplaces streamline different cash flows by providing insights through unified reports.