Rabobank Spin off Fintech Startup SurePay has closed a €12.2 million round led by Connected Capital. Connected capital was not the only investor in this round, as Iris Capital and Rabo Frontier Ventures also participated in the fundraiser to support the firm’s global expansion efforts.
The proceeds from the round will be used to recruit business development teams in Germany, the UK, an international team and new IT professionals. The new hires should help expand the tech platform and create a suite of new products for bulk payments and cross-border transactions.
SurePay also plans to scale SurePay PayID, a Pay Your Contacts application, which will be made accessible across Europe.
Harrie Vollaard, MD at Rabo Frontier Ventures, said, “SurePay has grown from an in-house start-up to a solution that benefits millions of consumers daily. We are proud to welcome the two renowned investors to join the journey. With this round, SurePay will continue to add financial players to its European platform and further build out their digital ecosystem.”
After making its mark providing Iban check-ups in the Netherlands, Rabobank spun off SurePay in February 2020 ahead of introducing new Confirmation of Payee rules in the UK. Since its launch in 2016, SurePay has carried out four billion payment checks. Clients and partners include ING, ABN Amro, Rabobank, NatWest Group, Atom Bank, Triodos Bank and STRATO.
Netherland in focus
GDP: $912.242 billion in 2020 compared to 907.051 in 2019
Population: 17,441,139 in 2020 compared to 17,344,874 in 2019
GDP per capita: $52,304 in 2020 compared to $52,295 in 2019