Spanish fintech Pagantis closes €65m for e-commerce financing
Pagantis, a Madrid-based fintech that offers funding on e-commerce sites, has closed a €65 million Series B funding round in debt and equity financing.
Investors in the round included Prime Ventures, SPF Investment Management (formerly Credit Suisse Asset Management), and Rinkelberg Capital Group.
The new funding will be dedicated to credit services for e-commerce in Italy, France and Portugal.
Pagantis has recently received regulatory approval to operate in Italy, and opened a branch in Milan. The team is currently expanding its team, which is currently at over 100.
Rolf Cederström, Pagantis founder and CEO, says: “In Spain, we are pioneers in the online e-commerce credit, following a large demand by merchants and international partners, and we are now expanding our offering to other European countries.”
The CEO adds that the firm has one solution that offers the same experience in all available countries.
Pagantis offers funding, with assessment based on credit scoring. The firm says its algorithm uses big data and machine learning to analyse fraud and credit risk.
In Spain, Pagantis’ platform is called Paga+Tarde, which allows consumers to pay for goods and services in monthly payments via an automated process.