European fintech start-ups Montonio and Payaut secure funding
A handy round-up of the recent funding endeavours of fintech companies across Europe.
Estonia’s Montonio has raised €11 million in its Series A funding round.
Index Ventures led the round with Montonio’s existing investors Tera Ventures, ffVC and Superangel participating. The fintech firm has also been backed by senior Wise, Bolt and Ayden executives.
The company says it offers an end-to-end platform for online merchants to accept payments, offer financing and handle the post-checkout experience from shipping to returns and refunds.
Since its launch in 2021, the company claims almost 3,000 merchants across the Baltic region have signed up.
“Small to midsize merchants get a raw deal from traditional payments and logistics providers. Often they’re unable to accept local payment methods, are charged a premium for lower volumes, and must piece together many different solutions,” says Markus Lember, CEO and co-founder of Montonio.
“This means they face higher costs and can’t deliver top-quality customer service. We have decided to change that.”
Dutch fintech Payaut has landed €8 million in a seed round led by Gradient Ventures, Google’s AI-focused venture fund.
Also participating were existing investors LocalGlobal and Entrée Capital.
Founded in 2019, Payaut provides an automated payment solution for online platforms and marketplaces. It provides services such as reconciliation, balance management, invoicing, seller verification through KYC checks and split payments.
The firm says it will use part of the funding to expand its operations across Europe with its new multi-currency platform. This will enable customers to accept payments in currencies including USD, GBP, JPY and AUD.
In addition, Payaut also plans on increasing its team from 25 to 40 employees over the next year.