Google’s AI-focused venture fund has spearheaded an €8 million seed funding round for Payaut, a provider of automated payment solutions tailored for online platforms and marketplaces.
Joining Gradient Ventures in this funding effort are LocalGlobal and Entrée Capital, contributing to the Dutch company’s innovative approach. Established in late 2019, Payaut specializes in delivering a comprehensive suite of financial services for online marketplaces, including reconciliation, balance management, invoicing, seller verification via KYC checks, and split payments.
The platform, driven by API technology, is designed to assist businesses of all sizes in managing their payments and financial operations while ensuring compliance with regulations such as PSD2.
The newly acquired capital will facilitate Payaut’s expansion efforts throughout Europe, allowing the rollout of a multi-currency platform that supports payments in various currencies, including USD, GBP, JPY, and AUD. The company intends to initiate its growth strategy by enhancing its presence in Germany, Southern Europe, and the Nordic regions.
Ernst van Niekerk, CEO of Payaut, remarked, “This funding represents a pivotal milestone in Payaut’s journey. It empowers us to achieve our goal of becoming the preferred solution for marketplace platforms globally. This will not only enable us to broaden our platform offerings but also to deepen our footprint in several key markets.”