SurePay, a spin-off of Rabobank that provides Confirmation of Payee (CoP) services in the UK and Benelux, has successfully raised €12.2 million in a funding round led by Connected Capital, with participation from Iris Capital and Rabo Frontier Ventures. This investment aims to support the company’s international expansion.
Since its inception in 2016, SurePay has performed four billion payment checks and has established partnerships with notable clients including ING, ABN Amro, Rabobank, NatWest Group, Atom Bank, Triodos Bank, and STRATO. Following its launch, SurePay made a significant impact in the Netherlands by providing Iban check-ups before spinning off in February 2020 in anticipation of new Confirmation of Payee regulations in the UK.
The newly acquired funding will enable SurePay to expand its business development teams in Germany and the UK, create a cross-border team, and hire additional IT experts to enhance its technology platform. The company aims to develop new products focused on bulk and cross-border payments. Furthermore, SurePay plans to broaden the reach of SurePay PayID, a Pay Your Contacts application, making it available throughout Europe.
Harrie Vollaard, managing director at Rabo Frontier Ventures, commented, “SurePay has evolved from an in-house startup to a solution that benefits millions of consumers daily. We are proud to welcome these two esteemed investors to our journey. With this funding round, SurePay will continue to integrate more financial players into its European platform and further expand their digital ecosystem.”