Payaut, an Amsterdam, The Netherlands – based fintech startup, raised over $3m (€2,65m) in seed funding round.
The round was led by LocalGlobe with participation from previous investor Finch Capital and Entrée Capital.
The company will use the funds to scale its payment service for online marketplaces and to roll out in the rest of Europe.
Led by Ernst van Niekerk, CEO, Payaut provides a complete payment solution for online marketplaces taking care of everything regarding payments towards the platform and the vendors it hosts. The service functions as an intermediary between sellers and the different Payment Service Providers (PSPs). As a result, marketplaces are no longer dependent on one single PSP but instead can use multiple providers such as Mollie, Adyen or Stripe at the same time.
As Payaut takes care of payment traffic towards the vendors, these online marketplaces are instantly compliant with the strict European PSD2 regulation. Furthermore, the system enables platforms and marketplaces to streamline different cash flows by providing insights through unified reports.
Founded in 2019 by van Niekerk and Gillis Haasnoot, the company has raised a total of $4.35m (€3.65m) in funding with international investors and angels from the payment industry.