Feb 9, 2021

Paymentology gets certified for Visa

paymentology
Visa
challengerbanks
paymentsolutions
Joanna England
2 min
Paymentology gets certified for Visa
Leading payment processer Paymentology can offer banks tailored products after Visa Ready certification is completed...

Paymentology, the UK-based global issuer payment processor, can now offer banks tailored products through real-time data access. The company's new Visa Ready certification means banks and financial institutions using Paymentology will meet Visa’s security standards.

The London-based fintech startup founded in 2015, has enjoyed success as a cloud-powered payment solution for challenger banks and even launched a global credit card processing platform, called Credit Works, early last year. 

Currently Paymentology enables online banks to deliver market-leading card products with spend controls and enhanced features to their consumers. 

Meanwhile, the Credit Works platform operates with different limits, interest rates, and transaction and card fees as a credit management solution. The platform is also used for reward programmes while providing access to real-time customer data at the point of spending.

The Visa Ready certification also follows a recent announcement by Paymentology, that it was chosen by Mastercard to join its Fintech Express programme and its Engage Programme. The partnership looks set to enhance banking technology innovations worldwide. 

Paymentology developments

Shane O’Hara, CEO of Paymentology, said the recent developments will increase global banking options for customers. “The Visa Ready certification further boosts customer confidence in our capabilities,” he explained.

O’Hara added, “It also enables us to deploy Visa card programs faster for banks around the world. We are of particular appeal to digitising banks who are looking to move away from legacy processors to more economic, more agile and more flexible solutions.”

Paymentology runs multiple issuer payment card processing platforms. The company's network spans the globe via UnionPay, Mastercard and Visa networks. The fintech’s focus is on replacing legacy issuer card processing, provision of cloud and data centre-based processing, direct transaction injection into bank GL, and delivery of card spend datasets to the bank.  

Paymentoloy also provides the latest cardholder spend controls, and support of debit, credit and pre-paid card programmes. 

Meanwhile, the Credit Works platform operates with different limits, interest rates, and transaction and card fees as a credit management solution. The platform is also used for reward programmes while providing access to real-time customer data at the point of spending.

Jonathan Griswold, Head of Partnerships, in Europe at Visa, commented, “Visa is delighted to grant Paymentology with Visa Ready certification. Paymentology’s cloud native processing solution, with open API interfacing and live ‘at point of spend’ feed to the banks, makes it easier for digitising banks to migrate away from legacy systems.”

He continued; “We are looking forward to building out the capabilities that we can offer to fintechs and together drive the expansion of a digitally connected payments ecosystem.”

Share article

Jun 22, 2021

Payment startup Mollie raises US$800m at a $6.5bn valuation

Fintech
Mollie
Valuation
Payments
3 min
A new funding round values Mollie at US$6.5bn making Mollie the third most valuable privately-held European fintech behind Klarna and Checkout.com

Mollie, one of the fastest-growing payment processors within Europe, today announced it has raised US$800m in a Series C funding round, now valuing the company at $6.5bn. The valuation, based on Dealroom data, makes Mollie the third most valuable privately-held European fintech behind Klarna and Checkout.com.

Blackstone Growth (BXG), Blackstone’s growth equity investing business, led the investment and included participation from EQT Growth, General Atlantic, HMI Capital and Alkeon Capital. TCV who led the Series B investment in September 2020 also participated in the funding round. 

According to the company, the funding will fuel Mollie’s international expansion, team scaling, and continued investment in product and engineering.

“There’s something very special about Mollie. In the three months since I joined the team we’ve achieved so much: making preparations for a full launch in the UK, driving 600% growth in Germany and hiring an impressive set of team members and executives,” said Shane Happach, CEO, Mollie. “Over the past months, Mollie has been receiving a remarkable amount of interest from some of the world’s foremost fintech investors. In bringing on BXG, we believe we have an investor who can help Mollie in our next phase of growth. The involvement of our new group of investors demonstrates confidence in Mollie’s growth, strategy and product set.”

The Amsterdam-based business was launched in 2004, and is one of the largest PSPs in Europe. Today, it serves more than 120,000 monthly active merchants of all sizes across the continent. During 2020, Mollie processed more than 10 billion Euros in transactions and is on track to handle more than 20 billion Euros during 2021. 

“Mollie is one of Europe’s most exciting high-growth businesses and is at the forefront of enabling next-generation payments for online SMEs across Europe. We are excited to partner with Mollie’s fantastic team and look forward to leveraging Blackstone’s capital, expertise and global network to unlock the company’s next phase of growth,” said Paul Morrissey, who leads European investing for Blackstone Growth. “This investment underlines Blackstone’s confidence in Europe as a place for high-growth companies to thrive.”

Competition 

In Europe, FinTech app usage grew by 72% directly after the pandemic outbreak, while the top seven digital banks in the US grew their cumulative user base by 39% throughout the year. Competition in payments has grown over the past few years with fintech players like Stripe, Square and Netherlands-based Adyen all competing for a bigger share of the market.

Unlike its American rivals, Mollie says it mainly focuses on transactions with small businesses in Europe. Shane Happach, CEO of Mollie said: “A lot of the bigger players in online payments come out of the US, like PayPal,”. Adding that even Visa and Mastercard are US companies.

“A lot of investors don’t have a bet on Europe,” Happach said. “Mollie’s one of those unique assets that offers exposure.

Share article