Feb 17, 2021

Post-Brexit: Dutch fintech Unicorn, Mollie expands to the UK

Joanna England
3 min
Post-Brexit: Dutch fintech Unicorn, Mollie expands to the UK
Amsterdam-based payment solution unicorn, Mollie, announces its UK services plans following investments and post-Brexit demand for payment solutions...

The European fintech payment services provider, Mollie, has announced it will expand into the UK market.

Founded by Adriaan Mol in 2004, Mollie provides a range of different payment methods and API that support companies. The enterprise services 110,000 customers, has a 300-strong workforce and offices in five locations across Europe.

In September last year, TVC also invested £78.5m in Mollie, because of the company's plans to accelerate its international expansion.

According to reports, the UK expansion has been driven by the company's goal to support British merchants with their EU payments in the wake of Brexit, using cutting-edge European payment products. 

The Dutch fintech company has modified its UK-available services to companies who can now integrate several EU payment methods into their e-commerce portals. 

Mollie UK growth strategy

Mollie's enhanced services provide UK business customers with the opportunity to access new markets and give EU customers the chance to use their preferred payment methods, even while buying from a UK retailer. 

The fintech's UK operations will be led by Mollie's new Head of the UK appointee, Josh Guthrie, who will be responsible for managing the company's efforts to assist SME enterprises through the post-Brexit international expansion.

Guthrie explained, "Expansion to the UK is an exciting opportunity for Mollie: it is Europe's largest e-commerce market, one of the most innovative, and while it hasn't been a focus we've already organically acquired a base of brilliant UK customers – including Gymshark, Facetheory, Joseph Joseph and Baker Ross."  

He said that providing good service and appealing to local businesses was part of the company's plans. "Mollie aims to become the most loved payments provider in Europe. We do this by taking a local approach to the market, providing superior integrations and technology, and offering top-quality support to merchants irrespective of size. Albeit crowded, there is still a lack of this level of excellence for UK merchants.

He continued, "This has fuelled our rapid growth in Europe, where we've become a favourite amongst SME and mid-sized businesses. Like other competitive markets that we operate in, this approach stands us in good stead in the UK."

Post-Brexit fintech plans

Mollie currently has partnerships with Magneto and Klarna and EU access, enabling British businesses to remain competitive when trading in the eurozone. "Brexit is accelerating the opportunity – which is why we have taken steps to make our current product, which our existing UK customers use to offer the local payment methods needed to succeed across Europe, more readily available to UK merchants," pointed out Guthrie.

He said that although Britain's exit from the EU had raised some hurdles, companies were adapting to the situation.

"Yes, Brexit has created new challenges but Mollie's existing product, strong partnerships, and one and a half decades of experience in pan-European payments mean we're uniquely positioned to support UK merchants navigate a new world of payments outside of the single market.

"Currently, our focus is helping more UK merchants succeed in Europe with the creation of our UK team, based in London, and we plan to invest further in the UK in the future." 

"With our long-standing heritage in Europe and our focus on creating localised payment experiences, Mollie is uniquely placed to help customers navigate this shift and continue to grow internationally," he added.

Share article

Jun 21, 2021

Amber Group Valued at US$1bn in $100m Funding Round

2 min
Amber Group has raised $100m in a fresh funding round led by China Renaissance bank, valuing the start-up at $1bn

Amber Group, a cryptocurrency financial services firm, has raised US$100m in a Series B funding round at a pre-money valuation of $1bn.

The funding round was led by Chinese investment firm China Renaissance, and other participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.

Michael Wu, co-founder and CEO of Amber Group said in a statement that the funding would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”

“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”

Cryptocurrencies are becoming increasingly popular, with many people investing, although not everyone seems to know what they are investing in. Using survey data collected from 750 investors earlier this year, Cardify found that only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.”


Who is Amber Group?

Amber Group is a global crypto finance service provider with a presence in Hong Kong, Taipei, Seoul, and Vancouver. Founded in 2017, Amber Group services over 500 institutional clients and has cumulatively traded over $330 billion across 100+ electronic exchanges, with over $1 billion in assets under management. The company said that its assets under management, or AUM, reached $530 million in 2020, representing a 275% increase from the previous year. 

Instead of being a cryptocurrency exchange that allows users to trade individual digital coins, Amber Group CEO Michael Wu said the company is bringing a “private banking experience to the everyday customer.”

Their goal is to optimise investment flexibility, maximise investment returns and deliver long-lasting value for their clients. In 2019, Amber Group raised $28 million in Series A funding led by global crypto heavyweights Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.

Share article