SurePay raises €12.2m to help prevent payment fraud
SurePay, inventor and provider of Confirmation of Payee (CoP) in the UK and Benelux, has raised a €12.2 million round led by Connected Capital with Iris Capital, joining Rabo Frontier Ventures to boost the company’s international expansion.
The company will use the funding to support the hiring of new business development teams in Germany, the UK, a cross-border team, and new IT experts to scale the technology platform and to further develop new solutions for their customers.
SurePay plans to launch bulk payments-related products, cross border payments as well as expand SurePay PayID, a Pay Your Contacts solution, to offer new methods of secure and seamless payment services to its customers.
Both new investors are specialised at scaling B2B SaaS solutions internationally and will help SurePay extend its leading position as a multi-country technology platform focused on reducing payment fraud.
David Jan Janse CEO and CO-Founder of SurePay, said: “We are on a mission to protect both our clients and their customers against the growing threat of fraud worldwide, giving them the reassurance that their payments are going to the intended recipient also cross-border and multi-domestic.”
“We are very excited to welcome Connected Capital and IRIS Capital as our new shareholders. Together with Rabo Frontier Ventures, their knowledge and experience will position us on a scale-up trajectory in important growth markets across Europe and connect to global standards.” he continued.
Growing the business to unlock further potential
SurePay launched in 2016, and in 2020 became an independent member of Rabobank Group. Its solution helps banks and organisations avoid misdirected payments and reduce payment fraud by giving greater assurance that their payments are going to the intended beneficiary. Since its launch, it has carried out four billion payment checks.
The company estimated that its solution reduces misdirected payments by 67%, fraud in payments by 81% and leads to 80% less fraudulent onboardings for the clients using the platform.
Over 30 banks and more than 150 corporates are using SurePay’s service which helps prevent different types of fraud. The platform’s strong performance has helped drive +400% year-on-year growth among corporates, which together with bank clients, is expected to drive growth going forward.
Harrie Vollaard, Managing Director at Rabo Frontier Ventures: “SurePay has grown from an in-house start up to a solution that benefits millions of consumers daily. SurePay is well on its way to further unlock its enormous potential. We are proud to welcome the two renowned investors to join the journey. With this round SurePay will continue to add financial players to its European platform and further build out their digital ecosystem”.