Amsterdam payment platform LoopingOne signs strategic partnership with Ebury and pockets €800,000
Based in Amsterdam LoopingOnea Know-Your-Customer (KYC) and payment platform for marketplaces and platforms, announced that it has raised €800,000 in funding in its first funding round from Ebury, one of the largest companies fintech in the world.
Following last month’s announcement to buy Brazilian fintech company Bexs, Ebury’s investment in LoopingOne expands the company’s offering in Brazil, particularly to companies that sell their products online through marketplaces.
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About the investor
Ebury specializes in international cash management, working capital and foreign exchange services. It offers financial solutions for both SMEs and institutional clients. With 1,400 employees, Ebury helps companies grow their international business in developed and emerging markets.
The company’s growth was boosted in 2020 when Banco Santander became a major shareholder, supporting the company with strategic resources and synergy in their common markets.
Ebury’s CCO, Fernando Pierri, says: “Our strategy has been to focus more on e-commerce customers worldwide. Current B2B flows and even more in the future will take place within online marketplaces. Therefore, having LoopingOne as a partner is a key strategic decision for us.
Payment and KYC solutions through a single platform
LoopingOne founders Bob Voermans, Mark van der Sluis and Freek Dix have years of payments experience at global fintechs and e-commerce organizations such as MasterCard, Ingenico (Worldline) and PayU. Together they started a business in 2018, which aimed to help merchants accelerate by optimizing their online payment strategy. In doing so, they realized the challenges that marketplaces face in terms of regulation, KYC, and merchant lockout.
In 2021, the founders launched LoopingOne, a solution for marketplaces that want the freedom to connect with their preferred payment and KYC solutions through a single platform.
The platform offers a unified solution for identity verification (KYC) of buyers and sellers, organizes payments and split payments to merchants and consumers, and enables full compliance with PSD2/EMI regulations. The platform connects to preferred payment providers, which maximizes redundancy, reconciliation and conversion.
Use of capital
The company says the proceeds will be used to further develop its product and start the process of applying for EMI to the Dutch Central Bank. An integration with Ebury will also give LoopingOne the ability to offer multi-currency services to its market customers from the outset.
The two companies have also formed a collaboration to leverage each other’s resources and know-how to develop products and accelerate business activity.
LoopingOne co-founder Freek Dix says, “Ebury has offices in 21 countries around the world, providing cash management and foreign exchange solutions to businesses operating internationally. It is the ideal partner for LoopingOne who shares the same global ambitions. Traditionally, Ebury has had a strong presence with SMEs importing and exporting worldwide. LoopingOne’s team and product can help further grow Ebury’s e-commerce business. »
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