Fintecture, a French new generation B2B payments platform, has announced the closing of its Series A round of 26M euros. The company adds new investors to its shareholder base such as Eurazeo, RTP Global, HEC ventures, Allianz Trade, and business angels who join its previous shareholders, Target Global, Samaipata, and Société Générale.
Since its launch in 2020, Fintecture has been helping companies save time and costs while boosting sales. To date, the platform allows 7,000 businesses to collect payments. Around 250,000 buyers have transacted through Fintecture via various channels: e-commerce, physical store, remote sales, or billing cycles.
The business-to-business (B2B) payments market is huge, with more than 130 billion euros transacted annually. However, more than 90% of transactions are conducted through non-digitized channels and more than 50% are still processed through manual and paper-based solutions. Fintecture is solving this global problem by helping companies digitize their payments and synchronize their information with invoicing and accounting processes to improve business performance.
“B2B payments have been neglected due to their high complexity. This leads to a predominance of inefficient paper-based solutions. To help merchants digitize their B2B payments we had to start from scratch and build new methods from the ground up” states Faysal Oudmine, CEO of Fintecture. “The journey is very complex but very exhilarating as we see our customers saving time, and costs and increasing their sales by using our B2B payments platform.”
Fintecture recently obtained regulatory approval to execute payment transactions and receive payment orders. This is an important milestone as it will allow it to increase its product advantage by improving the user experience.