The fintech company, Ebury announced on Wednesday its €800,000 seed investment into LoopingOne, a know-your-customer (KYC ) and payments platform. Additionally, the two partnered utilizing each other's resources to shape products and accelerate commercial activities.
LoopingOne was founded last year by three fintech industry veterans, Bob Voermans, Mark van der Sluis and Freek Dix. The idea was spawned as the trio faced challenges with regulations while they built a team of payment specialists earlier to help merchants.
“LoopingOne helps Marketplaces be independent from payment partners in their day to day operation by allowing them to choose various KYC and payment partners that suit their individual needs at any given time,” explained the platform’s Co-Founder, Voermans.
LoopingOne will integrate the services of Ebury that will allow the startup to offer multi-currency services to its marketplace customers.
The latest funding was the first seed round closed by LoopingOne.
Licensing Goals
The startup will use the proceeds to further develop its products. In addition, it will use the capital to start the Electronic Money Institution (EMI) application process at the Dutch Central Bank (DNB).
“Ebury has offices in 20 countries around the world offering cash management and foreign currency solutions to companies trading internationally. It’s the ideal partner for LoopingOne that shares the same global ambitions,” said LoopingOne’s Co-Founder, Dix.
He also pointed out that LoopingOne can help Ebury to expand its business into the e-commerce industry.
“Our strategy has been to focus more on e-commerce businesses around the globe,” said Fernando Pierri, the COO at Ebury. “The B2B flows now, and even more so in the future, will be through online marketplaces. Therefore having LoopingOne as our partner is a key strategic move for us. This is a triple-digit growth market!”
Earlier this year, Ebury acquired Brazilian financial technology firm, Bexs for expanding its international payments offering in the South American country.
