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- Dutch payments startup Mollie has raised a €90 million ($106 million) Series B funding round led by Silicon Valley growth fund and Netflix-backer TCV.
- The funding makes Amsterdam-based Mollie Europe’s latest fintech unicorn startup amid major growth in the payments space during the coronavirus pandemic.
- “We have been growing strongly throughout the year and that has been boosted by a significant structural change in the way that consumers pay due to Covid,” Ken Serdons, CCO at Mollie, told Business Insider in an interview.
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Europe has yet another fintech unicorn after Dutch payments startup Mollie completed a €90 million ($106 million) Series B funding round led by Silicon Valley growth fund and Netflix-backer TCV. The round brings Mollie’s valuation above $1 billion.
The payments space has gone through an accelerated period of growth throughout the coronavirus pandemic as businesses and consumers have been forced to move operations online. Rapid digitization and higher revenues have been a boon for companies in the space with Klarna, Adyen, Stripe, all competing for new business.
Amsterdam-based Mollie is no different. Founded in 2004, the company believes it is suitably differentiated and has enjoyed strong growth during the pandemic.
“We have been growing strongly throughout the year and that has been boosted by a significant structural change in the way that consumers pay due to Covid,” Ken Serdons, CCO at Mollie, told Business Insider in an interview. “Payments is a market that will continue to grow but it’s very fragmented, we believe we have an opportunity to differentiate because of our super-local approach.”
Mollie plays in the same front-end payments space as major US competitor Stripe with whom it competes for small and medium sized businesses across the continent and further afield. The company will use the new funding to accelerate its growth into key European markets including France and Germany and develop its product and engineering teams.
Mollie has “gained a couple of years on the growth curve” according to Serdons.
The startup had been in contact with TCV, which led a major fundraise for London fintech Revolut earlier this year, for a number of years. Serdons said the relationship the company has with the investor is more important than a new unicorn valuation.
“This was a very quick fundraising process, a number of weeks rather than months, the relationship is key for us,” he added.
Serdons told Business Insider that the company’s growth was higher in July than June, suggesting that its core business is strong irrespective of Covid.
“We have been tracking Mollie for some time now, and believe it has built a product that is frictionless, highly developer-friendly and very localized,” said Muz Ashraf, principal at TCV. “The proposition has resonated strongly with merchants and has catapulted Mollie to becoming a leading e-commerce payments provider in Europe.”