Leetchi inks USD5.5m for group payments

Series B Funding

French group payment app Leetchi has raised a Series B funding round worth USD5.5m from Idinvest and 360 Capital Partners. Leetchi will use the money to bring its service to the UK and Germany, and launch a new B2C service.

The company says it has seen 25% month on month growth since its foundation in 2009, and claims that the platform processed 10 times the amount of transactions in 2011, compared to 2010. The app’s API is now also being used by Ulule, skim and octoo. The app allows reimbursement between friends on group purchases or payments such as holidays or tickets, with Leetchi taking a commission of 4% on money collected.

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A hand holding a smartphone with $ icons on the screen, which is visually connected to a network of little people around it

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