European mobile payment firm Payleven has secured additional funding to continue its strong growth in Europe and South America. The high single digit USD million amount comes largely from a new investor who joins the existing group consisting of New Enterprise Associates, Holtzbrinck Ventures, ru-Net andRocket Internet. The name of the investor remains undisclosed.
The additional funding comes after an initial double digit investment last summer. Payleven turns a smartphone or tablet into a card terminal, enabling small businesses and mobile service providers to accept card payments everywhere – without any fixed costs or a complicated signup process.
Co-Founder and CMO Konstantin Wolff: “We are thrilled to see our investor base grow, which reflects the excitement for the first Chip & PIN mobile point of sale (mPOS) in Continental Europe. We want to remain innovative, develop our product and accelerate the growth of ournmerchant base. The close partnership we have with our investors is key to achieve this.”
In Europe, Visa only allows mPOS payments with Chip & PIN authorization. With the introduction of its Chip & PIN solution, payleven is the first company in Continental Europe to fulfill the high security standards required for a fully functional mPOS acceptance device. payleven has been working closely with Visa to ensure the right standards for its mPOS solution.
Payleven’s Chip & PIN solution works through a compact, secure device that links to a smartphone or tablet via Bluetooth. The PIN is entered on a keypad on the device. With Chip & PIN, transactions are as secure as with a traditional card terminal and therefore merchants are protected to the highest standards.
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