The French start-up SlimPay has secured a fundraising round of €15m through Prime Ventures, a growth capital firm with offices in the Netherlands and the UK.
Prime Ventures was the single investor and the money will be used to support and speed up SlimPay’s expansion in France and internationally.
SlimPay was founded in 2009 and quickly became known as the company that provides a less cumbersome way of setting up direct debit payments.
The start-up speeds up the traditional way of setting up direct debit payments by digitalising and optimising as much of the SEPA direct debit process as possible.
A key feature of SlimPay and SEPA direct debiting is that there is no need for debit or credit cards. Instead, the money is withdrawn directly from the bank account. The attraction of this works for both customers and merchants: cards, much to the chagrin of merchants, expire meaning the customer may reassess the direct debit and decide not to renew.
Should the customer decide to renew the direct debit, he or she would have to go through the process of setting up direct debit all over again. But since bank accounts do not expire this hassle is avoided.
“Today we are witnessing a fundamental shift in consumption patterns, which establishes a new model founded on the usage, and no longer the ownership, of goods and services. SlimPay already supports more than 2000 stakeholders in the subscription economy, such as Deezer, Nespresso, SFR, Price Minister and EDF,” states Jérôme Traisnel, SlimPay’s co-founder and CEO.
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