Fintecture

Fintecture is a French payment infrastructure service. It was founded by Faisal Udmin and Tatyana Rozum in 2017, and the commercial launch took place in 2020. The startup solution - Pay by Bank - is designed for bank instant payments without the participation of intermediaries. It enables businesses to reduce transaction costs, get funds quickly into an account, and reduce fraud risks. Fintecture has a payment institution license in 30 countries of the European Economic Area (by May 2021) and an API to integrate its solution with many banks in Europe.

History

2021: Raising $7.5 million, including from Target Global

In May 2021, Fintecture announced the raising of $7.5 million. The round of financing was headed by the Target Global fund founded by the Russians. In addition, Samaipata and Société Générale, as well as the founders and employees of Adyen, Affirm, American Express, Facebook Payments, Google, PayPal and Snapchat, participated in the deal.

Fintecture intends to spend the funds raised on scaling the business and developing new solutions, including the Buy Now Pay Later feature. It is also planned to expand the development team and carry out work to increase the number of sellers working with the service to 10 thousand.

Target Global, founded by Russians, has invested in an instant payment service for business

We are pleased to work together with the Fintecture team, as it implements its impressive vision of next-generation payment rails to offer sellers and buyers a problem-free, safe and less expensive alternative to traditional payment processing solutions, "said Ricardo Schäfer, partner at Target Global, commenting on investing in Fintecture.

Fintecture states that the company helps the business minimize losses related to chargebacks, fraud, penalties, technical errors and rejection of card payments.^[1]

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