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Fintech startup Payaut obtains PSP license, sets sights on Europe

The Dutch fintech startup Payaut has obtained a license from De Nederlandsche Bank (Dutch central bank – DNB) to provide payment services. It opens the door to doing business throughout Europe, and hence the payment service provider wants to roll out its services quickly in other countries. Germany has top priority, and Angelina Rigby (PayPal) has acquired a lot of knowledge about the German payments market for this planned expansion to run smoothly. The startup also enhances itself by adding Ingeborg van Harten (Mollie) and Simon Hall (BCG) to the management team.

Rollout in Europe

Payaut can roll out their product one by one in all countries where payments are made in euros by obtaining the license. It makes it possible to distribute the money among marketplaces and its sellers efficiently and well-organised throughout the eurozone. Payaut has worked under an exemption from DNB, leading to success already in the Dutch market. With the license issued by DNB, they can now operate throughout Europe without restrictions.

All eyes on Germany

Germany is the first on the list. Payaut has a significant advantage in that it enables payments with additional payment methods. Several leading payment methods are excluded by some of the top payment service providers in Germany, while marketplaces would like to offer these options. Therefore, some marketplaces are forced to apply for a license and subsequently organise the payments to their own sellers themselves.

Payaut can save them all that additional effort, a license is not necessary, and all types of incoming payments can be processed by Payaut, and paid out to the marketplace sellers through one single system. The marketplace then no longer has to worry about this. To accelerate the rollout in Germany, the startup has hired Angelina Rigby. Rigby has plenty of sales experience in the German fintech market during her time at PayPal.

‘We have Germany something to offer’

“Unlike in the Netherlands, where iDeal prevails, PayPal is one of the largest payment methods for online marketplaces in Germany”, says Payaut CEO Ernst van Niekerk. “That makes Germany an important market for us. Not only are there more players, they are also much bigger than in the Netherlands, and we can offer them something they have been waiting for. We are going live in Germany with several Dutch clients who also operate in Germany. With Angelina’s experience, we will also quickly onboard other large German online marketplaces to our platform.”

Multicurrency in development

After Germany, the rest of Europe awaits its turn. Payaut can roll out its services in all countries where payments are made with euros without adjusting anything. It is also developing a multicurrency solution for non-euro countries. That way, the startup can also process other currencies and pay marketplaces and sellers in their currency.

Mollie and BCG’s experience in MT

The management team has been strengthened to provide the fast-growing company with the essential knowledge and experience. Ingeborg van Harten has been appointed as the new Chief People Officer to ensure that the team grows with quality and numbers. Van Harten has already done this successfully with the Amsterdam-based fintech unicorn Mollie. Payaut has also added Simon Hall to the Board as Chief Technical Officer to oversee product development. From his experience as Chief IT Architect at Boston Consultancy Group, Simon has the proper knowledge to scale the Payaut platform and make its international ambitions technically possible.

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