" class="no-js "lang="en-US"> Paytech leader Prommt hits three million payment requests in Europe and eyes further expansion in North America
Monday, February 06, 2023
Saltedge Report

Paytech leader Prommt hits three million payment requests in Europe and eyes further expansion in North America

Prommt, the leading payment request platform, has announced a significant increase in customer adoption by achieving a key milestone over the Christmas period with 3 million payment requests sent to customers across many industry sectors in their home markets within Europe. This success has spurred expansion in other markets and the company is now set to build on their existing customer footprint in North America.

Prommt is a leading paytech solution that is revolutionising the way enterprises request, collect and report remote customer transactions with the ability to send secure, branded payment requests to their customers. Prommt provides businesses with the flexibility to request payments via SMS, WhatsApp, e-mail, Chat (and more) and have them paid via card or directly from the customer’s bank.

Despite the challenging headwinds being experienced by many companies today, Prommt has completed a successful Series A funding round at the end of 2022, which, coupled with the recent surge in customer growth, will support its aggressive growth strategy to new markets including USA and Canada.

During 2022, Prommt enjoyed continued growth across all sectors, particularly in the hospitality, building material suppliers, automotive, and sports industries. The company gained several new high-profile clients, including a leading Premiership football club. Prommt also launched ‘Pay by Bank’, its Open Banking payments initiation capability via its partner Token. Within six months of launch, over 20 percent of Prommt’s customers have adopted open banking payments as part of the payments mix alongside and complementary to cards. For billers and merchants, Pay by Bank offers significant savings on processing costs and is set to transform cumbersome bank transfers with a slick customer experience that delivers instant account payments.

A new study from Juniper Research found that the value of global payment transactions facilitated by Open Banking will exceed £95.6 billion in 2026, from just under £3.3 billion in 2021. This extraordinary growth rate of over 2,800 percent over the next five years will be driven by increasing user awareness of Open Banking features, supported by greater deployment within Europe, as vendors build on PSD2 (Second Payment Services Directive) APIs to deliver expanding services.

In 2023, Prommt is set to grow its existing US customer base and push further into hospitality, sports services, retail, and building material suppliers across North America. Expansion of the team is also on the cards with a recruitment drive in sales, marketing and product development, building on 2022’s growth.

Commenting on their recent milestone, Donal McGuinness, CEO, of Prommt said, “Prommt has seen some major achievements over the past twelve months and we are excited for what’s in store for 2023. With recruitment and expansion on the horizon, even in uncertain times globally, demand for new fintech and digital payment solutions continues to rise. I believe we will see a continued shift to open banking payments in 2023 with significant growth continuing year on year.”

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