Silverflow raises $17M Series A led by Coatue to accelerate innovation in the global payments industry
Silverflow, a modern global payment technology company, raises a $17M Series A led by Coatue Management. Previous investors Crane Venture Partners and INKEF Capital also participated in the round, along with Global Paytech Ventures and angel investors Jason Gardner, Founder and CEO of Marqeta, and Gokul Rajaram, a former Square product lead and current Coinbase board member. The investment will be used to grow the team from 24 to 70 people over the next two years, expand into the US, and strengthen the company’s balance sheet.
Despite hundreds of billions of credit card transactions per year, today’s global payments landscape is built on legacy platforms with their core technology based on mainframes and Cobol, which are 30 to 40 years old. Existing platforms are outdated, hard to use, and challenging to integrate with fresh innovation in the market. Payment Service Providers (PSPs), acquirers, and merchants lose time and money working with them and miss out on opportunities to benefit from new technologies and products. The current processing platforms are long overdue for an upgrade.
The first cloud-native card payments platform, Silverflow brings payments systems’ backends up to date and is designed for innovation. It’s a modern and easy-to-use platform for global card processing with direct access to card networks.
Silverflow offers PSPs, acquirers, and merchants a connection to card networks through simple APIs, creating efficiencies, value, and new growth opportunities for all. Their customers benefit from a range of features and functionality compared to existing card processing solutions, from scalability to security, and including:
– A data-first mindset, with the ability to provide customers a rich and reliable data feed which means there is extensive data, easily available over an API for actionable insights, such as optimization or systems management
– Simplicity that makes integration straightforward, so customers can rapidly process live transactions and benefit from a reduction in operational complexity, get up and running quickly and then easily continue to use the system
– Agility at its core, so innovations in the market are quickly integrated and passed onto customers
Silverflow’s team has unrivalled global payments experience across the industry. The founding team includes CEO Anne Willem de Vries, previously focused on card acquiring and processing at Adyen; CBDO Robert Kraal, former Adyen COO who previously worked at RBS/Worldpay and Bibit; and CTO Paul Buying, founder of the translation startup Livewords (acq.). Having launched the product earlier this year, Silverflow has quickly attracted customers including Deutsche Bank, PayU, and IXOPay.
Anne Willem de Vries, CEO and co-founder of Silverflow, said: “The global payments industry is up for renewal, and we’ve built the modern payments processing platform to bring it up to date. We are delighted to be working with Michael and Coatue who are important new partners on our mission to accelerate technological innovation in the global payments industry, and as we continue to expand the team and business into the US.”
Michael Gilroy, General Partner at Coatue, said: “The Founder-market fit is the first thing we noted when looking at the Silverflow team. The depth of experience within payments gives this team a unique perspective from which to solve a problem plaguing the industry – outdated infrastructure. The platform is built for the payments industry of today, and has the scalability, flexibility and usability its partners need.”
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