A new “unicorn” appeared on the European payment market

In 2020, the startup Mollie plans to process transactions worth more than € 10 billion, which is a 100% increase compared to 2019. According to the founder of the startup, Mollie has been a profitable company “for several years now.”

Payment startup Mollie has closed its Series B funding round, in which it raised € 90 million (approximately $ 106 million). The round was led by the venture capital company TCV. Investors estimated the capitalization of the Dutch startup at more than $ 1 billion, TechCrunch reports.

B2B platform Mollie offers its customers an easy way to integrate payments into a website or application using a dedicated API. The startup is aimed at small and medium-sized businesses. Its services are used by about 100 thousand sellers, the vast majority of whom are residents of the Netherlands, Belgium, and Germany.
Mollie dashboard. Image: Mollie

Adriaan Mol founded Mollie in 2004. For almost 16 years of its work, the startup has attracted money from investors only twice. Mollie closed the previous round of funding in July last year – then € 25 million was invested in it.

In an interview with TechCrunch, Mol explained why investors appreciated the capitalization of a startup that appeared out of nowhere so highly. Mollie plans to process more than € 10 billion in transactions in 2020, a 100 percent increase from last year, Mol said. At the same time, in some markets, for example in Germany, there is a 1000 percent growth. Mol also noted that his company has been profitable “for several years.”

“We are on the right side of efficiency. However, we need to invest in new products to stay competitive”,
Adriaan Mol

The payment services market is really overcrowded: it employs real giants, such as Stripe, with a capitalization of $ 36 billion, and many smaller players, for example, Mollie’s compatriot, startup Adyen. According to Maul, Mollie has two main advantages over its competitors: first, the startup platform supports a wide range of payment methods, which is important for a fragmented European market; secondly, despite the abundance of supported payment methods, payment integration is easy.

In a press release, Mollie said that the money received from investors will be used by the startup for international expansion and development of new products. Mol told TechCrunch that the startup will continue to target the small and medium-sized business segment.

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