Payconiq International, a mobile payment platform, has bagged more than €20m investment in a fresh funding round.

Current backers of the firm participated in the fundraising.

With the infusion, Payconiq intends to accelerate developments and support closer integration with banks and merchants.

The firm also plans to utilise the capital to consolidate its Benelux footprint.

Commenting on the development, Payconiq CEO Duke Prins said: “At Payconiq, we believe that every person owning a bank account and a smartphone is entitled to be part of the digital journey – no need of a credit card for that!

“We wanted to keep it simple and safe and we found a way of doing it while using what is already available. We’re actually using banks’ secure infrastructure to provide everyone in Europe with a simple, mobile solution for payments.”

In this context, Payconiq cited Worldpay’s Global Payments Report 2018.

The report found digital wallets surpassing credit and debit cards in e-commerce.

At present, Payconiq counts over 60,000 merchants in Belgium, Luxembourg, as well as the Netherlands as clients.

In March last year, Payconiq merged operations with another electronic payment platform Bancontact Company. The merged group is called Bancontact Payconiq Company.

This followed Payconiq’s acquisition of Digicash Payments.