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February 15, 2018

Payworks secures $14.5m in Series B investment

Payworks, a German payments technology provider, has raised $14.5m in a Series B funding round.

Investors in the funding round included CommerzVentures and Visa, as well as current backers Speedinvest and Finparx.

Payworks will use the capital to boost global growth and scale operations, as well as increase its research and development and product teams in Munich, New York, London and Barcelona offices.

The latest capital takes the company’s total funding till date to $19m.

Payworks CEO and founder Christian Deger said: “We are on a great mission to build a new operating system for the Point of Sale and are very excited to have CommerzVentures and Visa join us on that journey. With the additional funding we are fully equipped to further develop our technology and product and support the demand coming from leading payment players looking to modernise their solutions.”

CommerzVentures managing partner Stefan Tirtey added: “We back businesses that can have a significant impact on the financial services industry. We believe that Payworks has both, a great team, and an offering that can have real impact in the fast-changing world of card payments.”

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