SeQura was bootstrapped till the end of 2021. Credit: Mark OFlynn on Unsplash.

Spanish payments services provider SeQura has signed an asset-backed agreement with Citi for senior financing of up to €150m.

The latest deal brings SeQura’s total financing capacity to around €200m when coupled with prior financing from Chenavari.

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The Barcelona-based fintech will use the proceeds to boost its overall financing potential and drive its international expansion across Southern Europe.

The funds will also support the development and launch of new payment solutions.

Additionally, the latest agreement will reduce SeQura’s funding cost and will allow it to support its investment in strategic and high-growth initiatives.

SeQura, which is focused on Southern Europe and Latin America, aims to be the preferred payment partner of both merchants and consumers.

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It offers both pay now and buy now pay later (BNPL) solutions.

Until the end of 2021, the firm was bootstrapped, but it claims to have grown at an average of 100% per year over the last five years.

SeQura CFO Markus Jennemyr said: “We are delighted to enter into a new financing with Citi, one of the largest and most renowned banks in the world, which will support our focus on building a sustainable business model and enables us to continue to bring innovative payment solutions for both merchants and shoppers.

“One size-fits-all BNPL solutions are not enough in this market, merchants, and shoppers, need a diverse set of flexible payment solutions tailored to their sector and business. Our products look beyond the checkout and cover key touchpoints of the customer journey to further optimise merchants’ conversion rates and buying recurrence.”