Netherlands-based cloud-native payment processor Silverflow has closed a $40m (€37m) Series B funding round led by Munich-based Picus Capital.
Rabo Investments – Corporate Venturing also participated in the round, alongside existing investors Inkef, GPT, Crane and Coatue.
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Silverflow connects directly to card networks via a single API, providing an alternative to an alternative to “legacy processing technology”.
The company will utilise the proceeds to support global growth, expand its product suite and increase headcount.
The payment processor plans to grow its workforce by more than 50%, from 85 employees to around 120, with a focus on software engineering and product development.
Geographically, the business plans to accelerate expansion in North America by strengthening its New York office. It also aims to further establish its presence in Southeast Asia.
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By GlobalDataSilverflow CEO and co-founder Anne Willem De Vries said: “This investment is a clear validation that the market is ready to move past the ‘legacy drag’ of outdated systems.
“We’re the only cloud-native company targeting this specific area, and this capital will ensure we cement our position as the new standard in payment processing globally.
“It’s not just about raising money – it’s about having the resources to build the infrastructure that helps our customers, including acquiring banks, payment companies and commerce platforms, to move faster and grow bigger.”
Over the past two and a half years, Silverflow said it has grown from processing about 180 transactions per day to almost 1.75 million daily. The company attributed this to adoption and its cloud-native architecture.
Its customers include acquiring banks, payment companies and commerce platforms operating across Europe, North America and Asia-Pacific. Named customers include Deutsche Bank, Bolt, Payabl., and Buckaroo.
Silverflow also plans to extend support to additional card networks including China UnionPay and JCB. This will add to its existing support for Visa, Mastercard, American Express, Diners, Discover and some local debit networks.
The company also intends to develop new front-end tools and user interfaces to make its APIs more accessible. Further, it will expand its end-to-end offering to provide enhanced support for in-store payments.
