The Munich-based fintech startup Payworks secures $14.5 million in capital. Investors in the Series B round include CommerzVentures and Visa.
In addition to the high-profile new investors, the existing investors Speedinvest and Finparx are also participating in the financing round. Together with a successful Series A round of 4.5 million in 2016 Payworks has raised a total of $19 million to date. The young company develops and operates an infrastructure for secure payment processing. It offers technology to modernize POS systems, putting it in competition with the current heavyweights of the payment industry. The platform Pulse The startup offers this service to stationary and mobile sales outlets for a license fee.
Payworks plans to expand research and development
The Munich-based company plans to invest the new capital in further international growth, expanding its development teams in Munich, New York, London, and Barcelona. CEO Christian Deger says:
"Thanks to the additional funding, we are well positioned to further develop our technology and product to meet the demand from leading payment service providers looking to modernize their solutions."
Payworks was founded and managed in 2012 by Christian Deger, David Bellem, Johannes Lechner, and Simon Eumes. At the beginning of 2017, Lechner and Eumes left the management team and assumed leadership positions in development and product management. According to startup scene All four founders are still shareholders and each hold between 2.3 and 9.3 percent of the company.
