Mollie, a startup that offers API based methods to integrate the payments in a site or an app, has obtained $106 million in a new funding round led by TCV.
This funding round brings the total money raised by the startup to $146 million. Moreover, the founder and CEO, Adriaan Mol has confirmed that the funding has increased the company’s valuation to over $1 billion.
Mollie isn’t a new company. In fact, it has been around since 2004 and it has raised funding only for the second time. The first was when it raised $40 million a year ago.
Currently, the company mainly focuses on the small and medium businesses and has some 100,000 merchants as its customers. The customer base is mostly in Belgium, Germany, and the Netherlands. The customers include some high profile names, like Deliveroo, UNICEF, and TOMS.
The company is on track to process around $15 billion in transactions this year, which shows 100% growth from a year ago. Moreover, the company has been profitable for a number of years until now. Mole stated, “Our staff is highly efficient, however, we need new products to stay competitive in the market.”
The payments service industry is quite crowded with many companies entering the industry, like Stripe and Currencycloud, which recently raised $80 million. These companies aren’t only popular but well capitalized to develop more tools.
Mol first got the idea to start Mollie when he was integrating a payments service into MessageBird. It was his previous startup that provides API-based messaging services. At the time, he found all the payments to be too difficult to use in the way that he wanted. So, Mol decided to build the solution all by himself.
Mol stated that the company will use the current funding to continue building its services other than payments. Mol added, “There are several products which the traditional banks don’t offer to the SMEs. Banks don’t invest in these things because they don’t make much money from them. So we are going to invest in other products like sale payment, card issuing, bank issuing, and other products.”
