Confirmation of Payee startup SurePay raises €12.2 million

Home AI Confirmation of Payee startup SurePay raises €12.2 million
Confirmation of Payee startup SurePay raises €12.2 million

SurePay a Rabobank spin off providing Confirmation of Payee (CoP) in the UK and Benelux, has raised a €12.2 million round led by Connected Capital with Iris Capital, joining Rabo Frontier Ventures to boost the company’s international expansion

After making its mark providing Iban check-ups in the Netherlands, Rabobank spun off SurePay in February 2020 ahead of the introduction of new Confirmation of Payee rules in the UK.

Since its launch in 2016, SurePay has carried out four billion payment checks. Clients and partners include ING, ABN Amro, Rabobank, NatWest Group, Atom Bank, Triodos Bank and STRATO.

The funding will support the hiring of new business development teams in Germany, the UK, a cross border team and new IT experts to scale the technology platform and to develop a suite of new products in bulk payments and for cross-border payments.

SurePay also intends to expand SurePay PayID, a Pay Your Contacts application, which will be made accessible across Europe.

Harrie Vollaard, managing director at Rabo Frontier Ventures, comments: “SurePay has grown from an in-house start up to a solution that benefits millions of consumers daily. We are proud to welcome the two renowned investors to join the journey. With this round SurePay will continue to add financial players to its European platform and further build out their digital ecosystem”.

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