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Amsterdam has a new unicorn! American investment company TCV has invested 90 million euros into Dutch payment platform Mollie. The funding means that investors value the FinTech firm at least €1bn – making Mollie a so-called 'unicorn'. The term is used to indicate a privately held startup company valued at over €1 billion. In total, Mollie raised €115m during a Series B funding round. It now plans to accelerate international expansion and invest in product and engineering.
Launched in 2004, Mollie is one of the largest payment service providers (PSP) in Europe, serving nearly 100,000 merchants across the continent. It is forecasting that it will process more than €10bn transaction volume this year and says processing volumes grew by 1000% in the last year in Germany alone. The firm claims that this exponential growth is due to its best-in-class product, simple and transparent pricing and exceptional customer service. It counts Wickey, TOMS® and UNICEF as customers.
Welcoming the investment from TCV, one of the largest growth equity investors focused on technology, Mollie’s founder Adriaan Mol said: “TCV’s portfolio includes many household names: Netflix, Facebook, Spotify and Revolut, to name a few. This funding represents a huge endorsement of our business, our technology and our efforts to offer the best payment solutions that add value and help merchants unlock growth.”
Part of a thriving FinTech Sector
The news is another boon for Amsterdam’s finance and FinTech industry, which is also home to Adyen, the city’s first unicorn. At $8.3 billion, it is now the most valuable FinTech startup in the European Union. A number of Dutch startups, such as Ohpen, Buckaroo and EclecticIQ, are following in its footsteps and making new advances in the fields of payments, banking software and cyber security. International FinTech players - including Azimo, Currencycloud and PayPal – have also chosen Amsterdam as a European foothold.
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