Ebury, the Banco Santander-backed provider of corporate banking services to SMEs that trade internationally, has bought a stake in LoopingOne, a KYC and payments startup for marketplaces and platforms.
The €800,000 seed investment aims to further develop the LoopingOne product and start the Electronic Money Instiitution (EMI) application process at the Dutch Central Bank (DNB). An integration with Ebury will also give LoopingOne the capability to offer multi-currency services to its marketplace customers from the get-go.
The platform offers a unified solution for ID verification (KYC) of buyers and sellers, organises split payments & payouts to merchants and consumers and allows for full compliance with PSD2/ EMI regulations.
Freek Dix, co-founder of LoopingOne, says: “Traditionally Ebury has had a strong foothold with SMEs importing and exporting around the world. The LoopingOne team and product can help expand the Ebury business further into the e-commerce sector.”
Ebury’s investment in LoopingOne follows last month's announcement to acquire Brazilian fintech Bexs, broadening the company’s offering in Brazil, particularly to businesses that sell their products online on marketplaces.
"Our strategy has been to focus more on e-commerce businesses around the globe," says Fernando Pierri, chief commercial officer at Ebury. "The B2B flows now, and even more so in the future, will be through online marketplaces. Therefore having LoopingOne as our partner is a key strategic move for us. This is a triple-digit growth market.”