Amsterdam, 16 December 2021: Silverflow, a modern global payment technology company, raises a $17M Series A led by Coatue Management. Previous investors Crane Venture Partners and INKEF Capital also participated in the round, along with Global Paytech Ventures and angel investors Jason Gardner, Founder and CEO of Marqeta, and Gokul Rajaram, a former Square product lead and current Coinbase board member. The investment will be used to grow the team from 24 to 70 people over the next two years, expand into the US, and strengthen the company’s balance sheet.
Despite hundreds of billions of credit card transactions per year, today’s global payments landscape is built on legacy platforms with their core technology based on mainframes and Cobol, which are 30 to 40 years old. Existing platforms are outdated, hard to use, and challenging to integrate with fresh innovation in the market. Payment Service Providers (PSPs), acquirers, and merchants lose time and money working with them and miss out on opportunities to benefit from new technologies and products. The current processing platforms are long overdue for an upgrade.
The first cloud-native card payments platform, Silverflow brings payments systems’ backends up to date and is designed for innovation. It’s a modern and easy-to-use platform for global card processing with direct access to card networks.
Silverflow offers PSPs, acquirers, and merchants a connection to card networks through simple APIs, creating efficiencies, value, and new growth opportunities for all. Their customers benefit from a range of features and functionality compared to existing card processing solutions, from scalability to security, and including:A data-first mindset, with the ability to provide customers a rich and reliable data feed which means there is extensive data, easily available over an API for actionable insights, such as optimization or systems management
Simplicity that makes integration straightforward, so customers can rapidly process live transactions and benefit from a reduction in operational complexity, get up and running quickly and then easily continue to use the system
Agility at its core, so innovations in the market are quickly integrated and passed onto customers.
Silverflow’s team has unrivalled global payments experience across the industry. The founding team includes CEO Anne Willem de Vries, previously focused on card acquiring and processing at Adyen; CBDO Robert Kraal, former Adyen COO who previously worked at RBS/Worldpay and Bibit; and CTO Paul Buying, founder of the translation startup Livewords (acq.). Having launched the product earlier this year, Silverflow has quickly attracted customers including Deutsche Bank, PayU, and IXOPay.
Anne Willem de Vries, CEO and co-founder of Silverflow, said: “The global payments industry is up for renewal, and we’ve built the modern payments processing platform to bring it up to date. We are delighted to be working with Michael and Coatue who are important new partners on our mission to accelerate technological innovation in the global payments industry, and as we continue to expand the team and business into the US.”
Michael Gilroy, General Partner at Coatue, said: “The Founder-market fit is the first thing we noted when looking at the Silverflow team. The depth of experience within payments gives this team a unique perspective from which to solve a problem plaguing the industry – outdated infrastructure. The platform is built for the payments industry of today, and has the scalability, flexibility and usability its partners need.”
Silverflow is a modern global payment technology company, founded by online payments industry veterans, with the mission to accelerate technological innovation in the payments industry. Silverflow’s cloud-based platform provides a state-of-the-art upgrade and direct access to the card networks for payment services providers, merchants, and acquirers. Its intuitive product and scalable technology provide value, create efficiencies, and drive new opportunities for all. Based in Amsterdam, Silverflow is backed by Coatue Management, Crane Venture Partners, INKEF Capital, and notable angel investors. Learn more: www.silverflow.co
Coatue is one of the largest technology investment platforms in the world with more than $60 billion in assets under management. Our dedicated team of engineers and data scientists work closely with investment professionals to add value to founders and executive teams in our portfolio. With venture, growth and public funds, we back entrepreneurs from around the globe and at every stage of growth. Some of our private investments have included Airtable, Ant Financial, Anaplan, ByteDance, Chime, Databricks, DoorDash, Instacart, Meituan, Snap, Snowflake and Spotify.
Crane is an early stage venture firm that supports Europe’s most ambitious founders building category leading enterprise software, data and deep technology companies. Based in London, the Crane team combines extensive venture investing and operating experience. Crane’s portfolio includes 7Bridges, Axiom, Forecast, Foundries, Gitpod, Harbr, H2O.ai, Onfido, Shipamax, Silverflow, Tessian, Tinybird and Virtuoso https://crane.vc/
About Global Paytech Ventures
Global Paytech Ventures (GPT) is a venture capital firm that invests in early stage paytech companies that are looking to raise seed, Series A, or Series B round funding. GPT is led by Javier Perez and his sons, Daniel Perez and Kristofer Perez — each have extensive payments industry expertise. GPT was founded by Javier Perez, who spent 25 years at Mastercard, including 15 years as president of Mastercard Europe. Under Perez’s leadership, Mastercard Europe was recognized as the leader in payments technology innovation. GPT helps paytech companies achieve global success through their unrivalled paytech ecosystem expertise and their comprehensive network of industry contacts.
INKEF Capital is a leading venture capital firm based in Amsterdam with a proven history of backing promising early-stage companies in Europe. INKEF takes pride in being a patient, long-term investor with the ability to support companies through several funding rounds all the way up to IPO. From the early stages of being a technology or life science venture, INKEF supports entrepreneurs building their ideas into successful international businesses. INKEF’s investments include GitLab, Remote, Shapeways, Castor, ChannelEngine, and Sentinels among others. For more information: www.inkefcapital.com