Klarpay AG Raises CHF 3M to Accelerate Growth

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May 12, 2022, 12:00 ET

Klarpay AG completes funding round adding payabl. and other major fintech names to its list of strategic investors

ZUG, Switzerland, May 12, 2022 /PRNewswire/ -- Swiss fintech Klarpay AG recently announced the completion of its first external financing round, raising CHF 3m. The round was led by established payments institution payabl. which was founded in 2010 with the mission to accelerate technological innovation in the payment services industry and democratise access to global payment solutions. With offices in Frankfurt, London and Cyprus, payabl. now serves a number of high-profile fintech customers including eToro and Bernstein Bank.

All new investors who contributed to Klarpay's latest funding round were strategically selected based on their successful track record in driving business performance and their ability to positively contribute to Klarpay's continued growth and expansion. It should also be noted that the company was initially bootstrapped by its founders Mihkel Vitsur and Martynas Bieliauskas.

"Klarpay's first external funding round marks an important step in our company's trajectory as it will enable us to leverage the network and expertise of our newfound investor base to accelerate our growth in 2022 and beyond. More specifically, we intend to use the additional capital to drive our product-based growth strategy – aiming to grow our headcount, client base, and establish product-market fit," said Martynas Bieliauskas, Klarpay CEO.

As the first FINMA licensed Swiss fintech to work exclusively with e-commerce, digital entrepreneurs, and social media influencers, Klarpay seeks to empower online businesses through cross-border, scalable, payment acceptance and remittance solutions. Founded in 2019, Klarpay's innovative solution brings together decades of combined industry experience to offer digital entrepreneurs all-in-one business banking services, including access to multi-currency IBAN accounts, global payment acceptance, and digital disbursement services.

payabl. Group CEO Ugne Buraciene who will join Klarpay's advisory board, has commented on the conclusion of Klarpay's funding round:

"I'm excited to be part of Klarpay's growth story, and truly believe that together we can explore and harness the potential of the fintech industry. Our partnership with Klarpay came naturally as our products and services complement one another.

"We feel that between our acquiring and alternative payment solutions, and Klarpay's transactional and settlement banking capabilities, this mutually beneficial partnership will add significant value to our clients, who are always at the heart of our decisions."

As Klarpay continues to build a high calibre team of industry experts, innovators and fintech disruptors, Martynas is confident that Klarpay is set to become one of the leading players in the fintech industry:

"We believe that Klarpay is well positioned to play an integral role in unlocking friction around banking, payment, and disbursement solutions for digital businesses. At Klarpay, we are not looking to reinvent the wheel. Reliable business payment solutions are out there. Our proprietary technology simply integrates best-of-breed payment products and solutions in an all-in-one banking and payment solution, exclusively developed for today's online businesses."

About Klarpay AG

Klarpay AG is a leading fintech company offering online businesses access to multi-currency IBAN accounts, global payment acceptance, and digital disbursement solutions. As the first Swiss-licensed fintech company to work exclusively with e-commerce, digital entrepreneurs, and social media influencers, Klarpay seeks to empower digital businesses through borderless, scalable, bespoke business accounts and payment solutions. Founded in 2019, Klarpay AG is a deposit-taking financial institution authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA) under the Swiss Federal Banking Act, Article 1b.

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SOURCE Klarpay AG.