Mollie reaps the payments services golden-era, raises €665 million

Karthik Subramanian

Mollie, one of the growing payment services providers in Europe, has raised €665 million in Series C funding which raises its valuation to €5.4 billion as it reaps the benefits of growth in the payments industry.

Turkey payments system TROY is live

The funding was led by Blackstone Growth and included EQT Growth, General Atlantic, HMI Capital, and others and this is just further proof of how the payment services companies are being valued at this time.

The company has its headquarters in the Netherlands and has raised a total of €780 million so far. The company was launched in 2004 and since then has been growing steadily adding more and more users and merchants to its network. It currently serves more than 120,000 merchants across its network in Europe and the company said that it processed €10 billion worth of transactions in 2020 and aims to double that in 2021.

Shane Happach, the former Worldpay executive who was appointed as CEO of Mollie in March, says: “In the three months since I joined the team we’ve achieved so much: making preparations for a full launch in the UK, driving 600% growth in Germany and hiring an impressive set of team members and executives.”

It is believed that the company would be utilizing the raised funds for adding more resources to its team and also would be looking to expand its operations beyond Europe as well. The company also has plans to expand its services beyond payments and it would be looking to provide additional financial services to SME’s.

The payments processing industry has been growing strongly over the last 2 years and it is expected to be one of the fastest-growing ones in the coming years as well. The new generation of users prefers payments and banking to be online as they are more used to working with their mobiles and spend most of their time on it. Hence digital payments are the way forward and the pandemic has also pointed everyone in the same direction.

More banks and financial firms are realizing this and hence they are either entering into space themselves or investing heavily into this space. Yesterday, we had reported that the Deutsche Bank has re-entered this space after almost a decade as they see this space growing and feel that there is still space for more growth and innovation. Exciting times are ahead for this industry as companies compete with one another to innovate and attract users.

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