Paris, June 4, 2024. Following the "Fintech of the Year" award it received in 2023 at the Universwiftnet corporate treasurers' trade show, and its fund-raising of 26 million euros at the end of 2022, Fintecture continues to grow, reaching a new symbolic milestone, testifying to the robustness of its infrastructure: the use of its solutions by over a million unique payers.
This milestone was also marked by the signing of new major international customers, the extension of commercial contracts with long-standing customers, and the strengthening of its management team. The money transfer specialist intends to pursue its development and expansion in the coming months.
Confirmed adoption of its bank transfer payment solutions by both merchants and payers
A pioneer in payment initiation in France, Fintecture has strengthened its offering with a view to deploying its credit transfer collection solutions in all sales contexts (e-commerce, point-of-sale, distance selling, invoicing), and offering specific settings for certain business sectors. A winning strategy, since Fintecture has attracted new key accounts this year, including Maisons du Monde, Saint-Gobain Distribution (POINT.P, Cedeo...), Rexel and Total Energies (AS24). We have also strengthened our partnerships with our long-standing key accounts, such asAuchan Retail, Leroy Merlin and Edenred, with new geographical extensions and new applications.
"These new signings confirm Fintecture's unique position in the market, merchants' confidence in our payment infrastructure, but also the high added value it brings them," comments Faysal Oudmine, CEO and co-founder of Fintecture. "We help them convert the most strategic sales, especially on higher baskets, with acceptance rates that are unique in the market. The benefits for our merchants are many: increased sales, automated accounting operations, the ability to deliver faster and satisfy their customers, to manage their outstanding balances more dynamically, to mitigate operational risks..."
As proof of the success of this payment method, Fintecture :
- has just passed the 1 million unique payers mark;
- has increased its total transaction volume by a factor of 6 by 2023 ;
- has already recorded an annualized payment volume of 2.5 billion euros, a significant amount in merchant transactions, confirming its position as leader in credit transfer payments;
- continues to accelerate, anticipating at least a doubling, if not a tripling, of its annual volumes over the next few years.
Fighting fraud and securing operations: a fast-growing challenge
Merchants have increased needs in the fight against fraud, whether to secure payments in the face of rising social engineering fraud or to strengthen identity checks on their customers.
"Like two sides of the same coin, payment and fraud are inseparable. You can't have an excellent payment solution without an excellent anti-fraud solution," adds Faysal Oudmine.
Now a major point of product innovation, Fintecture has developed additional security measures to combat fraud:
- Premium Fraud Shield: when a payment is made by bank transfer, Fintecture is able to proactively block a fraudulent payment by automatically redirecting the transfer to the issuer's account. A unique offering on the market, acting as a 2nd line of defense complementary to banking systems and designed to protect merchants against financial and operational impacts.
- Verify: Fintecture supports its customers in securing their operations by verifying the identity of their customers or suppliers via a solution against identity or bank details theft, unique on the market.
The ambition to build a European leader
Driven by the deployment of its international customers, Fintecture already operates payments based on payment initiation in 8 European countries and receives payments in euros from all over the SEPA zone. In order to strengthen its support for key accounts through all their local locations, the French fintech accepts international payments from the SWIFT network and is working to take into account multi-currency.
"Our ability to work with global merchants provides us with the springboard for accelerated development beyond our borders," explains Faysal Oudmine . "Our priority is to consolidate our growth in Europe, but the United States will also represent a strategic market for us in the medium term: B2B payments there are still not very digitized, and checks still have a strong hold".
To support its commercial expansion and product development, Fintecture recently consolidated its management team by recruiting Julien Moreschetti as Vice President Customers and Sales Operations, and Florian Bonnet as Vice President Product.
About Fintecture
Fintecture is a French payment institution, regulated by the ACPR, which is reinventing payment by credit transfer. By eliminating the constraints associated with traditional payment methods, it enables companies to secure their sales, even the most complex B2B transactions, and thus generate additional sales.
Fintecture has deployed a secure, proprietary payment infrastructure, taking advantage of open banking and AI, and pays particular attention to the fight against fraud.
Launched in 2020, Fintecture led a €26M Series A in 2021, for a totalof €32 million raised, and was awarded the Fintech of the Year prize by AGEFI in 2023. More than a million payers have already used its solutions, through customers such as Auchan Retail, Edenred, Saint Gobain Distribution, Leroy Merlin, CMA CGM...
Press contact
Sophie Marot-Rémy
press@fintecture.com
