AMSTERDAM, NL and LONDON, UK–Silverflow, a global payment technology company, has announced a €2.6 million ($4 million CAD) seed funding round. It was led by UK-based seed-stage investor Crane Venture Partners with participation from INKEF Capital and angel investors and industry leaders from Pay.On, First Data, Booking.com, and Adyen.
With this seed round, Silverflow has now raised €3 million ($4.7 million) in total funding. Silverflow is a team of five employees based in Amsterdam. The new seed funding round will enable the company to double its team by the end of 2020, adding new developers and a commercial director.
Silverflow is a payments technology company building a modern and easy-to-use cloud platform for global cards processing with direct access into the card networks. The company will launch its card payments processing technology in early 2021 after over two years of development. It is the reportedly first card payments processor with a cloud-native platform built for today’s technology stack, with simple APIs and streamlined data flows, that is directly integrated into card networks.
Silverflow was founded by long-time online payments industry veterans and seasoned startup founders. These include CEO Anne-Willem de Vries (who was focused on card acquiring and processing at Adyen), CBDO Robert Kraal (former Adyen COO and EVP global card acquiring and processing) and CTO Paul Buying (founder of acquired startup Livewords).
The company is made for payment service processors (PSPs), acquirers and global top-market merchants that are seeing €500 million – €10 billion ($776 million – $16 billion) in annual transactions. Instead of customers needing to manage a complex network of acquirers across markets and maintain dozens of bank and card network connections Silverflow provides card acquiring processing as a service that connects to card networks directly through a simple API.
“Today’s card payment infrastructure is based on 30 to 40-year-old technology that’s still in use across the global payment landscape,” said de Vries. “The payment technology infrastructure costs everyone time and money: consumers, merchants, payment service providers (PSPs) and banks. We founded Silverflow with the belief that the payments technology stack needs an upgrade.”
“Our mission at Crane is to back entrepreneurs who are redefining the enterprise technology stack and Silverflow epitomizes this as it relates to global card processing,” added Krishna Visvanathan, partner at Crane Venture Partners.
“Whilst payments power the digital economy, existing backend processing technology is old, costly and inflexible: and ripe for reinvention. Silverflow’s founders are a powerhouse team of payments industry experts with a unique insight to building a product that transitions PSPs, acquirers and merchants from inflexible legacy systems to a fully cloud-native modern architecture. We are proud to be supporting them as they launch and scale their card payments-as-a-service platform globally.”
“I’m proud to support the founding team at Silverflow as they get ready to launch a truly innovative payments technology platform,” added Angel investor Marcus Mosen, senior payment executive, industry advisor and early investor in FinTechs like Iyzico or N26.
“Silverflow is the solution to bring innovation to the payments tech stack through intuitive card network connections and processing. Reducing the complexity and cost of managing a network of card processing solutions, Silverflow brings modern technology, smart data insights and the ability to roll out new products across markets with its new card payments processing technology.”