European Payment Startup SlimPay Raises $16.6 M From Prime Ventures to Accelerate Growth

French-based FinTech startup SlimPay—an expert in recurring payments—has raised $16.6 million. The fund will be used in accelerating its growth in France as well as globally. Prime Ventures, the first investor of GlobalCollect which was acquired by Ingenico Group in 2014, was the only investor in this funding round. Prime Ventures provides SlimPay with longstanding expertise in the European FinTech sector.

There’s never a dull moment in the payments space. In Q1 of 2015, the payments sector has attracted more than $1.16 billion in investments. This round of funding by SlimPay is one of the latest in the European FinTech sector this year.

SlimPay was founded in 2009 by Jérôme Traisnel and Jean-Louis Hoenen. The company quickly established itself as a company that makes it easy to process direct debit payments from banks across Europe by digitizing and optimizing the process. It is an authorized payment institution with operating licenses in the main countries of the European Union. The company enables direct debit Single European Payment Area (SEPA) payments in the Eurozone. In France, SlimPay is the leader in direct debit and has processed $2.64 billion in 2014.

Today, we are witnessing a fundamental shift in consumption patterns which establishes a new model founded on the usage, and no longer the ownership, of goods and services. SlimPay already supports more than 2000 stakeholders in the subscription economy such as Deezer, Nespresso, SFR, Price Minister and EDF, stated Jérôme Traisnel, SlimPay’s co-founder and CEO, in a press release.

In comparison to other countries, Europe has a competitive advantage—the interconnection among its various banks and the normalization of its regulation and banking standards (SEPA).

The Single Euro Payments Area is on track, and it’s presenting a real international trade development opportunity. A French or German merchant can now charge their clients in more than 34 countries. We have ambitions to become the European leader in recurring payments, adds Jérôme Traisnel.

Sake Bosch, founder and managing partner at Prime Ventures, recognizes the relevance of this model: We know the internet payment industry quite well and recognized that SlimPay addresses a very important pain point both for internet subscription companies as well as traditional companies. In addition to that, Jerome is a successful serial entrepreneur and the company has made an incredible traction in the marketplace already and (is) well-positioned to grow internationally.