Zurich-based payment fintech company Rivero secures €6.3 million in series A round funding. Lead investors in the round were 6 Degrees Capital and Inference Partners, with involvement from a long list of payment professionals, PostFinance’s Venture Arm, Kraken Ventures, Seed X Liechtenstein, and angel investor and former COO of Adyen, Robert Kraal.
The investment would help Rivero accelerate its growth across new markets while improving its product development and staff.
Thomas Müller, co-founder and CEO of Rivero, said: “We’re thrilled to share the news of our Series A round. Especially given the current challenging market conditions. We take this as confirmation of our strong business model and clear market demand for our products.”
Fatemeh Nikayin, co-founder, added: “This funding represents more than financial support; it’s a partnership with investors who understand and resonate with our vision and global ambitions.”
The fintech’s two separate SaaS product offerings, which are intended to automate expensive and labor-intensive payment processes, demonstrate its competitive advantage.
First, Kajo is the only payment scheme compliance solution available on the market, allowing all payment network licensees to limit the risks and effort related to this procedure.
Amiko, the company’s second product, is the only software as a service (SaaS) that completely digitises the fraud recovery and dispute process. This enables issuing banks to efficiently manage this procedure and provide their clients with a distinctive self-service experience.
Thibault D’hondt, Partner at 6 Degrees Capital, commented: “Globally, banks spend billions of dollars on scheme compliance and payment dispute management. Rivero is the first of its kind to offer a suite of SaaS solutions to help banks and processors address the challenge. We have been truly impressed with the exceptional vision of the management and believe this investment will allow Rivero to become a global market leader for payment operations.”
Endre Sagi, General Partner of Inference Partners, said: “The value chain of payments is highly fragmented, and while there are initiatives to address this challenge on the acquiring side, the issuing side has seen much less innovation. With its suite of payment solutions, Rivero enables card-issuing financial institutions to vertically integrate their fragmented payment value chain. By addressing this largely untapped opportunity, we believe Rivero is perfectly positioned to become an essential part of modern payment infrastructure.”
2019 saw the founding of Rivero, a rapidly expanding European fintech. With its headquarters in Switzerland, Rivero aims to close a gap in the market for fraud recovery, dispute management, and payment scheme compliance solutions by streamlining payment operations for the heavily regulated payments sector.