Mollie Raises 90 million Euro in TCV-led Series B Funding
- 08.09.2020 11:27 am
Mollie, one of the fastest growing payment service providers in Europe, today announced the closing of 90 million Euro (US$100 million) in its Series B funding round, taking the total amount raised by the company to 115 million Euro. The round was led by TCV, one of the largest growth equity investors focused on technology. Mollie will use the funding to accelerate international expansion and invest in product and engineering, helping it to realise its vision of becoming the most-loved payment service provider (PSP) in Europe.
Launched in 2004, Mollie is one of the largest PSPs in Europe, serving nearly 100,000 merchants across the continent, expecting to process well over 10 billion Euro transaction volume this year and doubling year-on-year. In the last year in Germany alone, processing volumes grew by 1000%. This growth has been driven by Mollie’s differentiated approach to online payments for its customers. It offers a best in class product with superior design and easy integration, simple and transparent pricing, no lock-in contracts and best-in-class customer service. Mollie counts Wickey, TOMS® and UNICEF as customers.
“TCV’s portfolio includes many household names: Netflix, Facebook, Spotify and Revolut, to name a few. This funding represents a huge endorsement of our business, our technology and our efforts to offer the best payment solutions that add value and help merchants unlock growth,” said Adriaan Mol, founder of Mollie. “Other PSPs are purely focused on price and volume. But medium sized merchants are finding they need their relationship with their PSP to be more than transactional. They need a partner to help them grow, to help them continually optimise their business – it’s an approach that TCV recognises builds significant long-term value.”
“It’s a challenging time for merchants across Europe, but it’s exciting to see so many of our customers tackle these challenges head-on. This ‘growth mindset’ is essential to the ongoing success of all companies in the new normal,” said Adriaan. “Across Europe, COVID-19 has dramatically accelerated the shift to e-commerce. We believe that accepting online payments should be effortless for everyone, not complicated – so we provide the best payment solutions, superior customer support and honest, transparent pricing to help merchants unlock growth and drive scale.”
“We are delighted to partner with Adriaan and the Mollie team,” said TCV General Partner John Doran. “TCV looks to invest in category leading technology companies that are disrupting large markets – exactly what Mollie is doing today. Mollie is a customer obsessed company that delights its e-commerce merchant customers with beautifully engineered products and by putting the needs and priorities of merchants at the centre of everything they do.”
Muz Ashraf, Principal at TCV, added: "We have been tracking Mollie for some time now, and believe it has built a product that is frictionless, highly developer-friendly and very localised. The proposition has resonated strongly with merchants and has catapulted Mollie to becoming a leading e-commerce payments provider in Europe. We are delighted to partner with Adriaan and the team and are excited for the journey ahead."