Ebury (website) has now injected €800,000 into the know-your-customer (KYC) and payments platform LoopingOne (website) to seal the partnership. The goal is to develop the LoopingOne product further and obtain a license as an Electronic Money Institution (EMI) with the Dutch Central Bank (DNB).
“Our strategy has been to focus more on e-commerce businesses around the globe. B2B flows today, especially in the future, through online marketplaces. Having LoopingOne as a partner is, therefore an important strategic step for us. This is a market with triple-digit growth rates.”–Fernando Pierri, CCO of Ebury.
The integration with Ebury will also enable LoopingOne to offer multi-currency services to its online marketplace customers. It would also allow the two FinTechs to build on each other’s resources and expertise to develop products and accelerate commercial activities.
LoopingOne was founded in 2021 by Bob Voermans, Mark van der Sluis and Freek Dix. The founders bring some experience with fintechs and e-commerce companies such as Ingenico, PayU, and G2A. Before their current venture, they built a team of payment specialists to help merchants worldwide improve their payment strategies. In doing so, they were exposed to the challenges online marketplaces face regarding regulation, KYC, and merchant retention.
LoopingOne is designed to help marketplaces become independent of payment partners by allowing them to choose different KYC and payment partners to suit their individual needs, they said.