Adyen alums launch card payments platform Silverflow
Silverflow, a new platform that connects to card networks, has announced a 2.6 million euros seed funding round. With this, the Amsterdam-based company that is founded by Adyen alums has now raised 3 million euros in total funding.
The funding round was led by UK-based Crane Venture Partners with participation from INKEF Capital and angel investors and industry leaders from Pay.On, First Data, Booking.com and Adyen.
Transforming online card payments processing
Silverflow is a new payments company that wants to transform online card payments processing. It is founded by Anne-Willem de Vries (who was part of Ayden’s cards acquiring team), Robert Kraal (former COO at Adyen) and Paul Buying (founder of translation startup Livewords).
The company says it will launch its card payments processing technology in early 2021. The fresh capital will be used to double its current team of five employees by the end of this year, adding new developers and a commercial director.
The technology will be launched in early 2021.
‘Today’s payment infrastructure is outdated’
“Today’s card payment infrastructure is based on 30 to 40-year-old technology that’s still in use across the global payment landscape”, CEO Anne Willem de Vries says. “The payment technology infrastructure costs everyone time and money: consumers, merchants, payment service providers, and banks. We founded Silverflow with the belief that the payments technology stack needs an upgrade.”
Krishna Visvanathan, partner at Crane Venture Partners, agrees. “Payments power the digital economy, but existing backend processing technology is old, costly and inflexible – and ripe for reinvention. We are proud to be supporting Silverflow as they launch and scale their card payments-as-a-service platform globally.”
The payments technology stack needs an upgrade.
Silverflow claims to be the first card payments processor with a cloud-native platform that is directly integrated into card networks. It aims at payment service processors, acquirers and merchants with 500 to 10 billion euros in annual transactions.