Rivero, a European fintech specialising in digitalisation and automation of payment processes, has raised $7 million in Series A funding, which is says it will use to expand across new markets.
In a statement, the firm said the round was led by 6 Degrees Capital and Inference Partners. It included participation from Kraken Ventures, Seed X Liechtenstein, the venture arm of PostFinance and angel investor, and former COO of Adyen, Robert Kraal.
Founded in 2019, the Swiss-based fintech focuses on simplifying payment operations for the highly regulated payments industry. It is targeting a gap in the market for fraud recovery, dispute management and payment scheme compliance solutions, the company said.
Targeting issuing banks
Leveraging the benefits of SaaS, Rivero’s products cater predominantly towards issuing banks. Kajo, its first product, is said to be the only solution on the market for payment scheme compliance, enabling all licencees of payment networks to reduce the risks involved in this process.
Its second product, Amiko, is a SaaS solution that digitalises the entire fraud recovery and dispute process. It enables banks to promote consumer protection of card payments to their customers without the concern of increasing volume or costs.
Speaking on the Series A round, Thibault D’hondt, Partner at 6 Degrees Capital, said: “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, added: “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.”
