Imburse, a cloud-based payments integration platform for enterprises, has raised $12 million in Series A funding. The investors included DST Global, Addition, SixThirty Ventures, Lakestar and Backbone Ventures.
UNITED STATES – Imburse, the cloud-based payments integration platform for enterprises has, today, announced it has raised $12 million USD in Series A funding from partners of DST Global (Hong Kong), followed by existing investors Addition (based in New York), Guidewire Software (California), SixThirty Ventures (Missouri), Post Finance (Switzerland), Lakestar (Switzerland), and Backbone Ventures (Switzerland). Additional investors include Accenture Ventures, Gramercy Ventures as well individual investors including Michael Vaughan, former Venmo COO. Based in Zurich with offices in London, Lisbon and with plans to expand into the US in 2022, Imburse is a software as a service platform that simplifies the way businesses around the world access the global payments ecosystem.
This latest round of financing will power Imburse’s platform capabilities, accelerate customer growth and allow Imburse to further grow their engineering and development teams. The company’s diverse workforce will be scaled across their three offices, in London, Zurich and Lisbon with plans to grow further. Imburse has grown rapidly since it was founded in 2018.
Imburse helps large enterprises and insurers future-proof IT systems against changes to customer preferences as well as operational and regulatory demands in payments. By removing the obstacle of integration when connecting to and using payment providers and technologies, it enables insurers, banks and other enterprises to leverage technologies and payment providers best suited to their business and customer needs. As a result, financial institutions will now be able to avoid costly, time intensive IT integrations while being able to implement easy and swift payment transactions in any given market.
While digitisation and transformation has long been a topic for insurers, 2020 and the impact of the pandemic has rapidly accelerated this process. According to the Global Services Trade Revolution report, the value of international trade in services will rise to $8 trillion USD by 2025, fast-tracked by the adoption of new technologies and remote working practices. The report also states that financial services will play a critical role in the future of the digital economy, with digital transformation enabling the financial services industry to grow by 32 percent by 2025. This latest funding round which is backed by 3 US investment groups will help Imburse empower companies and financial institutions to achieve further digital efficiency by enabling integration-free access to multiple different payment providers across the globe.
As companies navigate the complexity of digital disruption and the changing needs of customers, a diverse and comprehensive payments offering is an important part of any companies’ overall transformation agenda. By providing one single payment platform that supports all transactional technologies or providers, Imburse will enable companies to have the ability to choose any partner and any kind of technology without any complications.
Commenting on the significance of this latest funding round, Imburse CEO Oliver Werneyer said: “We are extremely excited to have raised such a significant level of funding which will enable us to scale operations globally and move into the US market by 2022. It’s a turbulent time for companies across the world who are under immense pressure to digitalise, reduce costs and to exceed customer expectations. The expected huge costs and long delivery timelines usually associated with integrations into core IT systems result in failure to deliver meaningful transformation, especially when it comes to any payments capabilities. Imburse is a simple and cost-effective solution that mitigates the heavy lifting to connect businesses to the global payments ecosystem.
Imburse connects organizations to the global payments ecosystem. Their PaaS platform provides a single integration to all payment providers and technologies around the globe, making it easy, fast and inexpensive to deploy new technologies. A winner in the ‘Ecosystem’ category of the ‘Finance-IT Innovation Award 2019’, Imburses’ core focus is to enhance the transaction capabilities of companies whereby the payment workflow is completely accessible and modularised via a single solution, minimizing complexity and IT integration. Imburse currently has three offices in Zurich, Lisbon and London and employs 32 full time staff. It provides seamless payment services to clients across 25 countries, including Germany, Switzerland, Spain, Portugal, and the UK. For further information please see www.imbursepayments.com.