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The glockenspiel in Munich is famous for circulating life-size figurines through its doors. In another part of town, a technology startup is helping businesses across Europe circulate payments.
Munich-based Paymill has raised €10 million ($13.2 million) for its API that quickly and easily enables online credit card payments.
Similar to the San Francisco-based startup Stripe, Paymill offers a “quick start” solution for online stores and service providers to set up an online payment system. All they have to do is copy and paste a few lines of code and “poof!” E-commerce.
Paymill charges a 2.95 percent of the transaction amount, as well as 0.28€ ($0.37) for every successful transaction. The service is secure, and Paymill offers documentation and support for its customers. From the dashboard, businesses can track the amount of clients, transactions, turnover, and success rate over time.
The company launched in Munich in June of 2012 and quickly became active in 34 countries. According to a statement, “Paymill is the first provider to have brought the simple and user-friendly technical solution to Europe.” As the European technology community and e-commerce continue to heat up, so does the demand for simple payment integrations.
Paymill will use the funding to develop the technical platform and improve customers support efforts, as well as continue to enter new markets. German accelerator Rocket Internet, Holtzbrink Ventures, RI Digital, and Sunstone Capital contributed to this round, which comes to over $13 million.