Deals

Dollars for dongles: European version of Square closes round

Dongles are all the rage these days. I say that with a straight face. And by straight, I mean at least two giggles popped out. But seriously, dongles.

Payleven is a payments startup based in Germany that turns mobile devices into point-of-sale terminals through the use of a dongle. A dongle, for those of you who may be out of the lingo loop, is a small piece of hardware that plugs into a device, and Payleven’s enable credit card transactions.

Square is the most well-known first startup to send the dongle to the soaring heights of popularity it now enjoys. Payleven is applying similar technology and business models to the European market. A statement issued by the company claims it is the first company in Continental Europe to fulfill the high security standards required for this type of product and service. Payleven has worked closely with Visa to ensure the standards are appropriate and up to snuff.

For this, it has raised a vague “high single-digit USD million funding” from a mysterious, new, unnamed investor. Previous investors New Enterprise Associates, Holtzbrinck Ventures, ru-Net, and Rocket Internet also contributed to this round. It will contribute to growing Payleven’s merchant base. Most of the clients are small and independent businesses that need an easy way to accept credit card payments. Payleven takes a small percentage of every transaction and there is no minimum turnover or fixed fee.

Payleven is currenty available in Germany, the Netherlands, Italy, Great Britain, Poland, and Brazil. It has 70 employees, with headquarters in Berlin and an office in London.

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