Silverflow has secured a €2.6 million seed funding round, led by Crane Venture Partners, with participation from INKEF Capital and angel investors Pay.On, First Data, Booking.com and Adyen.

With this round, the payment technology company has now raised €3 million in total funding. The five employees, based in Amsterdam, will use the funds to double the size of the team by the end of 2020, adding new developers and a commercial director.

Founded by online payments industry veterans chief executive Anne-Willem de Vries - who was focused on card acquiring and processing at Adyen - chief business development
officer Robert Kraal - former Adyen chief operating officer - and chief technology officer Paul Buying - founder of acquired translation startup Livewords - Silverflow will launch its card payments processing technology in early 2021.

“Today’s card payment infrastructure is based on 30 to 40 year-old technology that’s still in use across the global payment landscape," commented de Vries. "The payment technology infrastructure costs everyone time and money: consumers, merchants, payment service providers (PSPs) and banks - we founded Silverflow with the belief that the payments technology stack needs an upgrade.”

Silverflow claims to be the first card payments processor with a cloud-native platform built with simple Application Programming Interfaces (APIs), that is directly integrated
into card networks. It is designed for payment service processors, acquirers and global merchants that are seeing €500 million to 10 billion in annual transactions.

Krishna Visvanathan, partner at Crane Venture Partners, said: “While payments
power the digital economy, existing backend processing technology is old, costly and inflexible - and ripe for reinvention.

"Silverflow’s founders are a powerhouse team of payments industry experts with a unique insight to building a product that transitions PSPs, acquirers, and merchants from
inflexible legacy systems to a fully cloud-native modern architecture."

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