Austrian fintech company Bluecode raises $13 million

The fintech startup Bluecode, a mobile payment company from Austria, has closed another eight-digit financing round via the company’s existing investors after its autumn round in 2018.

It’s rare for European fintech companies to be mentioned in the same breath as Visa, Mastercard, Google, and Apple but that is what Bluecode has achieved. The company is working to provide a viable European alternative to American fintech. The company is working with a barcode-based payment system for a smartphone, which runs both via its own app and integrated into other apps, such as those of banks, or more recently via “co-branded apps.”

Born2Invest application is a fast and easy way to check the latest business headlines. It gives users access to recent publications and stories, media and objective analysis, thematic sections and feeds.

Venture capital is targeting European fintech

An investor group of “sector-related family offices from Europe,” which had already invested $12.4 million (€11.2 million) in fintech in 2018, has added a further $13 million (€12 million). In the meantime, the startup had also received an additional $2.1 million (€1.9 million) in EU Horizon 2020 funding.

Bluecode CEO Christian Pirkner feels that the new investment, among other things, confirms the argument he has repeatedly put forward: “Since the launch of Apple Pay and Google Pay, interest in our mobile payment solution has grown dramatically. For many participants in the banking and retail industry, it is now obvious how their business model is being jeopardized by non-European third-party providers.”

Bluecode: three major areas for growth capital

Bluecode representatives said that they wanted to use the majority of the company’s growth capital for three core areas: “Firstly, we are creating the opportunity for European banks to join the Bluecode network in a few weeks. With the help of the PSD2 interfaces, we are making it possible for the European banking industry to integrate Bluecode as a mobile payment solution into their banking app and core banking system without great technical effort,” said Pirkner. “Secondly, for the expansion of our value-added platform”, added the CEO. In order to keep the customer journey in the banking app, it will be essential to be able to book services such as public transport tickets, parking spaces, cultural tickets, e-scooters, hotels, cars and more.

“Third, for the cross-border expansion of Bluecode through partnerships with mobile payment solutions within and outside Europe,” said the CEO. This is because each system partnership with another payment solution based on an optical scan increases the network of acceptance points at retailers, restaurants, and hotels for both parties. A further part of the growth financing is earmarked for expansion projects in new markets outside Europe.

__

(Featured image by PhotoMIX-Company via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in der brutkasten, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.