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Austrian fintech company Bluecode raises $13 million

Austrian mobile payment company Bluecode has raised $13 million in its latest financing round. Private venture capitalists from Europe, who invested in the fintech startup in autumn 2018, are investing again in the payment solution for iPhones and Android smartphones. Bluecode’s representatives confirmed that this is one of the highest fintech investments in Austria this year.

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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.”

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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.

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“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.

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(Featured image by PhotoMIX-Company via Pixabay)

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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.

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Philip Gregg is a tech biz writer, with a keen understanding of blockchain technology, Internet of Things, and cloud services. He also serves as chief consultant for an IT business in Washington and a cryptowallet startup in Tokyo. Philip holds an MBA in finance and has previously worked at a Silicon Valley company before striking out on his own. He is a dad to three German Shepherds and owns a sweet vintage Mustang he fondly calls Sadie.

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