FinTech: EasyEuro, the Platform for SMB Remittances Between China and Europe, Raises $4M
Small and medium businesses in China and Europe get a new, versatile remittance platform.
EasyEuro is fintech that focuses on digital banking and global B2B remittances, especially between Europe and China. This week, it raised $4 million in a pre-A funding round. (BusinessMole)
The round was led by Shanghai-based Ally Capital, with participation from seed investors SwiftPass, Geoswift, Huashan Capital and Unity Assets.
EasyEuro’s digital banking for SME
Trade between European and Chinese SME businesses touched $323 billion in 2018. It included goods such as textiles, furniture, toys, food, wine, and cosmetics. Add to that online e-commerce trade in 2018 of $100 billion through Amazon, Shopify, and France’s Cdiscount etc. EasyEuro is targeting the thousands of SME businesses engaged in Sino-European trade. These businesses need an efficient and user-friendly platform that can receive and transmit payments in different currencies.
EasyEuro is a kind of ‘neo-bank,’ that has built a suite of open APIs for institutional payment partners such as GeoSwift and SwiftPass (these are also investors in EasyEuro). Therefore, digital banking functions such as collections, currency conversions, remittances and payments in the customer’s currency of choice are all available to businesses trading China and Europe.
Additionally, EasyEuro offers a digital mobile wallet, a multicurrency bank account, and a linked Mastercard to customers for complete, transparent and convenient banking.
Furthermore, Easy Euro is an e-money institution authorized by the Financial Conduct Authority (FCA).
Use of funds
EasyEuro will use the money raised in the current round to invest in product development, talent recruitment, and market expansion.
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