VC-backed Clear2Pay acquires Jware

These solutions are all based on the same service-oriented foundations as Clear2Pay's Open Payment Framework, with which it will be integrated.

Jware, founded in 2002, operates out of Caen (FR) where its 25 members of staff develop and sell solutions to banks, financial institutions, retailers and payment processors in Europe, the Middle East and Africa. Jware operations will become part of and branded as Clear2Pay.

Clear2Pay, now a profitable business, attracted its first round of institutional financing in 2001 when Big Bang Ventures provided €1.8m alongside management, and has since secured close to €50m in venture backing.

In 2003, Big Bang was joined by OTC medicine and personal products supplier Omega Pharma, and private investor Christian Dumolin, chairman of Trust Capital, in a €5.35m round. Quest for Growth led a €6.1m round in 2004, and in 2006 Gimv joined the consortium, contributing €4.7m in a fourth round, raising a total of €15.7m. Gimv continued to back the company in two rounds in 2008, raising totals of €10m and €6m.

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