Speedinvest in $14.5m series-B for Payworks

Oscar Geen
16 February 2018

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Speedinvest has taken part in a $14.5m series-B funding round for Frankfurt-based payment technology company Payworks.

The corporate venturing arms of Commerzbank (CommerzVentures) and Visa led the round with participation from previous investors including Finparx.

The fresh capital will be used to expand its R&D and product teams in the Munich, New York, London and Barcelona offices.

The latest round brings the total funding to $19m.

Previous funding
Speedinvest led an early-stage funding round for Payworks in October 2013 alongside Barikuta Partners and unnamed business angels.

Speedinvest also took part in the company's $4.5m series-A alongside HW Capital in September 2016.

Company
Payworks was founded in Frankfurt in 2012 by Christian Deger. The company develops point-of-sale payment technology to help businesses securely process Europay, Mastercard, Visa, contactless and mobile wallet transactions. The company is headquartered in Frankfurt with additional offices in the UK, the US and Spain.

People
Payworks – Christian Deger (founder).

Advisers
Company – FT Partners (corporate finance).