Swiss FinTech, Rivero Procures $7 Million To Accelerate Growth
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In a press release on Thursday, January 11, Rivero, a Swiss-based FinTech firm, revealed some information about its Series A funding round.
The funding is aimed at accelerating the company’s growth into new markets. It will also boost both workforce development and product growth. Rivero specializes in the automation and digitization of payment processes.
According to the release, the firm launched two Software-as-a-Service (SaaS) products. The first is Amiko, who specializes in digitalizing the complete fraud recovery and dispute process. The second product is Kajo, which was created for payment scheme compliance.
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Rivero Sets To Simplify Payment Solutions
Rivero, established in 2019, highlighted its mission in the press release. It revealed that the company aims to simplify payment operations in the highly regulated payment industry. The Business wants to address the market gap by offering solutions for payment scheme compliance, dispute management, and fraud recovery.
In 2022, Rivero became the first Swiss FinTech company to participate in the Visa FinTech Partner Connect program. The Chief Executive Officer and Co-founder of Rivero, Thomas Müller, expressed excitement while announcing the Series A round, especially considering the challenging market conditions.
Sharp Decline In Investment Funding
In the past year, investments significantly dropped for European and global companies. The investment in FinTechs totaled $51.2 billion the previous year, marking a 48% decrease from 2022. The number of funding deals declined sharply, falling 61% from 6,400 in 2022 to 3,933 last year.
Regarding investments in European start-ups, a venture firm Atomico report estimated that the year’s fundraising would be about $45 billion in November. This is a decrease from $82 billion in 2022.
However, PYMNTS Intelligence explored how payment automation can bring various improvements and strengthen businesses in the face of economic headwinds. According to their findings last month, mid-sized firms that have fully automated their accounts payable processes experience almost twice the level of satisfaction from their suppliers.
Anticipated Benefits of Automation
By expanding their automation efforts, nearly half of mid-sized companies anticipate cost savings and improved cash flow in the next three years. Additionally, 48% of these firms expect faster payment processes, resulting in more reliable payments and a broader range of payment options.
Rivero says the Series A Funding will propel its expansion into new markets. Specializing in payment process digitization, the company aims to simplify operations and address industry gaps. Despite challenging market conditions, Rivero’s growth reflects automation’s vital role.
Adopting payment automation solutions aligns with the broader trend where businesses anticipate significant benefits, such as cost savings, improved cash flow, and enhanced supplier satisfaction.
