Rivero, a European Fintech specialising in digitalisation and automating payment processes, has raised $7 million (CHF 6.1) in a Series A round. The investment will help Rivero accelerate its growth across new markets and boost its product development and workforce.
Since its founding in 2019, Rivero has been at the forefront of simplifying payment operations for the highly regulated payments industry, filling a gap in the market for fraud recovery, dispute management and payment scheme compliance solutions. The company offers two SaaS products designed to make costly and manual payment operations seamless. Kajo, the first product, is the only solution on the market for payment scheme compliance and enables all licensees of payment networks to minimise the effort and the risks involved in this process. Its second product, Amiko, is the only SaaS solution that digitalises the entire fraud recovery and dispute process. This helps issuing banks efficiently manage this process while offering a unique self-service experience to their customers. Amiko empowers banks to promote consumer protection of card payments to their customers without being concerned with increasing volume or costs.
In just three years since its go-to-market, Rivero has secured partnerships with over 20 well-established financial institutions, including issuing banks to acquiring banks and payment processors. In 2022, the startup became the first Swiss Fintech to be selected for the Visa Fintech Partner Connect programme, a prestigious, game-changing initiative that provides the company with access to a selection of best-in-class and trusted technology partners.
To fuel this growth and string of success, the startup has secured fresh funding in a series A round, raising $ 7 million (CHF 6.1). Led by 6Degrees Capital and Inference Partners, Rivero’s series A round also saw the participation of Kraken Ventures, Seed X Liechtenstein, the venture arm of PostFinance and angel investor and former COO of Adyen, Robert Kraal, together with a long list of payment executives. The capital will help accelerate its growth plans, helping it cement its position in the payments industry.
“We're thrilled to share the news of our Series A round. Especially given the current challenging market conditions. We take this as confirmation of our strong business model and clear market demand for our products,” said Thomas Müller, co-founder and CEO of Rivero. Fatemeh Nikayin, co-founder, added, “This funding represents more than financial support; it's a partnership with investors who understand and resonate with our vision and global ambitions.”
Thibault D'hondt, Partner at 6 Degrees Capital, said: “Globally, banks spend billions of dollars on scheme compliance and payment dispute management. Rivero is the first of its kind to offer a suite of SaaS solutions to help banks and processors address the challenge. We have been truly impressed with the exceptional vision of the management and believe this investment will allow Rivero to become a global market leader for payment operations.”
(Press release/RAN)
Photo: Rivero's leadership team L-R: Stephan Wächter, Head of Operations; Thomas Müller - Co-founder/CEO; Fatemeh Nikayin, Co-founder /Growth
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