Confirmation of Payee (CoP) firm Surepay has raised €12.2 million in its latest funding round.

The Utrecht-based start-up, founded in 2016, provides an account checking service to financial institutions.

SurePay claims to work with over 150 companies and banks in the Netherlands and mainland Europe, and in February 2020 said it was set to expand into Britain.

The round was led by Connected Capital in conjunction with Iris Capital, who joined existing investor Rabo Frontier Ventures.

Surepay said the funding will support hiring new business development teams in Germany and the UK, a cross border team, and new IT experts to scale its technology platform and develop new customer solutions.

The company said it plans to launch bulk payments related products, cross border payments, and expand SurePay PayID, its payments solution.

“We are on a mission to protect both our clients and their customers against the growing threat of fraud worldwide, giving them the reassurance that their payments are going to the intended recipient also cross-border and multi-domestic,” said David-Jan Janse, chief executive and co-founder of SurePay. “We are very excited to welcome Connected Capital and Iris Capital as our new shareholders.”

He added: “Together with Rabo Frontier Ventures, their knowledge and experience will position us on a scale-up trajectory in important growth markets across Europe and connect to global standards.”

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