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The quiet success of British fintech SaltPay

Published on June 03, 2021 - 2 mins reading time
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With little media coverage, 2-year-old British fintech SaltPay, which specializes in payment solutions for merchants, has raised a total of no less than $700 million since its inception.

A fintech with a string of acquisitions

SaltPay is making quiet progress, yet renowned investors such as Tiger Global and Hedosophia are keeping a close eye on the development of SaltPay, the British fintech founded 2 years ago.

Thanks to them and their participation in a Series C fund-raising round completed in April 2021, SaltPay has raised $500 million. In just a few months, its workforce, recruited in part from the London School of Economics, has doubled, and the fintech now hires 800 people in numerous countries around the globe.

It has made 6 acquisitions in the space of a year, and raised a total of $700 million, enabling it to achieve unicorn status with a valuation in excess of $1 billion.

Payment solutions for retailers

SaltPay offers a range of payment services to small and medium-sized retailers. In particular, the fintech has set up a credit offer that enables merchants to pay for their purchases in 12 instalments.

It provides these entrepreneurs with a range of acquiring services, including card transaction processing, as well as contactless payment software operating via 4G, WiFi or Bluetooth.

Merchants' customers can also pay for their purchases over the phone without having to give their credit card number, thanks to a link that enables them to pay for their order remotely, even if the store doesn't have a website.

SaltPay processes all transactions as early as the next working day, so that merchants don't have to tie up their money and can manage their cash flexibly.

60,000 merchants, mainly in Eastern Europe, have already chosen to use the services of SaltPay, whose president is Ali Mazanderani. Together with Eduardo Pontes, he is also the co-founder.

The fintech currently operates as a cooperative, bringing together various brands in different countries, including the UK, Portugal, Iceland, the Czech Republic and Hungary. Officially based in the Cayman Islands, its employees are scattered across the globe, from London to South Africa, and its managers can be reached in Iceland.