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Thursday, February 9, 2023
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Dintero raises 30 million NOK, Bring Ventures steps in as a new investor and Schibsted Ventures participates again

A sign of quality in today’s market, says founder Daro Navaratnam.

It is a demanding market for fintech companies. Several players are cutting back and there is a lot of  uncertainty in the market, but Dintero is experiencing success this fall. 

Dintero delivers an all-in-one solution for digital services that require seamless payments. With modern technology, they have built the payment platform of the future, which gives online shops just one solution for all the most popular payment methods, such as Swish, Vipps, Visa/Mastercard and BNPL. They also deliver Split Payment solutions for marked places and platforms.

After the launch of Split Payment in March, there’s been a great deal of interest in the new product, and we see that we deliver a solution that entrepreneurs and developers have been missing, says Head of Marketing Kaja Amundsen Tenfjord

In March 2021, Dintero carried out a share issue of NOK 10 million, and since then has experienced threefold growth. This autumn, Dintero has made another run and raised 30 million.

The new investment allows us to focus on taking the next big step in simplifying payment for our customers in the Nordics, says founder and CEO of Dintero, Daro Navaratnam. 

Our goal has always been to deliver a one-stop shop for payments. And for some of our customers and partners we need to solve complex problems, such as when a platform wants to send a payment to several sellers. he adds.

There has been a sharp fall in valuations for similar tech companies, and the market has been under pressure. Not the best starting point for raising new capital, but Dintero, with its technology, customer base and plans, has shown enormous growth potential. This round of raising capital is a testament of that.

There’s been oversubscription, and that’s a very good sign, especially the way the  market is now, says Daro Navaratnam.

Several of the previous investors have chosen to re-invest, including Schibsted Ventures, while Bring Ventures is a new investor – and it is a perfect match, believes Amundsen Tenfjord.

For Dintero, Bring Ventures is a very good match. They are strongly involved in e-commerce, and together we’ll be able to provide a comprehensive solution for online shops and marketplaces, says Amundsen Tenfjord. Together we take care of important functions so they can run their core business, she adds.

Bring Ventures is the Posten group’s investment unit, which now has 13 startup companies in its portfolio.

We are investing in Dintero because we are convinced that smart payment solutions will play an important role in the future. We also see that functions in “Split Payment” can be used in several of our portfolio companies, says Anett Berger Sørli, investment director at Posten-owned Bring Ventures.

Schibsted Ventures, which is one of the Nordics’ leading corporate venture players with 30 companies in its portfolio, is also following up on its investment in Dintero.

We have followed Daro and his team over several years and are impressed by what they have achieved. Daro is an experienced entrepreneur who knows what it takes, and we absolutely believe he will succeed with Dintero. Schibsted supports the company with branding and marketing, and we have extensive experience with payment solutions and marketplaces that we believe can contribute to accelerating the company’s growth, says Rune Røsten, head of Schibsted Ventures in Norway.

Chris Crespo
Chris Crespohttp://nordicfintechmagazine.com
Chris is the Co-founder of Nordic Fintech Magazine and Fast Forward Banking. He uncomplicates finance through jargon-free financial media content in plain and simple language. Chris is also a guest lecturer at Stanford University and Singularity University where he speaks regularly on the Future of Financial Services, the Future of Money Disruption and Entrepreneurship.