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Sunday, March 3, 2024
HomeNewsFocalpay raises 15m SEK in funding for its commerce platform that merges...

Focalpay raises 15m SEK in funding for its commerce platform that merges payment and retail processes 

Wednesday, 22nd March, 2023, Stockholm, Sweden – Focalpay, the commerce platform merging payment and retail functionalities, has secured 15M SEK in investment from Icelandic investor SKEL, with a valuation of 150m SEK. 

Stockholm-based Focalpay has created a new way of managing retail operations and payments, with the aim to give merchants access to the latest innovations. 

The platform has broken down the boundaries between payment, checkout and backoffice and unified these traditionally separate flows in one unified solution. As a result, merchants can enjoy lower transaction fees and reduced emissions. End consumers get access to a unified basket that can be seamlessly transferred between channels, in addition to account-to-account payment with Focalpay’s Pay by Bank.

Focalpay just raised 15m SEK in an extended seed round from Icelandic investor SKEL. The investment company focuses on the development of new infrastructure and opportunities, guided by long-term value creation, and shares many of Focalpay’s values. The round will be used to continue developing Focalpay’s commerce platform with new features and meet the increasing market demand for the solution. 

With the recent launch of Focalpay’s Pay by Bank, an account-to-account payment feature that sits right in the checkout software, the company has taken retail into a new era. 

When looking back, Focalpay was born out of its founders’ frustration over the lack of innovation within the retail and payment industries. Ease-of-use, sustainability innovation were merely buzz words. As a result, Focalpay was born – with the aim to offer merchants a solution that automates the innovative, and enables retailers to meet their sustainability goals without having to compromise on the service they offer their communities. 

Features that were once only attainable by months of development and implementation project investments, are now available to every retailer with a simple click. With the ability to integrate to any payment, checkout, ERP system or what system it may be to obtain data, the opportunities are endless, and retailers can focus on what really matters – running their business and serving their customers. 

As the market mindset shifts from traditional “problem-based” software, to a “platform-based” approach, the old enterprise tools are being replaced one by one, as retailers take charge of their business. 

“At SKEL we look for innovation and value creation and we keep our eyes open for opportunities that challenge traditional industries and methods,” says Magnús Ingi Einarsson, CFO of SKEL. “We believe Focalpay’s unified commerce platform is the future of retail, and we’re excited to partner with them on this journey.”

“Focalpay already has roll outs with multiple clients in Scandinavia, and intends to enter the European market in the fourth quarter of this year to attract more customers internationally. With our focus on grocery, convenience and pharmacy retailers, we believe we are the perfect fit for any online or brick-and-mortar merchant looking to level up their software and step into the future,” says Birkir Veigarsson, CEO at Focalpay. 

Birkir continues; “Together with our new partners SKEL and our new funding, we’re working towards our mission and bringing the Focalpay platform to even more retailers and end consumers.” 

At present, Focalpay has 30 customers ranging from one of Sweden’s largest retailers, to multiple independent grocery and convenience stores in Scandinavia. 

The company employs 25 people in Stockholm, Sweden.

Chris Crespo
Chris Crespohttp://nordicfintechmagazine.com
Chris is a Founding Partner and Chief Editor at Nordic Fintech Magazine, where he simplifies complex financial ideas into easy-to-understand content. With nearly 20 years of experience in management consulting and financial services, including leadership roles with some of Europe's largest banks, he offers profound industry insights. Previously serving as the Chief Futurist at the largest bank in the Nordics, Chris has sharp views on the Future of Financial Services, Money, Disruption, and Ethical AI in Finance. He is also a guest lecturer at Stanford University, Singularity University and Copenhagen Business School, where he frequently discusses the future of Money, Finance, and Entrepreneurship in Financial Services. As a Behavioral Economist, Chris is passionate about studying how human behavior and decision-making relate to risk. He also delves into the connections between psychology, leadership, and technology within financial services.
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