ZURICH, Switzerland – January 11th 2024 - Rivero, a European Fintech specialising in digitalisation and automation of payment processes, announced today that it has raised $7 million in a Series A round. The round was led by 6 Degrees Capital and Inference Partners, with participation from 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 investment will help Rivero accelerate its growth across new markets and boost its product development and workforce.
Founded in 2019, Rivero is a fast-growing European fintech. Headquartered in Switzerland, Rivero is aimed at 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. Leveraging the benefits of SaaS, Rivero’s products cater to all players in the payment ecosystem, but in particular towards issuing banks.
The fintech’s competitive edge is reflected in its two unique SaaS product offerings, which are focused on making 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, ranging from issuing banks to acquiring banks and payment processors. In 2022, Rivero 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.
Commenting on the Series A round, Thomas Müller, co-founder and CEO of Rivero, said: “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.” 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 from 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.”
Endre Sagi, General Partner of Inference Partners, said: “The value chain of payments is highly fragmented, and while there are initiatives to address this challenge on the acquiring side, the issuing side has seen much less innovation. With its suite of payment solutions, Rivero enables card-issuing financial institutions to vertically integrate their fragmented payment value chain. By addressing this largely untapped opportunity, we believe Rivero is perfectly positioned to become an essential part of modern payment infrastructure.”
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