Numeral, the first company born out of Logic Founders, today annonces it has raised €13 million in a first funding round led by Balderton…
Numeral, the first company born out of Logic Founders, today annonces it has raised €13 million in a first funding round led by Balderton Capital with participation from prominent angels from Qonto, Monzo, Stripe, and Kima Ventures.
Unlocking innovation through payment automation
Bank payments (credit transfers and direct debits, as opposed to card payments) amounted to €196 trillion in 2020 in Europe alone. But companies who handle hundreds of thousands of payments every day are still stuck using software developed 15 years ago to send and reconcile payments with their banks. They require complex setup as well as costly training and maintenance. On top of that, companies have to build large finance operations teams to receive, send, and reconcile payments.
“At scale, financial operations are grueling, error-prone, and costly tasks. When mistakes happen (and they often do), they can cost millions.” Edouard Mandon, CEO and co-founder of Numeral.
While companies such as Stripe and Adyen have developed APIs for cards and alternative payment methods, there is no such solution for bank payments. Numeral changes this. With its API and web app, Numeral enables tech companies to connect to their banks and seamlessly automate payments through their entire lifecycle, from creation to reconciliation. With Numeral, finance teams are empowered to focus on value-added tasks, suddenly unlocking innovation.
A record round for bold ambitions
Numeral was co-founded by Edouard Mandon (iBanFirst, Jumia) and Hichem Maalmi (Qonto, Boursorama Banque) within our fintech startup studio Logic Founders. It’s the first company that’s spun out of the newly created studio launched with Camille Tyan.
This first round of funding comes only six months after the creation of the company and represents the largest first VC round ever raised by a fintech in France. It is a true testimony to the strength of the founding team who have first-hand knowledge of the complex payment issues companies face and the drive to build best-in-class APIs that solve huge pains by companies of all sizes and across all industries.
In only six months, the team has already closed two major customers (Spendesk and Swile), grown the team from 2 co-founders to 10 key people located all across Europe, and worked hard on developing APIs to allow companies to scale their payment operations through automation and stop growing their finance and operations teams. We couldn’t be prouder of everything they’ve achieved in such little time!
It’s only the start. Numeral plans to grow the team from 10 to 40 people in the next few months, further develop its product, expand its bank coverage, and become the leading payment operations solution in Europe.
And Numeral is already on the right path! The startup currently works with tech companies across a number of industries, from financial services to real estate and retail to transportation. And of all types, from 3-people startups, to 50-people startups, and 500-people scaleups. All of them have in common their tech DNA, ambition to disrupt a large industry, and will to automate their payment operations to build a scalable business.
The team will need all the help they can get to deliver on their ambitions, so if you’re looking to join a unique fintech entrepreneurial adventure, come on and apply.