Flatpay Raises $16 Million for Flat-Rate POS Technology

Danish FinTech Flatpay has raised €15 million (about $16 million) in its Series A funding round to expand its presence in Denmark, Finland and Germany and continue its product development.

Flatpay offers a flat-rate point-of-sale (POS) technology for businesses that aims to make payments transparent and affordable for merchants across Europe, Tech.eu reported Monday (June 26).

The new funding showcases investors’ trust in the company and its mission and their confidence in its ability to succeed, even in a challenging funding environment, Flatpay CEO Sander Janca-Jensen said in the report.

The funding round included contributions from both previous and new investors, according to the report.

Flatpay plans to expand its offerings; increase its presence in the Danish, Finnish and German markets; and “revolutionize the payment industry” by offering a flat-rate POS technology that is transparent and affordable to European merchants, the report said.

“We believe that Flatpay will become a major European player with more than 100,000 customers within the next three to five years, and that the company could become what is known as a ‘unicorn,’ which means the company is worth more than a billion dollars,” Janca-Jensen said in the report.

This funding round comes on the heels of several partnerships and new product launches in the POS technology space.

For example, in May, Shift4 and OpenTable announced a collaboration that aims to provide new solutions for restaurant operators.

Diner booking data from OpenTable’s restaurant technology can be combined with spending data captured by Shift4’s SkyTab POS system, helping restaurant operators get a more holistic view of their business.

During the same month, Paytronix said it was launching its guest engagement solution for restaurants and convenience stores on the Square App Marketplace, enabling sellers using any Square POS platform to add Paytronix online ordering and loyalty program directly from the marketplace.

This integration will allow brands to align all components of their digital guest engagement platform.