Payments unicorn Mollie to open up in the UK market

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Payment services provider Mollie, which caters to small businesses trading online, was deemed a unicorn recently following a funding round in which it raised €90m as part of a series B application.
  • The firm will now make a move into the British market as part of a commitment to international expansion.
  • It has hired a new member of staff, Josh Guthrie, who said that the company is helping small business customers to challenge the big problems that exist in the context of Brexit and import/export problems.

An online money transfer services provider has announced that it will expand its operations into the UK after it secured an enormous amount in series B funding.

Mollie, which is based in Amsterdam, said that it will open up in the UK after promising to expand globally as part of a funding round.

It follows the raising of €90m back in September of last year during a series B funding application.

This elevated its status to a financial unicorn, which refers to start-up companies that have a valuation of over US$1bn.

The move means that Mollie will now be able to offer its British customers a better service when it comes to EU payment methods.

Customers of Mollie tend to be merchants operating online stores – these customers will now be able to use EU-based payment services to attract customers from the bloc now that Brexit has happened.

Mollie has partnerships in place with a whole host of other firms, including Magento and Klarna.

It is expected that the news will come as a welcome boost to retailers that are struggling with new import and export rules.

The firm has taken on a new member of staff, Josh Guthrie, to work on the expansion.

In remarks to the press, he pointed out that the Brexit situation was causing problems for some firms.

“Overnight, the Brexit deal has made doing business with the EU so difficult for UK companies,” he pointed out.

“Challenges include tariffs and unexpected delivery fees that make goods more expensive, and country of origin rules that have impacted logistics and shipping.”

However, he added that it was possible for companies to get ahead if they were able to get on the front foot when it comes to creating a presence.

“Establishing a presence quickly and efficiently is vital for reaching a wider addressable market, at a time when UK retail needs it most,” he added.

There is also a content marketing dimension to the new move.

Mollie said that it will now provide its clients in Britain with an email newsletter that will be distributed once per week.

This newsletter will feature useful details for organisations that are trading from the UK to Europe, and will share information on best practice.

Don’t want to miss any of the details about how firms such as these are doing? Our coverage of the cross-border payments market is second to none – read more over at our reviews page.


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