CommerzVentures invests in online payment service provider Payworks
CommerzVentures GmbH has invested in Payworks, a provider of mobile payment services, as part of a Series B financing round.
CommerzVentures as well as Visa invested in the company for the first time as main investors. In addition, legacy investors Speedinvest and Finparx were also represented again. In total, Payworks raised $14.5 million in new capital from investors for its international growth and innovation strategy.
Payworks integrates mobile payments into apps and card readers. The Munich-based company offers a B2B service that provides an easy path to mobile payment (point-of-sale) capabilities. The GmbH was founded in April 2012 by Christian Deger, David Bellem, Simon Eumes and Johannes Lechner.
CommerzVentures GmbH is a wholly owned subsidiary of Commerzbank based in Frankfurt. The corporate venture capital company with a focus on financial services invests in young companies that specialize in innovative products, services and technologies in the FinTech sector.
Advisor CommerzVentures: P+P Pöllath + Partners
— Dr. Michael Inhester (Partner, M&A/Venture Capital, Munich)
— Andreas Kühnert (Associate, M&A/Venture Capital, Munich)