The Paypro successfully completes a 310,000 euro investment round
The Spanish fintech firm, The PayPro, has offices in Barcelona and The City, London’s financial district. It has recently completed a 310,000-euro round of financing led by Idodi Venture Capital, a fund managed by Marc Vidal, Daniel Lacalle, Carlos Blanco and Carlos Guerrero, amongst others, and Lanta Capital, which includes participation by Ángel García, Tomás Diago (Softonic), Mauricio Prieto (eDreams) and Dídac Lee, amongst others. In addition, The PayPro is currently negotiating with several entities for an additional 100,000 euros.
This round of financing was presented last September at ESADE BAN and was extremely well-received. According to the company’s CEO, Pablo Ruiz: “As an ESADE alumnus, it was a personal milestone to be able to present The PayPro again and for it to have been so successful. We hope to come back soon with some big developments.
For Fernando Zallo, ESADE BAN Director: “Collaborating with The PayPro’s financing process has been truly satisfying, helping a company founded by an ESADE alumnus who had the vision to find a business opportunity in a traditional activity such as currency payments. He added, “The PayPro joins other leading companies in today’s Spanish fintech sector that have found financing through ESADE BAN.
Transparent exchange rates
The PayPro is an online tool adapted to meet the needs of professionals and micro and small companies, allowing them to make payments in 30 different currencies in more than 200 countries, representing up to a 90% savings in hidden fees that banks apply to exchange rates.
The company’s founders, Pablo Ruiz (CEO) and fellow ESADE alumnus, Gabriel Llambias (CFO / COO), claim to have resolved a problem that they themselves faced in their day. When Pablo began working for a small export company, he soon realised that the firm’s bank was not transparent in terms of exchange rates. He consulted with Gabriel, with more than 10 years of experience in the financial industry, who confirmed that banks applied fees of up to 3.5% to micro-companies. The next step was to find alternatives to banks, but they found that these tended to focus on particular firms or large ones and that, consequently, they didn’t satisfy the needs of professionals and micro-firms. The PayPro aims to fill this niche.
The PayPro is currently in the pre-launch phase and expects to be able to begin offering its services at the beginning of the year.
