Spanish fintech Devengo has secured a significant €2 million pre-Series A funding round, marking a pivotal moment in its mission to revolutionize Account-to-Account (A2A) payment infrastructure. This strategic investment is set to fuel the company's ambitious expansion across the SEPA zone, capitalizing on the surging demand for instant and efficient digital transactions.
Bolstering Financial Foundations
Devengo's recent €2 million funding round, a blend of debt and equity, underscores its growing prominence in the fintech landscape. The investment saw participation from key financial institutions like Bankinter and Banco Sabadell, alongside Demium and existing partners such as TheVentureCity and Wayra. According to CEO Fernando Cabello-Astolfi, the involvement of major banks is a strong endorsement, signaling the robustness of Devengo's value proposition and the stability of its financial framework.
Pioneering A2A Payment Infrastructure
At its core, Devengo specializes in providing an advanced infrastructure for instant, automated, and intelligent A2A payments. The company's innovative platform serves diverse sectors including insurance, finance, e-commerce, real estate, and online gaming. A key differentiator is Devengo's direct technical integration with Iberpay, Spain's clearing house. This unique connection eliminates the reliance on traditional banking intermediaries, offering unparalleled operational efficiency, enhanced control over transactions, and a superior proposition in terms of speed and scalability.
Accelerating European Expansion
With this fresh capital, Devengo is poised to accelerate its footprint within the Single European Payments Area (SEPA), responding to the rapidly increasing demand for instant payment solutions across the continent. The company has outlined plans to implement cutting-edge payment protocols, including Request to Pay (R2P) and instant international transfers, all while aligning its services with evolving European regulatory trends. This strategic push positions Devengo as a potential key player in shaping the future of digital payments within SEPA.
