Mollie raises 800 million USD (€665m) in Series C funding round
The investment will help accelerate Mollie’s scaling, global expansion and technology development
June 22, 2021
Mollie, one of the fastest-growing payment service providers in Europe, today announced the closing of US$800m (665 million Euro) in a Series C funding round, taking the total amount raised by the company to over US$940m (780 million Euro). The round was led by funds managed by Blackstone Growth (BXG), Blackstone’s growth equity investing business, and included EQT Growth, General Atlantic, HMI Capital and Alkeon Capital. TCV who led the Series B investment in September 2020 also participated in the funding round. The funding will fuel Mollie’s international expansion, team scaling and continued investment in product and engineering, helping the firm to realize its vision of becoming the most-loved payment service provider (PSP) in the world.
Launched in 2004, Mollie is one of the largest PSPs in Europe. Today, it serves more than 120,000 monthly active merchants of all sizes across the continent. In 2020, Mollie processed more than 10 billion Euros in transactions and is on track to handle more than 20 billion Euros during 2021. Mollie’s leading products, simple and transparent pricing and excellent customer service, alongside its no lock-in contracts, have driven rapid growth both during the pandemic and the months following relaxation of lockdown restrictions across Europe. Mollie counts Deliveroo, Gymshark, Wickey and Otrium as customers.
The round values Mollie at US$6.5bn (5.4 billion Euro) which, based on CBInsights data, suggests Mollie is now one of the top five most valuable privately-held fintechs in Europe, and one of the top 20 in the world.
“There’s something very special about Mollie. In the three months since I joined the team we’ve achieved so much: making preparations for a full launch in the UK, driving 600% growth in Germany and hiring an impressive set of team members and executives,” said Shane Happach, CEO, Mollie. “Over the past months, Mollie has been receiving a remarkable amount of interest from some of the world’s foremost fintech investors. In bringing on BXG, we believe we have an investor who can help Mollie in our next phase of growth. The involvement of our new group of investors demonstrates confidence in Mollie’s growth, strategy and product set.”
“Mollie is one of Europe’s most exciting high-growth businesses and is at the forefront of enabling next-generation payments for online SMEs across Europe. We are excited to partner with Mollie’s fantastic team and look forward to leveraging Blackstone’s capital, expertise and global network to unlock the company’s next phase of growth,” said Paul Morrissey, who leads European investing for Blackstone Growth. “This investment underlines Blackstone’s confidence in Europe as a place for high-growth companies to thrive.”
Today, Mollie has around 480 employees and plans to hire 300 new team members in the next six-to-nine months. Mollie is evaluating additional countries for expansion both within Europe and beyond. Mollie also plans to continue investing in its technology platform and expanding its product portfolio beyond payments into financial services for SMEs, following the arrival of new Chief Product Officer, Rogier Schoute.
Mollie is a pioneer in the payment industry. The company is also one of the fastest-growing payment processors within Europe. Mollie facilitates companies of all sizes to scale and grow by using different payment methods. With the help of a simple and clear payments-API Mollie can offer multiple payment methods in a uniform way. Mollie is there to simplify complex financial services. At this stage, Mollie has more than 120,000 customers in Europe and its mission is to become the most loved PSP in the world. Mollie comprises an international team of more than 480 professionals, has its headquarters in Amsterdam and offices in four other locations across Europe.
Blackstone is one of the world’s leading investment firms. It seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. It does this by using extraordinary people and flexible capital to help companies solve problems. Its $649 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone Growth (BXG) is Blackstone’s dedicated growth equity investing platform. It has experienced growth investors backed by the scale, operating expertise, and global reach of the world’s largest alternative asset manager. BXG focuses on providing capital to companies seeking to manage the execution risks associated with high-growth environments.
About EQT Growth
EQT Growth are European investors dedicated to unleashing growth in Europe’s technology champions. It explores thematic growth opportunities at the point companies are ready to scale, investing in a range of technology and technology-enabled businesses. EQT Growth is EQT AB Group’s dedicated Growth strategy and compliments the wider platform, leveraging EQT’s global network of advisors and proprietary digital tools, such as the AI-based investment platform Motherbrain. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including Exeter, EQT today has more than EUR 67 billion in assets under management across 26 active funds within two business segments – Private Capital and Real Assets.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
About HMI Capital
HMI Capital is an investment management firm with a long-term perspective seeking to invest in the highest-quality growth businesses globally. Based in San Francisco and backed by long-duration capital from some of the country’s leading endowments, foundations and family offices, HMI has over $4 billion under management. HMI’s team holds deep domain expertise driven by 20+ years of direct experience investing in the fintech/financial services, internet and software sectors. The firm has a global mandate to invest in best-in-class franchises (both public and private) across the capital structure. Holding a concentrated portfolio allows HMI to focus and provide more effective partnerships with its portfolio companies and their management teams.
About Alkeon Capital
With more than two decades of experience focusing on People and Innovation, Alkeon Capital is a global investment management firm that invests in private and public growth and technology companies as well as category definers globally. Alkeon works closely with disruptive private companies to help them expand their addressable market, scale efficiently and seamlessly crossover to the public domain. Alkeon’s goal is to be a long-term and accretive partner to all its portfolio companies globally along their private and public journey.
Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into innovative industry leaders across the internet and software sectors.
TCV has invested over $15 billion to date and has helped guide CEOs through more than 130 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Avalara, AxiomSL, Brex, ExactTarget, Facebook, FarEye, Netflix, Peloton, Spotify, Zillow, Clio, Klarna, Payoneer, Revolut, Toast, Trade Republic, Trulioo, Wealthsimple, and WorldRemit. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late-stage, and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/