South Africa’s AuthGate – an enabler for digital payment – is planning to expand into The Netherlands and Belgium.
The FinTech startup founded in January 2018 sees significant opportunities in Europe.
Sameer Jooma, who recently joined the board of AuthGate in 2020 as a non-executive director, says the company was registered in the Netherlands in 2019.
“We see a significant opportunity in Europe with Open Banking initiatives like PSD2 (European regulation for electronic payment services) and have partnered with several payment processors to offer localised mobile payment acceptance solutions,” says Jooma.
“Our products have been well received and we already support the Dutch iDEAL payment platform as well as the Belgium Bancontact mobile payment system.”
Jooma says AuthGate is easily and rapidly scalable internationally and across various sectors.
“AuthGate is currently expanding to The Netherlands and Belgium as we already support their standardised mobile payment methods, iDEAL, and Bancontact, respectively.”
AuthGate – an enabler for digital payment – is seeking to raise capital.
The self-funded startup seems to have found a winning formula and is preparing for its first capital raise.
“AuthGate has been completely self-funded (undisclosed amount) up until this point and we are preparing for our first capital raise,” says Sameer Jooma, who joined the board of AuthGate this year as a non-executive director.
As more and more transactions are performed digitally, less paper and coin money is needed – signalling the eventual disappearance of cash.
This is a worldwide phenomenon that will only accelerate in the aftermath of the COVID-19 pandemic.
“By creating the mechanism for touchless digital payments to be accepted by e-commerce players in the physical world, by merchants and by unmanned terminals we are well-positioned to address the needs of a changing payment landscape,” says Sameer Jooma, a non-executive director on the board of AuthGate.
He says AuthGate will achieve this by offering a way for merchants to accept mobile payments from virtually any payment processor and by opening up the digital payments’ ecosystem for small and large payment processors and wallet providers.