ING, Rabobank join investment in Payconiq's omnichannel payments

Payconiq's bank shareholders have invested about $22.3 million in the company to shore up its position in local European markets.

The funding will be used to speed up new developments and create a closer integration with banks and merchants as well as to consolidate the Luxembourg-based Payconiq’s position in Belgium, the Netherlands and Luxembourg. Payconiq reports it serves 60,000 merchants in these markets, and has bank shareholders that include Rabobank, ING, Regio Bank, SNS, Belfius, KBC Bank and ASN Bank.

Payconiq has built an omnichannel, multicountry payment platform that uses a mobile payment app to leverage existing bank infrastructure in order to make payments in-store and online payments as well as to send P2P payments.

Payconiq started as part of the innovation hub at ING, Germany's third-largest bank, though Payconiq operates as an independent company. It moved to Luxembourg in 2017 as it picked up investments from two Belgian banks, KBC Bank and Belfius. Later in 2017 Payconiq acquired Luxembourg-based mobile payments app Digicash, which at the time of the purchase was being actively used by 25% of the population in Luxembourg, according to Payconiq. In 2018 Payconiq launched a pilot program in Munich.