Ivy provides an API that lets customers transfer funds directly from bank accounts to merchants, removing the need for credit cards and cutting transaction fees. Its merchant-facing suite includes checkout integrations, smart routing to improve speed and conversion, risk management, instant payouts, and payment links. The API connects to over 500 million bank accounts across 50 geographies spanning Europe, the US, MENA, and SEA. Ivy serves online merchants in marketplaces, travel, e-commerce and fintech, and has worked with non-profits on green-reward initiatives. With the new capital, the company plans to expand banking partnerships and acquire more merchant customers in new regions. The product focus is on open banking–based payments, a sector the company says is growing within individual markets. Ivy provides a global API that enables merchants to accept instant account-to-account bank payments directly at checkout. By routing payments between bank accounts, Ivy aims to reduce card-network, gateway and wallet fees and accelerate transaction speed. The startup says its solution can substantially lower "middle-man" transaction fees and improve conversion and success rates. Ivy's API is currently available in Europe, the U.S., MENA and SEA regions. Co-founder Ferdinand Dabitz forecasts that in ten years trillions of dollars will be paid by bank rather than card and says Ivy will help drive that shift as over 60 countries roll out instant payment systems. Competitors include card schemes such as Visa and Mastercard as well as A2A and payments startups like Volt and Trustly.

Total raised

$27M

Funding rounds

2

Latest round

Series A

Latest activity

Mar 2024