French Payments Startup Numeral Raises $14.7M

French startup Numeral raised €13 million ($14.7 million) in a seed round led by Balderton Capital to help the company grow its 10-person team to 40, boost product development and expand its bank coverage, according to a blog post on Tuesday (Dec. 21).

Also participating in the seed funding were angel investors including Alexandre Prot of Qonto, Tom Blomfield of Monzo, Guillaume Princen of Stripe and Kima Ventures.

See also: Improving AP and B2B Payments With Automation

Founded six months ago by Édouard Mandon and Hichem Mâalmi and headquartered in Paris, Numeral aims to automate payment operations with a focus on technology firms across numerous industries and verticals.

Numeral is the newest startup arising from Logic Founders, a joint venture between Camille Tyan and eFounders. Mandon previously worked at Ibanfirst and Jumia, while Hichem Mâalmi was previously with Qonto and Boursorama Banque.

The startup is developing an API and web app solution that enables tech firms to automate payments using a direct bank link. The API gives developers the necessary tools to integrate payment options into their own products. The web app can help finance teams ensure that payments and accounts are up to date.

Read more: How B2B Automation Aids in Fast Payments

“Payments are the lifeblood of the economy. They are key to the operations of most companies in most industries. Yet companies are stuck using software developed 15 years ago to send and reconcile payments,” said Mandon. “While companies such as Stripe and Adyen have developed APIs for cards and alternative payment methods, there is no such solution for bank payments. We are changing that with Numeral.”

The company is already working with spend solution firm Spendesk and employee benefits solution Swile.

“We are looking forward to partnering with even more tech companies, disrupting industries with innovative products [and] leveraging the potential of seamless payment operations,” Mandon said.