EQT Growth invests in Mollie, one of the largest payment service providers in Europe
EQT Growth invests in Mollie, one of the largest payment service providers (PSPs) in Europe, as part of its USD 800 million (EUR 665 million) Series C round, at a valuation of USD 6.5 billion (EUR 5.4 billion)
Mollie is disrupting the historically underserved European payments market with its localized payment capabilities and tech-forward product, and benefits from the rapid growth of e-commerce
EQT Growth will leverage its deep networks and unique experience in scaling leading fintechs to support Mollie’s growth and geographic expansion through Europe
EQT is pleased to announce that EQT Growth has invested in Mollie (“the Company”), one of Europe’s largest payment service providers. The investment is made through EQT AB’s balance sheet and is part of Mollie’s USD 800 million (EUR 665 million) Series C round, which gives the Company a valuation of USD 6.5 billion (EUR 5.4 billion)
Mollie is one of the largest PSPs in Europe, serving more than 120,000 active merchants across the continent and employing an international team of nearly 500 professionals. Headquartered in Amsterdam, Mollie facilitates online payments acceptance for companies of all sizes across the Netherlands, Belgium, Germany, France and the UK. The Company has experienced exceptional growth in recent years with revenues more than doubling in 2020, driven by Mollie’s local payment method capabilities, tech-forward product, and out-of-the-box integrations with key small and medium enterprise (SME) business operations and finance platforms.
Mollie’s addressable market has experienced strong growth in recent years as a result of consumers shifting their consumption patterns online and this accelerated during the COVID-19 pandemic as e-commerce and electronic payments adoption rapidly increased. This growth has been especially pronounced in the historically underserved European SME online payments market, which in many countries remains dominated by legacy incumbents with ill-equipped technology offerings and therefore offers very attractive expansion opportunities for Mollie. The Company also plans to hire 300 new team members in the next six-to-nine months, while continuing to invest in product and engineering.
EQT Growth will leverage its deep networks in local European markets to help drive Mollie’s accelerated international expansion, as well as using its strong in-house digital marketing and tech teams to support Mollie’s digitalization. It will also employ its unique experience in scaling innovative, international fintechs - including Banking Circle, Bought By Many, Vault and VBill - as Mollie continues its journey to becoming Europe’s leading SME payments platform.
This marks EQT Growth’s fifth investment since it was launched in late 2020, with Mollie joining a portfolio that includes other European technology champions such as Bought By Many, Vinted and Epidemic Sound. The team is dedicated to unleashing growth in Europe’s leading technology firms, taking a thematic approach to identifying winners in four broad sectors: Enterprise Tech, Con/Prosumer Tech, Health Tech and Climate Tech.
Dominik Stein, Partner within EQT Growth’s Advisory Team, “In Mollie we have a true European technology champion, which through its locally tailored approach, tech-forward extensible product, and unrivalled customer service is in prime position to serve the European SME market. It is now one of Europe’s largest PSP’s and has enabled thousands of European SMEs, which are the backbone of the economy, to thrive. EQT Growth is immensely proud to be supporting Mollie on the next step of their journey.”
Shanne Happach, CEO of Mollie, “There’s something very special about Mollie. In the three months since I joined the team we’ve achieved so much: establishing strong foundations in the UK ahead of full launch, driving 600 percent growth in Germany and hiring an impressive set of team members and executives. The involvement of our new group of investors, including EQT Growth, demonstrates confidence in Mollie’s growth, strategy and product set.”
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