The payment space – surprisingly – remains to be gained for startups. Yes, dear reader, despite the success of Stripe, there seems to be a new start in payments pretty much every other day. It’s a mess over there! The accelerated growth of e-commerce due to the pandemic means that payments are now a booming space. And here’s another one, with a twist.
WhenThen has built a codeless payment transactions platform that they believe streamlines payment processes for “merchants of all kinds”. It claims that its platform can autonomously orchestrate, monitor, improve and manage all payments and customer payment transactions.
The startup opportunity arose because service providers across different industries increasingly want to get into open banking and provide their own payment solutions and financial services.
Founded six months ago, WhenThen has now raised $ 6 million, backed by European venture capitalists Stride and Cavalry.
The founders, Kirk Donohoe, Eamon Doyle and Dave Brown, are three former Mastercard Payment veterans.
Dublin-based CEO Donohoe told me, “We are seeing traditional businesses adopting electronic communications, and electronic communications merchants are now operating multiple business models such as commercial offer, marketplace, subscription and so on. No platform allows these companies to easily build and operate multiple payment streams to support multiple business models in one place. This is where we come in.
He added, “WhenThen helps digital e-commerce platforms create advanced payment flows and payment automation, in minutes instead of months. When you start integrating different payment methods, different payment gateways, it becomes very, very complex how you want payment to go from collection to payment. I’ve been doing this for over a decade now, as an entrepreneur creating different businesses that had to accept, collect and pay payments.
He said his founding team “had to create very complex payment flows for large merchants, airlines, hotels, issuers, and we just found it ridiculous to have to keep doing the same. over and over again, so we decided to offer WhenThen as a better way to help you build those feeds in minutes.
Claude Ritter, Managing Partner at Cavalry, said: “Basic payment orchestration platforms have been around for some time, focusing primarily on maximizing payment acceptance by optimizing routing. WhenThen provides the first end-to-end payment flow platform to give businesses the ability to control every step of the payment flow, from payment intent to payment.
WhenThen supports a wide range of popular payment providers like Stripe, Braintree, Adyen, Authorize.net, Checkout.com, and more, as well as a variety of alternative and locally preferred payment methods like Klarna Affirm, PayPal and BitPay.
“For courageous merchants who envision global reach and operate multiple business models simultaneously, I believe choosing the right payment transaction platform will become as important as choosing the right e-commerce platform. Building your entire electronic communications experience tightly coupled to a single payment processor is a tough fix at the end of the day – you need a payment flow platform like WhenThen, ”added Fred Destin, Founder of Stride.VC.