Austrian venture fund SpeedInvest was part of a funding round for payworks, a Munich-based payment startup, in which they raised a six-digit number. payworks provides a mobile POS platform that lets merchant service providers quickly build payment functionality into their applications. According to the company, the investment will be used for the further development of their platform and to support sales and marketing.
“We are confident that the time is here to simplify mobile payments in dozens of industries and verticals. payworks is one of the companies driving this simplification by offering easy to integrate solutions that work,” CEO of SpeedInvest Oliver Holle told inventures.eu.
For payworks, it was already their second round of funding with business incubator Barikuta Partners as their seed investor. “The investment is another boost for payworks and our goal to lower the market entry barrier for mobile POS providers,” said Christian Deger, CEO of payworks. “With SpeedInvest, we found an investor that not only provides us with additional capital to accelerate our growth, but also helps us with valuable hands-on support.”
But there is more as payworks announces its cooperation with Austrian-based Orderman, a provider for technological solutions in the hospitality sector. The goal of the project is Orderman’s integration of payworks’ mPOS SDK (mobile Point of Sale Software Development Kit) into their products, allowing merchants to use the Orderman device as a payment terminal.
For both parties, the collaboration seems to step up their technology as well as their business scopes. “Orderman is one of the leading innovators in the POS space, always striving to perfect the customer experience with their products. We are very happy that payworks is part of Orderman’s initiative to make mobile POS technology available to their clients,” said Deger.