Zaver, a Swedish fintech which has assembled a payments stage to ease peer-to-peer transactions and much more, has raised up just over $1.2 million in seed financing. Backing the burgeoning startup are VC companies Inventure and Inbox Capital, in addition to a lot of comparatively well-established angel investors.
They comprise Joen Bonnier (spouse at Atomico), Tom Dinkelspiel, Pontus Hagnö, Fabian Hielte (proprietor of Ernström & C:o and also a previous investor in Spotify and iZettle), Bo Mattsson (creator of Cint) and Fredrik Österberg (founder of Evolution Gambling ).
Attempting to disrupt the marketplace for P2P payment options, Zaver is growing a SaaS and accompanying programs to bring together buyers, sellers, and retailers with the guarantee of”secure obligations in your conditions.” The fintech startup intends to facilitate transactions between peers by allowing the utilization of flexible payment methods like direct obligations,”buy now, pay later” and payments.
To encourage this, Zaver’s system asserts to embed”smart fraud detection” calculations in tandem with all the automated production of”confirmed digital arrangements” between transacting parties.
“The Zaver app is the first platform-independent checkout solution for P2P transactions,” says Amir Marandi, that co-founded Zaver along with Linus Malmén — both former technology students at KTH Royal Institute of Technology.
“With Zaver’s intelligent fraud prevention, automated and immediate credit decisions and cryptographically signed digital receipts, peers can do safe payments on their own terms with people they really don’t know that well,” he says. “We try to make P2P trades as safe as possible for all parties involved and offer flexible payment options, without compromising on the user experience.”
Moreover, Zaver for Business permits retailers to use the platform to boost conversion and reduce transaction costs. “Our mission on this item is to decrease the requirement of a physical card reader,” adds Marandi.
Zaver’s average user is called a young pupil who would like to market their iPhone to a classified website in a safe manner, or a plumber who wishes to purchase a secondhand VW Golf now and pay afterwards. The normal client of Zaver for Business is a business with omni-channel earnings, selling products/services offline and online.
“Our main competitors are not the kind of business you might expect,” explains Marandi. “It’s not the banks, but rather upcoming startups wanting to innovate the payment industry. The most direct competitor today I would say is the credit card industry.”
To this end, Zaver earns cash from your transaction fees it charges retailers (which it states are around 70 percent less costly than traditional payment solutions ), and on interest charged whenever someone chooses to pay through payments.
Adds Marandi: “Using automated systems for the entire customer journey we are able to offer individualized interest rates at the point of sale. The system automatically chooses an interest rate for you, based on your creditworthiness.”