Mollie bags $800m Series C as it plots rapid expansion

Funding rounds just keep getting bigger and bigger and Mollie’s Series C is no different.

The payments processing firm has closed a massive $800m (€665m) funding round to help it realise its international expansion plans as well as grow its team and product offerings.

Mollie’s latest funding round was led by Blackstone Growth with participation from EQT Growth, General Atlantic, HMI Capital, Alkeon Capital and TCV, which led the fintech’s Series B last year. 

“There’s something very special about Mollie. In the three months since I joined the team we’ve achieved so much: making preparations for a full launch in the UK, driving 600 per cent growth in Germany and hiring an impressive set of team members and executives,” said Shane Happach, CEO of Mollie.

“Over the past months, Mollie has been receiving a remarkable amount of interest from some of the world’s foremost fintech investors. In bringing on BXG, we believe we have an investor who can help Mollie in our next phase of growth. The involvement of our new group of investors demonstrates confidence in Mollie’s growth, strategy and product set.”

As well as injecting some welcome capital, Mollie’s Series C also saw its valuation skyrocket to €5.4bn, joining the ever-growing list of fintechs to have tripled (or nearly tripled) their valuations in a short amount of time. 

“Mollie is one of Europe’s most exciting high-growth businesses and is at the forefront of enabling next-generation payments for online SMEs across Europe,” Paul Morrissey, who leads European investing for Blackstone Growth, added.

“We are excited to partner with Mollie’s fantastic team and look forward to leveraging Blackstone’s capital, expertise and global network to unlock the company’s next phase of growth. This investment underlines Blackstone’s confidence in Europe as a place for high-growth companies to thrive.”

Mollie, which was founded in 2004, closed a €90m Series B back in September 2020 and, with its latest fundraising effort, has now raised over €780m.

With this latest funding round, Mollie is planning to add 300 employees to its 480-strong staff over the next six to nine months, deepen its presence across Europe and abroad and continue to invest in its technology platform and expand its product offering into financial services for SMEs.