Digital payment start-up Easy Payment Gateway, a new payment processor targeting aggressive expansion in the online sports betting market has confirmed that it has completed a £5.5 million venture funding round.
The ‘simple integration payment API’ specialist detailed that its funding round was led by two seasoned tech investors Andreas Mihalovits and Alejandro Betancourt who believe that Easy Payment Gateway can become a major force in the saturated online payment provisions sector.
Updating the market, the start-up detailed that investment is set to be spread over two phases. An initial £2 million funding will be followed up by a further £3.5 million finance injection once all early stage KPIs are met.
Easy Payment Gateway plans to use the cash to drive operational growth with new offices in Malta and Madrid, while also expanding its London base. Some of the investment will also be used to explore the viability of entering new markets such as Israel and South America.
Investor Andreas Mihalovits is already an investor in Easy Payment Gateway, and has significantly increased his shareholding with this latest funding round. Alejandro Betancourt is a Venezuelan businessman with a wide spectrum of investments such as construction, energy, real estate, oil, banking, technology and most recently fashion, after investing in the sunglasses company Hawkers.
Jose Manuel Peral, Chief Operating Officer at Easy Payment Gateway, said: “We are thrilled to have raised £5.5m via our latest funding round, and to bring on a new investor in the form or Mr Betancourt. We will use the money to drive growth in the markets we are currently active, while also testing the waters for expanding our reach into Israel and the Middle East as we look to take the business to the next level”.
“I’d like to thank Mr Mihalovits and Mr Betancourt for their support and confidence in Easy Payment Gateway and our plans to become the go-to payment provider for the online gambling industry.”
Backing Easy Payment Gateway Andreas Mihalovits, stated: “Knowing that Easy Payment Gateway is clearly the technology leader in its sector and being impressed by the superb growth rates, I obviously had to raise my stakes in this company and I’m really looking forward to support this great team on its way to market leadership!”
Easy Payment Gateway is an online portal with more than 220 different payment methods and worldwide acquirers. They offer online merchants everything they need to process transactions via a simple yet secure API integration. Currently working with operators like BetVictor, iGC, Nektan, VodooDreams, Ikibu, among others.
Gonzalo Guzman, CFO at O’Hara Administration, said, “We at Ohara are very glad to be part of this project, which in our opinion will surpass all expectations. We are more than confident that the team behind EPG have both the experience and know how required to reach our goals and we will do our best efforts to make sure that the project follows its path like it is supposed to, and are confident that we alongside EPG, working as team can turn this startup into a case study about success