M-payment: PayTop Diversifies Its Activities

• PayTop (formerly Sencillo), granted PI licence in April 2011, announces having raised 2.1 million euros from Truffle Capital. The company operates the online funds transfer service Flouss.com.

• Though this investment, PayTop wishes to focus on other payments-related services, including plastic and virtual prepaid cards or even mobile payments (with card acceptance devices and merchant accounts). It is in the process of setting different partnership in retail, mobile and small business services-oriented players.

• PayTop counts 3,000 users sending n average 200 euros per months to foreign countries: each transfer is charged 8 euros. Currently focusing on the French market only, the company also sets its eyes on the EU market and already has been granted a European Passport.     

Source: Les Echos

• Founded in 2005, Sencillo changed name to PayTop after raising these funds. Its growth perspectives do not “limit” themselves to international funds transfers any longer and cover the entire acquiring market.

• It also challenges well established banking players working on their own mobile offers. Meanwhile, partnerships with mobile carriers are envisaged to provide for their respective service offerings; Buyster, for example, could be a potential partner for PayTop.