In 2013 Suomen Verkkomaksut (or Finnish Web Payments) took a basic step towards internationalization by rebranding as Paytrail. Today they have some cash to help expand their web payment platform internationally by announcing they’ve raised €800,000 in financing from 20 investors, led by Central Finland-based capital investment firm Midinvest Ltd. Paytrail has raised €1,700,000 euros since starting operations in 2007.
As the company expands internationally they see their value in tailoring their product to local needs as closely as possible. “The payment habits of online purchasers vary from country to country. The Paytrail account, with small localizations, is a suitable payment service for all markets,” Paytrail’s CEO Markus Laurio explains.
In Finland, for example, Paytrail allows banking buttons to all Finnish banks (allowing standard bank transfers for payment), a card payment option, an invoice option, or payment through a Paytrail account.
With this strategy the company still faces international competitors like Paypal or even regional ones, like Stockholm-based Klarna. Finland itself is getting more crowded with U.S.-based Stripe announcing it’s putting its first foothold in the Nordic countries by opening up their Beta in Finland.
Despite this competition Paytrail has seen solid growth so far, with 4,000 customers, mostly in Finland, and a 2013 turnover of €4.5 million euros. In 2014 they expect their payment volume to reach half a billion euros. Paytrial’s customers include Biltema, a Finnish big-box hardware store chain, and Sanoma Entertainment, a media company.