Estonia's Paytailor raises 70K seed round

Estonian startup Paytailor has raised 70,000 euros seed round from angels in Estonia, Finland and Britain for further developing its mobile payment terminal and expansion of its sales activities.

“This is a relatively small sum for fintech, but we have worked hard to compensate,” said Paytailor CEO and co-founder Rode Luhaäär, who added the firm is opening the next seed round to raise a total of 320,000 euros.

Pipedrive co-founder Ragnar Sass, who has mentored the team, said the timing of a launch was perfect.

“Mobile payments have been never before more timely than now,” he said.

Paytailor’s product is in use at around 30 stores in Estonia. For the consumer, Paytailor app offers a mobile wallet linked to your bank account, and for the merchant’s it offers a simple platform to accept mobile payments.