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Announcing Numeral and our €13 million first round of funding

December 21, 2021

6 months ago, my co-founder Hichem Mâalmi and I started working on Numeral within the fintech startup studio Logic Founders to build the best payment automation platform for tech companies.

Today, we are coming out of stealth and are excited to announce our product, first customers, €13 million first round of funding led by Balderton Capital, and plans for 2022.

Payments are the lifeblood of the economy. They are key to the operations of companies across many different industries, such as financial services, insurance, real estate, or travel. Whether it is an insurance company paying claims, a temp recruitment agency paying workers on a weekly basis, or a buy-now, pay-later company collecting loan repayments, they all need to send, receive, and reconcile large volumes of payments with their banks.

Yet scaling payment operations requires developing complex bank integrations and using infrastructure and software developed 15 years ago. Hichem and I have lived the pain first hand at iBanFirst and Qonto.

Numeral allows tech companies to connect to their banks and automate payments, from initiation to reconciliation, with a single API and web app. With Numeral, tech companies can embed payment capabilities into their products, offer delightful payment experiences to their users, and build scalable payment operations in days, rather than months.

We are humbled to be trusted by lighthouse customers, including company spend solution Spendesk and employee benefit solution Swile, who have been true design partners since day one. We are looking forward to partnering with even more tech companies disrupting industries with innovative products leveraging the potential of seamless payment operations.

We are proud to be raising the largest first funding round for a fintech company in France, only six months into the life of Numeral, with a €13 million round led by Balderton Capital and participation from prominent angel investors, including Alexandre Prot (Qonto), Tom Blomfield (Monzo), Guillaume Princen (Stripe), and Kima Ventures. Balderton Capital have been early backers of Revolut, GoCardless, and Primer. They have won us with their fine understanding of our space, their impeccable reputation, and their ability to move fast. We are happy to welcome Rob Moffat to our board of directors!

As much as we wrap up 2021 on an amazing milestone, we could not be more excited by what’s to come in 2022. In early 2022, we will launch the platform, onboard our first customers, and process our first 1, 100, 10,000, and 1,000,000 payments. We will launch new automation and orchestration features and will add more payment methods and banks to the platform. We will grow the team from 10 to 40 and continue to hire the best talents throughout France and Europe.

This first blog post would not be complete without a big thank you to our early backers and believers, including eFounders, Camille Tyan, our early team, and our early customers.

If you would like to join us, run your payment operations with Numeral, become a partner bank, or simply contact us, don’t hesitate 👋.

Édouard Mandon

Co-founder & CEO

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